美国资产证券化自我清偿原则探析  

Research on Self-liquidating with Respect to Asset-Backed Securities in America

作　　者：王长辉 WANG Changhui(Shanghai Stock Exchange,Shanghai 200120,China)

机构地区：[1]上海证券交易所债券业务中心,中国上海200120

出　　处：《上海商学院学报》2020年第5期106-116,共11页Business Economic Review

摘　　要：美国资产证券化监管法规及监管者一直认为自我清偿原则系证券化的核心原则之一,但随着实践中证券化创新产品的不断出现,该原则在规则和实践中均有了一定程度的突破。美国证券化产品发展的实践及2008年全球金融危机的教训使监管者反思继续坚持自我清偿原则的必要性。在资产证券化产品中,实务界和学术界关注较多的是真实出售原则,强调基础资产产生现金流的持续性、稳定性,本文试图探讨监管者是否应当根据实践需要将监管重点放在更具实质意义的现金流和真实出售而非机械的继续坚持自我清偿原则。The asset-sacked securitization regulations and regulators in the United States have always taken the self-liquidation as one of the core principles of securitization.However,with the continuous development of ABS in practice,there are more or less some breakthroughs in the areas of both regulations and practice.The practice of securitization product development in the United States and the lessons of the 2008 financial crisis have somehow stimulated regulators to reflect on the necessity of whether to adhere to the self-liquidation principle or not.Regarding the asset-backed securitization products,the practical and academic circles tend to pay more attention to the principle of true sale,which emphasizes the continuity and stability of the cash flow generated by the underlying assets,and whether the regulator should focus on cash flow and true sale which is more meaningful rather than still staying focus on self-liquidating.

关 键 词：资产支持证券 自我清偿 主动管理 真实出售 

分 类 号：F831.5[经济管理—金融学]