摘要
后金融危机时代,中国宏观经济增速持续下滑,诸多行业出现产能过剩、大幅亏损。在以银行贷款为主要方式的社会融资体系下,商业银行出于风险防控等谨慎性需求纷纷惜贷,企业资产负债率上升、财务负担逐渐加重,融资难度增加,资金链断裂风险凸显。在此情况下,利用资产证券化扩宽融资渠道,盘活企业资本存量成为企业弥补流动性的重要创新融资方式。本文首先对资产证券化原理、现状、特点进行简要概述;其次从企业面临的压力及资产证券化外部环境宽松两方面对宏观经济形势衰退下企业利用资产证券化融资的必要性、可行性进行了深入分析;最后以特定企业为例,全面阐述了企业如何灵活利用资产证券化盘活自身资本存量,拓宽融资渠道。
Asset-backed Securitization （ABS） is one of the innovative ways of business financing. Compared with traditional instruments, ABS can provide liquidity for a company without adding asset-liability ratio. China＇s ABS market started later than developed countries. Until 2015, the new company bond issuing rules gave ABS a good chance to increase and from then on China＇s ABS market got a rapid growth rate. Mean- while China＇s macroeconomic situation has been not good in recent years, and the debt burden is getting heavier for most enterprises. In this situation, ABS is a good financing tool to help enterprises to supplement liquidity in lower cost. Take Shou Gang group as an example, ABS can be implied in assets and debts, in- cluding account receivable, note receivable, account payable, note payable and so on. By now, our country＇s ABS market is still in the primary phase, the supervision department should loosen its grip, and encourage enterprises to finance in the way of ABS and lighten their debt burden.
出处
《财政科学》
2016年第7期51-62,共12页
Fiscal Science
关键词
资产证券化
融资
盘活存量
创新
Asset-backed Securitization
Innovation
Liquidity
Capital Stock
Debt Burden
