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一、资产证券化的含义与形成机理资产证券化于20世纪70年代起源于美国,是金融创新的产物。资产证券化最基本的内容,是金融机构将缺乏流动性但能够产生稳定现金流的资产,打包出售给特殊目的机构(SPV),由其通过一定的结构安排,分离和重组资产的收益和风险,通过相应手段增强资产的信用,转化为以资产池产生的现金流为偿付基础的证券并向市场发售。2005年由中国人民银行和银监会联合制订并颁发的《信贷资产证券化试点管理办法》第2条规定:"资产证券化是指以银行业金融机构作为发起机构,将信贷资产信托给受托机构,由受托机构以资产支持证券的形式向投资机构发行受益证券,以该财产所产生的现金支付资产支持证券收益的结
First, the meaning of asset securitization and formation mechanism Asset securitization originated in the United States in the 1970s, the product of financial innovation. Assets securitization is the most basic content of the financial institutions will be able to generate a stable liquidity of the liquidity of assets, packaged to sell to special purpose bodies (SPV), through its certain structural arrangements, the separation and reorganization of the proceeds and risks of assets , Through the appropriate means to enhance the credit assets, into cash flows generated by the pool of assets for the payment of securities and sale to the market. Article 2 of the Administrative Measures on Pilot Projects for the Securitization of Credit Assets jointly formulated and promulgated by the PBC and the CBRC in 2005 stipulates that asset securitization refers to the practice of banking financial institutions as initiators and the trust of credit assets to the trustee institutions , The trustee will issue beneficiary securities to the investment institutions in the form of asset-backed securities and pay the knot of the proceeds of the asset-backed securities in cash generated by the property