留学生金融学小论文:资产证券化对证券业和保险业关系的效应研究Effect of asset securitization

留学生金融学小论文:资产证券化对证券业和保险业关系的效应研究Effect of asset securitization

来源:www.51fabiao.org作者:meisishow发布时间:2014-05-08 10:07
证券业和保险业是金融领域的两大支柱产业,二者在很多方面都有合作。本文从资产证券化角度阐述二者之间互为条件、互相促进的关系,资产证券化拓宽了保险资金的投资渠道,有利于保险公

 

First, asset securitization augment the investment channels of allowance funds. Accessory to the complete operation of allowance companies
一、资产证券化拓宽了保险资金的投资渠道。有利于保险公司稳健经营
 
Currently , the U.S. investment channels of allowance funds is still about narrow. According to June 15, 2004 to alter " the allowance aggregation regulations," Article 80 stipulates that the allowance funds way bound to: coffer deposits ; trading of government bonds ; trading of banking bonds ; trading enterprises and bonds ; trading of balance investment funds ; accoutrement of the State Council added use of funds . Allowance companies use allowance funds to advance in specific means , the admeasurement of specific breed and articular the everyman appraisement shall accede with the accordant accoutrement of the United States CIRC . Because of the austere authoritative requirements and restrictions on investment arrangement , the U.S. allowance funds mainly advance in coffer deposits and government bonds , both from 1999 to 2007 a ​​total of about 70% to 90 %, but the admeasurement is declining. Beneath investment channels for allowance funds , abbreviation abnormally the basic investment articles in bazaar absorption ante , constant in lower yields on U.S. allowance funds . According to statistics, back 1999 , the U.S. allowance industry funds crop alone about every year, 1999 was 4.66% , in 2004 to a minimum of 2.4% . And inefficient calm allowance funds in abrupt adverse to the adopted investment bulk of acknowledgment over the aforementioned aeon of allowance about college . In 1996 to 1999 , the United States , Canada, Britain , France, Italy, the allowance investment crop of 7 %, 8.3 %, 9 %, 5.8 % and 7.8 %. Adopted investment channels of allowance funds added allowance funds not alone advance in all types of bonds, but aswell to advance in calm balance markets.
目前,美国保险资金的投资渠道还比较狭窄。根据2004年6月15日修订《保险公司管理规定》第八十条规定,保险资金运用方式限于:银行存款;买卖政府债券;买卖金融债券;买卖企事业债券;买卖证券投资基金;国务院规定的其他资金运用方式。保险公司运用保险资金投资的具体方式、具体品种的比例及认定的最低评级,应符合美国保监会有关规定。
 
Fewer American investment channels of allowance funds , partly because the authoritative requirements for accurate and austere administration ; partly because the banal bazaar abridgement of accession , abridgement of acceptable affordable allowance funds investment accident investments. In contempo years, the U.S. allowance regulators to relax the investment channels of allowance funds , allowance funds accustomed to advance anon in balance markets. According to statistics, by the end of March 2007 , the U.S. allowance funds amounted to 2.04 abundance yuan , an admission of 266 billion yuan over the alpha . Among them, the coffer deposits 634.41 billion yuan , accounting for 31% , band investment 991.02 billion yuan , accounting for 48.5% . Equity investments and balance investment funds 373.26 billion yuan , accounting for 18.3%. Visible decidedly augment the ambit of investment and admission investments.http://www.51fabiao.org/jsxsslw/
美国保险资金投资渠道较少,一方面是因为监管部门出于谨慎要求,严格监管;另一方面是因为证券市场缺少创新,缺乏适合保险资金投资风险适中的投资品种。近年来,美国保险监管部门放宽了保险资金的投资渠道,允许保险资金直接投资于证券市场。据统计,到2007年3月末,美国保险资金运用金额为2.04万亿元,比年初增加了2660亿元。
 
Relaxation of investment channels of allowance funds , allowance funds so that yields abundantly bigger . According to statistics, in 2005 the U.S. allowance basic assets bulk of 3.5 percent , absolutely abandoning the allowance funds back 1999, yields decline. A ample admeasurement of allowance funds to advance in the banal bazaar , abnormally absolute investment banal bazaar assets , while absolutely a huge huge accident . 2005 Banal Bazaar Quotes better, about high-yielding baby risk. But , afterwards all, is a high- accident banal investment articles , allowance and investment funds are not acceptable for the top admeasurement . Practice at home and away has accepted that boundless acknowledgment to equities is simple to anatomy systemic accident , ultimately constant in lower investment yields of allowance funds , allowance companies and even advance to austere defalcation . 2004 U.S. PICC advance in listed and unlisted net accident of about 948 actor yuan balance , of which alone accomplished 740 actor yuan armamentarium Fukui , accompanying with the U.S. Activity Insurance, Ping An Allowance , the three allowance companies accept invested Fukui added than 25 billion yuan.
 
Much the aforementioned is accurate away . Japanese banal prices rose acutely in the 1980s , constant in a ample bulk of Japanese allowance investment began to be transferred to the banal market. From 1988 to 1990 , the admeasurement of shares captivated by the allowance aggregation in Japan for added than 20 % of the time is the aeon of Japanese stocks endure crazy , but again the balloon burst, the Nikkei base falling from 45,000 credibility to 10,000 credibility or beneath , Japanese allowance companies to advance suffered abundant losses, accept to abate banal investment ; yet because the balloon admission in Japan , a abundant draft to the abridgement , connected low absorption rates, this time in following of the interests of not repeating the mistakes of the banal bazaar , allowance companies, so he chose a about top assets and abiding calm government bonds and accumulated band markets and adopted investment in the balance bazaar . British allowance aggregation 's investment in the accustomed shares of the investment is not alone a top allotment , but the big change . During the 1990s balderdash bazaar , the admeasurement of UK allowance companies to advance in stocks by 40.09% in 1990 rose to 48.13 percent in 1999 , afterwards falling banal bazaar in 2000 , allowance companies advance after losses , so accelerated abbreviating in accustomed shares on investment arrangement , the admeasurement of investment in 2002 alone to 32.86 percent .
 
Looking for a about baby accident , high-yielding and abiding varieties acceptable for abiding investment is imminent. Asset securitization articles accept this feature, abnormally residential mortgage backed balance , the accident is baby , the accident is lower than the civic debt , college than accumulated bonds, are " argent bend band " top assets and continued duration, which is constant with appellation allowance funds in accurate appearance of activity allowance . Accident blockage allowance companies primarily through accessory of the adeptness anatomy of its assets and liabilities , abnormally activity allowance accountability aeon as continued as 20 to 30 years , but requires top and abiding allotment . This requires the investment of allowance funds continued aeon , high-yield products. As mentioned earlier, adopted allowance funds agog to advance in absolute estate, mortgages and all kinds of assorted types of continued appellation securitized articles . From Table 1, we see that the allowance funds advance primarily in the United States added than one year and abiding accumulated bonds , from 2000 to 2004 , investment in abiding bonds added than a year on boilerplate over 90% . Among them, added than 5 years of abiding debt and added than 60% , from 1 to 5 years accounted for about 30% of medium-term bonds .
 
Investments in asset securitization articles in favor of the allowance aggregation abiding operation , not alone in asset securitization articles with low-risk, high-yield advantage , but aswell because the accident of their own allowance aggregation asset securitization broadcast through allowance advantage , as able-bodied as added asset securitization business allowance companies , but aswell accessory to the complete operation and development of the allowance companies.
 
Second, the allowance aggregation guarantees the action of asset securitization and asset securitization of allowance is the prerequisite and guarantee
二、保险公司对资产证券化流程的担保和保险是资产证券化的前提和保证
Asset securitization action in several key aspects are inseparable from the allowance agencies accommodate guarantees and allowance .
 
First, in the primary bazaar for acclaim allowance agencies allowance and asset securitization of acclaim assets anchored a prerequisite . Not any acclaim assets can be securitized , the securitized assets accept to be high-quality , standards-compliant and appearance can be securitized assets , the a lot of analytical is the banknote breeze can be predicted , and is stable. Alone in this way can alone be packaged superior assets awash in the accessory bazaar , architecture on the accessory market, a appropriate purpose car (SPV) of the asset basin . This can be accepted from the history of the development of asset securitization . Asset Securitization antecedent accomplishing of the U.S. residential mortgage-backed balance from the admission of residential mortgage loans by the Federal Housing Administration on accumulation institutions and bartering banks in band with lending standards to accommodate allowance . 1944 Veterans Administration aswell began to accommodate allowance for able mortgage. In accession to government agencies to accommodate residential mortgage allowance and apparent and buried aegis alfresco , a ample clandestine allowance companies accept amorphous to accommodate mortgage agreement allowance to banks , the Federal Housing Administration to anatomy the primary bazaar now , the Veterans Administration , and 8 ample clandestine allowance companies to accommodate accepted aegis arrangement residential mortgage allowance and guarantees .
 
Secondly , allowance institutions in the accessory bazaar through a array of means to accommodate aegis for the asset basin , the basin of assets in adjustment to accomplish acclaim accessory , securitization of acclaim assets to accomplish the axiological agreement . In the accessory bazaar , the allowance aggregation can crop a array of means to accommodate aegis to the asset basin , the basin of assets in adjustment to advance acclaim appraisement . Taking centralized accessory admission , the allowance aggregation can buy subprime balance , accouterment guarantees for antecedence securities. In the alien accessory admission , the allowance aggregation can accommodate insurance, guarantees , standby belletrist of acclaim and banknote accounts and added means to accommodate aegis for the securitization SPV assets. From the U.S. point of appearance of applied acquaintance in the accessory bazaar , there are government-funded Government Civic Mortgage Association Housing (GNMA) and the two government-sponsored and adore assorted best behavior to authorize clandestine securitization : the Federal Civic Home Mortgage Accommodation Association (FNMA) and the Federal Home Accommodation Mortgage Corporation residential (FLHMC) amenable for the accretion and mortgage securitization . As the Government Civic Mortgage Association Housing (GNMA) is a archetypal government bureau , its allotment comes from aldermanic appropriations . And implemented by its acquirement of securitized products, affirmed by it . This government acclaim agreement acclaim appraisement is about top , it is alleged " argent ancillary bonds ." Early GNMA alone to accommodate allowance and affirmed by the Federal Housing Administration , the Veterans Administration and the Rural Housing Authority accessory acclaim guarantees . In fact, even if the government fails to accommodate aegis , but because of its government acreage , the absolute accident of the government will not sit idly by , it is still advised an absolute government guarantee. Two government-backed agencies FNMA balance issued with FLHMC accustomed articles are aswell advised absolute government guarantee. As there is no government-backed clandestine banking institutions back the 1980s, began to admission the accessory mortgage bazaar , specializing in anarchistic securitized mortgages , such as Raymond Brothers, Salomon Brothers and Merrill Lynch companies. Asset securitization articles issued by their organizations are generally alleged non- mortgage pass-through balance (MBS). These accept to be the acclaim appraisement bureau , not investment brand assets to conduct acclaim accessory . Means to Advance Acclaim pass-through mortgage-backed balance , there are four : the aggregation agreement , mortgage allowance aggregation 's allowance portfolio , coffer belletrist of acclaim and antecedence / accessory absorption . In the case of the aggregation to accommodate aegis , the acceptable pass-through balance issuers usually use their own acclaim appraisement to agreement securities. The charge to acquisition an alien accessory aggregation 's own acclaim appraisement is generally not top abundant , at atomic as acceptable as the top akin of charge for the affair of balance , the companies generally charge to attending alfresco the aggregation to guarantee. Allowance companies can become a aegis aggregation . Coffer acclaim accessory admission is rarely acclimated , mainly because few are accommodating to accommodate acclaim agreement business organizations , constant in a about top bulk of acclaim . Under Antecedence / accessory anatomy accessory admission , the allowance aggregation can buy subprime balance chic who act as alien advance . In the United States , 2005-2007 -1 Kaiyuan artefact is awash alfresco the accessory balance to institutional investors. Mortgage allowance aggregation 's allowance portfolio is archetypal of the allowance business. Seen in mortgage pass-through balance issued by date , allowance companies play a axiological guarantee.
 
With the added amplification of the ambit of asset securitization can be securitized assets growing , avant-garde asset securitization is no best the asset securitization in the acceptable faculty . Assets in the acceptable faculty of the article accept to be of top superior assets mortgaged, so the acceptable asset securitization focused on absolute acreage and added absolute acreage . Now, as continued as the assets to accomplish approaching banknote flows can be securitized , approaching banknote flows may become accessory securitized articles , such as acclaim cards and a array of approaching receivables. This asset securitization articles are now referred to as asset-backed balance (ABS). Considering the abridgement of any absolute aegis , all asset-backed balance accept to be investment brand acclaim accessory . ABS acclaim accessory akin two, namely centralized and alien advance accessory akin . Alien accessory in three ways: accumulated guarantees , belletrist of acclaim and coffer debt insurance. This is agnate to the aforementioned measures and MBS accessory admission taken , the allowance companies can play a added important role in attention . Centralized enhancements accept three ways: the assets , over-collateralization and antecedence / accessory structure. Assets there are two forms : the aberration amid operating banknote affluence and surplus annual . Banknote affluence are generated from absolute banknote drop allowance assets , usually acclimated in affiliation with an alien accessory . The a lot of accepted way is Antecedence / accessory structure. This is a antecedence and MBS / accessory anatomy agnate to an allowance aggregation through the acquirement of subprime balance may accommodate guarantees for antecedence securities. See altered kinds of allowance and guarantees for the bland accumulation of asset securitization plays an important guarantee. As the bulk of virtualization can securitized assets increased, and for the proposed basin of securitized assets agitated allowance and guarantees to accomplish acclaim accessory to ensure the approaching be able to accomplish abiding banknote flows , has become a all-important action for asset securitization and an important agreement .
 
It can be said , by the allowance bureau acclaim accessory securitized assets advised to ensure the adeptness of the basic securitized assets . In theory, any assets can be securitized . Reality can not be accomplished , depending on two aspects: the cost-benefit allegory of securitization and acclaim accessory and the aboriginal action of assets captivated by the holder of the asset . As continued as the assets of the aboriginal asset securitization securitization action is greater than the assorted costs , including the bulk of acclaim accessory , it is accessible to apparatus the asset securitization . Of course, that in the aboriginal asset holders alone action is to get the bulk of a ancient base overflow bulk , if the holder of the assets captivated by the aboriginal action of assets added than that, is accession bulk .
 
Third, the allowance asset securitization added adorn the association of the balance market. Promote the advantageous development of the balance market
三、保险资产证券化进一步丰富了证券市场的内涵。促进了证券市场的健康发展
 
Asset Securitization refers to the allowance aggregation the allowance aggregation uses a accumulating of superior , the aforementioned or agnate claim aeon , and the action can accomplish massive banknote breeze by absorption on its balance issued on the base of assets and bulk of structural about-face of conduct costs action . Its aspect is the allowance aggregation 's banknote breeze can be adapted into banking balance affairs . Allowance aggregation asset securitization consists of two locations : one allotment is the allowance aggregation 's asset securitization, accession allotment of the allowance company's debt securitization . Agnate to the securitization of acclaim assets securitization of allowance companies and banks , is the allowance exceptional assets or assets of the aggregation to use its own funds to apparatus investment amalgamation out securitization, is not yet accessible in the United States to backpack out , because the United States is still about channels of allowance funds bound and focused on assorted types of bonds and coffer deposits , as able-bodied as a baby bulk of investment securities. These investments or assets in the anatomy of banknote , such as coffer deposits , or the adeptness to apprehend a decidedly able attendance in the anatomy of balance , such as stocks . These two types are not securitized assets . In accession , abiding bonds in band with long- appellation asset and accountability administration of allowance companies analogous affection , it is allotment of the allowance aggregation needs to be adequate , and after securitization . Alone added authoritative authorities to acquiesce allowance companies to advance in Industrial assets afore securitization needs . This can accredit to asset-backed balance (ABS) affairs operation. Currently , allowance companies accept admission to basement investment abilities ; such as anchorage architecture , artery architecture and added basement projects in the country . About speaking allowance companies asset securitization refers to the allowance company's debt securitization . Debt securitization and asset securitization aforementioned assumption , except that the article of securitization , balance of the accountable bulk that is different. The above is a accountability , which is the asset . If the allowance company's debt securitization, the accountable bulk of the proposed securitization of assorted allowance behavior primarily allowance companies , the absolute accident is covered by assorted allowance behavior , such as activity allowance , accomplishment allowance policies, auto accommodation allowance , mortgage insurance, action agreement loans and assorted accident insurance.
 
Insurance companies and asset securitization Although coffer acclaim asset securitization similar, but aswell has its own characteristics. Allowance aggregation for the assets securitized assets accept to be decidedly continued appellation assets . This can adorn the appellation anatomy of balance markets bonds. Currently, the appellation anatomy of the U.S. banal bazaar bonds absurd , Continued varieties missing. Because at the bulk backpack cycle, the bulk of basic is about high, the government and businesses are afraid to affair best appellation bonds. As in 2004 , the axial coffer to accession absorption ante , the boilerplate adeptness of Treasury issued bonds that year was alone 4.35 years .
 
Asset securitization bonds traded allowance companies can accomplish abiding bonds missing gap , but aswell accessory to abiding basic holders and allowance companies advance , advice allowance companies accomplish long- appellation assets and liabilities bout , advice balance the banal bazaar . In accession , acquirement allowance aggregation debt securitization band yields college than the boilerplate band . According to the analysis abstracts shows that: accident bonds usually crop the aforementioned akin of assets than accumulated bonds higher. Thus, the accustomed admission in the banal bazaar adorable to all types of investors , the added investors are accommodating to join, and it is a abiding holding, advice balance the banal bazaar .
 
Conclusions
四、结论
Credit asset securitization and allowance asset securitization both aggressive and commutual , alternate development , advice balance the banal bazaar . Acclaim asset securitization articles and allowance company's asset securitization articles of the aforementioned attributes , and accordingly aggressive with anniversary added , but the continuance of the allowance aggregation 's asset securitization articles than coffer acclaim asset securitization artefact cycles long. This will accomplish up for abridgement of acclaim asset securitization band side, accessory to alluring abiding investors to participate , and accordingly advice balance the banal bazaar . In accession , the allowance company's debt securitized bonds , not alone long- appellation , top assets aswell decidedly adorable to ample investors . This is accessory to the abundance of the balance market.
 
Insurance funds acclimated in the banal bazaar should be carefully bound ambit of investment articles and be accessory to the development of the allowance industry. Allowance funds accept a continued appellation characteristics , so the following of low accident , high-yield investment articles . Asset securitization products, abnormally allowance asset securitization articles due to the accident of baby , high-yield , acceptable for their investment. Added bonds, abnormally government bonds because of their low risk, not low assets , but aswell for their investments.
 
High banal allotment , clamminess is strong, but the accident is top , we accept to ascendancy the array and ambit of allowance aggregation investments. To ascendancy the volume, the United States provides 5% , you can relax the more, abnormally if the balderdash bazaar . But advance in stocks during the buck bazaar of the bulk to be bargain more. Alone accustomed to advance in bigger achievement of the company, alone do not do abstract investment .