资产证券化在法律上成功运行的一个核心环节就在于风险隔离,而达成风险隔离的一个重要途径就是资产的“真实销售”。“真实销售”并非一个简单明确的概念,在美国法院的实践中按照“实质胜于形式”的理念,要考虑的因素通常有当事人的意图、定价机制、追索权、回赎权、剩余利润取回权、管理和控制账户收入等等。本文就从以上几个方面对资产证券化中资产的真实销售加以简要的讨论。 Assets securitization in the legal operation of a successful core part of the risk isolation, and an important way to achieve risk isolation is the asset “real sales ”. “Real sales ” is not a simple and definite concept. According to the idea of ​​“essence is better than form” in the practice of American courts, the factors to be considered are usually the intention of the parties, pricing mechanism, recourse and redemption Right, the right to take over the remaining profits, manage and control account income and so on. This article from the above aspects of asset securitization of the real sale of assets to be briefly discussed.