文档介绍：摘要
资产证券化起源于70年代美国的住房抵押贷款证券化,随后证券化技术被广泛应用于抵押债权以外的非抵押债权资产,并于80年代在欧美市场获得蓬勃发展。90年代起,资产证券化开始出现在亚洲市场上,特别是东南亚金融危机爆发以后,在一些亚洲国家得到迅速发展。由于我国电力生产项目投资规模巨大,占用资金期限长,仅靠国家财政拨款或企业自有资金建设电力项目是不现实的。而依靠国内外银行贷款的间接融资方式筹集资金建设项目,势必会造成电力生产企业负债比例过高,增加电力企业负担,银行资产也很有可能形成不良资产。
本文以浙江省电力公司为研究对象,在总结浙江电力公司融资现状,阐明资产证券化特点和运作程序的基础上,分析电力公司资产证券化的必要性和可行性,总结电力公司资产证券化存在的问题,并提出解决浙江省电力公司资产证券化问题的对策,以促进浙江省电力公司的可持续发展。
关键词:浙江;电力公司;资产证券化;融资
Abstract
Asset Securitization originated form the Housing Mortgage Loan Securitization in America in1970s, and afterwards it was applied to the non-mortgage creditor’s assets extensively in addition to mortgage creditor’s rights, and developed vigorously at Euro-American market in 1980s. From 1990s Asset Securitization began to appear at Asian market, especially after financial crisis in Southeast Asia, it developed quickly in some Asian countries. As China's power production and investment is huge, and long-term occupation of funds, relying on State funding or construction of power projects owned by the enterprise funds is not realistic. However domestic and foreign banks rely on indirect financing loans to build financing construction projects, power production enterprises is bound to result in high debt ratio, increasing the burden of power enterprises. And the bank assets are also likely to form non-performing assets.
In this paper, we take Zhejiang Electric pany as the subject, at the conclusion of Zhejiang Electric Power Corporation financial situation, Clarify the characteristics of asset securitization and operational procedures, based on the analysis of asset securitization panies of the necessity and feasibility. Then summary the problems of Asset Securitization pany and propose solutions to the Zhejiang pany Asset Securitization countermeasures to promote the sustainable development of Zhejiang Electric pany.
Key Words:Zhejiang; Electric pany; Asset Securitization; financing
目录
一、浙江省电力公司融资现状 1
二、资产证券化的特点和运作过程 2
(一)资产证券化的含义及其特点 2
(二)资产证券化的运作程序 3
三、浙江省电力公司