浅析我国收益权资产证券化的发展进程和前景

A Brief Analysis of Development Process and Prospect of Usufruct Asset Securitization in China

近几年来我国资产证券化市场发展迅速,尤其是收益权证券化产品不断推陈出新,在迅速发展的同时也出现了不少问题。2016年大成西黄河大桥通行费收益权专项资产管理计划成为首单违约收益权类产品,其后中基协又对多项ABS做出惩罚。因此未来收益权证券化市场的健康稳健发展必须立足于解决当前出现的问题。文章围绕规模和质量两个维度说明我国收益权资产证券化的现状、当前我国收益权证券化存在的问题及成因并对存在的问题提出相关的改进意见。

In recent years,China's asset securitization market has developed rapidly,especially the usufruct securitization products constantly bringing forth the new.At the same time,there are also many problems.In 2016,Dacheng West Yellow River Tolls Usufruct Special Asset Management plan became the first default usufruct product.Since then,AMAC has punished a number of ABSs.Therefore,the healthy and steady development of the usufruct securitization market in the future must be based on solving the current problems.This paper focuses on the dimensions of scale and quality to explain the current situation of usufruct asset securitization in China,the existing problems and causes of usufruct asset securitization in China and puts forward some relevant improvement suggestions to the existing problems.