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中国在今后若干年中,因其经济增长所需资金之相当一部分将来自于海外。外国投资将涉及诸多融资方式,包括银团贷款、项目融资、合资企业及证券融资。 在中国已有利用收费公路的收益来支持证券发行的种种努力和尝试,至于其中有多少是真正意义上的证券化,是否对应收帐款作出起初的销售,尚不得而知。但这并不十分重要。在某种情况下,并不是所有的项目都可以使资产证券化的投资人改变应收帐款所产生的现金流的方向。并且,特殊目的公司所面临的人民币和美元的汇率风险也是不言而喻的。美国布朗·伍德法律事务所合伙人甘宝灵撰文分析结构融资项目无论是否真正意义上的证券化,还是可以在中国做成的。
In the coming years, China will derive a considerable portion of the funds needed for its economic growth from overseas. Foreign investment will involve a number of financing options, including syndicated loans, project financing, joint ventures and securities financing. In China, efforts and attempts have been made to use the revenue of toll roads to support securities issuance. It is still not clear how many of these efforts are genuinely securitized and whether initial sales of accounts receivable are made. But this is not very important. In some cases, not all projects may enable an asset securitized investor to change the direction of cash flows generated by accounts receivable. Moreover, the exchange rate risks between RMB and USD faced by SPVs are also self-evident. Brian Brown, a partner at Brown & Wood LLP, analyzes whether structural finance projects can be made in China, whether or not they are truly securitized.