关于资产证券化的金融特性

资产证券化如同许多金融创新一样 ,最早起源于美国 ,而美国也是目前资产证券化最为发达的国家。资产证券化 (Securitization)的内涵是 ,将在当前和未来可产生现金流而流动性较差的金融资产组合为特定的资产集 ,再配以相应的金融服务支持 ,将之转变为可在资本市场上销售和流通的资产支持证券 (Asset -Backedsecuritization)的过程。简言之 ,资产证券化是将特定资产的未来现金流转化为可交易证券的金融过程。与一般的金融过程或融资过程相比较 ,资产证券化具有独特的金融特性 ,本文拟对此进行分析。

On financial character of capital securitization

Alike with many financial innovations, capital securitization is initiated from America. Now America is the most advanced country in this field. The essence of securitization is that the financial assets that will have cash flow in the present or in the future, and are short of liquidity are composed special asset collection accompanied with financial service supports. The assets will be transformed into asset backed securitization that can be sled and circulated in the capital market. The whole course is so called capital securitization. So the future cash flow of special assets are transformed into circulative securities. Compared with the general financial procesure, capital securitization holds unique financial features. This essay will analyses these.