浅议我国资产支持票据发展

Some Arguments over Asset-Backed Medium-term Notes' Development

为顺应经济新常态,进一步推动实体经济发展,交易商协会于2016年发布了《银行间债券市场非金融企业资产支持票据指引(修订稿)》,对2012年发布的资产支持票据规则进行大幅改革。作为非金融企业运用资产证券化技术发行的新型债务融资工具,资产支持票据尚处初步发展阶段,存在着票据期限过长、流动性不强等短板,非金融企业获益面较为狭窄。因此,借鉴美国资产支持商业票据发展的成熟经验,进一步完善这一充满发展潜力的融资工具,对于推动我国票据市场发展、实现企业的可持续融资继而支持实体经济有深刻的意义。

In order to meet the economical New Normal and further promote the real economic development,in the year of 2016,Dealers Association issued the ＂Bank,Bond Market and Non-financial Enterprise Backing Medium-term Notes Guidelines（ revised） ＂which is a substantial reform of the original asset support rules. As the new debt financing tools issued by non-financial enterprises using asset securitization technology,Asset-Backed Medium-term Notes are still in the initial stage of development. Some shortcomings still exist,such as; the term is too long and the circulation is not strong enough to support the notes,so that non-financial enterprises can not benefit enough from it. Therefore,drawing on the mature experience of American asset-backed commercial paper development,a profound reference will be given to the use of this financing tool which is full of development potential,and to promote the development of our bill market and realize the sustainable financing of enterprises.