重庆金交所因其发售的小贷资产收益权凭证产品被解读为资产证券化而屡受各方关注。在接受《第一财经日报》采访时，金交所董事长罗得志试图为其产品“正名”：该产品并不是把资产做简单的买断，中间也没有采用任何衍生手段，更不是一个面向大众的公募债券。所以，从资产证券化的几个核心边界条件来看，小贷资产收益权凭证都不符合，是信贷资产转让而非信贷资产证券化。

Chongqing gold into the sale because of its small credit assets usufruct certificate products was interpreted as asset securitization and attention by all parties repeatedly.In accepting[The first financial daily]interview,The chairman of the board of directors ROM gold into one trying to its products"name":This product is not the assets do simple buyout,Among them, and there was no use any derivative method,More is not a mass of GongMuZhai voucher.so,Asset securitization from several core boundary conditions to see,Small credit assets usufruct documents do not meet,Is the transfer of credit assets instead of the securitization of credit assets.

　　为什么各方对“资产证券化”如此敏感？在对金融危机的反思中，很多人认为资产证券化涉及的复杂金融衍生工具和信用链条，尤其是杠杆工具的频繁使用，是风险不断扩大化的主要原因。而其衍生金融产品受众的公众化，使得金融危机的程度扩散至整个社会，产生系统性风险。甚至中国的信贷资产证券化项目因此一度停滞了多年，最近才重启。

Why the"Asset securitization"So sensitive?In the financial crisis in the reflection,Many people think that asset securitization involves complicated financial derivatives and credit chain,Especially the lever tool of frequent use,Risk is the main reason for the continuous enlargement.And its derivative financial products of public audience,Make the degree of financial crisis spread to the whole society,Produce systemic risk.Even China's credit asset securitization project so once stagnant for years,Only recently to restart.

　　是不是资产证券化？ Asset securitization is?

　　资产证券化尚未有严格的学术边界和法理定义。一般认为，资产证券化是指将暂时缺乏流动性，但是具有未来现金流的资产组成资产池，并对资产池的现金流进行结构重组，以该现金流为支撑发行流动证券。资产池的组成和证券发售一般由一个特殊目的载体（SPV）完成，并有明显的风险隔离机制。

Asset securitization has not yet have strict academic boundary and legal definition.Generally think,Asset securitization is to point to will be temporary lack of liquidity,But has the future cash flow of the assets of the asset pool,And the asset pool cash flow to restructure,The cash flow as the support flow issue securities.The composition of the asset pool and securities selling generally consists of a special purpose carrier(SPV)complete,And a significant increase in the risk of isolating mechanism.

　　重庆金交所的小贷资产收益权凭证是不是信贷资产转让或者信贷资产证券化呢？

Chongqing gold into the little credit assets usufruct certificate is credit asset securitization of credit assets or transfer it?

　　从操作层面上看，它是一个“异化的创新”产品，并不符合一般定义上的信贷资产转让或者信贷资产证券化。在发行人方面，一般的资产证券化过程中，融资机构先将资产出售给一个SPV，然后由SPV来发行有价证券。而在金交所的小额贷款资产收益权凭证中，其并不设立SPV，小额贷款公司本身是该权证的发行人。在实质资产转移和风险隔离机制上，金交所的产品是收益权凭证，而非所有权凭证，资产的所有权并不发生实质性的转移，而是基于应收债权出让其收益权的转让方式。小贷公司作为证券化产品基础资产的提供方，没有实质转移资产，又是发行人，也就谈不上风险隔离了，甚至类似于发行债券。

From CaoZuoCeng face look,It is a"Alienation of innovation"products,Does not conform to the general definition of credit asset securitization of credit assets or transfer.In the aspects of the issuer,The general process of asset securitization,Financing institutions to sell assets to a SPV,Then the SPV to issue securities.And in the gold into the small loan assets usufruct certificate which,The establishment of SPV is not,Small loan company itself is the authority of the issuer.In essence asset transfer and risk isolation mechanism,Gold into the product is usufruct vouchers,Instead of document of title,That the ownership of the property will not occur substantial transfer,But based on the standard accounts receivable to sell its usufruct transfer mode.Small loan company as a product of the underlying asset securitization of the disclosing party,No substantial transfer assets,Is the issuer,There is also the risk isolation,Even similar to issue bonds.

　　至于最受关注的，就是资产证券化的具体风险特征与小贷资产收益权证是否有类似之处。资产证券化兼有提高流动性创新、风险转移创新和信用创新的功能。但其扩展空间很大，通过产品衍生化、信用链条复杂化、杠杆高企化、受众公众化的形式，可能带来难以监控的风险放大和扩散效应。在小贷资产证券化过程中，各方除了对源头信贷风险的担忧与控制，其可能涉及的产品衍生性、杠杆率和受众公众性是关注的焦点。目前重庆金交所所做的尝试并未出现金融产品衍生，杠杆率也未被放大，产品的发售虽不针对特定对象，但也有一定的选取标准。

As for the most concern,Asset securitization is the specific risk characteristics and small credit assets income authority card have similar.Asset securitization has increasing liquidity innovation/Risk transfer innovation and credit innovation function.But it is a big space to expand,Through the product derivatization/Credit chain complication/Lever high change/The form of public audience,Can bring difficult to monitor risk amplification and diffusion effect.In the small credit asset securitization process,The parties in addition to credit risk source of worry and control,It may involve products derivatives/Leverage ratio and the audience public is the focus of attention.At present chongqing into gold that do not try to appear derivative financial products,Leverage ratio also not be amplified,Product sale is not a specific object,But also have certain selection standards.

　　但从广义的信贷资产证券化上看，这过程中确实有资产支持的流通证券，应属于“信贷资产证券化”，银监会在《关于小贷资产证券化有关风险提示》中也做了同样认定。事实上，从规则边界上看，小贷资产收益权凭证更像是先前银行间市场交易商协会推行的“资产支持票据”，只是交易双方的性质有所不同。今年7月份交易商协会出台的《资产支持票据指引》不强制设定交易结构和强制要求设立SPV，也不强制进行资产的实质转移和风险隔离，以及不将基础资产作为唯一资金偿还来源。在这个意义上，小贷资产收益权凭证可以和资产支持票据一样，被认为是债务融资工具。

But from a general on the securitization of credit assets,The process does have assets in support of the negotiable instrument,Should belong to"The securitization of credit assets",The banking regulatory commission (CBRC)[For the small credit asset securitization relevant risk warning]That also do the same.In fact,From the rules on the boundary,Small credit assets usufruct documents more like previous interbank market dealers association of implementation"Assets support bill",Just trade both parties of different nature.In July this year, traders on the introduction of the association[Assets support bill guidelines]Don't forced set trade structure and forced called for the creation of a SPV,Don't force on the essence of the asset transfer and risk isolation,And will not underlying assets as the only source of money to repay.In this sense,Small credit assets usufruct documents can support and assets as bill,Considered debt financing tool.

　　风险有多大？ How much risk?

　　小贷资产收益权凭证整个交易流程涉及小贷公司、担保公司、结算银行、重庆金交所、承销商、做市商和投资人七大交易方。重庆金交所表示该产品在设计时就建立了六道“防火墙”，分别是：小贷公司的筛选、做市商制度、小贷公司回购机制、担保机构提供担保、投资者保护基金，以及第三方审核。

Small credit assets usufruct documents the whole transaction process involving small loan companies/Guarantee company/Settlement bank/Chongqing gold into the/underwriter/Marketmaker and investors seven big deal party.Chongqing into gold that the product in the design is built for six way"firewall",were:Small loan company's screening/Marketmaker system/Small loan company intends to buy back its mechanism/Guarantee agencies to provide security/Investor protection fund,And the third party audit.

　　从整体行业的源头风险上讲，正如银监会在《关于小贷资产证券化有关风险提示》的通知中提到的那样，小额贷款公司门槛较低、公司治理结构不完善、风险管控能力较弱，导致其信贷风险较高。小贷资产证券化打通了小贷公司吸收公众资金的渠道，增加了隐性负债，提高了杠杆水平，且造成了信贷风险从小贷公司向公众转移，假如盲目推广，可能引发系统性风险。但是其中也不乏优秀的小贷公司，是能控制好业务风险的。银监会从系统和整体市场的角度来考虑小贷行业，发布这样的风险提示可以理解，但并非一概而论地否定所有行业参与者。

The whole industry from the source of the risk on to speak,As the banking regulatory commission (CBRC)[For the small credit asset securitization relevant risk warning]Notice as mentioned,Small loan companies threshold to be low/Corporate governance structure is not perfect/Risk control ability is weak,Lead to its credit risk is higher.Small credit asset securitization through the small credit company absorbing public funds channel,Increase the hidden liabilities,To improve the level of leverage,And caused the credit risk to the public from credit company transfer,If the blind promotion,May cause systemic risk.But some of them also have good small loan companies,Is to be able to control the risk of business.Banking regulatory commission (CBRC) from the system and the overall market point of view to consider small loan industry,Release such risk warning can understand,But not treat as the same negative all industry participants.

　　从制度设计上讲，有人认为其没有实施有效的资产隔离机制是重大的风险点。但资产真实出售和隔离机制只是一项技术手段，其目的在于资产支持证券投资者对基础资产的优先受偿权。因此，若是通过其他手段保障投资者能得到偿付，这种隔离机制不一定要建立。目前重庆金交所的多重风险防控机制，更类似于“资产支持票据”，若其采用账户隔离而非资产隔离的交易结构，将基础资产和企业所有资产同时作为偿付资金来源，并设置担保和投资者保护机制，也是一种可以尝试的模式。

Tell from system design,Some people think that there is no effective asset isolating mechanism is significant risk point.But the real assets sale and isolating mechanism is a technical means,Its purpose lies in asset-backed securities to investors based assets by the right of priority.so,If through other means security investors can get pay,This kind of isolating mechanism doesn't have to be set up.At present in chongqing gold of multiple risk prevention and control mechanism,More similar to"Assets support bill",If the use of account isolation rather than assets isolation trade structure,The basic assets and enterprise all the assets at the same time as reimbursement funds,And set the guarantee and investor protection mechanism,Is also a kind of can try to model.

　　从整体交易参与者上讲，市场也担忧相关三方机构的专业能力。比如专业评级机构的缺失和承销商的尽职调查能力是否足够专业审慎。在基础资产和信用增级的专业评判上，国外的资产证券化主要由评级机构与做市商评判产品投资风险；而重庆金交所则通过引进担保公司、做市商、投资者保护基金给信贷资产证券化产品提供投资安全保障。其缺陷主要体现在专业评级机构的缺失，以及相关三方机构在同类业务上的经验不足。同样的担忧也体现在信息披露和投资者保护机制，以及参与者本身的角色和利益冲突上。

From the whole transaction participants speaking,The market also worry that the three parties related professional ability.Such as the lack of professional rating agencies and the underwriter due diligence investigation ability enough professional prudence.In the underlying asset and credit enhancement on professional judgment,Foreign asset securitization is mainly composed of rating agencies and marketmaker evaluation product investment risk;Chongqing into gold that is through the introduction of guarantee company/marketmaker/Investor protection fund for the securitization of credit assets investment products provide security.Its defect is mainly embodied in the absence of major rating agencies,And related three parties in the similar business experience.The same concern is also reflected in the information disclosure and investor protection mechanism,And the role of the participants itself and the conflict of interest.

　　其实资产证券化除了源头风险，过程风险主要在资产重组和外部衍生上。目前重庆金交所尚未有此方面举动，但应当在将来谨慎创新。衍生金融产品并非一无是处，对于提高市场流动性和均摊机构风险等都有重要意义。但是，其源头风险一旦扩大到一定程度，若是加上杠杆机制的无限提高，则会带来传导性极强、破坏力极大的风险，甚至是参与机构的批量倒闭。目前小贷资产收益权凭证尚无衍生化和高杠杆的案例。但在源头信贷风险未得以充分证明，机构参与和杠杆机制设置没有良好经验的情况下，政策部门和市场要对其保持严格审慎态度。

Actually besides asset securitization risk source,Process risk mainly in assets reorganization and external derived on.At present chongqing into gold that has not yet this move,But should be careful in the future innovation.Derivative financial products are not good for nothing,To enhance market liquidity and capitation agency risk and so on all have important significance.but,The source of risk once expand to a certain degree,If add lever mechanism to improve the infinite,It will bring conductivity is extremely strong/Destructive power great risk,Even in the batch failed institutions.At present small credit assets usufruct certificate no derivatization and high leverage cases.But in the source of credit risk is not able to make full proof,Institutions to participate in and lever mechanism set no good experience,Policy department and market to keep the strict careful attitude.

　谨慎创新 Care innovation

　　重庆金交所的实验，有着“积极”的可能性。风险警示是必要的，但其并不是完全的否定，各方应当在警示和反思中发展市场。仅从小贷公司的资产证券化/资产转让角度说，以下观点可供参考：1.对于重庆金交所的小贷资产收益权凭证来说，要严格筛选机构，推进独立专业的评级机制和投资者保护机制建设，控制信用链条，严禁多次衍生和谨慎使用杠杆，客户不宜公众化。2.小贷公司可以把资产卖给银行和其他金融机构，或者通过银行间债券市场进行信贷资产证券化和定向发售。至于温州提出的探索小额贷款公司发行中小企业私募债，发售对象必须控制在具备风险识别能力和承担能力的合格投资者区间内。（作者为第一财经研究院新金融研究中心研究员）

Chongqing gold into the experiment,has"positive"The possibility of.Risk warning is necessary,But it is not totally negative,The parties shall, in warning and reflection in the development of the market.Only from the company's credit asset securitization/asset transfer perspective,The following point of view for reference:1. To chongqing gold into the little credit assets usufruct vouchers for,To strict screening mechanism,Promote independent professional rating system and investor protection mechanism construction,Control credit chain,It is strictly prohibited to multiple derivative and careful use of leverage,The customer should not be public.2. Small loan companies can sell the assets of Banks and other financial institutions,Or through the inter-bank bond market sale and orientation of the securitization of credit assets.As for the wenzhou proposed to explore small loan companies issuing small and medium-sized enterprise SiMuZhai,Selling object must control in have risk identification ability and bear ability qualified investors interval.(The author is the first financial institute new financial research center researchers)