In china , since 1990 the capital market has been developed energetically , the functions of allocation of resoures and capital financing are limited . the most companies are satisfied by the direct finance . banking is the dominant in china ’ s finance market 在我国,虽然从90年代起就大力发展资本市场,但是资本市场融通资金、优化配置资源的作用还十分有限,中国企业融资更多的是通过银行这种间接融资方式得以满足,商业银行占据着整个金融体系的主导地位。
First , the paper discusses asset securitization financing structure can reduce information cost and supervision cost to realize financing at low cost from economic angle , and then analyses restrained conditions of establishing internal asset securitization market and feasibility of power plants asset - securitization financing and then the paper comes up with frame - structured model and operation procedure of internal power plants asset securitization , namely raising money for power plants by establishing securitization center and issuing asset - backed securities , and expounds each technical links . last , the paper carries out a trial explore into the opportunities and problems that may exist during practicing power plants asset - securitization in shan ' xi province , and also makes several suggestions from the aspects of policy , legislation and system , and then makes a conclusion that asset securitization should choose a way developing in practice 论文首先从经济角度论述了资产证券化融资结构可以降低企业融资过程中的信息成本、管制成本，实现低成本融资；然后分析了我国建立资产证券化市场的约束条件以及电力生产企业进行资产证券化融资的可行性；之后提出了我国电力生产企业资产证券化融资的框架结构模型及运作程序：由财政部设立证券化中心发行资产支持证券的方式为电力生产企业融通资金，并对各技术环节进行了阐述；最后对陕西省推行电力生产企业资产证券化融资的机会及问题进行了调研分析，并从政策、法律、体制等方面针对性地提出了对策及建议，指出其证券化应选择在实践中发展的道路。
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。
Article 39 if , in the case of a loan between a taxpayer and an affiliated enterprise , the amount of interest paid or received exceeds or is less than the amount that would be agreeable between non - affiliated parties or exceeds or is less than the normal interest rates of similar loan services , the responsible taxation authority may make adjustments based on normal interest rates 第三十九条纳税人与关联企业之间融通资金所支付或者收取的利息，超过或者低于没有关联关系的企业之间所能同意的数额，或者其利率超过或者低于同类业务正常利率的，主管税务机关可以参照正常利率予以调整。
Article 55 where interest paid or received in respect of accommodating financing between an enterprise and an associated enterprise exceeds or is lower than the amount that would be agreed upon by unassociated and unrelated parties , or where the rate of interest exceeds or is lower than the normal rate of interest in respect of similar business , adjustments may be made thereto by the local tax authorities with reference to normal rates of interest 第五十五条企业与关联企业之间融通资金所支付或者收取的利息，超过或者低于没有关联关系所能同意数额，或者其利率超过或者低于同类业务的正常利率的，当地税务机关可以参照正常利率进行调整。
After 1989 , the increase of demand slowed down and facing the complexion of low degree of industrial concentration of product market and financial strain of medi um and small - sized enterprises caused by the circulating trap of " credit squeeze - - - bad loan " , the advantageous enterprises " " wallow in money " , specifically , those listed companies that could finance from the stock market , began to take predatory pricing strategy in succession and tried to enlarge market share and obtain high return by squeezing medium and small - sized enterprises out of the market after 1998 , the vicious circle of deflation and " credit grudging " of banks in product and credit markets , overcapacity , the difficulty of retreating of loss - incurring enterprises in some industries from the market for institutional reasons and over - competition in some industries , led to the incessant decrease of enterprises " global income , persistent increase of rate of debts and constant rise of ratio of bad assets of banks , which further intensified the vicious circle of deflation and " credit grudging " of banks 如在改革开放初期，在产品市场需求旺盛和信贷市场预算软约束的情况下，各类企业的最优决策就是采用高负债、高扩张的“负债的有限责任效应”策略来抢占市场并获得高回报； 1989年以后，需求增速开始放缓，面临产品市场产业集中度较低和信贷市场“信贷紧缩-不良贷款”循环陷阱导致的中小企业资金紧张的局面， “钱袋鼓鼓”的优势企业(尤其是那些可以通过股票市场融通资金的上市公司)纷纷采用掠夺性定价策略，试图通过把中小企业挤出市场来扩大市场份额并获得高收益； 1998年以后，产品市场和信贷市场形成了通货紧缩和银行“惜贷”恶性循环的状况。产品市场上部分行业生产能力严重过剩，且由于体制等原因导致亏损企业无法退出，因此这些行业中出现了过度竞争的现象，企业总体收益的不断下滑、负债率不断提高以及银行不良资产率的持续上升，又进一步加强了通货紧缩和银行“惜贷”的恶性循环。
Making money business is the business that the security company obtaining profits as an executive by self - run business and provide a service ; margin business is that security company looking for the congenial funds on the capital and the currency market as a funds needer in order to maintain liquidity and ample of it ’ s selves funds , 营利业务是证券公司作为经营者通过自营买卖和提供服务获取利润的业务;融资业务是证券公司作为资金需求者为维持自身资金流动性和充足性,在资本和货币市场上融通资金的业务。
The article consists of five parts except of foreword and end word . in the first part , i analyze the function and specialty of maximum amount mortgage , pointing out that maximum amount mortgage has the value of making economy and law carrying into effect and circulate necessary funds and draw commodity circulation function , which is not passed for other mortgage . the generate of maximum is not as same as traditional civil law mortgage ' s general rule - subordinating or accessory features , what are guarantee by which are not defined creditor ' s right in future 本文除前言和结语外，共包括如下五个部分：第一部分分析最高额抵押的功能和特征，指出最高额抵押具有实现经济和法律的效率价值及融通资金和引发商品流通的功能，这是一般抵押权所不具备的；最高额抵押的产生打破了传统民法抵押权的一般原则? ?附随性或从属性特征，其所担保的一般为未来发生的不确定债权，但设立时要预定最高额，不约定最高担保额不成其为最高额抵押权。
Focusing on bot financing model and abs financing model which have arisen in the international society in recent decades , this paper gives a detailed contrast analysis with certain cases in china , and points out that these two models each have its strong point in financing in the infrastructure domain . to achieve the best effect in financing , we should choose the most suitable one depending on the specific situations on each stage instead of overemphasizing one model 根据国际上近几十年来兴起的项目融资模式? ? bot融资方式和abs融资方式,结合我国的实际情况,通过具体实例进行了详细的比较分析,指出两种方式在基础设施领域的融资中各有所长,应灵活运用,不应片面强调哪一种方式,而应区分阶段具体的情况,选择运用其中一种方式,以达到最佳的融通资金的效果。
The creation of large and complex international financial institutions has also presented considerable challenges to the management of such institutions , so that the importance of observing the fiduciary duty of financial intermediaries may not have received the attention it deserves at the working level 此外，大型而结构复杂的国际金融机构的出现，也对这些机构本身的管理工作带来不少挑战，以致一般运作层面的人员未必会时刻紧记履行金融中介机构融通资金的基本责任的重要。
