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资产证券化是指将一组缺乏流动性但未来可以产生稳定现金流的的资产,通过一定的结构安排和组合,对资产中风险与收益要素进行分离与重组,并通过信用增级,将资产或资产组合的未来现金流的收益权转换成可以出售和流通的证券的过程。它起源于20世纪60年代末美国住宅抵押贷款,目前已成为欧美资本市场最重要的融资工具之一,即便经历了2008年金融危机的冲击,资产证券化的地位依旧。一、中外资产证券化的发展历程
Assets securitization refers to a group of assets that lack of liquidity but can generate stable cash flow in the future. Through certain structural arrangement and combination, assets securitization is separated and reorganized into risk and return elements of assets. Through credit enhancement, assets Or the future cash flow of a portfolio of assets into convertible into securities that can be sold and traded. It originated from the American residential mortgage loan in the late 1960s. It has become one of the most important financing tools in the European and American capital markets. Even after the impact of the 2008 financial crisis, the status of asset securitization remains the same. First, the development process of Chinese and foreign asset securitization