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基于银行在金融体系中的中心地位,银行运行机理过程中可抽象出直接证券/间接证券、权益契约/债务契约、流动性/非流动性三对概念,这构成了资产证券化空间变换的基本元素。以此为坐标,便可建立起一个三维空间。信托基于其具有的破产隔离及财产权状态转换功能,因此,经信托财产化了的资产大多具有良好的条件,基本上是低风险资产。
Based on the central position of the bank in the financial system and the bank operation mechanism, three concepts of direct securities / indirect securities, equity contract / debt contract and liquidity / illiquidity can be abstracted, which constitutes the basic of the spatial transformation of asset securitization element. As the coordinates, we can establish a three-dimensional space. Trusts are based on their bankruptcy segregation and property-status transitions, so most of the assets that are assets of the trust have good conditions and are basically low-risk assets.