我国保险公司资产证券化发展探析
|
摘要
在过去改革开放的30年,我国的市场经济取得了显著的成就。在此期间,资产证券化的出现又将我国的金融市场推向了另一个高度。作为金融市场分支的保险市场,自加入世贸之后也取得了惊人的发展速度,保费收入和覆盖率逐年攀升。保险市场在金融体系中所扮演的角色越来越重要,保险市场与资本市场之间的联动性也越来越强。
从保险市场和资本市场之间的联动性来看,两者联动的方式比较多样化,从融资角度看比较常见的有保险公司上市发行股票或者发行债券进行融资等。相比之下,资产证券化作为一种创新制度,其提供的投资和融资机制更加具有创新意义和现实意义。随着我国保险公司投资资金渠道的放宽和本身企业财务的改善需要,资产证券化引入保险行业已经是大势所趋。所以,本文就如何在中国保险行业特定的国情之下引入资产证券化这一创新制度进行研究。
本文首先界定了“保险资产证券化”的含义,对一般资产证券化的原理和机制等进行了系统性研究,在此基础研究之上,具体针对我国保险公司的资产证券化进行了全面的解析。其中,主要包括两大类：保单质押贷款证券化和寿险保单证券化。接下来,基于财务视角,针对我国保险业引入保险资产证券化所面临的主要财务制度障碍进行了分析并提出或可行的解决建议。在这一章节中,主要借鉴国外成功的经验和相关制度规定,结合我国自身国情进行类比分析。最后,针对引入保险资产证券化进行必要性和可行性分析,并对或可选择的证券化方案进行了设计和探索。
论文的各章内容如下：
第一章,对保险资产证券化的基本理论进行叙述,并且诠释了保险资产证券化给保险公司带来的经济意义。本章节是全文的理论基石,贯穿始终。首先,本文对资产证券化的一般概念做出定义,同时衍生出保险资产证券化的定义。接下来,对资产证券化的基本理论进行全面分析,如特征和运行机制等。最后,从发起人和投资人的角度,笔者通过模拟案例诠释了保险资产证券化对保险公司的影响。
第二章,具体针对保险公司的资产部分进行证券化的研究。在此笔者将保险资产证券化分为三类：保险增量资产证券化、保险投资证券化和保险存量资产证券化。鉴于国内外对保险增量资产证券化即保险公司上市融资部分研究较多,本文在此仅研究后两者。保险投资证券化很好的诠释了保险公司承保和投资业务之间的关系,是保险市场与资本市场互动的直接体现。保险存量资产证券化是本文研究的重点,其原理同一般的资产证券化是大致相同,即发起人将缺乏流动性的但是未来现金流又比较稳定和可预期的资产进行结构性重组,组合成资产池,以此为支撑发行证券,达到融资目的的过程。因此,找出适合保险公司证券化的资产是关键所在。从保险公司经营的特点来看,笔者认为保单质押贷款和寿险保单均符合证券化资产的理想特征,即违约率低,现金流稳定等特点。
第三章,为我国保险公司引入资产证券化所做的相关铺垫,主要是对相关财务制度障碍进行分析并提出对策,即会计和税收制度层面。会计层面,笔者从确认、计量和合并三个方面来解析我国目前证券化会计处理的现状和问题。税收层面,从发起人、SPV和投资人三个角度来解析不同的税收政策对三者的影响。此章节采用了类比分析的方法,即通过国外成功的会计、税收处理规范分析和经验分析,对应地分析我国目前现状和面临的障碍,并提出相关解决意见。
第四章,如何将资产证券化引入我国的保险市场。首先,笔者对引入此项创新制度作出必要性和可行性分析。在此前提下,笔者提出了适合我国保险资产证券化的模式,即离岸SPY模式和准表外SPV模式。同时,对我国保险公司可能实施资产证券化的道路进行了探索,包括前文提到了保单质押贷款证券化和基础设施资产证券化。最后,笔者对我国引入保险资产证券化需要完善的各方面提出了建议。
本文的创新在于：
其一,本文选题具有一定的前瞻性。纵观国内关于资产证券化的研究,多数文章将重点倾向于企业应收账款证券化、高速公路收费权益证券化和银行信贷资产证券化,对保险资产证券化研究非常少。保险行业方面,风险证券化即负债证券化的研究文章比较多,对保险资产类的证券化研究缺乏系统性的研究。
其二,选题具有一定的指导性。本文研究的目的是通过对资产证券化的基本理论研究,将之运用到我国保险市场。通过文章最后二章的分析,得出了相关指导性的实施意见,对我国以后发展保险资产证券化具有很强的现实意义。
本文存在的不足：
文中多为定性分析,缺乏专业的分析工具进行定量分析,未能充分体现处理的影响力度。另外,本文模拟的财务案例较为简单,不够具体和全面。
In the past 30 years of reform and opening up, China's market economy has made remarkable achievements. During this period, the emergence of asset securitization in China's financial markets turns into another level. As a branch of the insurance market in the financial markets, insurance has made astonishing speed since the accession to the WTO, premium and its coverage are gradually increasing. Insurance market acts an increasingly important role in the financial market and the linkage between the capital markets is also growing.
From the linkage between insurance market and capital market, the way of linkage is diverse, from a financing point of view of the more common initiative public offering of the insurance company or issuing bonds for financing. In contrast, asset securitization, as an innovative system, which provides investment and financing mechanisms, is more innovative and practical significance. As China's insurance industry development, asset securitization is the general trend. Therefore, this article is going to study on how to import this innovative system from aboard.
Firstly, this paper gives an accurate definition of "insurance securitization" and study on the general principles of asset securitization and mechanisms. According to this, this paper exactly studies the insurance company's asset securitization in China. It mainly includes two categories:policy loans securitization and securitization of life insurance policy. Next, based on the financial perspective, the paper gives a analysis on financial obstacle when importing this system and possible solutions or recommendations. In this chapter, the main way is to combine foreign successful experiences and relevant systems and regulations with an analogy of our own national conditions. Finally, make a clear analysis on necessity and feasibility of importing the insurance asset securitization and explore a new mode in which our own insurance asset securitization should be carried out.
Thesis chapters as follows:
In the first chapter, it describes the basic theory of the insurance asset securitization and interprets its economic significance of insurance companies. This section is the theoretical foundation of the whole test. Firstly, the paper defines the general concept of asset securitization, and then goes through to the definition of insurance asset securitization. Next, the article gives a comprehensive analysis on the basic theory of asset securitization, such as the characteristics and operation mechanism. Finally, from the perspective of sponsors and investors, the author simulated case interpretation of the insurance securitization of insurance companies.
In the second chapter, it studies the specific part of the insurance company's assets in securities. In this paper the insurance securitization is divided into three categories:Insurance incremental asset securitization, insurance investment securitization and insurance asset securitization. In view of incremental asset securitization of insurance has been studied very much, this study only involves the latter two. Insurance investment securities are of great interpretation of the linkage between the insurance market and capital market interaction. Insurance Asset securitization is the focus of this paper, and its principles with the general assets of securitization is substantially the same, which is the initiator get the assets that lack of liquidity and more stable future cash flows restructured and been a pool, in order to support the issuance of securities. Therefore, finding out the assets is the key. From the view of insurance company operation, I believe that policy loans and life insurance policies are in line with the ideal characteristics of securitized assets.
The third chapter, it focuses on the main obstacle on the relevant financial systems analysis and proposes a solution. The author analyzes the accounting treatment from the recognition, measurement and consolidation and from the promoters, SPV and investors to resolve the three perspectives of different tax policies on the impact of the three. This section uses the analogy of the method. That is to say, through the success of foreign accounting and tax treatment in The fourth analysis, correspondently analyze our country's relevant situation. chapter is the main purpose of this writing. That is how to import this system. First of all, I made the necessity and feasibility analysis. Under this premise, the author proposed for China's insurance asset securitization model. Meanwhile, the thesis make a bold explore, aiming to break a new path of Chinese insurance securitization including the previously mentioned policy loans securitization and securitization of infrastructure assets. Finally, the author gives some suggestions on importing this system.
Innovations of this article:
First, this topic may be forward-looking. Looking at the domestic research on asset securitization, the majority of articles tend to focus on corporate accounts receivable securitization of equity securities of toll highways and bank credit asset securitization, asset securitization of insurance is very rare. In Insurance industry, the risk securitization research article is usually and lack of systematic research.
Second, the topic is instructive. The purpose of this paper is to study the basic theory of asset securitization and apply it to the China's insurance market. It has a strong practical significance.
The shortcomings of this article:
The test is mostly qualitative analysis and lack of professional analysis tools. In addition, the financial case is not specific and comprehensive enough.
从保险市场和资本市场之间的联动性来看,两者联动的方式比较多样化,从融资角度看比较常见的有保险公司上市发行股票或者发行债券进行融资等。相比之下,资产证券化作为一种创新制度,其提供的投资和融资机制更加具有创新意义和现实意义。随着我国保险公司投资资金渠道的放宽和本身企业财务的改善需要,资产证券化引入保险行业已经是大势所趋。所以,本文就如何在中国保险行业特定的国情之下引入资产证券化这一创新制度进行研究。
本文首先界定了“保险资产证券化”的含义,对一般资产证券化的原理和机制等进行了系统性研究,在此基础研究之上,具体针对我国保险公司的资产证券化进行了全面的解析。其中,主要包括两大类：保单质押贷款证券化和寿险保单证券化。接下来,基于财务视角,针对我国保险业引入保险资产证券化所面临的主要财务制度障碍进行了分析并提出或可行的解决建议。在这一章节中,主要借鉴国外成功的经验和相关制度规定,结合我国自身国情进行类比分析。最后,针对引入保险资产证券化进行必要性和可行性分析,并对或可选择的证券化方案进行了设计和探索。
论文的各章内容如下：
第一章,对保险资产证券化的基本理论进行叙述,并且诠释了保险资产证券化给保险公司带来的经济意义。本章节是全文的理论基石,贯穿始终。首先,本文对资产证券化的一般概念做出定义,同时衍生出保险资产证券化的定义。接下来,对资产证券化的基本理论进行全面分析,如特征和运行机制等。最后,从发起人和投资人的角度,笔者通过模拟案例诠释了保险资产证券化对保险公司的影响。
第二章,具体针对保险公司的资产部分进行证券化的研究。在此笔者将保险资产证券化分为三类：保险增量资产证券化、保险投资证券化和保险存量资产证券化。鉴于国内外对保险增量资产证券化即保险公司上市融资部分研究较多,本文在此仅研究后两者。保险投资证券化很好的诠释了保险公司承保和投资业务之间的关系,是保险市场与资本市场互动的直接体现。保险存量资产证券化是本文研究的重点,其原理同一般的资产证券化是大致相同,即发起人将缺乏流动性的但是未来现金流又比较稳定和可预期的资产进行结构性重组,组合成资产池,以此为支撑发行证券,达到融资目的的过程。因此,找出适合保险公司证券化的资产是关键所在。从保险公司经营的特点来看,笔者认为保单质押贷款和寿险保单均符合证券化资产的理想特征,即违约率低,现金流稳定等特点。
第三章,为我国保险公司引入资产证券化所做的相关铺垫,主要是对相关财务制度障碍进行分析并提出对策,即会计和税收制度层面。会计层面,笔者从确认、计量和合并三个方面来解析我国目前证券化会计处理的现状和问题。税收层面,从发起人、SPV和投资人三个角度来解析不同的税收政策对三者的影响。此章节采用了类比分析的方法,即通过国外成功的会计、税收处理规范分析和经验分析,对应地分析我国目前现状和面临的障碍,并提出相关解决意见。
第四章,如何将资产证券化引入我国的保险市场。首先,笔者对引入此项创新制度作出必要性和可行性分析。在此前提下,笔者提出了适合我国保险资产证券化的模式,即离岸SPY模式和准表外SPV模式。同时,对我国保险公司可能实施资产证券化的道路进行了探索,包括前文提到了保单质押贷款证券化和基础设施资产证券化。最后,笔者对我国引入保险资产证券化需要完善的各方面提出了建议。
本文的创新在于：
其一,本文选题具有一定的前瞻性。纵观国内关于资产证券化的研究,多数文章将重点倾向于企业应收账款证券化、高速公路收费权益证券化和银行信贷资产证券化,对保险资产证券化研究非常少。保险行业方面,风险证券化即负债证券化的研究文章比较多,对保险资产类的证券化研究缺乏系统性的研究。
其二,选题具有一定的指导性。本文研究的目的是通过对资产证券化的基本理论研究,将之运用到我国保险市场。通过文章最后二章的分析,得出了相关指导性的实施意见,对我国以后发展保险资产证券化具有很强的现实意义。
本文存在的不足：
文中多为定性分析,缺乏专业的分析工具进行定量分析,未能充分体现处理的影响力度。另外,本文模拟的财务案例较为简单,不够具体和全面。
In the past 30 years of reform and opening up, China's market economy has made remarkable achievements. During this period, the emergence of asset securitization in China's financial markets turns into another level. As a branch of the insurance market in the financial markets, insurance has made astonishing speed since the accession to the WTO, premium and its coverage are gradually increasing. Insurance market acts an increasingly important role in the financial market and the linkage between the capital markets is also growing.
From the linkage between insurance market and capital market, the way of linkage is diverse, from a financing point of view of the more common initiative public offering of the insurance company or issuing bonds for financing. In contrast, asset securitization, as an innovative system, which provides investment and financing mechanisms, is more innovative and practical significance. As China's insurance industry development, asset securitization is the general trend. Therefore, this article is going to study on how to import this innovative system from aboard.
Firstly, this paper gives an accurate definition of "insurance securitization" and study on the general principles of asset securitization and mechanisms. According to this, this paper exactly studies the insurance company's asset securitization in China. It mainly includes two categories:policy loans securitization and securitization of life insurance policy. Next, based on the financial perspective, the paper gives a analysis on financial obstacle when importing this system and possible solutions or recommendations. In this chapter, the main way is to combine foreign successful experiences and relevant systems and regulations with an analogy of our own national conditions. Finally, make a clear analysis on necessity and feasibility of importing the insurance asset securitization and explore a new mode in which our own insurance asset securitization should be carried out.
Thesis chapters as follows:
In the first chapter, it describes the basic theory of the insurance asset securitization and interprets its economic significance of insurance companies. This section is the theoretical foundation of the whole test. Firstly, the paper defines the general concept of asset securitization, and then goes through to the definition of insurance asset securitization. Next, the article gives a comprehensive analysis on the basic theory of asset securitization, such as the characteristics and operation mechanism. Finally, from the perspective of sponsors and investors, the author simulated case interpretation of the insurance securitization of insurance companies.
In the second chapter, it studies the specific part of the insurance company's assets in securities. In this paper the insurance securitization is divided into three categories:Insurance incremental asset securitization, insurance investment securitization and insurance asset securitization. In view of incremental asset securitization of insurance has been studied very much, this study only involves the latter two. Insurance investment securities are of great interpretation of the linkage between the insurance market and capital market interaction. Insurance Asset securitization is the focus of this paper, and its principles with the general assets of securitization is substantially the same, which is the initiator get the assets that lack of liquidity and more stable future cash flows restructured and been a pool, in order to support the issuance of securities. Therefore, finding out the assets is the key. From the view of insurance company operation, I believe that policy loans and life insurance policies are in line with the ideal characteristics of securitized assets.
The third chapter, it focuses on the main obstacle on the relevant financial systems analysis and proposes a solution. The author analyzes the accounting treatment from the recognition, measurement and consolidation and from the promoters, SPV and investors to resolve the three perspectives of different tax policies on the impact of the three. This section uses the analogy of the method. That is to say, through the success of foreign accounting and tax treatment in The fourth analysis, correspondently analyze our country's relevant situation. chapter is the main purpose of this writing. That is how to import this system. First of all, I made the necessity and feasibility analysis. Under this premise, the author proposed for China's insurance asset securitization model. Meanwhile, the thesis make a bold explore, aiming to break a new path of Chinese insurance securitization including the previously mentioned policy loans securitization and securitization of infrastructure assets. Finally, the author gives some suggestions on importing this system.
Innovations of this article:
First, this topic may be forward-looking. Looking at the domestic research on asset securitization, the majority of articles tend to focus on corporate accounts receivable securitization of equity securities of toll highways and bank credit asset securitization, asset securitization of insurance is very rare. In Insurance industry, the risk securitization research article is usually and lack of systematic research.
Second, the topic is instructive. The purpose of this paper is to study the basic theory of asset securitization and apply it to the China's insurance market. It has a strong practical significance.
The shortcomings of this article:
The test is mostly qualitative analysis and lack of professional analysis tools. In addition, the financial case is not specific and comprehensive enough.
引文
①引自投资百科对证券化的定义,详见www.Investopedia.com
②何小锋,资产证券化：中国的模式[M],北京：北京大学出版社,2002,第12页
③邓伟利著,资产证券化：国际经验与中国实践[M],上海人民出版社,2003,第24页
①王开国等,资产证券化论[M],上海财经大学出版社,1999, 第14页
②加鹏,中国保险证券化问题研究[D],首都经济贸易大学硕士论文,2005
① 加鹏,中国保险证券化问题研究[D],首都经济贸易大学硕士论文,2005
①林泽涛,寿险证券化探析[D],西南财经大学硕士论文,2007
②(日)古川今治张明,资产证券化手册[M],中国金融出版社,2006,第52页
①马正飞,保险投资现状及分析[J],经济纵横,2009
①欧阳海泉,保单质押贷款的法律分析[J],财经理论与实践,2004.06第119-120页
①秦道夫,保险法论[M],北京：机械工业出版社,2000
①谢世清,产寿险证券化比较分析[J],保险研究,2008.09
①朱艳嫣,美国互助保险公司的非互助化[J],中国保险,2001.06
①银莉.马超群,资产证券化交易过程中的会计和税务问题探讨[J],湖南大学学报,2002.09
②FAS NO.77,IAS 32,IAS40
①娄桂莲,从会计与财务的视角审视资产证券化[D],对外经济贸易大学硕士论文,2006
FAS 140,2000.09
② Vinod Kothari, Major changes introduced by IAS 39 Relating to securitization
①包轶骏,资产证券化会计问题探讨[J],中国国债投资网,2005.05
①洪艳蓉,资产证券化法律问题研究[M],北京大学出版社,2004,第119页
②许多奇,我国金融资产证券化的税收理念与税收制度[J],法学评论,2007.02,第39-46页
①宋芳秀,何小锋,我国开展资产证券化的税收问题分析[J],税务与经济,2002.05
②喻强,资产证券化特殊目的载体税负问题国际经验与我国选择金融与经济[J],2004.03第42-45页
①王春峰.曲万成,资产证券化的税收问题与税收政策[J],西安电子科技大学学报,2009.09
①胡滨,保险资产证券化首先要放开资金运用[J],21世纪经济报道,2007.12
①薄海,资产证券化及其在基础设施项目中的应用研究[J],2007.06
[1][美]斯蒂文·L.西瓦兹著,李传全等译,结构化金融----资产证券化原理指南[M],清华大学出版社,2003
[2]彭冰著,资产证券化的法律解释[M],北京大学出版社,2001
[3]邓伟利著,资产证券化：国际经验与中国实践[M],上海人民出版社,2003
[4]傅安平著,寿险公司偿付能力监管[M],中国社会科学出版社,2004
[5]王开国等,资产证券化论[M],上海财经大学出版社,1999
[6][日]古川今治.张明,资产证券化手册[M],中国金融出版社,2006.08
[7]何小锋,资产证券化：中国的模式[M],北京：北京大学出版社,2002
[8]魏迎宁编,寿险公司内含价值的理论和实践[M],经济管理出版社,2005
[9](美)弗兰克.J法博齐、(美)弗朗哥.莫迪利亚尼著,唐旭等译,资本市场：机构与工具[M],北京：经济科学出版社,1998
[10]成之德编,资产证券化理论与实务全书[M],北京：中国言实出版社,2000
[11]洪艳蓉,资产证券化法律问题研究[M],北京：北京大学出版社,2004
[12]秦道夫,保险法论[M],北京：机械工业出版社,2000
[13]曹雪琴著,金融一体化中的国际保险[M],学林出版社,2005
[14]孙蓉等,中国保险业风险管理战略研究-基于金融混业经营的视角[M],中国金融出版社,2006
[15]宋明君,寿险公司的利润分析[D],中央财经大学,2001
[16]薄海,资产证券化及其在基础设施项目中的应用研究[D],2007
[17]赵锦城,人寿保险证券化及其在化解我国寿险业利差损问题中的应用[D],苏州大学,2006
[18]加鹏,中国保险证券化问题研究[D],首都经济贸易大学硕士论文, 2005
[19]林泽涛,寿险证券化探析[D],西南财经大学硕士论文,2007
[20]张金若,发起人金融资产证券化会计问题研究[D],厦门大学博士论文,2008
[21]葛小波,我国人寿保险证券化研究[D],新疆财经大学硕士论文,2008
[22]吴小花,我国企业资产证券化财务效应分析[D],江苏大学硕士论文,2008
[23]吴红军,保险资产证券化渐行渐近[J],金融时报,2005.03
[24]于殿江,周成建,论保险市场与资本市场的互动发展[J],保险研究,2004.04
[25]巴曙松,美国保险业务的证券化及其发展趋势[J],国际贸易问题,1996.09
[26]王迪,论保险业中的资产证券化[J],保险研究,2002.08
[27]徐爱荣,论保险业的证券化发展趋势[J],上海保险,2002.01
[28]尹龙,资产证券化：动力、约束与制度安排[J],金融研究,1999.02
[29]娄桂莲,从会计与财务的视角审视资产证券化[D],对外经济贸易大学硕士论文,2006
[30]李勇权,论保险证券化在我国的引入与发展[J],保险研究,2003.05
[31]秦洪,资产证券化：保险资金新运用方向[J],中国保险报2005.05
[32]包轶骏,资产证券化会计问题探讨[J],中国国债投资网,2005.05
[33]胡东胜,论保险投资证券化的发展趋势[J],保险研究,2000.09
[34]马正飞,保险投资现状及分析[J],经济纵横,2009
[35]顾业池,寿险保单证券化利弊辨析[J],保险研究,2010.06
[36]欧阳海泉,廖焕国,保单质押贷款的法律分析[J],财经理论与实践,2004
[37]谢世清,产寿险证券化比较分析[J],保险研究,2008.09
[38]朱艳嫣,美国互助保险公司的非互助化[J],中国保险,2001.06
[39]银莉,马超群,资产证券化交易过程中的会计和税务问题探讨[J],湖南大学学报,2002.09
[40]许多奇,我国金融资产证券化的税收理念与税收制度[J],法学评论, 2007.02
[41]喻强,资产证券化特殊目的载体(SPV)税负问题国际经验与我国选择[J],金融与经济,2004.03
[42]王春峰,曲万成,资产证券化的税收问题与税收政策[J],西安电子科技大学学报,2009.09
[43]宋芳秀,何小锋,我国开展资产证券化的税收问题分析[J],税务与经济,2002.05
[44]胡滨,保险资产证券化首先要放开资金运用[J],21世纪经济报道,2007.12
[45]《金融机构金融资产转让会计处理暂行规定(征求意见稿)》,2004
[46]财政部关于印发《信贷资产证券化试点会计处理规定》的通知,2005
[47]《保险资金投资不动产暂行办法》,2010
[48]"Securitization:Structured Financing, Financial Assets Pools, and Asset—Beaked Securities" [J], AsPen Law Business
[49]Frank J. Fabozzi, " Accessing Capital Markets Through Securitization" [J], Frank J.Fabozzi Associates,2001
[50]Alex Cowley and J David Cummins, Securitization of Life Insurance Assets and Liabilities[J], The Journal of Risk and insurance,2005.02
[51]Jason B. Adkins, The Policyholder Perspective on Mutual Holding Company conversions[J], Journal of Insurance Regulation,1997.04
[52]Vinod Kothari, Major changes introduced by IAS 39 Relating to securitization,www.vinodkothari.com
[53]RaymondE.Perry, Accounting for Securitizations[J], Accounting Horizons,1993
[54].www.Investopedia.com
[55]http://www.chinasecuritization.com
[56]http://www.insurance-finanance.com/.re.htm
[57]FAS NO.140, FAS NO.77, IAS 32, IAS 40
②何小锋,资产证券化：中国的模式[M],北京：北京大学出版社,2002,第12页
③邓伟利著,资产证券化：国际经验与中国实践[M],上海人民出版社,2003,第24页
①王开国等,资产证券化论[M],上海财经大学出版社,1999, 第14页
②加鹏,中国保险证券化问题研究[D],首都经济贸易大学硕士论文,2005
① 加鹏,中国保险证券化问题研究[D],首都经济贸易大学硕士论文,2005
①林泽涛,寿险证券化探析[D],西南财经大学硕士论文,2007
②(日)古川今治张明,资产证券化手册[M],中国金融出版社,2006,第52页
①马正飞,保险投资现状及分析[J],经济纵横,2009
①欧阳海泉,保单质押贷款的法律分析[J],财经理论与实践,2004.06第119-120页
①秦道夫,保险法论[M],北京：机械工业出版社,2000
①谢世清,产寿险证券化比较分析[J],保险研究,2008.09
①朱艳嫣,美国互助保险公司的非互助化[J],中国保险,2001.06
①银莉.马超群,资产证券化交易过程中的会计和税务问题探讨[J],湖南大学学报,2002.09
②FAS NO.77,IAS 32,IAS40
①娄桂莲,从会计与财务的视角审视资产证券化[D],对外经济贸易大学硕士论文,2006
FAS 140,2000.09
② Vinod Kothari, Major changes introduced by IAS 39 Relating to securitization
①包轶骏,资产证券化会计问题探讨[J],中国国债投资网,2005.05
①洪艳蓉,资产证券化法律问题研究[M],北京大学出版社,2004,第119页
②许多奇,我国金融资产证券化的税收理念与税收制度[J],法学评论,2007.02,第39-46页
①宋芳秀,何小锋,我国开展资产证券化的税收问题分析[J],税务与经济,2002.05
②喻强,资产证券化特殊目的载体税负问题国际经验与我国选择金融与经济[J],2004.03第42-45页
①王春峰.曲万成,资产证券化的税收问题与税收政策[J],西安电子科技大学学报,2009.09
①胡滨,保险资产证券化首先要放开资金运用[J],21世纪经济报道,2007.12
①薄海,资产证券化及其在基础设施项目中的应用研究[J],2007.06
[1][美]斯蒂文·L.西瓦兹著,李传全等译,结构化金融----资产证券化原理指南[M],清华大学出版社,2003
[2]彭冰著,资产证券化的法律解释[M],北京大学出版社,2001
[3]邓伟利著,资产证券化：国际经验与中国实践[M],上海人民出版社,2003
[4]傅安平著,寿险公司偿付能力监管[M],中国社会科学出版社,2004
[5]王开国等,资产证券化论[M],上海财经大学出版社,1999
[6][日]古川今治.张明,资产证券化手册[M],中国金融出版社,2006.08
[7]何小锋,资产证券化：中国的模式[M],北京：北京大学出版社,2002
[8]魏迎宁编,寿险公司内含价值的理论和实践[M],经济管理出版社,2005
[9](美)弗兰克.J法博齐、(美)弗朗哥.莫迪利亚尼著,唐旭等译,资本市场：机构与工具[M],北京：经济科学出版社,1998
[10]成之德编,资产证券化理论与实务全书[M],北京：中国言实出版社,2000
[11]洪艳蓉,资产证券化法律问题研究[M],北京：北京大学出版社,2004
[12]秦道夫,保险法论[M],北京：机械工业出版社,2000
[13]曹雪琴著,金融一体化中的国际保险[M],学林出版社,2005
[14]孙蓉等,中国保险业风险管理战略研究-基于金融混业经营的视角[M],中国金融出版社,2006
[15]宋明君,寿险公司的利润分析[D],中央财经大学,2001
[16]薄海,资产证券化及其在基础设施项目中的应用研究[D],2007
[17]赵锦城,人寿保险证券化及其在化解我国寿险业利差损问题中的应用[D],苏州大学,2006
[18]加鹏,中国保险证券化问题研究[D],首都经济贸易大学硕士论文, 2005
[19]林泽涛,寿险证券化探析[D],西南财经大学硕士论文,2007
[20]张金若,发起人金融资产证券化会计问题研究[D],厦门大学博士论文,2008
[21]葛小波,我国人寿保险证券化研究[D],新疆财经大学硕士论文,2008
[22]吴小花,我国企业资产证券化财务效应分析[D],江苏大学硕士论文,2008
[23]吴红军,保险资产证券化渐行渐近[J],金融时报,2005.03
[24]于殿江,周成建,论保险市场与资本市场的互动发展[J],保险研究,2004.04
[25]巴曙松,美国保险业务的证券化及其发展趋势[J],国际贸易问题,1996.09
[26]王迪,论保险业中的资产证券化[J],保险研究,2002.08
[27]徐爱荣,论保险业的证券化发展趋势[J],上海保险,2002.01
[28]尹龙,资产证券化：动力、约束与制度安排[J],金融研究,1999.02
[29]娄桂莲,从会计与财务的视角审视资产证券化[D],对外经济贸易大学硕士论文,2006
[30]李勇权,论保险证券化在我国的引入与发展[J],保险研究,2003.05
[31]秦洪,资产证券化：保险资金新运用方向[J],中国保险报2005.05
[32]包轶骏,资产证券化会计问题探讨[J],中国国债投资网,2005.05
[33]胡东胜,论保险投资证券化的发展趋势[J],保险研究,2000.09
[34]马正飞,保险投资现状及分析[J],经济纵横,2009
[35]顾业池,寿险保单证券化利弊辨析[J],保险研究,2010.06
[36]欧阳海泉,廖焕国,保单质押贷款的法律分析[J],财经理论与实践,2004
[37]谢世清,产寿险证券化比较分析[J],保险研究,2008.09
[38]朱艳嫣,美国互助保险公司的非互助化[J],中国保险,2001.06
[39]银莉,马超群,资产证券化交易过程中的会计和税务问题探讨[J],湖南大学学报,2002.09
[40]许多奇,我国金融资产证券化的税收理念与税收制度[J],法学评论, 2007.02
[41]喻强,资产证券化特殊目的载体(SPV)税负问题国际经验与我国选择[J],金融与经济,2004.03
[42]王春峰,曲万成,资产证券化的税收问题与税收政策[J],西安电子科技大学学报,2009.09
[43]宋芳秀,何小锋,我国开展资产证券化的税收问题分析[J],税务与经济,2002.05
[44]胡滨,保险资产证券化首先要放开资金运用[J],21世纪经济报道,2007.12
[45]《金融机构金融资产转让会计处理暂行规定(征求意见稿)》,2004
[46]财政部关于印发《信贷资产证券化试点会计处理规定》的通知,2005
[47]《保险资金投资不动产暂行办法》,2010
[48]"Securitization:Structured Financing, Financial Assets Pools, and Asset—Beaked Securities" [J], AsPen Law Business
[49]Frank J. Fabozzi, " Accessing Capital Markets Through Securitization" [J], Frank J.Fabozzi Associates,2001
[50]Alex Cowley and J David Cummins, Securitization of Life Insurance Assets and Liabilities[J], The Journal of Risk and insurance,2005.02
[51]Jason B. Adkins, The Policyholder Perspective on Mutual Holding Company conversions[J], Journal of Insurance Regulation,1997.04
[52]Vinod Kothari, Major changes introduced by IAS 39 Relating to securitization,www.vinodkothari.com
[53]RaymondE.Perry, Accounting for Securitizations[J], Accounting Horizons,1993
[54].www.Investopedia.com
[55]http://www.chinasecuritization.com
[56]http://www.insurance-finanance.com/.re.htm
[57]FAS NO.140, FAS NO.77, IAS 32, IAS 40