【摘要】 本文主要讨论付担保不动产不良债权的证券化问题。文章首先提出了不良债权证券化的基本理论 ,然后在抵押支持证券 (MortgagebackedSecurities,MBS)和资产支持证券 (As set backedSecurities,ABS)基本模式下 ,分别对美国和日本关于付担保不动产不良债权证券化处置的基本方法类型进行了分析 ,并说明了其对我国的借鉴意义。使用价值 (债权部分 )的证券化是以相应资产产生的现金流为支持进行本息支付的。所有权 +使用价值的证券化是以相应资产产生的现金流和对象物的处分金额为支持进行本息支付的更多还原

【Abstract】 This paper mainly probes into issues of securitisation of debt claim of warranted property.Starting from basic theory of securitisation of bad claim,this paper analyzes the fundamental methods of securitisation of bad claim of warranted property prevailed in USA and Japan respectively in framework of Mortgage\|Backed Securities (MBS) and Asset\|Backed Securities (ABS) model and argues their implication to China. Reimbursement of principal and interest in securitisation of user value(claim part)is backed by cash flow engendered by related assets,while that in securitisation of “ownership+use value”is backed both by cash flow engendered by related assets and by disposed amount of object.更多还原