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作为一种处于不断完善和深化过程中的金融创新,资产证券化的范围、载体和方式正在日益扩大化、多样化和复杂化。因而,从具体的操作层面(融资模式)上看,不同的历史阶段、不同的制度框架、不同的经济组织对资产证券化的认识亦不尽相同。作为资产证券化的先行国,美国证券交易委员会(SEC)曾对该融资模式下了一个颇具代表性的定义:“资产证券化是将企业(卖方)不流通的存量资产或可预见的未来收入构造和转变成为资本市场上可销售和流通的金融产品的过程。在此过程中存量资产卖给某特设交易载体,即(SPV)或中介机构,然后 SPV 或中介机构通过向投资者发行资产支持证券(ABS)以获得现金。”
As a kind of financial innovation and asset securitization in the process of continuous improvement and deepening, the carriers and modes are expanding, diversified and complicated day by day. Therefore, from a specific operational level (financing model), different historical stages, different institutional frameworks and different economic organizations have different understanding of asset securitization. As a forerunner of asset securitization, the Securities and Exchange Commission of the United States made a rather representative definition of the financing model: “Securitization of assets refers to the stock assets that are not circulated by enterprises (sellers) or the foreseeable future Income structure and the transformation into a marketable and liquid financial product in the capital market, in which the stock of assets is sold to an ad hoc trading vehicle, or (SPV) or an intermediary, and the SPV or intermediary, through the issuance to investors Asset-backed securities (ABS) for cash. ”