1. 高盛报告　FAQ: China’s Bond Market （谷歌 “FAQ: China’s Bond Market”）

2. 谷歌 “Chinese asset-backed securities rise from the ashes” 参考图 “Annual Issuance of asset-backed securities in China"
Soaring complexity Chinese asset-backed securities rise from the ashes Monday, November 23, 2015
Beastly complexity
Balding attributed ABS’s relatively minuscule market size in part to two main factors: A preference among Chinese investors for less complex financial products and a lack of understanding of what exactly ABS are.　In the case of the latter they are not alone, as the complexity of securitization is among the many attributes that help make the sector seem impenetrable to outsiders—while also making it incredibly versatile.
An asset-backed security essentially takes contractual future cash flows or expected operating cash flows and converts them into immediately fungible funds by borrowing against those flows and the assets that generate them. For example, as has been done with certain expressways in China, the company that owns a toll road can use that road as collateral in order to get financing from investors now based on the income it has yet to make from tolls paid by drivers who will use said road.
To actually come up with the money, the company can set up a financing vehicle that offers interest-bearing securities to investors based on those expected cash flows from future toll payments. Once investor financing is secured, the vehicle will actually buy the toll road from the company—so the company gets money now, and the financial instrument begins directing money from toll payments directly to the investors holding the securities until the promised payouts are paid off in full.
If the cash flows from the toll road dry up, the investors can take the road and sell it off as compensation. And because the company doesn't actually own the road anymore, it can't stop the issuer from transferring ownership to those investors.
A financial institution typically helps set up the issuer – known as a special purpose vehicle (SPV) – that issues securities to investors, often in different batches that are classified based on their level of risk, which is tied to priority of repayment. The risk level of each batch is certified by one or more ratings agencies.
The credit rating for such securities can be higher than that of the company from which they originated because the risk being evaluated is that of the cash flows themselves. "So your company might not be triple-A, but you can still issue bonds that are triple-A," Eversheds' Ong said. "That is a phenomenal advantage."

Thus, securitization can enable a company to raise funds more easily than might be otherwise possible through a loan based on its balance sheet. It also creates a new class of investment with risk portioned out to suit the tastes of investors, which can range from more cautious pension funds to less risk-averse private hedge funds.

3. 电影：The Big Short， 贝尔 （Christian Bale）皮特（Brad Pitt）主演，基于同名小说，圣诞上映，IMDB：8.2/10， Rotten Tomato：91%