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金融市场上存在许多融资工具，从形式上看彼此各不相同，但我们认为，存在一个统一的现金流模式，它可以反映所有融资工具上资产与证券的对应关系。我们通过枚举，论证了这一现金流模式的存在，同时分析并总结了多种资产“隔离”和证券现金流设计的方式。我们的结论是，从资产到证券的融资，就是将一组资产产生的未来现金流按照某种模式分解为一组证券上的现金流；资产的隔离可以采用债务契约约定、托管、设立信托、设立特殊目的公司或设立子公司等方式；证券上的现金流可以分解为多支，以满足不同投资者群体的需求。我们的研究旨在从根本上把握融资工具的设计原理。
There are many financing instruments in the financial markets, which differ from each other in form. However, we think there is a unified cash flow model that reflects the correspondence between assets and securities in all financing instruments. Through enumeration, we demonstrate the existence of this cash flow model, and analyze and summarize the ways in which “asset isolation” and securities cash flow are designed. Our conclusion is that the financing of assets from the security is to decompose the future cash flow generated by a group of assets into a set of cash flows on a group of securities according to a certain mode. The isolation of assets can adopt the contractual arrangement of debt, hosting, setting up trusts, The establishment of special purpose companies or the establishment of subsidiaries, etc .; the cash flow on the securities can be broken down into multiple branches to meet the needs of different groups of investors. Our research aims to fundamentally grasp the design principles of financing tools.