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“如果有一个稳定的现金流,就将它证券化。”这是流传于美国华尔街的一句名言。随着中国经济稳步增长,金融创新不断深入,资产证券化在潜行10年后,也终于一朝破壁,并显现出多路推进、百花齐放的景观。银行则被认为是早期资产证券化的“主力军”。依循中国金融创新乃至制度创新的习惯路径,资产证券化落地中国也无可避免地带上“本土特色”——在这样的大背景下,该怎样来理解其蕴含的商业机会?留意哪些风险?推进次序和前景如何?倍受关注的建行、国开行本身的实践给了我们近距离观察的机会;国外经验则给了我们另一种参照。
“If there’s a steady cash flow, it’s securitized.” Here’s a famous saying circulating on Wall Street in the United States. With the steady growth of China’s economy and deepening financial innovation, assets securitization finally broke its ground 10 years after it was sneaked. It has also shown the landscape of multi-road propulsion and flourishing flowers. Banks are considered the “main force” of early asset securitization. Following the customary path of China’s financial innovation and even institutional innovation, it is inevitable that China will end up with “home-grown” characteristics when it comes to asset securitization - how to understand the business opportunities it contains and what risks to look forward to? What is the order and the prospect? CCB, CDB’s own practice gives us a closer look at opportunities; foreign experience gives us another reference.