【摘要】 国内许多文献认为真实出售是资产证券化的必须步骤和唯一模式。文章从评价资产证券化的几种不同定义开始,提出真实出售不等于资产证券化,而只是资产证券化过程中实现风险隔离的一种方式;从制度功能看,从属参与模式具有自身优势,真实出售不应该是资产证券化的唯一模式;接下来,作者通过对SPV功能的分析验证了资产证券化过程不一定发生真实出售,进而检讨SPV在资产证券化中的真正作用;最后,把真实出售模式的资产证券化放在我国目前的制度环境下进行了考察。更多还原

【Abstract】 This paper focuses on the definition of securitization, pointing out that in fact true sale is not equal to, but only one of the patterns of securitization. After analyzing the institutional advantage of sub - participation., the paper concludes true sale should not be the only pattern of securitization. The authors also rethink SPV’s function, and review the effect and feasibility of true sale under current institutional background of China.更多还原