什么是结构性融资？

中文版：

结构性融资是一种特殊的融资方式，它通过对资产和现金流的重新组合和安排，以满足特定的融资需求。与传统的融资方式相比，结构性融资更注重资产本身的价值和未来的现金流，而非企业的整体信用。

结构性融资的核心在于创造一个或多个具有特定风险和回报特性的资产池。这些资产池可以通过多种方式进行组合，包括不同类型的贷款、应收账款、租赁合约、债券等。通过将这些资产进行打包和重新组合，结构性融资可以实现风险和收益的重新分配，从而满足投资者和借款人的不同需求。

在结构性融资中，通常会有一个或多个特殊目的机构（SPV）作为中介，负责管理和运营资产池。SPV的主要目的是实现破产隔离，即资产池的风险和回报与发起人（原始权益人）的信用风险相隔离。这样可以保护投资者的利益，避免发起人破产对资产池的影响。

结构性融资广泛应用于各种金融领域，如资产证券化、抵押贷款、租赁融资等。它不仅为投资者提供了更多元化的投资选择，同时也为借款人提供了更加灵活和个性化的融资解决方案。

英文版：

What Is Structured Finance?

Structured finance is a specialized financing method that involves rearranging and restructuring assets and cash flows to meet specific financing needs. Unlike traditional financing methods, structured finance focuses more on the value of the assets themselves and their future cash flows, rather than the overall creditworthiness of the company.

The core of structured finance lies in the creation of one or more asset pools with specific risk and return characteristics. These asset pools can be combined in various ways, including different types of loans, receivables, lease contracts, bonds, and more. By bundling and restructuring these assets, structured finance achieves a redistribution of risks and returns, thus satisfying the different needs of investors and borrowers.

In structured finance, there are usually one or more special-purpose vehicles (SPVs) serving as intermediaries responsible for managing and operating the asset pools. The primary purpose of the SPV is to achieve bankruptcy remoteness, which isolates the risks and returns of the asset pool from the credit risk of the originator (the original equity holder). This arrangement protects investors' interests and shields the asset pool from the potential impact of the originator's bankruptcy.

Structured finance is widely applied in various financial sectors, such as asset securitization, mortgages, lease financing, and more. It not only provides investors with more diversified investment options but also offers borrowers more flexible and customized financing solutions.