资产证券化是近四十年来最重要的国际金融创新之一，是发起人通过特殊目的机构即SPV,将缺乏流动性的资产转变为可以在公开市场发行流动的证券的过程。其中，发起人将其拥有的资产转移给SPV是整个过程最为关键的环节之一，该环节的设计应该达到隔绝发起人破产风险的效果。目前，资产转移的模式主要有债权让与、合同更新、从属参与三种，其优劣各不相同，而被最广泛采用的是债权让与模式。资产转移面临的另一个风险则是“重新定性”，该种风险主要针对债权让与的资产转移模式。如果有关机构否定资产转移“真实买卖”的性质，而将其定性为融资担保，则资产证券化整个过程都将不被法律承认。我国金融机构资产证券化资产转移采用的是信托模式，也有少量重新定性的标准，但还有必要进一步完善。

Asset securitization，as the most important international financial innovation in nearly forty years，is the process that the originator sponsor issues securities which Can flow in the open market that are based on assets lacking of liquidity through a special purpose vehicle as called SPV. The transferring of assets from originator sponsor to SPV is one of the most important links. The link should be designed to isolate the effect of the risk of bankruptcy of the sponsor. At present, the main mode of transferring assets are creditor's right subrogation, contract updates and sub-participation that are with different advantages and disadvantages. While creditor's right subrogation is the one used most widely. The other risk facing the transferring of assets is "re-characterization" which is primarily aimed at the mode of creditor's right subrogation. If the Transferring of assets is not identified as "a true sale", but a financial guarantee, the whole process of asset securitization will not be recognized. In China, the transferring of assets of asset securitization by financial institutions is on the use of trust model and there are several rules of re-characterization, but it needs further improvement.