资产证券化是我国当前最引人注目的金融创新,其复杂的交易结构一方面对税收理论与实践提出了新的挑战,另一方面也潜藏着重复课税的风险。为确立一套中性、透明且有效率的课税规则,在发起人转让资产环节,应解决好资产转移行为是属于“销售”还是“担保融资”,转让带息债权如何确认转让收入以及计税成本,证券化交易特有的对价方式——次级权益在税法上如何定性等问题。 Assets securitization is the most striking financial innovation in our country at present. Its complicated transaction structure poses new challenges to tax theory and practice on the one hand, and lurks the risk of double taxation on the other hand. In order to establish a set of neutral, transparent and efficient tax rules, the promoters should solve the problem of whether the asset transfer acts as “sales” or “secured financing” and how the transfer of the interest on the loan should be recognized as the transfer income, Tax Costs, Unique Pricing of Securitization Transactions - How to Define Subordinate Rights and Interests in Tax Law.