我国资产证券化SPV模式的选择研究

摘    要
资产证券化是 20 世纪 70 年代以来国际金融领域最重要的金融创新之一，目前我国的资产证券化正在从国际经验介绍和理论研究阶段逐渐步入了实际操作阶段。在这一进程中选择何种模式设立 SPV成为各方关注的焦点。SPV 是一个专门为实现资产证券化而设立的信用级别较高的机构，它作为发起人与投资者之间的中介，是资产证券化交易结构的核心。根据国外资产证券化的实践，SPV 的法律组织形式主要采取信托、公司、有限合伙三种。我国的金融环境决定了SPT模式是目前中国资产证券化SPV构建中的最佳选择。

关键词：资产证券化；特殊目的机构（SPV）；SPT模式；破产隔离

 
Abstract
As one of the most significant innovations in the international finance since the 1970s, asset securitization has shifted from the stage of introduction of international experience and theory research into the actual operation stage thanks to the efforts of our country’s academic circle and finance circle. In this progress, everyone pay attention to choose what form of SPV to establish. To perfect and push the development of asset securitization, the research on the form of SPV have the theories and realistic meaning. SPV is an organization with a higher credit level specially incorporated for asset securitization. As an agent of the sponsor and the investor, it is the core of the trading structure of asset securitization. Therefore, Based on the practice of foreign asset securitization, SPV is mostly incorporated in the form of trust, company and limited partner. Under our country’s existing finance environment, the form of SPT is the pragmatic form the development of our country’s asset securitization.

Keywords：Asset Securitization; Special Purpose Vehicle(SPV); SPT form; Bankruptcy remote

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