- The asset securitization is a complicated structural financing arrangement , which will be subjected to the influence of law , tax , and accounting systems
- This take fluidity as the ultimate objective , which is guaranteed by the exquisite compact structural design , therefore also is called constitutive financing
- As a financial innovation , mbs has been widely used for structural finance in international banking since 1970 ' , and played an increasingly important role in financing
- The nature of asset securitization is a structural financing instrument applying for the main purpose of realize , transfer and ensure the future cash flow of the original asserts . building and operating of the special purpose vehical ( spv ) share those risks accompanying returns produced in the course of financing within all the participants . such result is achieved by three - core technology named as " real sell " , " bankrupt protect " , and " credit increase "
文章首先對資產證券化的含義做了理論界定，然后對資產證券化融資的構造原理進行了剖析，指出這種融資創新的實質是：以實現、轉移、保障原始資產的未來現金流為根本目的，通過創造性地構建特殊目的結構spv ，并以此為依托巧妙地實現原始資產的“真實銷售” 、 “破產隔離” 、和“信用提高” ，從而將整個融資過程的風險和收益有效分攤給所有參與者，最終得以發行風險較小、信用級別較高、融資成本較低的資產支持證券abs的結構性融資方式。