资管新规下票据资产“非标转标”的可行性研究

On Legal Feasibility of Commercial Paper Asset Management Based on New Rule of Asset Management:The Normalization of Standard Credit Asset

票据资管的兴起,主要由于传统票据业务的利差显著收窄、盈利空间萎缩,商业银行面临资金与信贷规模双重约束的压力,急于创新票据收益模式。在票据理财、银信票据合作等模式均被叫停后,票据资管成为商业银行票据业务为数不多的出路。在金融去杠杆、防止金融空转的大背景下,票据资管作为"非标"业务,因存在规模过大、难以控制、规避信贷要求、削弱调控力度等问题,受到监管层越来越多的限制。此外,"非标"时间跨度大,需要流动性支持,但目前市场资金面趋紧,银行业不良压力持续上升,"非标"业务占比过大存在流动性风险。因此,商业银行将票据资管"非标转标"的动力愈发增强。研究票据资管"非标转标"在法律上的可行性,可以为票据业务进一步创新提供参考。

As commercial banks have embarked on a new round of capital raising,prompted by regulations on shadow banking that are forcing lenders to bring shadow loans back on to their balance sheets,commercial paper asset managements is being increasingly to meet short-term financing needs. Compared to standard assets,nonstandard assets are more flexible and generate higher returns but are less transparent and liquid. Rules began to curb rapid interbank asset management growth this year and pushed to prevent banks from cross-holding products managed by one another. As specification for banks asset management grows clearer,the key to regulation will be the normalization of non-standard asset management,such as commercial paper asset management,which provides legal references for innovations of commercial paper business.