试论资产证券化的运行机理及其经济效应

Discussion on the Operation Mechanism of Asset Securitization and Its Economic Effect

资产证券化是指将缺乏流动性但具有预期收入的资产,通过在资本市场发行证券的方式予以出售,以获取融资,来提高资产流动性。资产证券化作为金融创新的一种形式,不仅拓展了资产证券化发起人的融资渠道,使其增加了可使用的现金流,而且资产证券化也带动了国民经济的发展。论文的研究就是对资产证券化的运行机理及其经济效应的探析。

Asset securitization refers to the sale of assets which lack liquidity but have expected income through the issuance of securities in the capital market, so as to get financing and improve asset liquidity. As a form of financial innovation, asset securitization not only expands the financing channels for the sponsors of asset securitization, but also increases the cash flow that can be used, and promotes the development of national economy.The purpose of this paper is to analyze the operating mechanism and economic effect of asset securitization.