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资产证券化(AssetBackedSecuritization,简称ABS)是20世纪70年代产生于美国的一项重大金融创新,是世界金融业务的发展趋势之一。自其诞生以来,就一直流传着这样一句明言——如果有一个稳定的现金流,就将它证券化。当时资产证券化发展迅速,成为资本市场上常见的投资品种。在国内,从防范偿债风险的角度出发,如果不是国家的大项目,发改委估计很难批准发行企业债。这种局面为“资产证券化”提供了新的路径选择。种种迹象表明,在证监会“实现金融创新”的政策主导下,券商资产证券化业务已经过试点阶段,进入推广期。东方证券的“远东租赁资产证券化”、东海证券的“南京城建污水处理计划”、浦东建设的“资产支持收益专项资产管理计划”等均已上报证监会,首创股份最近也表示正在进行12亿元的资产证券化筹资运作。
Asset Backed Securitization (ABS), a major financial innovation originated in the United States in the 1970s, is one of the trends in the world financial business. Since its inception, it has been circulated as an explicit statement that it securitises if there is a steady stream of cash flow. The rapid development of asset-backed securities became a common investment in the capital markets. In China, from the point of view of preventing the risk of debt repayment, if it is not a big project of the country, the NDRC estimates that it is very difficult to approve the issuance of corporate bonds. This situation provides a new path for asset securitization. There are indications that the Commission “to achieve financial innovation” under the guidance of the policy, securities brokerage asset securitization business has passed the pilot phase, into the promotion period. Dongfang Securities “Far East Leasing Asset Securitization”, “Tokai Securities Nanjing Urban Construction Sewage Treatment Plan”, Pudong Construction “asset-backed earnings special asset management plan” and so on have been submitted to the Commission, the first shares recently said that the ongoing 1.2 billion Yuan asset securitization fund-raising operation.