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资产证券化的应用与滥用注定造就了证券化的命运。大约五十年前,现代资产证券化在美国首次出现,成为金融创新的里程碑事件,自此便一发而不可收。证券化盘活了存量资产,降低了融资成本,实现了风险多样化,让千万家企业和消费者个人分享到了资本市场的巨大活力。然而,资产证券化的滥用也如影随形,时隐时现,一直伴随着证券化市场的发展和演变。复杂的产品结构、杠杆的过度使用一度使部分证券化产品成为金融套利的工具。在
The application and abuse of asset securitization are destined to create the fate of securitization. About fifty years ago, modern asset securitization first appeared in the United States as a milestone in financial innovation and has since become an unaffordable one. Securitization revitalized the stock of assets, reduced financing costs and diversified risks, allowing tens of thousands of enterprises and consumers to share the tremendous vitality of the capital market. However, the abuse of asset securitization also go hand in hand, which has always been with the development and evolution of the securitization market. Complex product structure, the excessive use of leverage once so that part of the securitized products become a tool for financial arbitrage. in