地方债资产证券化之法律路径

• 作 者: 朱世亮 赵菁 李文莉
• 机 构: 对外经济贸易大学法学院,最高人民法院,国家开发银行,上海对外经贸大学法学院,
• 出 处: 证券法律评论
• 发表日期: 2015年00期
• 关键词: 地方债务 证券所 风险隔离 资产经营公司 融资平台 债务风险 基础资产 现金流 风险化解 缺乏流动性

在“新常态”经济形势下,地方债务风险高企,亟需探索切实可行的方法解决地方债的存量和增量问题。资产证券化作为一项重要金融创新,有利于形成多样化的融资渠道,盘活存量债权资产,优化资产负债比例结构,增加资产流动性,并给投资者提供高质量、低风险的投资工具,不失为地方债风险化解的有效方法。我国地方政府融资平台项下的公共基础设施项目,大都具有所有权属明确、未来产生稳定现金收入、能够对现金流进行独立准确的评估预测、缺乏流动性等证券化基础资产的典型特征,具有证券化的可能。可以尝试以资产证券化方式重构地方债务,缓释融资平台债务的流动性风险和信用风险。

Under the “new normal ” economic situation, local debt risks are high and there is an urgent need to explore practical ways to solve the problem of the stock and increment of local debts. As an important financial innovation, asset securitization is conducive to diversifying financing channels, activating existing credit assets, optimizing the asset-liability ratio structure, increasing asset liquidity and providing investors with high-quality, low-risk investment vehicles An effective way to defuse local debt risks. Most of the public infrastructure projects under the local government financing platform in our country have definite ownership rights and generate stable cash income in the future, which can independently and accurately evaluate the cash flow and lack the typical characteristics of liquidity and other basic securities. Securitization is possible. We can try to reconstruct local debt by means of asset securitization and release the liquidity risk and credit risk of financing platform debt.