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资产证券化是当代企业资产金融化的一项最重大的创新成就。它是企业将未来的收益提前出售给金融中介机构,经中介机构设计为证券,再转售给投资者,并可在证券市场上进行交易的信用工具。它使企业能提前融入当前发展所急需的资金,金融机构能获得无风险的中间费用,投资者能获得较可观的证券收益。这在根本上符合企业、中介机构、投资者三者的共同利益。本刊专门介绍这一在我国极有发展前途的金融创新,以期为我国国有企业及投融资体制的改革与发展提供一为种新的借鉴。
Asset securitization is one of the most significant innovations in the financialization of contemporary corporate assets. It is a credit instrument that an enterprise sells in the future to financial intermediaries in advance, designed as securities by intermediaries, resold to investors, and traded on the stock market. It allows companies to advance into the current development of much-needed funds, financial institutions to obtain intermediate risk-free costs, investors can obtain a more substantial return on securities. This is basically in line with the common interests of enterprises, intermediaries, investors. The magazine devotes a special introduction to this extremely promising financial innovation in our country, with a view to providing a new reference for the reform and development of the state-owned enterprises and investment and financing systems in our country.