CAJ | 학술논문

资产证券化产生于20世纪70年代，目前已成为全球范围内极受关注的一项重要金融创新，它在稳定金融体系、提高资产效率等方面发挥着重要的作用。从其运作来看，特殊目的机构（Special Purpose Vehicle，SPV）所具有的破产隔离功能是证券化能否成功的核心环节。在我国当前的法律和制度环境下，以信托公司为主导实施特殊目的信托（Special Purpose Trust，SPT）成为资产证券化的最现实选择。同时，为了促进国内资产证券化的健康发展，实现特殊目的信托功能的顺利发挥，仍需继续完善我国的法律、税收、监管等配套政策。
자산증권화산생우20세기70년대，목전이성위전구범위내겁수관주적일항중요금융창신，타재은정금융체계、제고자산효솔등방면발휘착중요적작용。종기운작래간，특수목적궤구（Special Purpose Vehicle，SPV）소구유적파산격리공능시증권화능부성공적핵심배절。재아국당전적법률화제도배경하，이신탁공사위주도실시특수목적신탁（Special Purpose Trust，SPT）성위자산증권화적최현실선택。동시，위료촉진국내자산증권화적건강발전，실현특수목적신탁공능적순리발휘，잉수계속완선아국적법률、세수、감관등배투정책。
Since assets securitized in the 1970＇s, asset securitization became the most important finance innovation globally. It played an important function in a mature and stable finance system, which helped enhance capital efficiency. From its operation model, special purpose vehicle which functions as bankruptcy insulation plays a key role and succeeded in asset securitization. In China, special purpose trust which is led by trust companies becomes most realistic choice for asset securitization. Meanwhile, we still need to improve our law, tax and inspection policies in order to promoting a healthy assets securitization, and smoothing development of special purpose trust.