摘要
资产证券化作为一种高效的融资手段,其本质在于风险隔离机制。在我国只有特殊目的信托模式可以真正实现风险隔离的要求,特殊目的公司模式和其他非标准资产证券化模式在不同程度上都存在问题。我国应该充分利用信托独有的风险隔离机制,发挥信托的通道作用,对我国资产证券化实践实现规范化操作。鉴于借道信托完成证券化成本较高的原因,应改变现有金融分业格局,放开信托牌照管理,以降低我国资产证券化融资成本。
As an efficient means to raise fund, asset securitization excels in its mechanism to isolate risks. In China, only the special-purposed trust model can truly achieve risk isolation requirements. Special-purposed companies and oth- er non- standard modes of asset securitization may have different degrees of problems. China should make full use of trust＇ s unique risk isolation mechanism and use it as a channel to standardize China＇ s asset securitization practice. Be- cause the cost of asset securitization through the channel of trust is comparatively high, it is necessary for China to change the existing pattern of financial sub-sector and liberalize trust license management in order to lower the cost of as- set securitization.
出处
《南开学报（哲学社会科学版）》
CSSCI
北大核心
2015年第5期151-158,共8页
Nankai Journal:Philosophy,Literature and Social Science Edition
关键词
资产证券化模式
风险隔离
准资产证券化
非标资产
Modes of Asset Securitization
Risk Isolation
Quasi-asset Securitization
Non-standard Assets
