引入SPT,完善资产证券化交易结构

Improving asset securitization trading structure by introducing SPT

资产证券化产生于20世纪70年代,目前已成为全球范围内极受关注的一项重要金融创新,它在稳定金融体系、提高资产效率等方面发挥着重要的作用。从其运作来看,特殊目的机构(Special Purpose Vehicle,SPV)所具有的破产隔离功能是证券化能否成功的核心环节。在我国当前的法律和制度环境下,以信托公司为主导实施特殊目的信托(Special Purpose Trust,SPT)成为资产证券化的最现实选择。同时,为了促进国内资产证券化的健康发展,实现特殊目的信托功能的顺利发挥,仍需继续完善我国的法律、税收、监管等配套政策。

Since assets securitized in the 1970＇s, asset securitization became the most important finance innovation globally. It played an important function in a mature and stable finance system, which helped enhance capital efficiency. From its operation model, special purpose vehicle which functions as bankruptcy insulation plays a key role and succeeded in asset securitization. In China, special purpose trust which is led by trust companies becomes most realistic choice for asset securitization. Meanwhile, we still need to improve our law, tax and inspection policies in order to promoting a healthy assets securitization, and smoothing development of special purpose trust.