資產證券化：破解重整企業融資難的新路徑

Asset-Backed Securities: A New Method of Financing for Bankruptcy Enterprises

重整融資是破產重整的關鍵環節，關係到重整企業能否擺脫財務困境，維持經營活動，實現涅槃重生。重整企業因為自身信用喪失，償債能力下降，透過傳統融資方式獲得資金困難重重。而資產證券化是以資產為導向的結構性融資方式，既能突出傳統融資的限制，又與重整企業具有契合性，可以成為破解重整企業融資難的一條新路徑。重整企業的資產證券化相對於一般的資產證券化具有特殊性，需要解決好信用增級、資產池選擇、破產隔離等重點問題，才能成為重整企業融資的一種有效方式。

Financing is the key component in the process of bankruptcy reorganization, because it matters whether these enterprises can get rid of the financial distress, maintain operating business, and get revitalized. restructured enterprises face difficulties in obtaining funds trhough traditional financing methods due to the loss of their own credit standing and the decrease of their solvency. Asset-Backed Securitization (ABS), on the other hand, is an asset-oriented and structural way of financing. It not only breaks through limitations of traditional financing, but also fits in with restructured enterprises, making it a new approach to solving financing difficulties of restructured enterprises. The asset securitization of restructured enterprises is special in comparison with general ABS, and the key issues such as credit enhancement, asset pool selection and bankruptcy isolation shall be solved well before the ABS can become an effective method of financing for the restructured enterprises.