摘要
资产证券化作为一种以提高资产流动性和融资为目的的金融创新产品，改变了以往企业以信用进行融资的传统模式，以资产的收益为保证，受到企业和投资者的认可。破产隔离机制是资产证券化的核心，现阶段在我国的资产证券化产品的破产隔离机制主要采取SPT和准SPC的模式。本文以国家开发银行开元信贷资产支持证券和茺深高速公路收费收益权专项资产管理计划为例，分析比较了SPT和准SPC模式在资产的选择、法律依据、信用增级方式、破产隔离机制等四个方面的差别，井得出在我国现行的法律环境和制度环境下开展资产证券化业务SPT模式具有一定优势。
Asset seeuritization is an innovative product for increasing asset flows and financing, which transforms the traditional made of enterprise financing based on credit and instead the yield from assets becomes the base. The core of asset securifization is the bankruptcy isolation system which has been adopted with SPT mode and SPC mode in our country nowadays. This paper compares SPT mode with SPC mode in selection of assets, laws, credit enhancement and bankruptcy isolation system with the examples of Kaiyuan ABS and Guanshen Highway Asset Management Planning, and gets a conclusion that SPT mode has more advantages in asset securitization in our current laws and system circumstance.
出处
《科技信息》
2006年第08X期213-213,202,共2页
Science & Technology Information
关键词
资产证券化
资产支持证券
破产隔离机制
特殊目的载体
Asset securitization
Asset-hacked securities
Bankruptcy isolation system
Special purpose vehicle
