Reflections and Improvements on China’s Asset-Backed Securities Information Disclosure System

Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional securities,which imposes higher requirements on information disclosure for asset-backed securities.Asset-backed securities have characteristics such as diversified disclosers,differentiated disclosure content,and specialized risk factors.China has already formulated a series of rules and regulations regarding information disclosure of asset-backed securities.It is imperative to develop specialized laws and regulations for asset-backed securities,encompass original equity holders and credit enhancement agencies as information disclosers,incorporate information such as underlying asset details,cash flow projections,and credit ratings and enhancements into the disclosure content,and improve the legal liability rules to effectively address false disclosures.

Path of the Information Asymmetry of Asset Backed Securitization—Information Game Analysis of Embedded Block Chain Technology

In recent years, the rapid innovation and development of financial industry has made financial enterprises have a lot of information. However, the large amount of information is tampered with and fragmented, which cannot be shared. With the constant innovation of science and technology, it is the most effective way to solve the information lag and asymmetry of financial products. This article aims to start from the problem of asymmetric information of financial products, the analysis of the emerging block chain technology applied in the financial sector, and with the development of asset securitization information known as the typical scenario for the first time, a concrete analysis information game process, and discuss about the application of chain blocks in securitization feasibility.

On Willingness of Rural Land Circulation and Securitization in Central Regions of China

On the basis of questionnaire survey in 54 natural villages of 22 cities( counties) in 6 central region provinces,this paper analyzed the willingness of rural land circulation and securitization and influencing factors with the aid of Logistic model and Multinomial Logit model.The study indicates that factors influencing willingness of rural land circulation and securitization mainly include land contract method,land circulation information and approaches,rights and interests of farmers infringed or not,policies of benefiting farmers,and non-agricultural skills. Finally,it came up with following pertinent policy recommendations:( 1) reforming and improving land contract methods;( 2)strengthening disclosure of land circulation information;( 3) reforming and improving land circulation approaches;( 4) strengthening protection of farmers' rights and interests in the process of land circulation;( 5) reinforcing and implementing policies benefiting farmers;( 6) cultivating and developing farmers' non-agricultural skills.

Privacy-preserving analytics for the securitization market: a zero-knowledge distributed ledger technology application

A zero-knowledge proof or protocol is a cryptographic technique for verifying private data without revealing it in its clear form.In this paper,we evaluate the potential for zero-knowledge distributed ledger technology to alleviate asymmetry of information in the asset-backed securitization market.To frame this inquiry,we conducted market data analyses,a review of prior literature,stakeholder interviews with investors,originators and security issuers and collaboration with blockchain engineers and researchers.We introduce a new system which could enable all market participants in the securitization lifecycle(e.g.investors,rating agencies,regulators and security issuers)to interact on a unique decentralized platform while maintaining the privacy of loan-level data,therefore providing the industry with timely analytics and performance data.Our platform is powered by zkLedger(Narula et al.2018),a zero-knowledge protocol developed by the MIT Media Lab and the first system that enables participants of a distributed ledger to run publicly verifiable analytics on masked data.

Application of Asset Securitization in Urban Rail Transit Financing

Along with the advancement of urbanization, the traffic infrastructure construction of urban rail expanding constantly, meet the demand of city travel. However in the construction of urban rail transit, the construction fund demand is large, expected return and long construction period, makes its financing difficult. This paper analyze the predictable and stable cash income of rail transit construction, introducing the financing way of asset securitization, and attracting private investment and institutions. Discussing the urban rail transit in China which using the feasibility of asset securitization, providing financing channels to urban rail transit.

Shadow Banking Credit Intermediation： Determinants of Default Risks in Securitization and Collateralization

The growth in shadow banking system over the past few years is acknowledged as the key risk to Malaysia＇s financial stability. This is because that it is associated with growth in the household debts extended by the shadow banks. In line with initiatives by the Bank Negara Malaysia （the Central Bank of Malaysia） to enhance surveillance on the activities of the shadow banks in Malaysia, this study attempts to examine the determinants of default risks of shadow banks restricting to focus on their two main activities： securitization and collateralization. The results provide empirical evidence that future methodology to examine the systemic risks in the shadow banking system may need to account for additional explanatory variables that measure collateralized assets that are being intermediated.

A Securitization-Perspective Analysis of Water Disputes in the Jordan River Basin

Severe water shortage and uneven water distribution plague countries in the Middle East, especially the Jordan River Basin. As a strategic resource with competitive political nature, water resources are closely related to national security, and become the core resource arena that countries along the river basin compete for. This study argues that under the combined effect of the natural factors of water shortage, the geographical factors of uneven distribution of rivers across boundaries, and the subjective factors of water politics (the unfair setting of rules for water allocation), water disputes in the Middle East have become obstacles to regional peace, and the serious uneven distribution of water is the root cause of regional water disputes. Neither the historical water conflicts nor the existing water cooperation framework has solved the problem of balanced water distribution, which makes the people in basin countries directly face the crisis of survival rights and national security, and lays the fuse for the outbreak of regional water disputes and even future water wars. This study proposes the concept and analytical framework of “water securitization” based on securitization theory, and applies it to the Jordan River Basin, to analyze the reasons for the uneven distribution of water resources in the Middle East. The power-dominant state with asymmetric power in the river basin obtains the status of water hegemony by securitizing water, realizing the self-interested distribution of water resources, whichleads to the uneven distribution of water resources, and ultimately leads to the outbreak of conflicts and disputes. Specifically, it mainly adopts three mechanisms of discursive securitization, operational securitization, and institutional securitization. Looking to the future, it is difficult to successfully resolve water disputes in the Middle East in the short term, and a “de-securitization” approach is particularly important in resolving water disputes and easing regional security tension. Only by adopting a multi-field joint strategy can it provide the possibility to effectively resolve water disputes in the Jordan River Basin.

Policing the Perceived Threat： Securitization of the Muslim Population in France During 2004-2005

The subject of this research is the policing activities in France during 2004-2005 towards its Muslim population and related public discourses. It will compare the statistics of judiciary police and administrative police provided by the French authority in order to study the relation between surveillance activities and criminality of the given population. It will point out that the preventative measures taken by the administrative police specifically towards the Muslim population are disproportionately high in comparison to the actual occurences of terrorist actions committed by the group. Using the notion of securitization as an analytical tool, the paper will explain that the cohabitation with the Muslim population had been represented as an existential threat in France justifying severe measures disproportionate to the objective threat. It concludes that the acute vigilance surrounding the Muslims derives significantly from the raised ＂securityness＂ the French authority itself attributed to its Muslim population. The argument presented in this study adds an important perspective to the study of immigration. It shows how an escalation of securitization leads to heightened tension between the immigrants and the host society, actualizing the perceived threat by its own acts.

Research in the Securitization of the Non-performing Loans of China＇s State-owned Banks

In this paper, through analyzing the necessity of the securitization of the non-performing loans of China＇s state-owned banks, the author proposes some tentative ideas for the securitization of the non-performing loans and works out some problems that need to be solved in this process.

The Securitization of Culture of Chinese Indonesian:Paths,Failure,and Constraints

Indonesian Chinese culture is a part of Indonesian multiculturalism.However,it is challenged by“securitization”.Taking two cases as examples to explain the“securitization”of Indonesian Chinese culture.Several securitizing actors claimed that Guan Yu statue and lanterns are symbols of Chinese culture,and they claimed that they threaten the national security of Indonesia.The securitizing carriers attempt to influence the judgment of the audiences through agenda-setting and framing effects.Nevertheless,the audiences have not fully accepted the securitizing move because the Indonesians regarded the anti-Jokowi forces’tactics and“China Threat Theories”have not yet reached a consensus.The reason for the failure of this securitization process is about aspects,including the on-ground views on the cultural expressions and practices of Chineseness,the public identified the usual tricks of the anti-Jokowi forces,and there is no consensus on the so-called“China Threat Theories”in Indonesia.To preserve and promote Chineseness under the multicultural agenda,several measures have been implemented by the Indonesian government to promote the harmonious development of ethnic groups and multicultural integration in Indonesia to a certain extent.

霸权衰落与“泛安全化”:基于美国的个案分析

衰落是霸权的宿命,但霸权国既不会主动放弃国际政治中的主导地位,也不会静待霸权体系崩溃。处于衰落阶段的霸权国期待维持与崛起国之间的权力差距,以延长霸权的寿命。然而,权力转移等国际关系结构性因素的变化导致离岸平衡和军事打击等传统手段难以在衰落阶段奏效。相比之下,“安全化”为霸权国家的霸权护持行动与选择——如领域撤退或强制惩罚——提供了合法性依据。同时,由于霸权的同心圆特性,核心利益被触动会引发霸权国在核心和外围领域的全方位的打压,进而泛化议题和对象。衰落中的霸权国通过“危机感知”—“构建并接受安全化诉求”—“泛安全化”的传导路径,将维持霸权地位的诉求以泛安全化的形式展现出来。然而,美国霸权衰落的经验事实表明,泛安全化作为衰落阶段的霸权护持手段不仅与理论预期相反,而且成效也不尽人意。面对美国霸权的泛安全化,中国应当保持战略定力,坚守并贯彻总体国家安全观。

产业园区资产证券化的违约风险——基于北大科技园的案例研究

在中国大力发展实体经济的背景下,产业园区的发展也备受关注。产业园区资产证券化产品于2018年呈现出爆发式增长态势,但该产品目前尚处于探索阶段,面临的违约风险较大,需要不断完善。为此,选取中国产业园区资产证券化的首单违约产品——北大科技园商业地产抵押贷款支持票据作为研究对象,基于北大科技园资产证券化产品原始浅层的风险识别和风险应对设计,首先,对其进行了深度的风险识别,并通过KMV模型等进行风险评估量化分析;其次,提出完备的风险应对方法;最后,通过风险调整手段评估调整现存风险、评估识别未知风险,进而构建完整的风险管理闭环机制。以期为其他企业规避融资风险提供有益借鉴,进而让金融更好地服务于实体经济,推进实体经济发展行稳致远。

泛安全化现象与南亚东南亚政治经济形势演进

新冠肺炎疫情结束后,包括南亚东南亚次区域在内的中国周边地区地缘格局深入演化,区域局势和地区秩序出现了显著变动与重大调整。不论是从区域整体态势变化角度看,还是从区域内主要行为体政治经济形势演进视角分析,南亚东南亚区域受到了国际格局演化驱动方式和方向的强烈影响,尤其是新冠肺炎疫情的演化、美国全球战略调整、俄乌冲突等三大因素影响。后疫情时代的美国对华战略更加极端化,中美博弈加速了中国周边地区力量格局演变与秩序重组。美国凭借联盟体系化优势对中国进行全方位极限施压,加深了中美矛盾。中美斗争外延至中国和周边国家关系,催生出周边多国的对华机会主义策略与选边站队的行为。未来,中国周边地区泛安全化趋势将进一步凸显,中国经略周边的安全挑战将明显增加。

我国碳资产证券化的发展模式、制约因素与突破方向

碳资产证券化通过结构化设计进行信用增级后发行证券实现融资,可以有效盘活碳资产,拓宽融资渠道,是重要的碳金融产品创新。然而,目前学术界尚未对碳资产证券化进行统一的概念界定,业界也没有形成适合碳资产证券化的运行体系和发展模式,难以进行碳资产证券化的有效推广。基于此,本研究首次对碳资产证券化的概念内涵进行界定,基于碳资产属性和运行机理创新提出碳排放权资产证券化、碳汇预期收益权资产证券化、基于碳汇预期收益权应收账款资产证券化和基于碳资产质押贷款资产证券化四种发展模式,从模式结构和内在逻辑等方面进行比较分析,同时针对碳资产证券化发展过程中面临的制约因素,从健全碳市场交易机制、优化碳交易市场环境、提高碳交易活跃度、完善碳资产定价机制、打造碳金融综合服务体系等方面提出策略建议,为促进碳资产证券化业务发展提供理论支撑和决策参考。

我国知识产权证券化中的基础资产组合策略研究--基于投资组合框架的多案例比较分析

知识产权证券化是缓解我国科技型中小企业融资困境、推动科技创新发展的重要融资方式,然而,知识产权证券化项目面临诸多风险。将多个企业的知识产权组合构成基础资产池,一定程度上能够分散风险,但需明确两个研究问题:一是入池资产的选择,二是入池资产的配置。基于我国知识产权证券化的4种模式,结合典型性、全面性和数据可获性的标准,本文选取了4个典型案例,以投资组合理论为框架,比较分析其基础资产组合方式。研究发现:我国知识产权证券化产品基础资产池呈现知识产权多元化、行业区域集中化、债权合同长期化的特征。基础资产池的底层资产标的物以纯专利权为主,同时包含著作权、商标权等其他类型知识产权;此外,当前发行的知识产权证券化产品具有明显的行业和地域倾向,基础资产池集中度较高;由于知识产权证券化项目持续时间较长,因此入池资产一般是长期债权的组合。研究结论有助于丰富知识产权证券化基础资产组合的相关研究,提供基础资产组合思路,助力我国知识产权证券化的发展。

意识形态安全视角下边疆民族地区铸牢中华民族共同体意识的现实风险与优化路径

从意识形态安全的视角来看,中华民族共同体意识并不限于民族领域,而是关涉现代国家建构的主流价值观,是国家意识形态体系的基本组成要素。铸牢中华民族共同体意识也成为巩固国家意识形态安全、维护统一多民族国家稳定的关键环节之一。当前,在意识形态安全视角下,边疆民族地区铸牢中华民族共同体意识仍然面临一定的现实风险,表征为境外民族分裂意识形态干扰压力相对较大、多元民族文化与一些社会思潮演化相交织、中华民族共同体理论认知程度仍需强化、民族团结宣传教育机制的创新性存在不足等方面。对此,边疆民族地区铸牢中华民族共同体意识的优化路径在于,以中华文化的国际交流机制建设来提升对外意识形态斗争能力,以共享的中华民族形象和中华文化符号建设整合多元文化思潮,以中华民族共同体理论体系建设引领各族干部群众的思想认知,以铸牢中华民族共同体意识宣传教育常态化机制建设实现民族团结宣传教育的创新。最终,在边疆民族地区各民族铸牢中华民族共同体意识、参与中华民族共同体建设过程中,更好地维护国家意识形态安全。

多域物联网中基于区块链技术的网络安全控制研究

物联网应用越来越广泛,但具有网络安全性差、易受到网络攻击的隐患,为保证多域物联网的安全,基于区块链技术对多域物联网的网络安全控制系统进行了设计。该物联网安全系统采用区块链技术建立,主要包括用户和设备层、身份认证层和服务层。对指纹感知语音的身份认证方式进行了设计,采用哈希算法进行指纹图像的特征识别、提取哈希值,为了提高安全性,将指纹图像采用数字水印的方式嵌入语音中。对明文的加密和解密方式进行了设计,采用SM2算法(椭圆曲线公钥密码算法)分别进行随机数生成、密钥派生函数和杂凑算法的计算。为验证物联网安全系统的性能,对其进行指纹图像身份认证的安全性和明文加密性能测试。试验结果表明:该系统人员身份的识别正确率可以达到90%以上,保证身份认证的安全;系统可以对文件进行加密,与RSA算法(非对称加密算法)相比运算速度提高23%、吞吐率提高4.7%。

人工智能与国家安全:从安全感到安全化

理解人工智能与国家安全,一方面要解决认知层面即“安全感”问题,即厘清人工智能技术与应用同国家安全的关联性,回答为什么人工智能事关国家安全以及如何影响国家安全。另一方面要解决实践层面的“安全化”问题,即回答如何在人工智能领域有效维护国家安全的问题。相较于前者,后者重点强调过程的设计与控制,最终导向是能力建设问题,即在特定领域有效维护国家安全的能力或行动力。当前相关实践已有所推进,但从研究层面还缺乏进一步梳理、论证与提炼,具有现实指导意义的阐释与分析框架还有所匮乏。本文就尝试运用国家安全理论,结合新兴技术治理特点,就当前人工智能的“安全感”与“安全化”问题进行探析,并就如何有效提升人工智能领域的国家安全能力建设进行思考。

“相互依存武器化”背景下的泛安全化解析——以美国对华科技竞争为例

伴随“相互依存武器化”在理论和实践维度的展开,一些国家对相互依存的认知发生了巨大转变。在“相互依存武器化”时代,国家的首要目标并非是确保如何从相互依存中获益,而是确保如何在相互依存中避免损失。“相互依存武器化”恶化国家安全环境,并在国际秩序变革的不确定性影响下,形成泛安全化威胁认知,进而在泛安全化实践中扩大了国家的政策困境。美国对华科技竞争是“相互依存武器化”的典型案例。从奥巴马政府开始,经过特朗普和拜登两届政府,泛安全化认知得以形成并逐步深化。美国对华科技竞争的泛安全化实践包括极度泛化的出口管制与投资审查、规模空前的机构改革与产业政策调整,以及无所不包的多维“盟伴”体系网络。在“相互依存武器化”的驱动下,美国奥巴马、特朗普、拜登三届政府不断强化泛安全化认知,以“脱钩”“小院高墙”“去风险”等不断强化对华科技竞争,构成美国对华战略竞争的主线。“相互依存”具有双重效应,美国对华发起贸易战、科技战,干扰全球产业链供应链安全与稳定,不仅使自身陷入科技、经济和联盟的困境,也使全球化进程受阻,其政策难以具有可持续性。

数据资产证券化探索的法律困境与解决路径

数据已成为推动经济发展的核心驱动力,盘活数据资产价值、促进数据资产运用是当前推进数据要素市场化配置、全面建设数字中国的主要目标。由于数据价值实现进程中受到资金与技术投入的制约,数据潜能释放面临瓶颈。在此背景下,数据资产证券化作为数据资产与证券融资结合的创新业态,能够为企业激活数据资产价值拓展融资渠道、降低融资成本,所以,一经提出便备受关注并持续传递新动向。目前,这一证券新模式正处于初步探索阶段,有必要基于数据资源化到数据资产化再至数据资本化的三重价值演进形态,释明其价值实现的内在理路,即是历经初始生成数据资源到加工获取数据资产再到实现数据资产证券化的动态实践,体现了数据要素价值增值的“变现”之路。在此动态进程中,数据要素的独特属性使得数据资产证券化区别于传统资产证券化,呈现出与新兴科技尤其是区块链技术的深度联系,其技术原生特性有助于促进证券全流程的数字化重塑。通过检视当前“数据+资本”双要素耦合的证券新模式发展现状,发现数据资产证券化探索存在产权规范不明、交易机制缺失、监督管理失配等诸多问题,成为激活数据资产价值的掣肘因素。鉴于此,立足兼顾金融创新与风险防控的二元目标,应从法律与技术协同作用的双维视角进行路径设计,对破解当前数据资产证券化实践的现实困局予以合理化规制,即以健全产权制度、交易规范与监管规则的方式加强法律制度供给,优化数据资产证券化探索的制度环境;以推动技术运用、完善技术规范的方式增强区块链技术支持,提升数据资产证券化探索的实践效能;以目标共识、规则衔接与利益协调的协同作用机制,促进法律供给与技术赋能整体效应的发挥,从而为释放数据资产价值潜能、推进数据资产证券化工作提供有益参考。