证券化

资产证券化（ABS）在大型房地产项目融资中的应用

Application of asset-backed securitization to financing of large-scale real estate project

特殊目的载体SPV（specialpurposevehicle）是资产证券化（ABS）交易架构中最具特色的结构设计。

SPV ( Special Purpose Vehicle ) is the most characteristic design in the commercial structure of asset-backed securitization .

资产证券化的抵押债务证券融资模式（CDOs）研究

The Study on the Collateralized Debt Obligations Mode of Asset Securitization

可以说证券化交易结构设计的核心环节就是SPV的设立。

The establishment of SPV is the core of the structure design of asset securitization .

房地产投资信托（RealEstateInvestmentTrust，REITs，下同）是房地产证券化的一种典型形式，是房地产行业和金融市场发展到成熟阶段时现代金融创新的产物。

Real Estate Investment Trust ( REITs ) is a typical form of securitization of real estate asset , which mostly occurred at the mature stage of real estate market and finance market .

在资产证券化中，特殊目的载体（SPV）的构造是其核心，构造的合理就使资产证券化过程成功了一半。

In the structure of securitization , Special Purpose Vehicle ( SPV ) is the core factor .

据统计，国民经济的证券化率（股票市值占GDP的比重）从1993年的10.2%上升到2001年的50%；

According to statistics , the stock ratio in GDP ( Proportion of market value of stock in GDP ) has increased from 10.2 % in 1993 to 50 % in 2001 ;

资产转移和SPV的构建则是资产证券化实现破产隔离的两大基础。

Asset transfer and the establishment of SPV are the two main pillars of the bankruptcy remoteness mechanism of securitization .

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 .

因此，如何从会计方面规范被转让资产的会计确认问题以及SPE的合并问题，备受资产证券化发起人和会计准则制定者的关注。

So the recognition of transferred asset and consolidation of SPE is main problems on securitization accounting which have attracted the attention of sponsors and accounting standard-setters .

实践中，其可以单独采取资产证券化的融资方式，也可以与其他融资方式尤其与BOT方式配合使用，融资或循环融资效果更佳。

In practice , it may adopt the financing of property negotiable securities alone or combination with others especially with the BOT way , the latter manner can produce a good result .

例如，一个正在讨论的观点是，美国联邦存款保险公司（fdic）应该帮助陷入困境的银行将一批资产证券化。

One concept being mooted , for example , is that the FDIC should help troubled banks securitise a swathe of assets .

所谓住房抵押贷款证券化，指把单个或多个抵押贷款组合在一起，并以此为担保品发行证券（即抵押支持证券，MBS），出售给投资者的过程。

House mortgage loan securitization is a process in which MBS are issued to investors on basis of collateral , which was composed of one or more mortgage loans .

第五部分：在XX公司不良资产证券化方案基础上，对资产管理公司债转股股权的证券化处置进行探讨，设计简单的证券化方案。

Part five : According to XX company project of bad asset Securitization , it discusses the securitization treatment of reclaiming truck assets and stock changing from credit , and then designs simple Securitization project .

主要是按资产证券化运作的程序来分析之。特殊目的实体（spv）的构建，资产的出售，信用的增级，证券的发行和交易，最后还讨论与资产证券化有关的税收法律问题。

The analysis is carried out in accordance with the process of ABS , the construction of SPV , the transfer of assets , the enhancement of credit and the issuance of exchange of securities .

通过比较国外各种MBS定价的方法，根据我国的具体情况，运用蒙特卡罗模拟法，对我国的住房抵押贷款证券化产品进行实证分析，建立自己的测算模型。

This paper compares various foreign MBS pricing method . Based on the specific conditions in China , the Monte Carlo simulation method is employed for studying the housing mortgage loan securitization products and establishing its own model .

因此，我国住房抵押贷款在实行证券化时可以选择抵押担保证券（CMO）。这将为我国住房抵押贷款二级市场的建立创造充分的条件。

So collateralized mortgage obligation ( CMO ) can be the first choice when house mortgage securities are applied in China , since it will create positive conditions for building the secondary market of mortgage in China .

接着更详细的分析了不良资产证券化的运行机制及资产池的确定、SPV的设立等相关技术手段，由此提出不良资产证券化的整个流程设计。

Fourthly , discusses detailedly about several technique methods , such as operational mechanism of non-performing assets securitization , determination of the assets pond , establishment of Special Purpose Vehicle , and then bring forward the whole flow design of non-performing assets securitization .

本文对SPT参与资产证券化资制度运行进行了系统研究，结合英美法系与大陆法系资产证券化立法模式与信托相关法律制度，对我国SPT参与资产证券化的立法现状进行分析探讨。

This article has conducted the system research to the SPT participating in asset-securitization capital system , unifying Anglo-American law system and continental law system 's legislative model of asset-securitization and the trust law system , discusses our country 's legal circumstances of SPT participating in asset-securitization .

住房抵押贷款证券化的国际经验与借鉴

Overseas Experience of Making Housing Mortgage Loans Securities and its Indication

信息不对称下银行信贷资产证券化博弈分析

The Research on Banks ' Credit Asset Securitization under Asymmetric Information

资产证券化：现状、实例运作及会计确认

Asset Securitization : Situation , Case Operation and Accounting Recognition

企业资产证券化与资本结构优化初探

The Pilot Study of Corporate Asset Securitization and the Optimal Capital Structure

会计界制定了金融合成分析法来解决资产证券化的会计确认难题。

Financial component approach is used to resolve this problem .

投资银行在资产证券化中的作用分析

The Analysis of Effect of Investing Bank on Asset-backed Securities

台湾金融资产证券化立法及借鉴

Regime of Financial Asset Securitization in Taiwan and Its Reference

基于住房抵押贷款证券化的权益人与债务人信用的博弈分析

The Game Analysis of Originators and Obligors Credit in Mortgage Backed Securitization

而我国的住房抵押贷款证券化则发展较为缓慢。

However , mortgage-backed securitization develops relatively slowly in China .

资产证券化使得社会基础设施建设的资金筹集发生了巨大的变化。

Asset securitization greatly changes the financing of social infrastructure .

证券化对现如今的金融业有着非常深刻的影响。

In the financial sector now securitization has a very profound effect .