基于农户意愿的农村土地抵押贷款需求探讨——以重庆市开县农户调查为例

农村土地抵押贷款是解决农村地区资金需求不足的有效途径,该文以重庆市开县农户调查为依据,从农户意愿角度阐明推进农村土地抵押贷款的必要,运用农户调查法、Logistic回归模型分析法性,揭示农村土地抵押贷款的需求特征:农户土地经营规模、农户经济活动类型、农户家庭收入水平以及乡镇经济发展水平对农户抵押土地意愿影响显著。为推动农村土地抵押贷款提出如下对策建议:开放农村土地抵押贷款,完善农村社会保障制度,建立城乡统一的土地市场,推进农村土地抵押贷款顺利发展。     

我国国有商业银行不良资产的证券化研究

如何有效处置不良资产是目前我国国有商业银行亟待解决的问题。资产证券化作为市场化的融资工具,有助于加快不良资产的处置变现过程,增强国有商业银行的综合竞争力。随着我国商业银行改制、上市进度的加快与资本市场改革的深化,不良资产证券化已经势在必行。本文首先论述了我国国有商业银行不良资产的现状,进而提出不良资产证券化,其次,分析不良资产证券化理论和基本模式,并根据我国的实际情况,提出了不良资产证券化在我国实施的问题,最后说明不良资产证券化是我国处置不良资产的有效途径之一。     

商标权证券化浅析——以Guess? Inc为例

“鲍伊债券”于1997年开创了知识产权证券化的先河。近年来,知识产权证券化在国外的实践主要涉及版权、专利权和商标权等领域,频受关注。商标权证券化是产品经营模式与企业融资模式的双重创新。文章解析国外商标权证券化案例,意在抛砖引玉,希望引发国内学者和业界对商标权融资更深的研究。     

农村产权制度改革的金融市场效应分析:武汉案例调查报告

新一轮农村产权制度改革对农村土地承包经营权等产权确权、登记和颁证,赋予农民承包地流转和经营权抵押、担保权能,能否产生预期的金融市场效应成为各界关注的焦点。武汉农村产权制度改革的实践提供了新的证据:农村产权制度改革已对农村金融市场产生了一定影响,农村金融机构供给增加、农业经营主体的信贷获取能力提高,融资成本降低,德索托效应初步显现。然而,案例地区的改革存在以下问题:农村资产确权不够规范和资产价值评估标准缺失,面临土地产权制度和法律层面的障碍,风险防范和补偿机制不完善,规模经营主体与农民利益博弈等。基于此,建议:通过土地确权实现\"还权赋能\"、重视土地股份化的改革经验、完善农村产权抵押融资风险防范机制等。     

The Real Effects of FAS 166/167 on Banks’ Mortgage Approval and Sale Decisions

We examine the real effects of FAS 166 and FAS 167 on banks’ loan‐level mortgage approval and sale decisions. Effective in 2010, these standards tightened the accounting for securitizations and consolidation of securitization entities, respectively, causing banks to recognize an estimated $811 billion of securitized assets on balance sheet. We find that banks that recognize more securitized assets exhibit larger decreases in mortgage approval rates and larger increases in mortgage sale rates. These effects significantly exceed those of banks’ off–balance sheet securitized assets, consistent with our results being driven by the consolidation of securitization entities rather than by securitization per se. We conduct tests that help rule out the financial crisis as an alternative explanation for our results. Further analyses suggest that mechanisms underlying the results include consolidating banks’ reduced regulatory capital adequacy, increased market discipline, and consequent desire not to recognize high‐risk mortgages on balance sheet.     

电力企业资产证券化风险探析

资产证券化可以在保证安全性和不降低信用等级的前提下,解决当前电力发展所面临的资金瓶颈问题,探讨了电力企业资产证券化业务交易结构,结合电力企业实际分析了电力资产证券化的特点以及可能存在的出表风险、关联交易风险等,电力企业可以通过建立风险防范制度、借助中介机构丰富的专业经验等防范风险。     

农民创业、信用村建设与农民增收——云浮市农村金融综合改革的经验研究

作为广东省首个农村综合改革试验区,2009年云浮市以郁南县为试点,率先推进农村金融综合改革。郁南县的经验在于通过建立征信体系、政策性担保机制、贷款贴息机制以及创新农村金融产品,完善农村经济金融发展的生态环境、市场环境,健全农村金融运行机制,填补农村金融服务短板,实现农村金融与经济发展的良性互动。     

Moral Hazard, Effort Sensitivity and Compensation in Asset-Backed Securitization

One interesting explanation for asset securitization is the managerial agency theory—where securitization of cash flows that are relatively insensitive to managerial effort reduces the noise for cash flows that are sensitive to managerial effort (Iacobucci and Winter, 2005). This paper extends this concept in several ways. First, we differentiate the effects of noise and effort sensitivity on managerial effort and compensation, underscoring the importance of a less noisy environment. We also carefully delineate the conditions under which asset securitization would improve the welfare of managers and shareholders of the originating company. Second, we relax the assumptions regarding the expected income-producing function and the income variance, and further take into consideration the change of the marginal production of income with respect to effort before and after securitization. Third, under a multitask principal-agent model framework, we explore how the relationship between managerial activities on different assets affects the incentive compensation for the manager of the originating company and the joint surplus for shareholder and manager. This is particularly relevant when entire buildings are securitized as opposed to pools of income-generating assets. Finally, we examine the role of the third-party servicer.     

运用抵押率降低贷款行业风险

恰当地管理贷款行业中存在的风险至关重要。长期以来,放贷人借助首付准则和抵押贷款保险来降低风险敞口。本文讨论了抵押贷款行业中风险管理的各种方法,着重讨论了欧美的情况。