CAJ | 학술논문

资产证券化作为一种金融创新融资方式，一直活跃于国际金融市场上金融创新领域。从国外金融活动的实践来看，信托是资产证券化的有效载体。分析SPC模式下实现资产证券化的缺陷和障碍，可知利用信托模式实现资产证券化具有其自身的优势，以信托模式实现资产证券化是基于对其优势分析的现实选择。目前在我国的税收、法律环境和金融制度下，信托公司所特有的财产隔离机制完全符合资产证券化运行机制的本质要求，而且成本更低，因此，信托模式能够也应该成为目前我国资产证券化模式的现实选择。
자산증권화작위일충금융창신융자방식，일직활약우국제금융시장상금융창신영역。종국외금융활동적실천래간，신탁시자산증권화적유효재체。분석SPC모식하실현자산증권화적결함화장애，가지이용신탁모식실현자산증권화구유기자신적우세，이신탁모식실현자산증권화시기우대기우세분석적현실선택。목전재아국적세수、법률배경화금융제도하，신탁공사소특유적재산격리궤제완전부합자산증권화운행궤제적본질요구，이차성본경저，인차，신탁모식능구야응해성위목전아국자산증권화모식적현실선택。
Assets securitization , as an innovative finance method, has been playing an active role in financial innovation in international financial market. In terms of financial activities in foreign countries, trust is an effective carrier of assets securitization. Analyzing, under the SPC model, the flaws and barriers in the process of realizing assets securitization and pointing out the advantages of trust model make known that realizing assets securitization by using trust model is a realistic choice based on advantage analysis of trust model. Under the system of taxation, law, and finance, trust companies with special property segregation mechanism are completely in line with the essential requirement of assets securitization mechanism, besides with a lower cost. Therefore, trust model can and should become the realistic choice of assets securitization in China.