风险隔离

两者都是达到风险隔离从而最终实现证券化目的的关键之所在。

Both are key to reach isolation of risk and realize the aim of MBS .

最后，也提出我国资产证券化还存在风险隔离、信用评级、会计处理等问题。

Finally , there are the problems of the isolation of risk , credit rating and accountant treatment in China , too .

资产证券化的迅速发展得益于其独特的风险隔离机制，风险隔离机制的核心在于构造一个特殊目的载体（specialpurposevehicle，SPV）达到风险隔离的效果。

The rapid development of asset securitization benefits from the distinct risk-remote mechanism , which core is to construct a special purpose vehicle ( SPV ) to accomplish the risk-remote purpose .

SPV是实现这一目标的机制，其核心是风险隔离，即资产证券化与发起人的信用或风险相隔离；

To achieve this goal , SPV is the vital factor , and risk separation is its core .

因此，法律关系清晰、风险隔离效果良好的真实出售模式是今后AMC开展不良贷款证券化的最佳选择。

Therefore , the authors point out that true sale is the best pattern for AMC 's NPLS in the future .

在分析短期内选择SPT模式时，运用了案例分析的方法，提出信托模式下选择从属参与的风险隔离方式的优越性。

As for the short-term model , case analytical method is utilized to prove out the advantage of Sub-Participation choice under the SPT mode .

转让、信托和担保都是风险隔离机制的备选方案，而不仅仅是SPV（特殊目的载体）。

Special purpose vehicle ( " SPV " ) is not necessarily the single institution in achieving risk-remoteness , and transfer , trust and security are alternatives .

本文第三章是重点章节，主要介绍商事信托风险隔离功能的保障性机制。

I mainly analyze the security mechanism of risk isolation function .

但是在风险隔离上相对欠缺。

However , it is relatively lack of risk isolation .

其次是集合资金信托计划的风险隔离问题。

Second was followed by the trust funds ' risk of segregation .

第二部分讨论真是销售与风险隔离的关系。

The second wing is the relation between true sale and risk segregation .

资产证券化中风险隔离机制的构造

The Architecture of Venture Isolation System in Asset Securitization

风险隔离机制由真实销售、破产隔离两个步骤组成。

Risk remoteness mechanism includes two steps that is real sale , bankruptcy isolation .

本部分还简要介绍了资产证券化的本质特征&风险隔离机制，并对资产证券化进行了分类，本文就是专门针所介绍的第四种类型的信贷资产证券化进行分析。

This part also analyse Asset Securitization essential characteristic & " risk-remote " mechanism .

本文第二章和第三章对风险隔离机制中的核心问题进行了具体分析。

Chapters ⅱ and ⅲ of this dissertation details the core issues of risk-remote mechanism .

三个基本原理包括资产重组原理、风险隔离原理、信用增级原理。

Three basic doctrines include the asset reorganization , the risk isolations and the credit enhancement .

此外，对如何实现特殊目的载体破产风险隔离这一问题也进行了深入的探讨，这是本文的又一重点。

And also , I made a systemic discussion on the problem of how to realize SPY bankruptcy-remote .

特殊目的机构的风险隔离机制包括特殊目的机构自身的破产风险隔离以及与外部机构的破产风险隔离。

Such Risk Mechanism includes the risk of bankruptcy remote of an SPV itself and other external organizations .

要达到风险隔离的效果，则需要通过发起人将资产转让给特定目的机构的操作方式来实现。

Risk-remote is achieved when the originator transfers the assets to the Special Purpose Vehicle ( SPV ) .

然后通过与担保制度的比较阐述了风险隔离机制独特的制度价值。

And then , the author presents the unique value of the bankruptcy-remote mechanism by comparing with secured financing .

风险隔离原则和信用增级原则是保障资产证券化运作成功的两项重要的法律原则。

' Risk-remoteness ' and ' credit enhancement ' are two legal principles in ensuring the success of an asset securitization project .

从法律上讲，资产证券化弥补了融资担保制度的缺陷，通过风险隔离机制最大限度的保证了债权人行使权利的安全和便捷。

From the point of law , securitization can remedy the disadvantages of the system of secured finance by its risk-remote system .

众所周知，在进行资产证券化时，风险隔离机制是证券化成功进行的核心制度。

As is well-known , a risk isolation mechanism is the core system of successful securitization in the process of assets securitization .

但是，资产证券化风险隔离机制本身，以及资产证券化交易的各个环节，都潜伏着一定的法律风险。

But , both the risk-remote mechanism itself , and the every links of assets securitization transaction , conceal some legal risk .

基于资产证券化的风险隔离机制，在资产转让的信托型、担保融资型和资产出售型等多种选择方式中，资产出售是最好的选择。

For the purpose of risk-remote institution in asset securitization , asset sale is the best choice of many ways in asset transfer .

目前我国已开展的资产证券化，选择了信托方式作为风险隔离载体，即为特殊目的信托。

At present , Trust is selected to be the bankruptcy-remote vehicle of AS in China , that is called Special Purpose Trust .

接下来的两部分分别从经济学和法学的视角出发探求制约风险隔离机制负外部性的方法。

The following two parts try to seek the methods to restrain the negative externalities of bankruptcy-remote mechanism from the perspectives of economics and law .

住房抵押贷款证券化综合应用格式合同、风险隔离、担保和证券等多项法律制度，将缺乏流动性的住房抵押贷款转化成可流通的证券。

By integrating the ideas of standard contract , risk remoteness , security and securities , MBS can transform static residential mortgage into negotiable securities .

第二章，首先分析了与特殊目的机构相关的法律问题，其次，分析了与风险隔离机制相关的法律问题。

First it analyzes the special purpose vehicle related legal issues . Second , it analyzes the isolating mechanisms of risk related to legal issues .

实践当中，风险隔离机制的设计包括构建风险隔离的特殊目的机构和实现资产的真实出售。

In the real practice , the design for the risk-remote mechanism includes the structure of a risk-remote SPV and the achievement of " real sales " .