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资产证券化的核心功能在于实现基础资产的信用和发起人信用的分离,基础资产的“真实出售”是整个交易的关键,否则交易将被重新定性为担保融资。美国关于“真实出售”的判断有会计标准和法律标准之分,其中会计标准属于实质性的标准,法律标准深受会计标准的影响,但是更加注重名义标准。对我国而言,“真实出售”的判断依然重要。我国同样具有会计标准和法律标准,且法律标准要严于会计标准。对于“真实出售”的判断需要结合名义标准和实质标准,其中实质标准包括资产转让不能构成欺诈移转、SPV需保留对基础资产的控制权、SPV有限的追索权、发起人回赎或回购的权利的排除及发起人对基础资产的管理和账户控制等考量因素。
The core function of asset securitization is to realize the separation of the credit of the basic assets from that of the sponsors. The “real sale” of the underlying assets is the key to the entire transaction, otherwise, the transaction will be re-classified as guarantee financing. There are accounting standards and legal standards in the judgments of the United States on “real sale ”. Accounting standards are substantive standards. Legal standards are greatly influenced by accounting standards, but pay more attention to nominal standards. For my country, the judgment of “real sale” is still important. China also has accounting standards and legal standards, and legal standards should be more stringent accounting standards. Judgments for “real sales” require a combination of notional and substantive criteria, where the substantive criteria include that the transfer of assets does not constitute a fraudulent transfer, that the SPV will retain control over the underlying assets, the SPV has a limited recourse, the redemption of the originator Or the right to repurchase exclusion and sponsor of the underlying assets management and account control considerations.