1. Asset securitization process: the assets to be securitized by the sponsor. Special purpose institutions, or special purpose companies, take the initiative to purchase securitizable assets and then transfer assets. Produce together. The cash and gold flows generated by asset reorganization are used to finance securities issuance, and the cash flows generated by the final asset pool are used to repay securities issuance. Asset securitization is based on a specific portfolio of assets or a specific cash. A form of financing that issues tradable securities to support liquidity. Type, usually only refers to the narrow sense of asset securitization. The narrow sense of asset securitization refers to the securitization of credit assets. Asset securitization in a broad sense includes four categories, namely, entity asset securitization, credit asset securitization and securities assets. Securitization, cash asset securitization, etc. Securities securitization here is based on securities or securities portfolio. Assets, and then associated with its cash flow or cash flow. Issue securities according to relevant variables. The transaction of asset securitization is complex, and the parties have played an important role in the process of securitization. At that time, the people involved here included sponsors and special purpose organizations. Or special purpose trustees, funds and asset custodians. Structure, credit rating agencies, credit rating agencies, underwriters, investors in securitization products, etc.

1. Asset securitization refers to the process of issuing asset-backed securities (ABS) with the future cash flow of the underlying assets as repayment support on the basis of structured design. It is a financing form of issuing tradable securities with the support of a specific portfolio or a specific cash flow. Asset securitization is only asset securitization in a narrow sense. Since 1970, the National Mortgage Association issued mortgage-backed securities based on mortgage portfolio for the first time and completed the first asset securitization transaction, asset securitization has gradually become a widely used financial innovation tool and developed rapidly. On this basis, risk securitization products are derived.

Second, a broad definition.

Broadly speaking, asset securitization refers to the asset operation mode in which assets or portfolios take the form of securities assets, including the following four categories:

1. Securitization of physical assets: that is, the transformation of physical assets into securities assets is a process of issuing securities and listing on the basis of physical assets and intangible assets.

2. Securitization of credit assets: reorganize a group of credit assets with poor liquidity, such as bank loans and enterprise accounts receivable, to form an asset pool, so that the cash flow income generated by this group of assets is relatively stable, and it is expected to remain stable in the future, with corresponding credit guarantee. On this basis, the future cash flow income rights generated by this group of assets will be converted into bond securities with high credit rating, which can be issued in the financial market.

3. Securitization of securities assets: that is, the process of re-securitizing securities assets, that is, based on securities or securities portfolio, and then issuing securities according to the generated cash flow or variables related to cash flow.

4. Securitization of cash assets: refers to the process that cash holders convert cash into securities through investment.