后金融危机下我国银行不良资产证券化的必要性和可行性

后金融危机下我国银行不良资产证券化的必要性和可行性
摘  要

2007-2008年全球金融危机爆发，全球经济都受到了严重的危害，中国经济也受到了严重的影响。金融危机过后，我国的经济发展模式和增长方式所暴露的问题越来越多。从银行方面来说，最大的危机就是不良贷款的迅速膨胀。这将会给银行带来不可估量的损失。因此，在后金融危机形势下，如何管理和解决不良资产这个问题更有实践意义。从各国经验和学术理论来看，不良资产的解决对策一般有以下几种：（1）出售给资产管理公司（AMC）；（2）债转股；（3）基金信托管理；（4）债务重组；（5）银行不良资产证券化。在以上的不良资产解决对策中，尽管不良资产证券化也存在其劣势，但是不可否认的是，无论通过外国经验的借鉴，还是理论研究，不良资产证券化都是当下中国金融系统解决不良资产的不二选择。它能形成解决我国商业银行不良资产规模化、经济化的模式，能够批量地处理我国的不良资产。我国商业银行不良资产的证券化有非常大的发展前途。在市场化道路中，我们要合理借鉴外国经验：（1）法律制度的完善。（2）市场的建立。（3）国家的政策支持。（4）机构的完善。言而总之，我国银行的不良资产证券化势在必行，但是任重道远。

关键词：不良资产，资产证券化，后金融危机

ABSTRACT

The 2007 global financial crisis has caused the global economy to suffer a great loss, so does the economy in China. After the financial crisis, an increasingly number of problems of the mode of economic development have been exposed. For the banks, the biggest crisis is the rapid expansion of non-performing loans. It may bring the bank may immeasurable losses. Therefore, under the circumstance of post-financial crisis, how to manage and resolve the non-performing assets is of more practical significance. From all the practical and academic perspective, the countermeasures to solve non-performing asset generally are as following kinds: (1) sell to asset management companies (AMCs); (2) debt-to-share transition, (3) fund trust management; (4) debt restructuring, (5) non-performing asset securitization(NPAS). In the above solutions to non-performing assets, although the asset securitization also aboards the disadvantages, but no matter from the reference of the practice overseas or from the theoretical study, it is undeniable that asset securitization is the first choice to solve the non-performing asset in our financial system. It can help to form a mode to solve non-performing assets of commercial banks in our country at scale and economically, and it can help to deal with non-performing assets in batches. There is a promising prospect of the securitization of non-performing assets in commercial banks in our country. On the process of marketization, we should rationally have foreign experience to draw on: (1) the perfection of legal system. (2) the establishment of the market. (3) national policy support. (4) agencies improvement. In brief, non-performing asset securitization is doomed to be implemented, but there are a lot things to prepare before that.

Key Words：non-performing asset, asset securitization, post-financial crisis

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