外資銀行發展中國資產證券化市場之研究：以渣打國際商業銀行為例

Abstract

近幾十年來全球金融產業為走向國際化、自由化，資產證券化市場及衍生性金融商品的開發成為國際各重要金融市場主要發展，企業與金融機構逐漸以創新的金融商品及嶄新的風險管理系統因應多變的金融環境。適逢中國經濟改革開放三十年，近年來中國經濟發展急速，已成為世界經濟體系中舉足輕重的要角，中國若積極發展資產證券化市場，促進資本流通性，提高金融機構之資產負債管理，並增加其他經濟效益，不僅能提高銀行對國民經濟持續發展的援助能力，對促進中國資本市場的活絡發展都具有相當重要的意義。 中國自2001年加入WTO世界貿易組織後開始走向全球經濟圈，在全面開放市場的承諾原則下，中國展開一連串的金融改革開放政策，並於2007年正式開放外資銀行中國境內分行改制為外資法人銀行，由於中國金融市場深具發展潛力，外資銀行均視中國為積極發展的首要市場。本研究借比較美國與日本資產證券化市場的發展歷程，比較其在市場架構、產品種類、法律及相關規範等各方面發展的差異性，探討在全球重要金融市場發展資產證券化之經驗及相關制度中，是否有值得中國借鏡之處。另一方面，中國在現行金融環境下資產證券化的發展自2005年開放以來未見積極成長之趨勢，本研究希望能進一步探討中國在金融改革與開放的政策之下發展資產證券化之可行模式。 個案分析部分以渣打國際商業銀行為例，探討外資銀行在中國發展資產證券化之優勢。外資銀行具備成熟的國際金融市場經驗，能靈活運用國際及國內市場的差異化進行操作，不論在金融產品規劃、研發、定價，亦或是行銷、品牌建立等方面皆深具創新能力，發展資產證券化十分重要之風險控管機制亦相對完整。後續研究部份建議可針對中國資產證券化市場及實際發行商品進行實證分析，探討相關之法律、稅務、投資策略、風險管理等研究主題，另外金融機構以進行證券化方式進行籌資後，以籌措之資金貸放後再進行證券化之循環，可能影響貨幣供給之情形亦值得深入研究。

As being one of the most important financial innovations since 1970s, securitization has been developed in an enormous pace around the globe. There is great demand for securitization in China both from issuers and investors in the capital markets. The securitization market has developed steadily over the past three years, yet the pace of development has been slower than expected. The economic reform in China has undergone for years, and it has dramatically increased the current living standard in China. In terms of contribution of securitization to Chinese economy reform, much of them are in terms of strengthening existing financial market in China, such as providing more liquidity within the financial market as well as alternative financing method for the corporation. In addition, securitization also provides a unique solution to the liquidity of fixed assets in China. This study will review the current securitization process in China and compare such process with US and JP to discuss the unique characteristics of securitization in China. In addition, even if the securitization represents a step forward in the current financial reform, there are still risks and obstacles faced. This study will evaluate the current difficulties faced and suggest possible solutions accordingly. After joining WTO in December 2001, China’s financial market opens up and foreign institutions begin rushing into the market. Many foreign banks invest in China recently. The case study part takes Standard Chartered Bank as the example to discuss foreign banks developing in China’s securitization market. Foreign banks have the mature international experience to utilize international and the domestic financial market variation. These institutions are capable of offering cutting edge wholesale and retail services, generally at lower cost than purely domestic banks.