Part two gives a systematic description , from bank abs point of view , of the features , operating mechanism and types of abs , the necessary conditions for its implementation , as well as the operating methods of credit enhancement and credit rating that are required for implementing the abs 第二部分从银行资产证券化的角度，系统描述了银行资产证券化的特征、运作机理、品种、实施的必要条件，以及实施其需要进行信用增级、评级等主要环节的运作方法。
The first part mainly analyzes the concept of securitization and introduces the securitization process including the basic structure , participants and operation steps . next the key techniques of securitizalion which is bankruptcy isolation and credit enhancement are described 第一部分笔者从资产证券化的概念分析入手，简要介绍了资产证券化的基本运作流程，包括基本交易结构、参与主体和运作程序，着重阐述了资产证券化的关键技术? ?破产隔离和信用增级。
Asset securitization is a course that medi - organization create and deal with funds . in another words , it is the course that financial machineries gather their financial assets selling to the special vehicle whose only purpose is securitization . and the special - purpose vehicle sell these assets to investors in assrts market and currency market through warranty and credit enhancement 资产证券化是指由各种金融中介机构创造和安排融通资金的过程，即金融机构将其资产汇集成组，出售给以证券化为唯一目的的特殊目的实体，经过担保与信用加强，以证券形式在资本和货币市场上出售给投资者的过程。
In this dissertation , the development , the theoretical system , the steps of operation and the financing characteristics of as were detailed overall firstly , and then its theoretical system was concluded as a central principle - the analysis of flowing fund and three basic principles - asset reform , bankruptcy remote and credit enhancement . and it was pointed out that as is a new off - balanced financing instrument with low cost and a more advanced financing technique than direct financing 并把资产证券化的理论体系概括为：一个核心原理? ?现金流分析原理，三个基本原理? ?资产重组原理、风险隔离原理和信用增级原理，指出它是一种低成本、非负债性的表外融资工具，是一种比直接融资更加先进的融资技术。
Comparing with any other tranditional financing way , abs pattern is an innovative way of project financing being used in west , which has many virtues , such as bankruptcy remote , true sale . there are many difference between abs and bot . the writer discusses the operation rule of abs , introduces the process of abs , and especially points out the three important links in the process of abs - setting up special purpose vehicle , credit enhancement , credit rating 伴随着我国加入wto ，我国金融创新将进入一个发展高潮期，资产证券化( abs模式)是西部基础设施建设中融资的创新模式。本文指出abs模式与一般融资模式相比，具有破产隔离、真实出售等优势；与bot模式相比在操作的繁简程度及融资成本、投资风险等方面有很大的不同。因此在西部基础设施建设中引入abs融资模式具有重大的现实意义。
A second cluster of initiatives , under the asean 3 forum , involves a variety of studies known as the asian bond market initiative abmi on issues such as new securitised debt instruments , issuance of debt by international financial institutions , regional credit guarantees and enhancement facilities , and the establishment of local and regional credit rating and credit enhancement agencies 论坛下进行一系列的亚洲债券市场项目研究，课题包括新的证券化债务工具国际金融机构发行债券区内信贷保证及提升安排，以及设立本地及区内的信贷评级与信贷提升机构。
After analyzing the feasibility of introducing mbs into shenzhen , this article suggests the feasible model of applying mbs in shenzhen , which includes the model of personal housing credit guaranty , the model of creating spy , and credit enhancement way , etc . this chapter has detailed elaboration about mbs project and feasibility 第四章是全文的核心，从分析深圳住房抵押贷款证券化试点的可行性入手，提出深圳住房抵押证券化模式，其中包括个人住房抵押贷款担保模式、特殊目的公司( spv )的构建模式、信用增级方式等。
The sound credit records of the two borrowing enterprises involved with the trust project are maintained , and icbc beijing municipal branch shall exercise the strict supervision over the receipt and transfer of the amounts in the “ special account of the trust funds ” in accordance with the trust loan agreements and they shall be mutually guaranteed by agricultural bank of china and icbc beijing municipal branch under the condition of the irrevocable principal and interest suretyship of joint and several liabilities , which ensures that the credit enhancement of the trust project reaches the level of the financial bonds and reduces the risk level considerably 本产品所涉信托项目的两家借款企业信用记录良好，中国工商银行北京市分行按照信托贷款协议约定对“信托资金专户”内的款项进行收划并进行监督，并由中国农业银行总行与中国工商银行北京市分行分别提供不可撤销本息连带责任保证，使信托项目信用增级达到金融债水平，风险程度较低。
