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资产证券化(Asset—Bcked Securitization,简称ABS)起源于20世纪60年代末美国居民住宅抵押贷款的证券化,发行人按一定标准将若干个住房抵押贷款组合在一起,发行了抵押债券。进入1980年代,随着资本市场规模和范围的不断扩大,各国对金融管制的逐步放松以及《巴塞尔协议》在各国的实施,资产证券化业务规模迅速增长,并逐渐向国际化推进。尤其是1990年代以来,资产证券化扩展至几乎所有经过组合后具有稳定现金流的金融资产,遍及抵押贷款、不良资产、基础设施及流动资产(如应收款)等领域,成为风靡全球的金融工
Asset-Baked Securitization (ABS) originated from the securitization of residential mortgages in the United States in the late 1960s. The issuers issued a series of mortgage-backed loans in accordance with certain criteria and issued bonds. In the 1980s, with the continuous expansion of the scale and scope of capital markets, the gradual easing of financial regulations by various countries and the implementation of the “Basel Accord” in various countries, the scale of asset securitization business has been rapidly growing and gradually pushed forward toward internationalization. Especially since the 1990s, securitization of assets has been extended to almost all financial assets with stable cash flow after the combination, becoming the global financial industry in the fields of mortgage loans, non-performing assets, infrastructure and current assets (such as receivables) work