教育信贷资产证券化：债性契约和股性契约的融合

教育信贷资产证券化的本质是债性合约与股性合约的分工与融合。银行利用其信息优势与贷款者形成债性合约，促成了学生融资的实现。然而，强风险特征与长周期特征与银行的“三性原则”相悖。资产证券化是解决相悖缺陷的有效方法，一方面证券化使得债性合约的持有主体发生转换，长周期问题得以解决；另一方面证券化的小额特征与合格投资人要求，使得风险得以一定程度的分散和适度的规避。但是，教育信贷资产证券化具有风险转移的特征，如果缺乏有效的约束机制，证券化制度可能会纵容银行发生道德风险。

Education Credit Asset-Backed Securitization: the Integration of Debts Contract and Shares Contract

The essence of education credit asset-backed securitization is division and integration of debts contract and shares contract. The banks, taking advantage of their information, make debts contracts with the lenders and promote the financing for students in need. However, the strong risk and long cycle of the contracts are inconsistent with the three principles of banks： efficiency, security, liquidity. Asset-backed securitization is an effective way to resolve the problem, it can change the holder of the contract which can solve the problem of long cycle; In addition, it can spread risks moderately because of features of small-scale and requirements of qualified investors. However, asset-backed securitization will possibly lead to moral hazard if there is no restriction.