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.

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.

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.

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.

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.

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.

State,Society and Environmental Security in International Relations Theory

As emerging non-traditional security issues in global politics such as environmental crises offer new avenues of research on the state-society behaviour in non-western political orders,this study applies an integrated conceptual framework of Copenhagen School’s securitization,constructivism and green theory in international relations theory(IRT).One of the key objectives of the study includes to provide a theoretical explanation on the role of non-state agencies in ameliorating the environmental condition.With the support of an illustrative case study,the researcher argues in line with the finding of Acharya and Buzan(2007)that there is no need to replace Western IRTs,but they should be enriched with more voices from non-western political orders.In other words,the emerging non-traditional issues in global politics are not“noises”to weaken existing IRTs but“voices”to strengthen their theoretical foundation.

Securitization and State Sponsorship of Non-State Actors: Analyzing the Saudi-Iranian Rivalry

This article investigates the dynamics of rivalry and state sponsorship of non-state actors by explaining the Saudi-Iranian rivalry through the lens of securitization theory.The study elucidates that despite the enduring nature of their rivalry,both Iran and Saudi Arabia have exhibited a degree of restraint in escalating their conflicting dyadic relationship.It further notes that this behavior has forced them to securitize various issues in the region,framing them as potential threats to national and regime security,that has allowed them to build alliance and provide critical support to nonstate actors across the region.By so doing,Tehran and Riyadh seek to expand their influence and hunt their strategic and tactical objectives within the Middle East.This policy is primarily driven by geopolitical concerns rather than ideological or ethnic entitlements.

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。

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。

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。

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。

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%。

The UNFCCC,the EU,and the UNSC:A research agenda proposal for the climate security question

This study proposes climate security:a research agenda proposal with certain research significance.It acknowledges the United Nations Framework Convention on Climate Change(UNFCCC),the European Union(EU)and the United Nations Security Council(UNSC)as current institutional case studies(and key actors)for international climate politics.It answers the question of the extent to which climate security scholars have mapped the field with respect to these three institutions.To do this,it reviews relevant literature of climate security and concisely summarizes the literature views.Although climate security scholars have studied how these specialist institutions have understood global climate governance,a comparative coverage of how the institutions have conceptualized climate security is missing in existing literature.The key finding shows the concepts of epistemic communities,climate securitization and climate-riskifications as appropriate analytical themes for interpreting the emerging norm of climate security.Arguing that conceptual development persists even though the institutions original mandates did not require such conceptualization,the study uses discourse analysis of relevant literature on climate security to orient future research on climate change and climate security given the knowledge that speech-acts on climate security(henceforth speech-acts)now seem like potential policy consideration in the foreseeable future.