A Thesis Submitted in Partial Fulfillment of the Requirements
for the Degree of Master of Business Administration
Analysis on the Effectiveness of Asset Securitization
Bankruptcy Isolation
Candidate : Li Yi
Major : Business Administration
Supervisor : Assoc. Prof. Wang Xiangyang
Huazhong University of Science and Technology
Wuhan, Hubei 430074,P.R.China
November, 2016
独创性声明
本人声明所呈交的学位论文是我个人在导师指导下进行的研究工作及取得的研
究成果。尽我所知，除文中已经标明引用的内容外，本论文不包含任何其他个人或
集体已经发表或撰写过的研究成果。对本文的研究做出贡献的个人和集体，均已在
文中以明确方式标明。本人完全意识到本声明的法律结果由本人承担
学位论文作者签名：
日期：年月日
学位论文版权使用授权书
本学位论文作者完全了解学校有关保留、使用学位论文的规定，即：学校有权
保留并向国家有关部门或机构送交论文的复印件和电子版，允许论文被查阅和借阅
本人授权华中科技大学可以将本学位论文的全部或部分内容编入有关数据库进行检
索，可以采用影印、缩印或扫描等复制手段保存和汇编本学位论文
保密□， 在年解密后适用本授权书
不保密□
（请在以上方框内打“√”）
学位论文作者签名： 指导教师签名：
日期：年 月 日日期：年 月 日
本论文属于
I
华 中 科 技 大 学 硕 士 学 位 论 文
摘要
资产证券化作为促进国家经济发展和金融繁荣的主要手段，也是一种创新性的
融资模式，无论是国内还是国际上，都有着非常大的影响力，他通过盘活存量资产，
提供充足稳定还款现金流的模式，让金融融资进一步完善
本文将对资产证券化的涵义、世界上资产证券化的发展历程以及我国资产证券
化的特征进行分析，然后重点分析资产证券化中资产破产隔离的意义、相应的资产
证券化产品是否能真正做到资产的有效破产隔离，并通过实际案例分析目前我国资
产证券化产品上的不足之处，最后针对我国资产证券化的独特性提出适合我国现状
的风险控制措施。资产证券化最重要的作用是实现了资产的破产隔离，保护债权人
的资金安全，降低融资企业的资产负债率，优化其报表结构。近年我国对资产证券
化的规定进一步放宽，使得近两年专项资产管理计划产品井喷式增长，然而，被证
券化资产要达到有效的风险隔离，意味着原始所有者经营状况的变化不对已证券化
资产产生实质性影响，由于目前监管、技术面、法律、经验等方面的不完善，很大
部分基础资产无法做到真正有效的破产隔离，相应的风险措施怎么制定是当前面临
的普遍问题。因此，需要进一步研究影响到基础资产质量和现金流兑现的关键因素，
并根据这些因素制定相应的风险控制措施，才能确保投资者资金安全
关键词：资产证券化破产隔离风险控制
II
华 中 科 技 大 学 硕 士 学 位 论 文
Abstract
Asset securitization is a major means of promoting national economic development
and financial prosperity, and is also a kind of innovative pettern of financing. Whether
domestically or internationally, it has a great influence as it can provide pattern of
sufficient and stable cash flow reimbursement to further perfect financing by revitalizing
the stock of assets.
The most important roles of asset securitization isto achieve the balance of
bankruptcy isolation, protect capital security of creditors, reduce the rate of assets and
liabilities of financing enterprises, and optimize the structure of their reports. This year,
the regulation of asset securitization in our country is futher relaxed, which makes
products on special asset management plan grow quickly in therecent two years. However,
the sucess of effective risk isolation of the securitized assetsmeans thatchanges inthe
original owners’ operating conditions do nothave a substantial impact on securitized assets.
Because the current regulatory, technology, law, and experience are not perfect, most
underlying assets can't truly achieve effective bankruptcy segregation, how to developthe
corresponding risk measures is a common problem. Therefore, we need to further study
the key factors which can affect the underlying asset qualiity and cash flow payout, and
make the corresponding risk control measuresaccording to these factorsto ensure the
security of the investors' money. This article analyses the meaning of asset securitization,
the development of asset securitization in the world, and the characteristic of asset
securitization in our country, especially the significance of assetbankruptcy isolation
ofasset securitization, whether the corresponding asset securitization products cantruly
achieve effective bankruptcy isolation, andthrough real cases, this article also analyses the
deficiency of asset securitization products in our country. Finally, according to the
uniqueness of asset securitization in China,this article puts forward risk control measures
which is suitable to China's current situation.
Key words: Asset securitizationBankruptcy isolationRisk control。