本文是从金融资产管理公司的角度出发，研究国内当前特定市场环境中不良资产证券化的现状和特点，比较分析不良资产证券化与一般信贷资产证券化的异同，探讨在中国市场以资产证券化方式处置不良资产的可行性，并进一步分析设计适合国内市场特点的不良资产证券化基本交易结构。本文分三个部分：第一部分，介绍信贷资产证券化和不良资产证券化的概念及其在国内外的发展情况，分析了不良资产证券化与一般信贷资产证券化在发行目的、基础资产价值、现金流特征以及投资群体和发行方式等方面存在的差异。第二部分，从政策及法律环境、市场供求、经济效益等三个方面论证了金融资产管理公司在当前国内市场以资产证券化方式处置不良资产是可行的。第三部分，通过对定价、信用增级、现金流平衡以及服务商选择等关键环节的分析，提出适合国内市场现状的不良资产证券化的基本交易结构设计思路。分析认为，资产支持证券分层结构将是目前我国不良资产证券化的主要交易结构。

This article first focuses on the research on the current status and characteristics of the non-performing asset-backed securities (NPAS) under the circumstance of the specific market in China, on the stand point of view of AMC, and then compares and analyzes the similarities and discrepancies between the NPAS and the normal credit asset-backed securities (ABS). Further research is concentrated on the feasibility of dealing with non-performing assets by issuing non-performing asset-backed securities in domestic market. An appropriate trasaction structure of NPAS is identified via extensive analysis. This article consists of three parts: Part I Introduce the concepts of non-performing asset-backed securities and normal credit asset-backed securities, and their development status in and outside China, and then analyze their discrepancies in the goals, basic asset value, characteristics of cash flow, investors, etc.Part II From the aspects of the policy and legislative environment, market supply and demand, and economic benefits, it is demonstrated that it is feasible under current market environment that an AMC deals with non-performing asset by issuing securities. Part III Based on the analysis on the factors of NPAS pricing, credit enhancement and cashflow restructuring，an appropriate trasaction structure of NPAS, which is suitable for the domestic market, is identified. It is considered that the senior-subordinate structure will become the major trasaction structure for NPAS in China.