In the choice of basic asset of cross - border securitization , we can consider in several aspects such as collateralized loan obligations , mortgage - backed securitization , basic infrastructure charge , trade credit and so on 在跨国资产证券化的基础资产选择上，主要可以从工商业贷款、住房贷款、基础设施收费和贸易应收款等方面考虑着手进行。
The third and fourth parts are the focuses of the paper . the derecognition problem that transferred assets should be accounted for as a sale or as a secured borrowing and 3 related measurement are discussed in the third part 第三部分，主要论述了资产证券化的相关会计确认问题，即发起人将基础资产转让给spe应确认为销售还是担保融资，以及由此产生的计量问题。
The paper indicates that securitization is substantially a process of redirecting and redistributing the risk and interests on future cash flow of underling assets . sponsor will take lots of advantages of using securitization , especially get the off - balance sheet treatment 分析得出，资产证券化的过程实质上是分割和重组基础资产未来现金流上的收益和风险的过程，利用资产证券化将给发起人带来很多好处，尤其是实现表外融资。
This article carries on a quite comprehensive analysis on the asset - backed securities and discusses how to apply mbs in china . securitisation is an extremely complex process , the underline assets are lack of fluidity , but can produce the stable future cash income 证券化是一个非常复杂的过程,其核心就是将缺乏流动性、但又能产生稳定的未来现金收入的资产组成“资产池” ,创立以其基础资产为支持的金融工具或权利凭证,在金融市场上出售。
Subsequently on the foundation of comparing the superiority and inferiority of all alternative modes in our country , referencing successful experience of credit asset securitization in developed country , combining economy and finance developing reality of our country at present , it obtains most suitable mode of choosing basic asset of credit asset securitization in our country 随后在综合比较我国信贷资产证券化基础资产选择的各可选模式优劣势的基础上,借鉴发达国家信贷资产证券化的成功经验,并结合我国当前经济、金融发展实际,得出最适合我国信贷资产证券化基础资产选择的具体模式。
Therefor , introduces the asset which can be securitizated , and introduces pass - through , asser - backed securitization , pay - through , and strips . then takes securitization of housing mortgage loan as the breakthrough . and then discusses emphasizedly the circulated mechanism about the banking - asset securitization . in addition , analyzes its competition of the banking - asset securitization , then , analyzes the cost and income of the banking - asset securitization quantificationally 为此，介绍了我国可供证券化的基础资产体系，并对过手证券、资产支撑证券、转付证券和剥离证券等品种作了简要的介绍，然后以住房抵押贷款证券化为突破口，着重探讨了银行资产证券化的运作机理；另外，对银行资产证券化融资的竞争力和成本收益进行了定量分析，为银行实施证券化提供一个决策依据。
Considering different features of various financial derivatives , the author divides them into three categories according to their status , basic capital and transaction method , and states the legal characteristics of financial derivatives as contractual , promissory , bi - obligatory , unreal trading objects , double contractual purposes , financing and crediting , and the party autonomy 从金融衍生工具的不同特点出发，作者根据其形态、基础资产、交易方法对金融衍生工具作了三种分类，并对金融衍生工具的法律特征：契约性、诺成性与双务性、合同交易对象的虚拟性、合同交易目的双重性、融资和信用性、当事人意思自治性进行了阐述。
Thus , this paper introduces the kmv model , which is designed for credit ranking , and is widely adopted by much famous finance company in the world . this model is based on options pricing theory , and it takes a company ' s value and its debt owned others as a call options . that the company ' s value is greater than its debt in the future is just like a call options whose primary asset value is greater than its strike price , and the company will carry out this option , which means the company will execute the contract , and vice versa 该模型基于期权定价理论，认为公司价值与其所欠债务类似于一份看涨期权，当未来公司价值高于其所欠债务时，就相当于期权的基础资产的市场价值高于期权执行价值，公司会行使期权，即偿付所欠债务，因而不会违约；当公司未来价值低于其所欠债务时，就相当于期权的基础资产的市场价值低于期权执行价值，公司就不会行使期权，即没有能力偿付所欠债务，因而导致违约。
The thesis considers the alternative modes of choosing basic asset of credit asset securitization in our country at present concluding securitization mode of housing mortgage loan , infrastructure project loan and non - performing loan , then makes an in - depth analysis on four aspects , i . e . stock scale , cash flow , being reorganized or not , clarity of credit grade , and summarizes the superiority and inferiority of all alternative modes on the basis 文章认为当前我国信贷资产证券化基础资产选择的可选模式包括住房抵押贷款证券化模式、基础设施项目贷款证券化模式、不良贷款证券化模式,并从存量规模、现金流、可重组性、信用等级明确性四个方面进行深入分析,在此基础上总结出各可选模式的优劣势。
But the content of credit asset is very broad , specifically including housing mortgage loan , infrastructure project loan , auto loan , lease and trade receivable income , credit card receivable , etc . so choosing the qualified basic asset become the logic beginning of credit asset securitization naturally , that not only involves whether products of credit asset securitization can be issued on the primary market smoothly , but also relates to liquidity of the product in the secondary market and investor ’ s investment risk 但信贷资产包含的内容很广,具体包括住房抵押贷款、基础设施项目贷款、汽车贷款、租赁和贸易应收收入、信用卡应收款等。因此,选择合格的基础资产理所当然地成为信贷资产证券化的逻辑起点,其不仅关系到信贷资产证券化产品能否在一级市场上顺利发行,也关系到这种产品在二级市场上的流动性和投资者的投资风险。
