关于我国开展不良资产证券化的几点认识

On the Non-performing Loans Asset Backed Securitization

国内学者在国外开展不良资产证券化范式的基础上,对我国开展不良资产证券化的问题,作了很多有益理论探索和交易结构设计。但囿于我国制度层面的缺失,往往缺乏现实操作性。2005年以来,我国信贷资产证券化试点进展顺利,资产证券化的制度建设取得明显进展。本文在立足新的制度环境和试点实践经验的基础上,详细分析了我国信达和东方资产管理公司不良资产证券化案例的经验和不足,论述了我国全面开展不良资产证券化的必要性和可行性问题,并对今后全面展开不良资产证券化工作,提出了建设性意见和建议。

Based on the theoretical and practical paradigm of NPL-ABS prevailed by developed countries, many scholars made a lot of usefully theoretical studies and transaction structure design. However, limited to lacking of legal system, these studies cannot be applied. Since 2005, ABS pilots in China have progressed successfully, and legal system of ABS has also made great progress. Based on the new legal system and pilot experiences, this paper analyzes the experiences and limitations of China Cinda Asset Management Company and Orient Asset Management Company, discusses the necessity and feasibility of development of NPL-ABS in China, and provides some constructive suggestions for the future.