一、资产证券化原理资产证券化是以被证券化资产可预见的,稳定的未来现金流为支撑,通过资产组合和信用增级,转换成可在金融市场上发行证券的过程。在这一过程中,发起人(原始权益人)将证券化资产转让给特设机构(special Purpose Vehicle,简称SPV),特设机构以该资产所产生的现金流为担保向投资者发行证券,并有发行收入购买证券化资产,最终以证券化资产所产生的现金收入偿还投资者。被证券化的资产可采取多种形式,如实现资产、证券资产、信贷资产等。但这些资产必须具备一个先决条件—— First, the principle of asset securitization Asset securitization is securitized assets by predictable, stable future cash flow as the support, through asset portfolio and credit enhancement, the process can be converted into securities issued in the financial markets. In this process, the sponsor (the original owner) transfers the securitized assets to a special purpose vehicle (SPV), which issues securities to investors using the cash flow generated by the asset as a guarantee, And issue proceeds to purchase the securitized assets, and finally repay the investors with the cash income generated from the securitized assets. Securitized assets can take many forms, such as the realization of assets, securities assets, credit assets. But these assets must have a prerequisite -