为增强金融支持实体经济力度，提升企业存量资产利用效率，缓解地方融资平台到期资金偿还压力，银行间市场8月初创新推出了针对非金融企业的资产支持票据（ABN）。这是监管层继近期酝酿放低城投债发行门槛之后，又一次针对未来可能出现的地方融资平台偿付压力，做出的创新举措。

In order to enhance financial support entity economic strength，Promote the enterprise capital utilization efficiency，Ease local financing platform due capital repayment pressure，Interbank market early August innovation introduced in non-financial enterprise assets support the bill（ABN）。This is the supervision layer following the recent brewing low city for debt issued after the threshold，Once again for the possibility of future local financing platform reimbursement pressure，An innovative measures。

　　分析人士表示，资产支持票据的推出、城投债发行门槛的放宽，从实际效果上说，能够通过分散金融风险、拉长偿付时间、筑牢偿债基础等方式，化解现有及未来可能出现的平台贷金融风险，不失为一种更为积极的风险化解方式。但另一方面，从偿债链条拉长、金融产品的衍生化等角度来看，其潜在的“次贷式”风险，也不容忽视。

Analysts said，Asset-backed paper introduced、City for debt issuance of threshold to relax，From actual effect said，Can through the dispersion financial risks、Spin payback time、Build up debt service base, etc，Dissolve the existing and future possible platform credit financial risks，Can yet be regarded as a kind of more positive risk way to resolve。But on the other hand，From sinking chain spin、Financial products such as derivatization perspective，The potential“Subprime type”risk，Also nots allow to ignore。

　　受股市、楼市持续表现低迷影响，去年以来，中国财富管理产品呈现出爆发式增长。根据国际评级机构惠誉的最新统计，截至今年6月末，中国银行(601988,股吧)业财富管理产品的存量规模已高达10.4万亿元。从相关产品的投资标的来看，高收益的城投债、企业债、公司债，以及大量的房地产、矿产资源等项目，成为了这些巨量理财产品的主要投资标的。

By the stock market、Continue to show the property market downturn influence，Since last year，China's wealth management products show explosive growth。According to the international rating agencies fitch latest statistics，By the end of June this year，The bank of China(601988,guba)Industry wealth management product stock scale has been as high as 10.4 trillion yuan。From the related products investment target to see，The city of high returns for debt、QiYeZhai、Corporate debt，And a large number of real estate、Mineral resources project，Become the huge amount of financial products main investment target。

　　值得注意的是，这些金融产品投资的标的资产，往往普遍存在着透明度不足、标的资产收益性过分夸大而风险性重视不足的状况。从金融产品的设计来看，信贷资产、地方融资平台资产、房地产开发项目资产的衍生化，在很大程度上也使得资产的风险链条被大大拉长。

It is important to note that，These financial products investment of underlying assets，Often there is a widespread lack of transparency、Underlying asset profitability and risk overstating the less attention condition。From the point of the design of financial products，Credit assets、Local financing platform assets、Real estate development project assets derivatization，To a great extent, also make assets risk chain was greatly elongated。

　　事实上，2008年美国次贷危机最终爆发的背景，在很大程度上也是由于相关次贷产品在设计之初，标的资产就存在资产高度不透明、风险程度未能有效衡量等问题。美国次级房贷泡沫中，大多数金融衍生品依赖的高风险房屋贷款抵押贷款，最终风险全部暴露，直接导致了这一系列金融链条出现“多米诺”式的倒塌。

In fact，In 2008 the United States subprime crisis finally burst background，To a great extent, is due to related subprime product early in the design，Underlying asset is assets height not transparent、Degree of risk has failed to effectively measure problem, etc。American subprime mortgages in the foam，Most of the financial derivatives rely on high-risk home loans mortgage loans，Eventually all risk exposure，Led directly to this a series of financial chain appear“domino”Type the collapse of the。

　　审视当前大量的银行理财产品、信托理财产品，以及地方融资平台贷款的证券化，“次贷式”的特征也已出现一定程度的“苗头”。除了相应资产衍生链条拉长和金融产品的衍生化，一些短期融资被用于为长期项目买单、标的资产不够透明，非常值得警惕。购买这些理财产品、债券、票据的机构与个人投资者，以及相关产品设计者、产品发行主体，对于可能出现的金融风险，往往重视不足。例如，部分基金在产品设计中投资资产支持证券（ABS），基金持有人往往对此并不了解充分。

Look at present a large number of bank financing products、Trust financial products，And local financing platform loan securitization，“Subprime type”Features are already appeared a certain degree of“symptom”。In addition to the corresponding assets derived chain spin and financial product derivatization，Some short-term financing is used to pay for long-term projects、Underlying asset is not transparent，Very alarmed。Buy these financial products、bonds、Bill's institutional and individual investors，And related product designers、Product main issue，For possible financial risks，Often less attention。For example，Part of the fund in product design of asset-backed securities investment（ABS），The fund holder are often not understand this fully。

　　因此，从监管角度来看，相关资产证券化创新产品仍需在资产透明和风险控制上筑好篱笆。伴随着相关金融产品体量的飞速壮大，对应的风险评估、隔离与监控，须得到更多监管。

therefore，From the view of the supervision，The relevant asset securitization product innovation still need in assets transparent and risk control built on a good fence。With the related financial product mass rapid growth，The corresponding risk assessment、Isolation and monitoring，Must get more supervision。