本文主要针对 A 集团的多收益资产证券化进行融资的案例分析，本次分析的资产证 券化案例在产品结构上采用了双 SPV 的结构设计，在底层基础资产繁多复杂的情形下 采用区块链技术保障基础资产的真实性，以降低资产证券化过程中的风险。本文通过从 产品设计、入池基础资产、交易结构、现金流结构、信用增级、区块链技术应用、项目 风险等进行深入分析该案例，希望能为后续的资产证券化的产品设计在改进方面贡献绵 薄之力，为区块链在资产证券化下的应用场景、资产证券化的风险管理及企业开展资产 证券化等提供借鉴意义。 本文在介绍资产证券化及区块链技术的相关理论知识的基础上，运用案例分析法对 A 集团的多收益资产证券化进行剖析。首先介绍了选题背景，以及资产证券化和区块链 技术当前的发展情况，并分别从案例的背景、概况、产品设计、入池资产、交易结构、 区块链技术的运用以及成果对案例进行了介绍。接着，本文对资产证券化的发行动机、 现金流结构设计、信用增级方式、区块链应用、风险及运行现状进行较为详细的分析。 最后得出分析结论，资产证券化是企业重要的融资途径，而底层资产质量及现金流结构 设计是资产证券化的关键，风险管理贯穿整个资产证券化过程，在资产证券化的现金流 监管痛点上，采用区块链技术，为资产证券化带来革命性的变化；在对案例分析的基础 上，进一步对区块链技术在资产证券化的应用及企业开展资产证券化方面给出一些建 议，如，重视区块链技术在重构资产证券化管理流程及解决现金流监管风险难题的作用， 以及采用双 SPV 结构设计的优势和企业开展资产证券化时应注意的问题等。 综上所述，本文通过对基于区块链技术的 A 集团的多收益资产证券化的案例研究， 展示了区块链在资产证券化业务场景中的实践应用过程，提出区块链资产证券化应用中 的策略和具体实施措施，为未来区块链技术在资产证券化项目中的更多应用场景奠定了 基础，也对区块链及资产证券化的发展提供了一定价值的参考意义。 关键词，区块链技术；资产证券化；风险控制II Abstract This paper mainly focuses on the case analysis of A Group's multiple assets securitization financing. The asset securitization case analyzed in this paper adopts the structure design of double SPV in product structure, and uses block chain technology to guarantee the authenticity of basic assets in the case of complex underlying assets, so as to reduce the risk in the process of asset securitization. This paper makes a deep analysis of the case from product design, pool-entry basic assets, transaction structure, cash flow structure, credit enhancement, application of block chain technology, project risk and so on, hoping to contribute a little to the improvement of product design of asset securitization in the future, and to the application scenario of block chain under asset securitization, risk management of asset securitization and the enterprises. The development of asset securitization in the industry can be used for reference. On the basis of introducing the related theories of asset securitization and block chain technology, this paper uses case analysis method to analyze the multiple assets securitization of Group A. Firstly, this paper introduces the background of the topic selection and the current development of asset securitization and block chain technology, and introduces the case from the background, general situation, product design, pool assets, trading structure, the application of block chain technology and results. Then, this paper makes a detailed analysis of the issuing motivation, cash flow structure design, credit enhancement mode, block chain application, risk and operation status of asset securitization. Finally, the conclusion is drawn that asset securitization is an important financing way for enterprises, and the design of underlying asset quality and cash flow structure is the key to asset securitization. Risk management runs through the whole process of asset securitization. At the pain point of cash flow supervision of asset securitization, block chain technology is adopted to bring revolutionary changes to asset securitization. Some suggestions are given on the application of block chain technology in asset securitization and the development of asset securitization in enterprises, such as paying attention to the role of block chain technology in reconstructing asset securitization management process and solving cash flow supervision risk problems, as well as the advantages of dual SPV structure design and the problems that enterprises should pay attention to when carrying out asset securitization. In summary,through the case study of group A's multiple assets securitization based on block chain technology, this paper shows the practical application process of block chain in the business scenario of asset securitization, puts forward the strategies and concreteIII implementation measures of block chain asset securitization application, lays a foundation for more application scenarios of block chain technology in asset securitization projects, and this provides some valuable reference significance in the future.. Keywords: block chain technology, asset-backed securities, risk managementIV 目 录 摘要 ........................................................................................................................................I Abstract ..................................................................................................................................... II 目 录 .....................................................................................................................................IV 图表清单 .................................................................................................................................VI 第一章 绪论 .............................................................................................................................1 1.1 研究背景 ........................................................................................................................ 1 1.1.1 资产证券化.............................................................................................................. 1 1.1.2 区块链技术.............................................................................................................. 4 1.2 研究目的 ........................................................................................................................ 5 1.3 研究方法与思路 ............................................................................................................ 5 1.4 创新与不足 .................................................................................................................... 7 第二章 文献综述及理论基础 .................................................................................................9 2.1 资产证券化国外相关理论研究 .................................................................................... 9 2.2 资产证券化国内相关理论研究 .................................................................................. 10 2.3 资产证券化的核心要素 .............................................................................................. 11 2.4 区块链相关研究综述 .................................................................................................. 13 第三章 案例介绍 ...................................................................................................................15 3.1 发行背景 ...................................................................................................................... 15 3.2 产品概况 ...................................................................................................................... 19 3.3 入池资产 ...................................................................................................................... 19 3.4 交易结构 ...................................................................................................................... 20 3.5 区块链技术运用 .......................................................................................................... 22 3.6 发行成果 ...................................................................................................................... 27 3.7 本章小结 ...................................................................................................................... 28 第四章 案例分析 ...................................................................................................................29 4.1 发行动机分析 .............................................................................................................. 29 4.2 现金流结构设计分析 .................................................................................................. 30 4.2.1 现金流结构总体情况分析.................................................................................... 31V 4.2.2 现金流正常情况下分析........................................................................................ 34 4.2.3 现金流减少情况下分析........................................................................................ 36 4.2.4 利率上升情况下分析............................................................................................ 37 4.2.5 现金流减少且利率上升情况下分析.................................................................... 37 4.3 信用增级方式分析 ...................................................................................................... 38 4.3.1 信托底层资产担保分析........................................................................................ 38 4.3.2 专项计划的信用增级分析.................................................................................... 39 4.4 区块链应用分析 .......................................................................................................... 40 4.5 项目风险分析 .............................................................................................................. 42 4.5.1 项目内部风险分析................................................................................................ 42 4.5.2 项目外部风险分析................................................................................................ 44 4.5.3 区块链的风险分析................................................................................................ 45 4.6 本章小结 ...................................................................................................................... 45 第五章 案例启示 ...................................................................................................................46 5.1 利用区块链重构资产证券化管理流程 ...................................................................... 46 5.2 采用双 SPV 的结构设计实现破产隔离 ..................................................................... 47 5.3 中小企业开展资产证券化的建议 .............................................................................. 48 5.4 本章小结 ...................................................................................................................... 49 结 论 .....................................................................................................................................51