不良资产证券化的现实意义及实施设想

Practical Significance of Securitisation of Non-Performing Assets and Proposed Measures

本文通过研究国际上不良资产证券化的历史和发展趋势,认为不良资产证券化在交易结构、特殊目的载体、制度安排、定价、评级、资产管理等问题上都有着和一般信贷资产证券化不同的特点;不良资产证券化不仅在理论上是可行的,而且对我国商业银行加快不良资产处置进度、提高不良资产回收率、改善信贷资产结构、提高盈利能力等方面具有积极的现实意义;同时,作者提出为推动我国的不良资产证券化进程,需要加快开展不良资产证券化的试点活动;从法律、会计、税收制度等多方面消除原有制度障碍,降低证券化交易成本;提高证券化产品的市场流动性,刺激市场创新活动。

The present paper looks at the history and future trend of securitisation of non-performing assets around the globe. It is believed that securitisation of non-performing assets differs from that of ordinary credit assets in transaction structure, medium used, system arrangement, pricing, rating, and asset management. Theoretically viable, securitisation of non-performing assets is considered to be of practical significance in that state-owned commercial banks can accelerate the tempo of bad assets disposal, increase their recovery rate, better the structure of credit assets and raise their profitability. At the same time, the paper proposes that in order to propel the securitisation of bad assets in China, it is necessary to speed up experiments in this regard; overcome barriers in the law, accounting and taxation system; lower transaction costs of securitisation; increase market liquidity of products being securitised and encourage market innovations.[