The focus of asset securitization lies in the separation and restructuring of the risks and gains in loans for more efficient valuation and reallotment with the purpose of benefiting all parties . due to the difference in the underlying assets , asset securitization can be divided into mortgage - backed securitization ( mbs ) and asset - backed securitization ( abs ) 同时,资产证券化在其发展过程中,已经形成了自身一套完整的理论体系,其中现金流分析和资产重组,风险隔离,信用增级三个原理是贯穿整个资产证券化过程的基础。
On the basis of analysis of reciprocity between asset securitization and law system , referring to the experience of asset securitization in developed countries such as america , it makes a systemic discussion on the pith of asset securitization - special purpose vehicle , bankruptcy - remote theory , the law effectiveness of asset - transferring , law system of credit - enhancement and credit - evaluation and law contents of securitization products 本部分在分析了资产证券化与法律制度之间互动作用的基础上，借鉴美国等发达国家的资产证券化经验，对资产证券化结构的核心? ?特殊目的实体的法律构造、破产隔离法律机制、资产转移的法律效力、信用增级、评级法律制度和证券化交易产品的法律内容进行了系统阐述。
First , the author reviewed the related literature of asset securitization , explained the connotation and the economical significance of asset securitization from many angles , analyzed several essential technologies of asset securitization through using the enterprise financing theory , the financial theory , the system economic theory and the law of averages , constructed a flow chart to analyze the structure and the flow of the operation of asset securitization ; then the author analyses the overseas development tendency as well as the overseas concrete procedure of non - performing loans securitization , proposed several enlightenment ; once more , the author analyzed our country ’ s feasibility of npls , then elaborated emphatically the operation thought of npls of our country commercial bank : regarding the establishment of spv , thought that it most suit the our country current national condition current through pouring the capital to adopt company spv the pattern in our country by the national property management company , and elaborated how to construct and manage the property pond , put forward many kinds of ways of credit enhance for non - performing loans , thought it is the best choice that the product of npls is designed for cmo , the senior bond adopts the public issue , the secondary bond adopt private issue 首先,本文回顾了资产证券化研究的相关文献,从多个角度阐释了资产证券化的内涵和经济意义,运用企业融资理论、金融理论、制度经济学理论和大数定律剖析了资产证券化的几项关键技术,构建了一个资产证券化流程图来分析资产证券化运作的结构与流程;接着通过分析国外不良贷款证券化发展趋势以及具体做法,提出了几点启示;再次,分析了我国不良贷款证券化的可行性,然后着重论述我国商业银行不良贷款证券化的运作思路:对于spv的设立,认为在我国由国家资产管理公司注资采取公司型spv的模式最适合我国当前的国情;并论述了资产池的构建与管理;提出了对不良贷款进行信用增级的多种方式;认为将不良贷款证券化产品设计为抵押担保债券,高级债券采取公开发行,次级债券采取私募发行是最佳选择。
After analyzing the feasibility of introducing mbs into shenzhen , this article suggests the feasible model of applying mbs in shenzhen , which includes the model of personal housing credit guaranty , the model of creating spy , and credit enhancement way , etc . this chapter has detailed elaboration about mbs project and feasibility 第四章是全文的核心，从分析深圳住房抵押贷款证券化试点的可行性入手，提出深圳住房抵押证券化模式，其中包括个人住房抵押贷款担保模式、特殊目的公司( spv )的构建模式、信用增级方式等。
This paper analyses domestic political and economic situation , then prescribes how to build and develop municipal bond market in china as to satisfy the large volume need of capital and money to prompt the growth of capital market in china . first , it introduces some basic concepts and axioms on municipal bonds , and points out the credit of local government is the base of market , emphasizing it is a reflect of corporation , the uniting of trust obligation and bankrupt restriction and has strict choice . then it gives a simple introduction on municipal bonds market in germany , france , and japan 本文首先介绍了有关市政债券的一些基本概念和理论，强调了市政债券是地方政府法人资格的体现、是信托责任和破产约束的结合，有着严格的选择性，并且强调地方政府信用在市政债券市场上的奠基作用和地方政府违约的反面经验；接着简要介绍了发达国家英国、德国和日本的市政债券市场，详细介绍了美国的市政债券市场，指出美国市政债券的实质是地方政府的信用落实还债和担保问题，它的关键在于通过信用增级提高信用水平，它的突出特点是利息收入免税。
The sound credit records of the two borrowing enterprises involved with the trust project are maintained , and icbc beijing municipal branch shall exercise the strict supervision over the receipt and transfer of the amounts in the “ special account of the trust funds ” in accordance with the trust loan agreements and they shall be mutually guaranteed by agricultural bank of china and icbc beijing municipal branch under the condition of the irrevocable principal and interest suretyship of joint and several liabilities , which ensures that the credit enhancement of the trust project reaches the level of the financial bonds and reduces the risk level considerably 本产品所涉信托项目的两家借款企业信用记录良好，中国工商银行北京市分行按照信托贷款协议约定对“信托资金专户”内的款项进行收划并进行监督，并由中国农业银行总行与中国工商银行北京市分行分别提供不可撤销本息连带责任保证，使信托项目信用增级达到金融债水平，风险程度较低。
Then , the dissertation researches how to operate receivables securitization in china , including some aspects as follows : how to realize ture sale and away from bankruptcy of receivables , how to price receivables , obstacles in the course of credit enhancing and evaluation , giving some effective measures to solve these obstacles , putting forward accounting principle , analysing tax problems and giving material measures keeping away risks which are faced in receivables securitization , etc . finally , this dissertation studies one case , and gives referrible model for practising receivables securitization in our country 其次，本文对实施应收账款证券化进行了实务研究，主要包括：应收账款的真实出售和破产隔离的实现以及如何对应收账款进行估价、在我国进行信用增级和信用评级的障碍以及解决措施、提出了对应收账款证券化进行会计处理的确认和计量原则、分析了交易的税务处理问题、对应收账款证券化交易进行了风险分析并提出了具体的风险防范措施等。
