资产支持商业票据的理论与实务初探

Theoretical and Applied Studies of Asset-backed Commercial Paper program

资产支持商业票据是由一个破产隔离的特殊目的工具发行的商业票据,所发行的商业票据偿付主要是依赖潜在的资产组合产生的现金流量或者发行新的商业票据。为保护投资者的利益,项目还建立了不同的保护措施如信用增级、流动性支持等。本文分析了资产支持商业票据的产生与发展、分类和特点等内容,并提出了我国资产支持商业票据未来发展的相关建议。

An asset-backed commercial paper program is composed of a bankruptcy-remote special purpose vehicle that issues commercial papers. The repayment of commercial paper issued by a conduit depends primarily on the cash collections received from the underlying asset portfolio or issuing new commercial paper. To protect investors＇ interest, ABCP programs are structured with various protections such as credit enhancement and liquidity support. This article examines the origination and development of ABCP, the classification and character of ABCP. Based on these, the author gives advice on the future development of Chinese ABCP market.