摘要
摘 要
自 2018年以来，在“压规模、去通道”的监管环境下，信托公司的管理规模
也从 2019年的 21.6万亿元下降至 2020年的 20.49万亿元。2020年开始把在公
开市场发行交易的债权认定为标准化债权资产后，为信托公司向净值化、标准化
谋求转型升级提供了新的方向。
YN信托公司自 2015年涉足资产证券化业务以来，累计成立规模超越 350
亿元。然而，公司的资产证券化业务还存在不少的难处。2020年公司 ABN业务
成立规模增长近一倍，但占公司总规模不到 7%，占信托业 ABN业务规模不到
3%，业务规模仍旧偏小；2020年落地 28单业务中有 27单的交易对手方为保理
公司，核心企业也多数为地产企业，公司存在业务渠道和业务模式单一的问题；
在所有业务当中，作用仅仅是特殊目的载体角色，在产品链条上的角色作用有限。
在此背景下，如何让 YN信托公司的资产证券化业务得以更好的拓展，成为公司
必须要面对的重要课题。
文章通过文献分析法，梳理了我国资产证券化的发展历程和趋势，希望可以
为 YN信托公司在业务发展方向上寻找突破。文章运用了比较分析法，通过对比
分析 YN信托公司和同业公司的资产证券化业务情况，了解到 YN信托公司在股
东背景、资本实力等方面尚存在差距；通过细致分析 YN信托公司资产证券化业
务的结构、基础资产的情况，发现公司存在投行能力较弱、基础资产不够多样等
问题；并引入具体项目进行交易结构分析，通过对交易细节的剖析，对比项目交
易主体的服务内容，了解到 YN信托公司在项目中仅发挥了破产隔离作用，对底
层资产的管理较少，存在缺乏主动管理能力的问题。
通过分析造成 YN信托公司业务拓展受限的内部和外部原因，尝试提出 YN
信托公司可以多角色参与资产证券化产品链条、重视发展债券销售业务和拓宽基
础资产范围等拓展内容。
为确保拓展内容及对策得以落实，文章依据 YN信托公司的实际状况，提出
了应继续保持金融科技领域的投入，特别是区块链技术未来在资产证券化领域的
运用、重视人才队伍的建设，特别是内部人员的培训、构建更适合业务拓展的组
I

摘要
织架构以及加大激励机制的创新等建议。
关键词：信托公司；YN信托；资产证券化；业务拓展
II

ABSTRACT
ABSTRACT
Since 2018, in the regulatory environment of "deleveraging and de-nesting", trust
companies have continued to reduce the scale of trust survival channel business as
required by the regulatory authorities, and gradually reduce the financing trust
business with prominent risks in shadow banking. The asset management scale of
China's trust industry dropped to￥20.49 trillion in 2020 from￥21.6 trillion in
2019. The Rules on the Identification of Standardized Creditor's Rights Assets issued
in 2020 identified creditor's rights traded in exchanges and inter-bank markets as
standardized creditor's rights assets, providing a new direction for trust companies to
seek transformation and upgrading to net value and standardization.
YN Trust Company has been involved in asset securitization business since 2015,
with a scale of more than￥35 billion. However, the company's asset securitization
business is still facing many challenges. In 2020, the establishment scale of ABN
business of the company will nearly double, but accounting for less than 7% of the
total scale of the company and less than 3% of ABN business of the trust industry, so
the business scale is still small. In 2020, 27 of the 28 transactions were conducted by
factoring companies, and most of the core enterprises were real estate enterprises. The
company had the problem of single business channels and business model. All the
businesses of the company serve as special purpose carriers, and their role in the
product chain is limited. In this context, how to better expand the asset securitization
business of YN Trust Company has become an important issue that the company must
face.
Through literature analysis, this paper sorted out and understood the
development trend of the current asset market, and hoped to find a breakthrough in the
business development direction of YN Trust Company. The paper through the
comparative analysis of YN Trust Company and other companies in the same trade, to
understand that YN Trust Company in the background of shareholders, capital
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