我国资产支持商业票据业务模式的类型化及潜在风险  

Potential Risks in Asset-Backed Commercial Paper in China

作　　者：胡伟 

机构地区：[1]申万宏源证券有限公司

出　　处：《金融市场研究》2022年第2期27-33,共7页Financial Market Research

摘　　要：资产支持商业票据(ABCP)是我国资产证券化业务的创新产品,具有期限短、成本低、可续发、募新还旧的特点。国内推出的ABCP可分为“份额转让型”与“资产转让型”两种模式。“份额转让型”本质上是前期ABCP证券持有人向后期ABCP认购人转让所持证券份额的行为;“资产转让型”实质上是前期ABCP到期时将项下非现金财产向后期ABCP进行的资产转让。ABCP的续发模式与“资金池”运作有重大区别。续发失败、信息披露、扩募等风险是ABCP业务操作中应重点关注的问题。Asset-backed commercial paper(ABCP)is an innovative component of China’s asset securitization business.It has the features of short maturities,low cost,and renewable issuance,with the ability to raise new funds as older funds are retired.In China,ABCP can be placed in the categories of"share transfers"and"asset transfers"."Share transfers"essentially refer to the transfer of securities by the early holders of asset-backed commercial paper to later subscribers."Asset transfers"essentially refer to the transfer of non-cash property to the later ABCPs once earlier ABCPs expire.The ABCP renewal mode differs significantly from the operation of capital pools.Risks of renewal failure and inadequate information disclosure are key areas that require monitoring in the market for asset-backed commercial paper.

关 键 词：资产支持商业票据 份额转让型 资产转让型 风险控制 

分 类 号：F832.5[经济管理—金融学]