资产证券化是一种较为成功的金融创新工具，提高下层资产的流动性和灵活性、降低风险，也让投资者多了一种新的投资方式的选择。资产证券化过程中所不可缺少的一个重要环节就是信用增级，信用增级的方式分为两类：内部增信和外部增信。通过信用增级，投资者可以节约其“甄别成本”，同时也拓宽了理财人的投资渠道；发行人可以对其资产的风险结构进行重组，同时也能减少其融资开销、降低发行风险。
Asset
securitization is a relatively successful financial innovation tool, which improves
the liquidity and flexibility of grassroots assets, reduces risks, and provides
investors with new ways of investment. An indispensable part of asset
securitization is credit enhancement, which can be divided into two types:
internal credit enhancement and external credit enhancement. Through credit
enhancement, investors can save their “screening cost”, but also broaden
investment channels; issuers can restructure the risk structure of assets and
reduce their financing costs and risks.
