资产证券化作为当今国际资本市场最具活力的金融技术和工具，已被广泛应用于各 个融资领域。我国在关于资产证券化融资方面的理论和应用研究起步较晚，特别是在教 育领域的应用还处于初级阶段。由于学校主体性质特殊，与企业存在较大差别，其资产 证券化面临诸多困难与挑战。国内学者积极探索通过对学校资产进行证券化融资，目前 已率先在收费权证券化上成功实践。学校收费权证券化是以学费、住宿费等收费权为基 础资产组成资产池发行证券的过程。因其基础资产来源广泛、发行操作简便、融资成本 较低，有望成为缓解教育经费不足的压力的重要融资通道。A学院学费和住宿费收费权 资产证券化作为国内首单双SPV结构教育类资产证券化的成功案例，具有重要的案例 研究价值。 本文结合国内外教育类资产证券化理论及应用研究成果，总结了我国教育类资产证 券化的实践经验，详细介绍了A学院收费权证券化成功案例，在基础资产、交易结构、 实施过程、风险控制等方面进行了深入剖析，并在此基础上总结了A学院收费权证券化 在交易结构和信用增级上的创新优点。通过对比传统融资方式分析了案例的经济性，与 此同时，也发现A学院收费权证券化存在融资期限较短、只能一次性发行而不能按需发 行、分级设计形式重于实质、证券流动性不足以及证券定价标准不统一等方面的问题， 并结合市场和制度现状分析了问题成因。通过以上分析，得出了A学院证券化案例带来 的管理启示，提出了丰富和扩大基础资产、探索动态发行模式、综合运用内外部信用增 级方式、推进跨市场流通、改进相关制度安排等建议。 关键词：高校；收费权；资产证券化；融资 II Abstract Asset securitization, as the most dynamic financial technology and tool in today's international capital market, has been widely applied in various financing areas. China's theoretical and applied research on asset securitization financing started late, especially in the field of education is still in its infancy. Due to the special nature of the school's main body and its large differences with enterprises, its asset securitization faces many difficulties and challenges. Domestic scholars have actively explored the securitization financing of school assets, and have taken the lead in successfully practicing the securitization of charging rights. The securitization of school charging rights is the process of issuing securities in the asset pool based on the tuition fees and accommodation fees. The wide range of basic assets, simple issuance and operation, and low financing costs are expected to become important financing channels for relieving the pressure of insufficient education funds. A college tuition and accommodation fee charging asset securitization as a successful case of the first single and double SPV structure education asset securitization in China has important case study value. Based on the domestic and international educational asset securitization theory and applied research results, this paper summarizes the practical experience of China's education asset securitization, and introduces the successful case of A college's charging rights securitization, in the basic assets, transaction structure, implementation process, risk. The control and other aspects have been deeply analyzed, and on this basis, the innovative advantages of A-college securitization in transaction structure and credit enhancement are summarized. By comparing the traditional financing methods, the economics of the case is analyzed. At the same time, it is also found that the A-college securitization has a short financing period, can only be issued once and cannot be issued on demand, and the hierarchical design form is more important than the essence and the securities flow. The lack of liquidity and the inconsistency of securities pricing standards, combined with the market and institutional status, analyzed the causes of the problem. Through the above analysis, the management enlightenment brought by the securitization case of A college is obtained, and the enrichment and expansion of basic assets, the exploration of dynamic issuance mode, the comprehensive application of internal and external credit enhancement methods, the promotion of cross-market circulation, and the improvement of relevant institutional arrangements are proposed. Key words: College；Charge right；Asset backed securitization；Financing III 目 录 摘要 ......................................................................................................................................... I Abstract .................................................................................................................................... II 图表清单 .................................................................................................................................. VI 第一章 绪论 .............................................................................................................................. 1 1.1 研究背景和意义 .............................................................................................................. 1 1.1.1 研究背景 ................................................................................................................... 1 1.1.2 研究意义 ................................................................................................................... 3 1.2 国内外相关综述 .............................................................................................................. 4 1.2.1 国外研究综述 ........................................................................................................... 4 1.2.2 国内研究综述 ........................................................................................................... 5 1.3 研究内容和研究方法 ...................................................................................................... 6 1.3.1 研究内容 ................................................................................................................... 6 1.3.2 研究方法 ................................................................................................................... 7 第二章 A学院收费证券化案例介绍 ...................................................................................... 8 2.1 背景介绍 .......................................................................................................................... 8 2.1.1 我国教育类资产证券化实践 ................................................................................... 8 2.1.2 我国学校收费权证券化实践 ................................................................................. 11 2.2 A学院概况 ..................................................................................................................... 12 2.3 基础资产情况 ................................................................................................................ 14 2.3.1 学费和住宿费收费概况 ......................................................................................... 14 2.3.2 现金流预测 ............................................................................................................. 15 2.3.3 现金流覆盖倍数 ..................................................................................................... 17 2.3.4 基础资产后续管理 ................................................................................................. 18 2.4 资产支持专项计划设计 ................................................................................................ 19 2.4.1 产品概况 ................................................................................................................. 19 2.4.2 主要参与方 ............................................................................................................. 20 2.4.3 交易结构 ................................................................................................................. 21 2.4.4 现金流归集与分配 ................................................................................................. 22 2.4.5 风险控制措施 ......................................................................................................... 24 IV 2.4.6 预期收益和本金支付 .....................................................................................