资产证券化产生于上个世纪八十年代的美国。在当时美国的社会背景 下，经济发展增长逐渐平稳，社会发展由增量社会转为存量社会，社会迫 切需要 找到新的增长点。资产证券化将存量资产证券化，使这一需求得到 满足。20世纪90年代，技术手段的进步，主要是信息技术的进步很大程度 上推动各类金融衍生品的产生和发展 ，各种复杂的金融衍生品和金融工具 见证资产证券化的繁荣时代。 中国资产证券化起步于上世纪九十年代末，时间上相比西方国家较晚， 在发展阶段遭遇2008年的次贷危机，这 一全球性的金融危机让中国一度暂 停了资产证券化进程。2012年我国放开相关政策规定后，我国资产证券化 发展良好，具有相当大的发展潜力。 本文首先系统地梳理相关国内外 相关研究成果；其次简要概述G公司 的资产证券化案例，涵盖背景、参与方、资金池等方面具体内容；再次重 点分析G公司资产证券化案例，主要探讨案例中存在的风险，剖析案 例中 存在风险的具体原因并在此基础上提出建议；最后，研究认为，此次资产 证券化案例可以实现G公司的预期效果，对G公司降低融资成本发挥着积 极作用；G公司在推行此次 资产证券化进程中风险控制比较到位，实施方 针比较稳妥，但是也对收益存在着一定程度的影响；G公司通过实施本次 资产证券化案例获得了宝贵经验，对于其他国有企业下属子 公司进行的资 产证券化项目有着参考借鉴意义。 关键词：资产证券化；小额贷款；监管 II CASESTUDYONASSETSECURITIZATIONOF GCOMPANY ABSTRACT AssetsecuritizationcameintobeingintheUnitedStatesinthe1980s. UnderthesocialbackgroundoftheUnitedStatesatthattime,theeconomic developmentandgrowthgraduallystabilized,andthesocialdevelopment changedfromincrementalsocietytostocksociety.Assetsecuritization securitizesthestockassetstomeetthisdemand.Inthe1990s,theprogressof technicalmeans,mainlytheprogressofinformationtechnology,greatly promotedtheemergenceanddevelopmentofvariousfinancialderivatives. Variouscomplexfinancialderivativesandfinancialinstrumentswitnessedthe prosperityofassetsecuritization. China'sassetsecuritizationstartedattheendof1990sparedwiththe westerncountries,Chinaencounteredthesubprimemortgagecrisisin2008in thedevelopmentstage.ThisglobalfinancialcrisismadeChinasuspendthe processofassetsecuritizationforatime.AfterChinaliberalizedtherelevant policiesandregulationsin2012,China'sassetsecuritizationhasdevelopedwell andhasconsiderabledevelopmentpotential. Firstly,thispapersystematicallyreviewstherelevantresearchresultsat homeandabroad;secondly,itbrieflysummarizestheassetsecuritizationcases ofGcompany,includingthebackground,participants,capitalpoolandother aspects;thirdly,itfocusesontheanalysisoftheassetsecuritizationcaseofG company,mainlydiscussestherisksinthecase,analyzesthespecificreasonsfor therisksinthecase,andputsforwardsuggestionsonthisbasis;finally,The researchshowsthattheassetsecuritizationcasecanachievetheexpectedeffect ofcompanyG,andplaysapositiveroleinreducingthefinancingcostof III companyG;theriskcontrolofcompanyGisinplaceandtheimplementation policyisrelativelystable,butitalsohasacertaindegreeofimpactonthe income;companyGhasgainedvaluableexperiencethroughtheimplementation ofthisassetsecuritizationcaseItcanbeusedasareferencefortheasset securitizationprojectscarriedoutbysubsidiariesofotherstate-owned enterprises. KEYWORDS:AssetSecuritization；Smallloan；Supervision IV 目录 摘 要...........................................................................................................................................I ABSTRACT...................................................................................................................................II 第一章绪 论...............................................................................................................................1 1.1选题背景与意 义.........................................................................................................1 1.2国内外研究现 状.........................................................................................................2 1.2.1国外研究现状研 究.........................................................................................2 1.2.2国内研究现 状.................................................................................................4 1.2.3国内外文献评 述.............................................................................................7 1.3研究方法和技术路 线.................................................................................................7 1.3.1研究方 法.........................................................................................................8 1.3.2研究技术路 线.................................................................................................8 1.4研究主要创新 点.........................................................................................................9 第二章研究的相关基础理 论.................................................................................................11 2.1相关基础理 论...........................................................................................................11 2.2资产证券化的主要步骤和参与 者...........................................................................12 2.2.1主要步 骤.......................................................................................................12 2.2.2参与 者...........................................................................................................13 第三章案例背 景.....................................................................................................................15 3.1G公司基本情况概 述................................................................................................15 3.2G公司资产证券 化....................................................................................................15 3.2.1背景和原 因...................................................................................................15 3.2.2参与人及相对的权利和义 务.......................................................................17 3.3资金 池.......................................................................................................................21 3.4证券化产品分层结 构...............................................................................................22 3.5信用增级方 式...........................................................................................................23 V 3.6证券化产品交易结 构...............................................................................................23 3.7本章小 结...................................................................................................................25 第四章案例分 析.....................................................................................................................26 4.1G公司资产证券化的优势分 析................................................................................26 4.1.1内部资源整合优 势.......................................................................................26 4.1.2股东背景优 势...............................................................................................27 4.1.3多方面预测现金流，有效规避风险优 势...................................................28 4.2G公司资产证券化的主要风险分 析........................................................................31 4.2.1基础资产自有风 险.......................................................................................32 4.2.2外部信用增级手段单一风 险.........................................................................33 4.2.3信息披露不足引起的产品价格波动风 险...................................................33 4.2.4原始权益人破产风 险...................................................................................34 4.2.5潜在的法律政策风 险...................................................................................34 4.3G公司资产证券化项目存在风险的原因分 析........................................................35 4.3.1内部风险控制部门的职能有待完善...........................................................35 4.3.2外部信用增级