中国资产证券化的制度竞争与协调

制度竞争是一个制度发现的过程。证券化试点阶段，中国特定的金融改革和开放条件促成信贷资产证券化和企业资产证券化的制度竞争。这种发生于监管者之间以及市场组织之间的竞争，既有积极作用又潜藏负面效应。应通过有效的制度协调促进证券化调整框架的完善，以保障证券化市场的健康和繁荣发展。

System Competition and Coordination for Asset-backed Securities in China

System competition is a system discovery process. In the preliminary stage, the special circumstance of financial reform facilitates system competition between securitization of credit asset and corporate asset. This competition between the regulator and market organizer is actually a two-edge sword. An effective coordination system should be set up to promote improvement of adjustment framework and ensure the healthy growth of the ABS market.