Nevertheless , it is not feasible that the large - scale promotion of it in chinese present situation , analyzed in section 3 . this section designs the initial model of it in the respects such as the arrangement of organization , the choice of tools , the methods of credit rating and steps of promotion . finally , this thesis submits some policy suggestions to the urgent problem in the promotion of the securitisation of housing mortgage loan 而第三部分分析的结论是:现阶段大规模推行住宅抵押贷款证券化不很现实,在这种情况下,本部分就机构设置,工具选择,信用增级方式及推行步聚等几个方面作出设想,并对住房抵押贷款证券化在现阶段亟待解决的问题提出政策建议。
Facing the tide of asset securitization , financial theory researchers were also created many theories to develop and improve the practice of asset securitization in succession . at the moment , it was formed a rigorous theory system of asset securitization , which was with the analysis of asset cash flow at the core and with asset rebuilding , risk segregating and credit promoting as principals 面对热潮涌动的资产证券化浪潮,金融理论研究者也纷纷创造出众多理论来发展和完善资产证券化业务,逐渐形成了目前以资产现金流分析为核心,以资产重组、风险隔离和信用增级三大原理为支柱的资产证券化理论体系,资产证券化业务的基本运作程序也日臻成熟与完善。
In this dissertation , the development , the theoretical system , the steps of operation and the financing characteristics of as were detailed overall firstly , and then its theoretical system was concluded as a central principle - the analysis of flowing fund and three basic principles - asset reform , bankruptcy remote and credit enhancement . and it was pointed out that as is a new off - balanced financing instrument with low cost and a more advanced financing technique than direct financing 并把资产证券化的理论体系概括为:一个核心原理? ?现金流分析原理,三个基本原理? ?资产重组原理、风险隔离原理和信用增级原理,指出它是一种低成本、非负债性的表外融资工具,是一种比直接融资更加先进的融资技术。
For the transfer of a financial asset in which the secondary equities are retained or a credit guaranty is given for upgrading the level of credit , if the transferor only retains partial ( not nearly all of ) the risks and rewards related to the ownership of the transferred financial asset and may control the transferred financial asset , it shall recognize the relevant asset and liability according to the extent of its continuous involvement in the transferred financial asset (三)在采用保留次级权益或提供信用担保等进行信用增级的金融资产转移中,转出方只保留了所转移金融资产所有权上的部分(非几乎所有)风险和报酬且能控制所转移金融资产的,应当按照其继续涉入所转移金融资产的程度确认相关资产和负债。
In the second part , the paper introduces the basic operational process and organizations of asset securitization , analyses the main four models and their cash flows , combines with the characteristics of the urban basic infrastructure , brings forward the most appropriate operational model . the paper analyses the five primary practical problems : the establishment of spv separation of bankruptcy ranking of credit accounting and taxation , and then designs two operational models : the domestic model and the world model 在分析国际上资产证券化运作四种主要模式的基础上,结合基础设施项目的特点,对适于我国基础设施项目证券化的运作模式进行了思考。就目前我国实施资产证券化最为关键的五方面障碍:特设机构的设立、破产隔离的实现、信用增级及相关机构的确立、会计制度的建立及税收制度的完善等进行了分析,并提出相应对策。