Zhuanwang 20 16.2.26

The usufructuary right developed from ownership and became a tradable object independent of the owner. The owner of the asset transfers the right to return on the asset to the assignee, and the assignee obtains the return on the asset accordingly. The original assets of the asset owner have not been transferred, only the operating income generated by the original assets, and the income right is relatively independent and can be transferred.

In many cases, income right and income are indistinguishable or difficult to distinguish, but in fact, there are still differences between them. Simply put, the income right is the right and qualification of the holders of asset-backed securities (investors) to obtain asset income, and the income is the specific income obtained by the income holders because of holding asset-backed securities. For the holders of asset-backed securities, the return on assets is not net income, but includes the principal and the fruits generated by the principal. At the same time, the income may be negative, that is, the income is less than the principal.

Using usufructuary right as the basic asset can not achieve real risk isolation like the transfer of creditor's rights, but can only achieve risk transfer. The original owner transfers the basic assets of the income right to A, and A combines the income right into assets, and then issues asset-backed securities to investors in the name of asset-backed securities to raise funds to pay the consideration for purchasing the basic assets, and the original owner obtains financing by exchanging assets for funds. However, in this process, the original obligee does not lose the subject qualification like the transfer of the creditor's rights of the basic assets, and the original obligee still has the obligation and responsibility to continue to collect the income from the assets. In the transfer of creditor's rights, after the original creditor transfers the creditor's rights, its subject qualification is inherited by the new creditor, the original creditor withdraws smoothly, and the debtor no longer performs to the new creditor. Therefore, the transfer of income right cannot establish a risk barrier between the original owner and the holder (investor) of asset-backed securities. When the holders of asset-backed securities cannot recover the principal and expected income at maturity (that is, all the funds recovered in the asset pool cannot be paid to the holders), they can recourse against the original holders. At this time, the transfer of basic assets is not risk isolation, but a relative transfer of risks.

Take the asset securitization of expressway toll income right as an example, its basic asset is toll income right, and the original owner Gao Lu Company needs to transfer the toll income right to A. Generally speaking, the original assets of the original owner are expressway (subgrade and pavement), stations along the line and toll stations. In most cases, in the process of financing from banks, Gao Lu Company has mortgaged or pledged the fixed assets and toll income rights of stations along the line to banks. In asset securitization, it is necessary to release the original mortgaged assets and the basic assets of charging income rights, or release the above-mentioned mortgage or pledge rights burden through the funds raised by issuing asset-backed securities.

It is difficult to realize the accounting assets of the original owner by securitization of income rights assets. Whether the basic assets of asset securitization are listed or not is not only related to the debt repayment index on the balance sheet, but also related to the performance index on the income statement, so it has become one of the driving forces for the promoters to be willing to carry out asset securitization. Take the expressway toll revenue right as an example, because it is a creditor's right that can only be determined in the future, and the income can only be confirmed at a certain point in the future. Although it represents assets in a sense, it does not constitute assets in the accounting sense and cannot be reflected in the balance sheet as income. Since there is no listing, there will naturally be no listing, so the original owners (promoters) should carry out accounting treatment according to mortgage financing. For the transfer of creditor's rights basic assets, because the creditor's rights transfer is based on the established creditor's rights contract, the income from creditor's rights transfer is included in the assets on the left side of the balance sheet instead of the liabilities on the right side of the balance sheet, so as to increase the income of the original owner (issuer) and reduce the assets and liabilities.