摘要
随着我国经济社会的不断发展，居民的消费观念逐渐升级，国民总体生活水平如何查看隐藏文件
的热潮。在我国，已经有越来越多的消费者开始考虑贷款购车模式，汽车金融公司
得到了前所未有的发展契机。然而，汽车金融公司要在迅速扩张的汽车金融市场中
与众多其他汽车金融主体竞争，有了更多的资金需求，然而传统的融资方式已无法
有什么好看的小说吗车金融公司契合度较高的创新融资方式登上舞台，发展迅速，极具行业价值。
如今国内已有汽车金融公司推出过相应的信贷资产证券化产品，在一定程度上
缓解了公司的融资压力。但是，信贷资产证券化要真正在汽车金融业界实现推广，
仍急需解决多重限制与问题，值得学界进行探讨研究。因此，本文选择“2017融腾”第二期汽车抵押贷款资产证券化产品这一典型案例作为分析对象，在介绍信贷资产
证券化的相关理论与发展现状后，以案例的基本情况为切入点，剖析了发起机构发
行本产品的动因，并结合丰富的案例数据进行研究，通过入池资产质量和贷款管理
流程、风险缓释措施、交易结构设计以及多方交易主体效益四个方面入手，探究了“2017融腾”二期的成功经验。
最后，本文通过这一产品反映出来的一些问题提出了几点对我国汽车金融公司
信贷资产证券化的可持续发展建议，包括加强贷前审核及贷后管理、优化分层设计、优化交易结构、强化证券増级措施、完善法律法规等。
关键词：信贷资产证券化；汽车金融公司；上汽通用汽车金融；“2017融腾”二期
ABSTRACT
With the continuous and stable economy of our country, the living standard of the residents is increasing, the consumption concept is gradually upgrading, and the consumer credit has been paid more and more attention and development. . More and more consumers are beginning to consider the mode of loan purchase, and the auto finance company has got an unprecedented development o
pportunity. However, auto finance companies need more financial support to compete with many other automotive financial entities in the expanding auto market, while traditional financing methods have been unable to meet the capital needs of China's auto finance companies. As a kind of innovative financing method with higher agreement with automobile financial companies, asset securitization has a great value in industry development.
Now the domestic auto finance company has introduced the corresponding credit asset securitization products, to some extent alleviated the company's financing pressure. However, the credit asset securitization is to be popularized in the auto financial industry, and it is still urgent to solve the multiple restrictions and problems. It is worth studying in the academic circle. Therefore, this paper chooses the two period of “2017 Rong Teng”as the typical case of car mortgage asset securitization products on the research object, in the present situation introduces the related theory of credit asset securitization and the development, to the basic situation of the case as the breakthrough point, analyzes the originator for motivation of this product, and combined with the research the case of rich data, through into the pool of assets quality and loan management process, risk mitigation measures, transaction structure design and multi transaction benefit four aspects, exploring the "2017 Rong Teng" phase II of the successful experience.
Finally, this paper puts forward some suggestions on the sustainable development of securitization of credit assets of China's auto finance company through some problems reflected in this product, including strengthening pre-loan audit and post-loan management, optimizing stratified design, optimizing transaction structure, Strengthen securities promotion measures, improve laws and regulations.
Key word：Asset Securitization; Auto finance company; SAIC-GMAC; "2017 Rong Teng" Phase II product
目录
摘要 ...................................................................I ABSTRACT ..............................................................II 1. 绪论 . (1)
1.1研究背景及意义 (1)
1.1.1 研究背景 (1)
1.1.2 研究意义 (5)
1.2 相关文献综述 (6)
1.2.1 关于资产证券化的研究 (7)
1.2.2 关于汽车金融信贷资产证券化的研究 (9)
1.3 研究内容与方法 (10)
1.3.1 研究内容 (10)
1.3.2 研究方法 (11)
1.4 本文可能的创新点与不足之处 (11)
2、我国汽车金融信贷资产证券化概述 (13)
2.1概念界定 (13)
2.1.1汽车金融定义 (13)
2.1.2 信贷资产证券化的概念 (14)
2.1.3 汽车贷款资产证券化 (15)
什么牌子冰箱好2.2信贷资产证券化的原理 (15)
2.2.1 资产重组原理 (15)
2.2.2风险隔离原理 (15)
2.2.3信用增级原理 (15)
2.3信贷资产证券化基本流程 (16)胜利改名开张
2.4我国汽车金融信贷资产证券化的发展历程及现状 (18)
2.4.1我国汽车金融信贷资产证券化的发展历程 (18)
2.4.2我国汽车金融信贷资产证券化的发展现状 (19)
3. 案例介绍----上汽通用汽车金融公司发行“2017融腾”二期资产证券化产品 .21
3.1 上汽通用汽车金融公司及其业务介绍 (21)
3.1.1 上汽通用汽车金融公司简介 (21)
3.1.2 上汽通用汽车金融公司汽车金融业务介绍 (21)
3.2 上汽通用汽车金融公司发行“2017融腾”二期产品的动因介绍 (22)潘虹个人资料
3.2.1满足公司发展的资金需求 (22)
3.2.2丰富融资结构 (24)
3.2.3降低财务风险 (25)
3.2.4实现公司发展战略的需要 (25)
3.3 上汽通用汽车金融公司“2017融腾”二期产品介绍 (26)
3.3.1 产品基本情况 (26)
3.3.2 交易主体介绍 (27)
3.3.3 产品交易结构介绍 (27)
3.4上汽通用汽车金融公司“2017融腾”二期产品发行的效益介绍 (29)
3.4.1 上汽通用汽车金融公司融资成功 (29)
3.4.2 中介机构盈利 (30)
3.4.3 投资者收益稳定 (30)
4. 案例成功经验分析 (31)
4.1严格把控入池资产质量和贷款管理流程 (31)三级写真
4.1.1入池资产组合质量分析 (31)
4.1.2贷款管理办法分析 (36)
4.2合理的风险缓释措施 (37)
4.2.1 资产池信用风险及缓释 (37)
4.2.2 交易结构风险及缓释 (39)
4.2.3 利率风险及缓释 (39)
4.2.4 操作风险及缓释 (39)
4.2.5 流动性风险及缓释 (40)
4.3完善的交易结构设计 (40)
4.3.1现金流支付机制分析 (40)
4.3.2信用增级措施分析 (42)
4.3.3信用评级安排分析 (44)
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