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1. 国务院进一步扩大信贷资产证券化试点以及十八界三中全会提出的金融改革方向等一系列政策上的支持,使资产信贷化成为当前及未来的金融新趋势。
2. 作者在该领域的权威性及培训活动的一线覆盖率。
3. 推荐者及作序者在金融领域的影响力。
4. 稿件内容的实操性及唯一性。
Content Description

1. 国务院进一步扩大信贷资产证券化试点以及十八界三中全会提出的金融改革方向等一系列政策上的支持,使资产信贷化成为当前及未来的金融新趋势。
2. 作者在该领域的性及培训活动的一线覆盖率。
3. 推荐者及作序者在金融领域的影响力。
4. 稿件内容的实操性及性。
Author Description

资产证券化是21世纪金融创新的代名词,而今已在吹响号角,金融改革趋势已经进入资产证券化时代。本书集理论探讨、具体产品介绍、翔实实例分析及具体操作阐述于一体,不仅全面介绍了我国资产证券化适用的各个类别,还极富建设性地提出会计、税收、法律和评级等方面“软环境”建设问题,且详细介绍了资产证券化的现金流模型构建和流程的实战技术,这是一本兼顾理论和实践操作的书,可作为我国资产证券化的一线从业人员的实操指南,并值得监管和相关规则制定部门借鉴和参考。
Comments

林华,特许金融分析师、美国注册会计师、注册风险管理师, 曾获加州大学全额奖学金赴美攻读MBA,并以名毕业。
现任厦门市创业投资公司总经理,兼任金圆资本管理(厦门)有限公司总经理、厦门国家会计学院客座教授。
在美期间为毕马威结构金融部资深债券分析员,先后为GE 资本、摩根大通银行、世界银行及汇丰银行设计ABS、 CLO、 MBS、CMBS等信贷资产的证券化模型,并负责此类产品的定价和会计处理。归国后曾任广东核电集团资本运营部投资总监,并被深圳市政府认定为深圳市领军人才。


Catalogue

第一章 金融改革将进入资产证券化时代
第一节我国利率市场化进程
第二节人民币国际化进程
第三节资产证券化受益于两大改革的路径分析

第二章 资产证券化概述
第一节什么是资产证券化
第二节美国市场的发展
第三节中国市场的发展

第三章 资产证券化解析
第一节资产证券化和传统融资的区别
第二节资产证券化的基本过程和参与主体
第三节资产证券化的益处、风险和对策

第四章 汽车贷款证券化
第一节汽车贷款证券化市场
第二节汽车贷款证券化的基础资产和结构设计
第三节汽车贷款证券化案例分析

第五章 信用卡资产证券化
第一节信用卡资产证券化的基础资产
第二节信用卡资产证券化的结构特点和演变
第三节信用卡资产证券化的信用评级
第四节美国信用卡资产证券化案例分析
第五节中国信用卡资产证券化的潜在应用、现状和挑战

第六章 住房抵押贷款证券化
第一节住房抵押贷款证券化的基础资产
第二节代理抵押贷款过手证券
第三节抵押担保债券
第四节非代理房产抵押贷款证券化
第五节住房抵押贷款证券化案例分析

第七章 商业房产抵押贷款证券化
第一节商业房产抵押贷款证券化的发展
第二节商业房产抵押贷款证券化的基础资产
第三节商业房产抵押贷款证券化的结构和特点2
第四节美国商业房产抵押贷款证券化案例分析
第五节中国商业产抵押贷款证券化的现状、挑战和案例分析

第八章 银行贷款证券化
第一节银行贷款证券化简介
第二节银行贷款证券化的基础资产
第三节银行贷款证券化的结构和特点
第四节美国银行贷款证券化案例分析
第五节中国银行贷款证券化的现状、潜在应用和挑战

第九章 企业资产证券化与房地产投资信托
第一节企业资产证券化
第二节房地产投资信托

第十章 资产证券化相关的法律法规和会计问题
第一节资产证券化相关的法律法规
第二节资产证券化会计处理的对比
第三节美国的资产证券化会计
第四节国际会计准则和中国会计准则关于资产证券化的会计

第十一章 资产证券化的现金流建模
第一节资产证券化现金流模型基本知识
第二节资产证券化现金流模型的案例演示
Introduction

序一
资产证券化与中国金融市场
随着我国金融市场发展的逐步深化,稳定的金融环境显得尤为重要,而资产证券化恰恰是实现金融稳定和促进金融发展的一条重要途径。
目前,我国金融市场的融通资金主体还是商业银行,间接融资的比例依然很大。在经济转型、结构调整和国际化、多元化的大环境下,我国的银行也在探索转型发展的道路。从国外银行的发展经验来看,合理运用资产证券化手段,可以帮助银行解决多种问题,提高银行的竞争力、盈利水平和业务发展空间。本书作者以理论和实践相结合的方式,分析了资产证券化对银行自身发展的重要性。商业银行可以利用资产证券化来分散风险、增加流动性、改变融资模式、提高盈利水平和加快业务转型。针对资产与负债在期限和价格上的错配问题,通过资产证券化,商业银行将长期资产提前变现,有效解决了长期资产和短期负债匹配失当的问题,增强了银行资产的流动性和安全性。本书用
了大量的篇幅阐述了信贷资产证券化的原理和实践,把商业银行涉及的各种信贷资产的证券化,用专业、易懂的方式展现出来。同时,本书也分析了多个美国银行失败的案例,在鼓励银行开展资产证券化业务的同时,也为我们提出了客观而又实际的警示。
从美国的经验来看,货币市场基金在利率市场化过程中规模会不断壮大,并逐渐成为资产证券化市场的主要资金来源之一。我国利率市场化进程不断加快,短期市场Shibor利率和长期市场国债收益率基准已经基本形成,贷款利率已完全放开,其他各项基础设施建设将陆续完成。利率市场化将为资产证券化提供持续的资金动力,资产证券化将渐入佳境。现阶段,随着国家盘活资金存量市场政策的落实,资产证券化得到了进一步的发展,金融脱媒现象加剧,多层次的市场和多元化的产品不断发展。这一举措将使得市场参与者倍增,金融普及化进程加快,受惠者范围快速扩大,众多中小微企业和个体将获得急需的金融服务。党的十八届三中全会提出了发展普惠金融,资产证券化也是实现这一目标的重要途径之一。
此外,资产证券化也是人民币国际化和中国资本迈出国门的重要渠道。中国已经超越美国成为全球第一大贸易国,人民币跨境结算已运用于有关贸易伙伴国并取得了良好的效果,人民币在境外的大量使用,将为人民币成为国际储备货币奠定坚实的基础。资产证券化的发展将会为境外人民币回流境内配置充足的投资产品,人民币在贸易项下流出、资本项下流入,形成闭合循环,稳定汇率,从而进一步推动人民币的国际化。
我国经济结构调整正在推进,金融市场改革和利率市场化进程不断深化,商业银行改革转型步伐不断加快。资产证券化,是中国金融市场发展的选择。
蔡鄂生
原中国银监会副主席
序二
金中夏
过去的10年是世界金融爆发和颠覆的10年,从美国的金融腾飞到次贷泡沫的破碎,从华尔街的狂欢到欧洲小镇的破产,从两个基金的倒闭到整个世界经济的衰退,我们目睹了一幕幕人间喜剧,而贯穿其中的是一个我们不太熟悉的身影——资产证券化。
资产证券化是近代世界金融领域的一个重大创新,现已成为美国和欧洲资本市场不可或缺的一部分。和其他很多创新一样,资产证券化也是诞生于艰难时刻:1970年的美国正经历着经济衰退,在当时政府的支持下,代理机构开始将住房抵押贷款通过打包发行抵押贷款转手凭证来解决融资问题,打响了现代资产证券化的第一枪。在之后不到20年的时间里,资产证券化市场的开拓者们不断探索开拓,创造出了包括 RMBS、ABS、CMBS、CDO等各类证券化产品,后来还开发出了很多以非实物资产为依托的证券。截至2013年年底,美国和欧洲资产证券化产品的存量高达
12万亿美元。蓬勃发展的资产证券化为欧美国家的资本市场注入了新的活力,推动了结构优化,盘活了信贷资产,也促进了房地产和消费的发展。同时,大量资产证券化产品的发行也丰富了金融产品的种类,为投资和融资提供了广阔的天地。这一点对美国特别重要,因为这些资产支持证券产品也成为美国向世界输送美元的重要载体。
资产证券化在我国也经历了近10年的发展。从2005年建设银行和国家开发银行获准发行首批7196亿元“优质公司贷款”和“个人住房抵押贷款”为基础资产的ABS,到2007年国务院扩大试点后一年内规模攀升到412亿元,再到2013年信贷资产证券化500亿元的规模,资产证券化在我国已经迈开了坚实的步伐。尽管如此,这一阶段资产证券化依旧属于小额度的尝试和摸索。可喜的是,在前一阶段的探索过程中,我们也搭建起了资产证券化的基础设施,比如相关部门发行了《信贷资产证券化试点管理办法》和《关于进一步扩大信贷资产证券化试点有关事项的通知》等一系列制度性文件及一些监管、投资、会计和税务方面的规定和指导,为我国资产证券化的发展奠定了坚实的基础。更进一步,2013年国务院办公厅发文指出资产证券化要进入常态化,国务院李克强总理也强调要通过金融创新来盘活资产存量,这些都将使我国的资产证券化从此驶入快车道。
在加快发展的同时,我们也需要对资产证券化有清晰的了解和认识。资产证券化是金融发展的必然趋势,也是我国的金融走向国际舞台的重要工具之一。但是,金融危机的历史也告诉我们这个工具的危险性。本书的作者都有海外资产证券化相关的实战经验,也亲身经历了资产证券化从顶峰到危机到恢复的阶段,他们希望通过本书来分享共对资产证券化的理解和美国的资产证券化经验,以此来切身投入我国资产证券化的工作中来,为中国的金融事业做贡献。
本书内容丰富,从多个方面对资产证券化进行分析介绍,其中既有理论的探讨,也有具体产品的介绍,更有翔实的实例分析。本书介绍的产品涵盖了目前我国资产证券化适用的各个类别,如汽车贷款、信用卡应收款、住房及商业房产贷款、银行信贷和企业资产等,这些介绍中不仅有概念的解
释,还有资产证券化具体操作的阐述。
本书还从会计、税收、法律和评级等方面详细介绍了资产证券化相关的“软环境”建设问题,其中很多信息值得我们相关的法律法规制定部门借鉴和参考。除此之外,本书还详细介绍了资产证券化的模型构建技术和流程,这类实战技术的介绍在一般理论性的书中是看不到的。
此外,本书还把人民币国际化、利率市场化和资产证券化集合起来进行了深入的探讨。我国早期的离岸资产证券化采取的模式主要是基础资产和发起人在国内,SPV和投资者在国外,以美元计价这一模式。随着香港离岸人民币市场及上海自贸区的发展,离岸证券化模式中基础资产和SPV均可以“内迁”,国外投资者可以用人民币买入资产证券化产品,这无疑将增加证券化产品的销售渠道,实现风险的国际化定价。资产证券化也将成为人民币国际化的重要载体。
无论是对资产证券化的学习者、参与者、监管部门或是理论研究员,这都是一本很有价值的参考书。
我国资产证券化的时代已经开启,金融市场的发展也正在进入一个新的时期。在迎接或共创这个伟大机遇的时候,我们的金融从业者可以借助这本书做好充分的准备,这也是我推荐本书的重要原因。
金中夏
中国人民银行金融研究所所长

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Yami has a consolidation warehouse in China which collects multiple sellers’ packages and combines to one order. Our Yami consolidation warehouse will directly ship the packages to your door. Cross-store free shipping over $69.

Return Policy

You may return products within 30 days upon receiving the products. Sellers take responsibilities for any wrong shipment or missing items. Packing needs to be unopened for any other than quality issues return. We promise to pack carefully, but because goods are taking long journey to destinations, simple damages to packaging may occur. Any damages not causing internal goods quality problems are not allowed to return. If you open the package and any quality problem is found, please contact customer service within three days after receipt of goods.

Shipping Information

Yami Consolidation Service Shipping Fee $9.99(Free shipping over $69)

Sellers in China will ship their orders within 1-2 business days once the order is placed. Packages are sent to our consolidation warehouse in China and combined there. Our Yami consolidation warehouse will directly ship the packages to you via UPS. The average time for UPS to ship from China to the United States is about 10 working days and it can be traced using the tracking number. Due to the pandemic, the delivery time may be delayed by about 5 days. The package needs to be signed by the guest. If the receipt is not signed, the customer shall bear the risk of loss of the package.

Sold by JD@CHINA

Service Guarantee

Free shipping over 69
Genuine guarantee

Shipping

Yami Consolidated Shipping $9.99(Free shipping over $69)


Seller will ship the orders within 1-2 business days. The logistics time limit is expected to be 7-15 working days. In case of customs clearance, the delivery time will be extended by 3-7 days. The final receipt date is subject to the information of the postal company.

Yami Points information

All items are excluding from any promotion or points events on Yamibuy.com

Return Policy

You may return product within 30 days upon receiving the product. Items returned must be new in it's original packing, including the original invoice for the purchase. Customer return product at their own expense.

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About the brand

Jingdong book

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About the brand

Jingdong book