2012年资产证券化的重启(继2005年和2008年后的第三次),恰逢中国进入经济转型期和金融改革关键一年。与此同时,理财业务也在这一阶段呈爆发式增长,成为银行业(尤其是中小股份制银行)日益重视的中间业务收入来源。追根溯源,我们不难发现,现阶段的理财业务本质上是资产证券化在中国金融体系中的变通,是在利率市场化不断深入和资产证券化发展不畅等条件下被“催熟”的。由于缺乏规范,在短期利益驱动下,理 The restart of asset securitization in 2012 (the third since 2005 and after 2008) coincided with the critical year for China’s transition to an economy and the financial reform. In the meantime, the wealth management business also exploded at this stage, making it an increasingly important source of revenue for intermediaries for the banking industry, especially small and medium joint-stock banks. Tracing back to the source, we can easily find that the current financial management business is essentially an asset securitization in China’s financial system workaround, is the market-oriented interest rates and asset securitization under the conditions of poor development by the "of. Due to the lack of norms, driven by short-term interests, management