文档介绍：***@Copyright by Yichun Zhang, Zhenlong Zheng and Hai Lin, Department of Finance, Xiamen University, 2007 第九章资产证券化***@Copyright by Yichun Zhang, Zhenlong Zheng and Hai Lin, Department of Finance, Xiamen University, 2007 ?????????????了解资产证券化的一般程序?了解抵押支持证券的主要类型?了解资产支持证券的主要类型?了解中国资产证券化的主要情况***@Copyright by Yichun Zhang, Zhenlong Zheng and Hai Lin, Department of Finance, Xiamen University, 2007 本章框架?第一节资产证券化?第二节抵押支持证券?第三节资产支持证券?第四节中国的资产证券化市场***@Copyright by Yichun Zhang, Zhenlong Zheng and Hai Lin, Department of Finance, Xiamen University, 2007 ?????????一、资产证券化的定义和特征?二、资产证券化的参与者?三、资产证券化的一般程序?四、资产证券化的分类***@Copyright by Yichun Zhang, Zhenlong Zheng and Hai Lin, Department of Finance, Xiamen University, 2007 ??????????????定义:将那些缺乏流动性,但能够产生可预见现金收入的资产(如住房贷款、学生贷款、信用卡应收款等) 出售给特定发行人,通过创设一种以该资产产生的现金流为支持的金融工具或权利凭证,进而将这些不流动的资产转换成可以在金融市场上出售和流通的证券的一种融资过程或融资方法。***@Copyright by Yichun Zhang, Zhenlong Zheng and Hai Lin, Department of Finance, Xiamen University, 2007 ????????????一般而言,资产证券化的参与方包括:原始债务人( Obligators )、原始债权人(Originators) 、特别目的机构(Special Purpose Vehicle, SPV) 、投资者以及专门服务人(Servicer) 、信托机构(Trustee) 、信用评级机构(Rating Agency) 、担保机构(Guarantors) 和承销商(Underwriters) 等中介结构。***@Copyright by Yichun Zhang, Zhenlong Zheng and Hai Lin, Department of Finance, Xiamen University, 2007 ????????????资产池的组建设立特设机构证券化资产所有权转移证券化资产信用增级资产证券化的信用评级证券出售证券化资产价款支付证券清偿资产池管理图 9-1 :资产证券化一般流程图***@Copyright by Yichun Zhang, Zhenlong Zheng and Hai Lin, Department of Finance, Xiamen University, 2007 ??????????过手证券(pass-through) 按照抵押物的不同根据证券偿付结构的不同抵押支持证券( MBSs ) 资产支持证券( ABSs ) 转付证券(pay-through) ***@Copyright by Yichun Zhang, Zhenlong Zheng and Hai Lin, Department of Finance, Xiamen University, 2007 ??????????一、抵押支持证券的定义和分类?二、提前偿付风险***@Copyright by Yichun Zhang, Zhenlong Zheng and Hai Lin, Department of Finance, Xiamen University, 2007 ???????????????定义:以各种抵押债权(如各种住房抵押贷款等) 或者抵押池的现金流作为支持的证券的统称。?分类:抵押过手证券、抵押担保债券和可剥离抵押支持证券。