中国资产证券化试点7年来，累计发行资产支持证券尚不足两千亿元，市场流通存量仅数百亿元，与中国当前庞大的经济金融总量和需求相比微乎其微，资产证券化在金融体系和实体经济中的积极作用尚未得到有效发挥。马蔚华／文

China's asset securitization pilot for seven years,Issuing asset-backed securities is less than two hundred billion yuan,Market circulation stock only tens of billions of yuan,With China's current large amount of economic and financial negligible compared with the demand,Asset securitization in the active function of financial system and real economy has not been effectively play.Mr Ma/article

　　从2005年起，中国资产证券化试点已经历时7年，但由于各种原因，资产证券化在金融体系和实体经济中的积极作用尚未得到有效发挥。鉴于此，结合商业银行实践，进一步促进中国资产证券化市场的发展迫在眉睫。

Since 2005,,China's asset securitization pilot has seven years,But for various reasons,Asset securitization in the active function of financial system and real economy has not been effectively play.In view of this,Combining with practice of commercial bank,To further promote the development of China's asset securitization market is imminent.

　　背景及问题

Background and problem

　　近年来，尽管中国社会融资方式和渠道日益多元化，直接融资比重上升较快，但在一定时期内，实体经济通过商业银行体系间接融资仍将占据主导地位。2012年末，中国金融机构境内各项贷款余额67万亿元，约为当年GDP的1.3倍。

In recent years,Although Chinese society increasingly diversified financing ways and channels,Rapid rise in the proportion of direct financing,But in a certain period of time,Real economy through the system, indirect financing commercial Banks will continue to dominate.At the end of 2012,Chinese financial institutions within the territory of the loan balance of 67 trillion yuan,Is about 1.3 times of GDP.

　　同时，银行自身资产结构也日趋多元化，通过资产证券化盘活和疏导存量资产，有助于释放银行资本和流动性，改善资产负债结构和财务结构，为实体经济提供持续的金融支持。另外，资产证券化也有助于分散银行体系风险，丰富金融市场工具，加强多层次金融市场的联接与融合，改善金融资源配置效率，健全市场风险定价形成机制，促进金融稳定与发展。

At the same time,Bank assets structure itself is also increasingly diversified,Through asset securitization and persuation stock assets,Help to release the bank capital and liquidity,Improving the structure of the assets and liabilities and financial structure,Provide continuing financial support for entity economy.In addition,Asset securitization can also help to disperse risk of the banking system,Rich financial market instruments,Strengthen multi-level the connection and integration of financial markets,To improve the financial efficiency of resource allocation,Sound market risk pricing mechanism,Promote financial stability and development.

　　从2005年开始，中国积极稳妥地开展了资产证券化试点工作，部分银行业金融机构和非金融企业参与。其中，银行业金融机构试点发行信贷资产支持证券19只，发行总额668亿元人民币。在此期间，中国监管部门和市场主体积累了丰富的资产证券化试点实践经验，相关机制得到进一步完善。之后美国次贷危机的爆发，为中国积极稳健发展资产证券化市场提供了有价值的分析参照。

Starting in 2005,China actively and steadily carry out the asset securitization pilot work,Part of the banking financial institutions and non-financial businesses to participate in.Among them,Banking financial institutions pilot only 19 issue of credit assets backed securities,Total is 66.8 billion yuan RMB.During this period,Chinese regulators and the market main body has accumulated rich experience in asset securitization pilot practice,A further improve the related mechanism.After the us subprime mortgage crisis,For China's positive steady development of asset securitization market analysis provides a valuable reference.

　　2012年5月，在国务院批准下，人民银行、银监会和财政部联合发文，决定进一步扩大信贷资产证券化试点工作。截至目前，本期试点已有4家银行业金融机构先后累计发行183亿元信贷资产支持证券。期间，证监会等相关部委也加大了对资产证券化的创新支持力度。

In May 2012,Under the state council for approval,The people's bank of China/Banking regulatory commission and the ministry of finance jointly issued,Decided to further expand the pilot securitization of credit assets.Up to now,This pilot has four banking financial institutions successively issued 18.3 billion yuan credit asset-backed securities.During the period,Securities regulatory commission (CSRC) and other relevant ministries and commissions and to increase support for innovation of asset securitization.

　　但是，从过去7年中国资产证券化的总量来看，累计发行资产支持证券尚不足两千亿元，市场流通存量仅数百亿元，与中国当前庞大的经济金融总量和需求相比微乎其微，资产证券化的空间巨大，市场培育和创新明显不足，市场发展相对缓慢，资产证券化在金融体系中的积极作用并未有效体现出来。

but,From over the past seven years in the total amount of asset securitization,Issuing asset-backed securities is less than two hundred billion yuan,Market circulation stock only tens of billions of yuan,With China's current large amount of economic and financial negligible compared with the demand,Asset securitization has had a huge space,Market cultivation and innovation obviously inadequate,Market development is relatively slow,Asset securitization in the positive role of the financial system is not effective.

　　建议和理由 Suggestions and reasons

　　为进一步促进中国资产证券化市场发展，应尽快完善相关配套机制，具体建议如下。

In order to further promote the development of China's asset securitization market,Should improve the related mechanism as soon as possible,Specific Suggestions are as follows.

　　一、兼顾国际会计准则，制定符合中国国情的资产证券化会计核算出表规范

a/The international accounting standards,Tailored to the situation of China asset securitization accounting sheet specifications

　　资产核算出表是资产证券化的主要动因和必要条件，尽管国内外会计准则已经有原则性规定，但具体的会计操作标准并不统一。特别是，中国主要商业银行大多在境内、境外上市交易，通常聘请“四大”会计师事务所作为审计师。

Assets accounting out of the table is the main cause of asset securitization and the necessary condition,Although domestic and international accounting standards has principled regulations,But the specific accounting standards are not unified.Especially in the,Most of China's major commercial Banks in China/Overseas trading,Usually hire"The big four"Public accounting firms as auditors.

　　在资产证券化的会计处理上，一方面需要遵守国际会计准则。《国际财务报告准则第十号-合并财务报表》（下称“IFRS 10”）已于1月1日起生效,新准则判断特殊目的实体（SPV）能否出表的依据更为全面和严格。另一方面，在某种程度上“四大”会计师事务所在我国证券化资产能否出表的问题上具有相当的裁量权，这对中国资产证券化业务和市场的发展构成了一定的不确定性。建议由财政部组织监管部门和有关各方，对资产证券化业务的会计核算处理问题进行专门研究，制定兼顾最新国际会计准则并符合中国国情的核算标准和规范。

On the asset securitization's accounting treatment,On the one hand, need to abide by the international accounting standards.[International financial reporting standards in the first 10 - consolidated financial statements](Hereinafter referred to as"IFRS 10")Comes into effect on January 1,,New guidelines determine special purpose entities(The SPV)Whether a table based on a more comprehensive and strict.On the other hand,To some extent"The big four"In asset securitization in our country whether the table is on the question of discretion,The asset securitization business in China and the development of the market uncertainty.Recommended by the ministry of finance the regulatory departments and relevant parties,Problem of the asset securitization business accounting treatment studies,Formulated with the latest international accounting standards and conform to the situation of China accounting standards and specifications.

　　二、依据风险实质，取消或降低发起人持有次级份额下限，放宽对资产证券化的资本计提标准

(2)/On the basis of risk nature,To cancel or reduce the originator holds a secondary share lower limit,Relaxing capital provision standard of asset securitization

　　中国新一轮信贷资产证券化试点政策要求发起人必须持有5%的次级证券，按照《商业银行资本管理办法（试行）》须全额从核心资本扣除，若再考虑其他风险涉入及扣除因素，商业银行发起资产证券化并不能够充分释放资本金，反而有可能增加资本占用。由于中国资产证券化尚处于起步阶段，基础资产风险总体可控，结构设计非常简单，基本无再证券化结构，建议取消或降低发起人持有次级份额下限，通过市场机制约束和防范发起人的道德风险，并在资本计量和扣除规则上适当放宽，鼓励银行开展资产运营。

China's new policy for credit asset securitization pilot sponsors are required to hold 5% of subprime securities,In accordance with the[Commercial bank capital management approach(On a trial basis)]Shall be in full from the core capital,If we consider risk involved and deducted from other factors,Commercial bank asset securitization is not able to fully release the capital,May increase the capital takes up instead.Because of China's asset securitization is still in its infancy,Underlying asset risk control as a whole,Structure design is very simple,Basic no securitisation structure again,Suggest to cancel or reduce the originator holds a secondary share lower limit,Through the market mechanism constraints and prevent moral hazard of the sponsor,And deducted from the proceeds at the time of capital measurement and rule on appropriate to relax,Encourage Banks to carry out the asset operation.

　　三、提高处理效率，简化担保权益转让登记手续

three/Improve the efficiency of processing,Simplify the guarantee equity transfer registration procedures

　　在资产证券化中，资产的真实出售意味着有关权益须一并转让，担保变更登记是确保法律认可担保权益转让的必要条件。以信贷资产证券化为例，在现行法律环境下，仅有建设部发布的《关于个人住房抵押贷款证券化涉及的抵押权变更登记有关问题的试行通知》规定，以个人住房抵押贷款证券化为目的设立信托时可批量办理抵押权变更登记，其他类型的信贷资产证券化时批量办理抵/质押变更登记手续尚没有法律法规依据。

In the asset securitization,True sale means that the rights and interests of assets must be assigned,Guarantee registration of change is to ensure that the legal guarantee rights and interests of the transfer of the necessary conditions.Take the credit assets securitisation,Under the current legal environment,Only the ministry of construction issued[About personal housing mortgage loan securitization of mortgage registration of change involved for notification of the problem]provisions,In personal housing mortgage loan securitisation purpose when the trust is established, can batch change the mortgage registration,Other types of credit asset securitization batch arrival/pledge registration formalities when there is no basis for laws and regulations.

　　由于担保权益变更登记涉及全国不同行政区域的登记主管部门和数量众多的抵押人，且中国信贷资产中抵/质押贷款占据了相当比重，若不能批量处理，则资产证券化操作成本和难度较高。建议在不影响所转让资产实际债务人权益的前提下，通过立法简化这一程序性要求，明确在资产证券化过程中，已办理抵/质押登记的担保权益应随着已出售资产的转移而转至SPV名下，抵/质押登记部门应配合发起人与SPV批量办理相应的抵/质押变更登记手续，同时建议抵/质押登记管理部门就资产证券化所涉及的变更登记等拟订专门的办理程序和收费标准。

Due to the security interest alteration registration involves the national registration departments of different administrative areas and the number of the mortgagor,And arrival/pledge loans in China credit assets account for a considerable proportion,Either the batch processing,Asset securitization operation cost and higher difficulty.Recommended in does not affect the transfer of assets under the premise of real rights and interests of the debtor,Simplify the procedural requirements through legislation,In the process of asset securitization,Already dealt with in/registration of the pledge guarantee rights and interests should be along with the transfer of the sold assets to the The SPV,Arrival/pledge registration departments shall cooperate with the originator and The SPV batch corresponding/pledge alteration registration procedures,Please advise arrival/pledge registration and management department such as registration of change of asset securitization involved and formulate special procedure and standards.

　　四、完善市场交易制度和机制，扩大资产证券化市场参与主体，提高市场流动性

four/To perfect the market system and mechanism,Subject to expand asset securitization market participation,Increase liquidity in the market

　　一是健全资产证券化产品托管、结算和流通转让机制，适时推出做市商制度，完善做市商报价机制，为资产证券化产品提供流动性；二是探索推进证券交易所债券市场、银行间债券市场及其他交易市场的互联互通，促进资产证券化产品的场内交易和柜台发行；三是积极探索包括融资融券、期权、期货等多种交易方式，形成多层级的资产证券化市场。

A sound asset securitization products managed/Transfer settlement and circulation mechanism,Introducing market-making system in time,We will improve the mechanism of market makers offer,To provide liquidity for asset securitization product;2 it is exploring to promote stock exchange bond market/The inter-bank bond market and other market connectivity,Promote asset securitization products trading floors and counters;Third, actively explore including margin/options/Futures trading a variety of ways,Many levels of asset securitization market.

　　五、促进发行机制市场化，将资产证券化业务从试点探索过渡到常态发展

five/Promote the distribution mechanism,The asset securitization business transition from pilot to explore to normal development

　　在制度健全和管理规范的基础上，探索建立市场化的发行机制，强化风险监管，简化审批流程，建议将产品审批制改为主体资格审批制和产品注册制。特别是，信贷资产证券化与通常的信贷资产转让相比，在法律和会计处理等层面更为严谨，资本计提与风险管理标准更为严格，信息披露透明度更高，具备“阳光化、透明化、规范化”的特点，从而能够被实施有效监管。

On the basis of the sound system and management standard,Exploring the issue of market-oriented mechanism,Strengthen risk oversight,Simplify the approval process,Suggest the product system to deeds subject qualification system and deeds product registration system.Especially in the,Securitization of credit assets and is usually compared to the transfer of credit assets,Aspects such as law and accounting treatment is more rigorous,Standards are stricter capital provision and risk management,Higher information disclosure transparency,have"sunlight/transparent/standardization"The characteristics of the,To carry out effective regulation can be.

　　同时，经过近年来的广泛试点，中国资产证券化常态化发展的基础条件已经具备，建议在总结经验和完善制度的基础上尽早结束试点，取消产品准入、额度规模、资产类型等核准限制，鼓励创新，促进资产证券化从试点阶段转入常态化发展阶段。

At the same time,After recent years of extensive pilot,The basis for the development of China's asset securitization normalized condition,Recommendations on the basis of summing up experience and improve the system of an early end to the pilot,Cancel the product access/Limit the size/Asset types such as approved limit,Encourage innovation,Promote the development of asset securitization from the pilot stage into the normalized phase.

　　作者为全国政协委员、招商银行(600036,股吧)行长

The author of the CPPCC national committee/China merchants bank(600036,stocks)governor