联通收益计划作为我国第一单证券公司的专项资产管理计划业务,开创了一种新型的金融产品。这种产品本质上属于资产证券化产品。但由于该计划的基础资产并非一项独立的财产权利,而且采取委托代理的法律结构,使这种产品无法实现真正的资产信用。如果不能够在制度上完善,则资产证券化作为制度创新的优越性也就不存在了。 China Unicom Revenue Plan as China’s first single securities company’s special asset management plan business, creating a new type of financial products. This product is essentially an asset securitized product. However, due to the fact that the plan’s basic assets are not an independent property right and the legal structure of principal-agent, the real asset credit can not be realized by such products. If we can not improve the system, the superiority of asset securitization as a system innovation also does not exist.