主题：zt, 资产支持票据揭开发行序幕 三企业获25亿注册额度 -- parishg

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1935294

this is earlier study.

But ABS lacks transparency: conclusion from the credit crisis.

当年是严防银行资金（信贷和投资）进入股票市场，生怕动了中国金融业的根基。而现在这些资产支持债券买家，看来是银行占大头了。如果来个中国版的次贷危机，岂不是把银行害惨了？

every day.

One example: the former Contract Law of China does not allow "natural person" as a contracting party when a foreign counterparty is involved (but foreign natural person can be a contracting party).

It is the most dumb law you can ever see among civilized nations.

仅从引用的文字来看，我认为第一这还是表内业务，第二一旦偿付发生困难债券持有人对发行公司拥有追溯权。

真正的结构性产品是基本上“由基础资产所产生的现金流作为还款支持”，同时面对的不是发行企业而是SPV，以MBS为例，一旦房产市场暴跌将引发现金流困难，同时导致基础资产贬值，直接的后果就如次贷危机。

从某种意义上，既对基础资产及其现金流拥有优先占有权，又和普通债券持有人保留对发行企业的资产的共同追溯权（优于股东），这更像 covered bond, or secured funding,No?

有时间我拿发行书看看，有一点说的不错，shadow banking

金融创新，有很多益处。

但一但相关从业人员的利益结构扭曲，各种副作用就会explosively hit the financial system. 我对国内的金融从业人员实在是没法放心，they may minimize potential benefits (e.g., cheaper financing, tapping non-bank saving) and maximize the side effect of ABS.

You are right: if it is consolidated/on the book of issuer, then it is actually covered bond (more common in Europe).

I am not sure about the structure used here. But normally, China should develop corporate bond first: it is easy to monitor for creditors and risk is also easy to find and measure.

直到被叫停为止。

以前是用信托做SPV，现在连这个都省了。