(一) 所谓资产证券化,是这样一个资本运作技术过程:发起人(委托人)将能产生可预见现金流的资产 (即证券化基础资产)出售给特定的发行人,或者将该资产信托给特定的受托人经证券化包装后,向投资者发行有较高投资级别的、可流通的资产支持证券的过程。一句话简单概括就是:将一定时期内不能流动的资产,设计成证券,使它流动起来。 (A) The so-called asset securitization is a technical process of capital operation in which a sponsor (principal) sells an asset that generates a foreseeable cash flow (ie, a securitized underlying asset) to a particular issuer, or trusts the asset After the specific trustee has been securitized and packaged, the issuance of tradable asset-backed securities with higher investment grade to investors is carried out. A word is a simple summary: will not flow within a certain period of assets, designed as securities, make it flow.