合成型资产证券化:创新视角的一个经济分析

合成型资产证券化作为传统资产证券化与信用衍生品特性相结合的金融创新,现已成为发达国家商业银行转移信贷风险的一种常见结构金融技术。与传统型资产证券化相比,合成型资产证券化在融资结构设计、发起人职责、对支撑资产依赖度、现金转移结构条款以及交易后续处理安排等方面存在较大差异。合成型资产证券化的出现及发展既与国际银行监管制度及其变迁密切相关,同时也是金融市场深化以及银行内部风险管理技术成熟到一定阶段的必然产物。从趋势看,尽管资产证券化的监管套利动机渐趋弱化,但合成型资产证券化特有的结构设计以及广泛的适用范围使其在提升银行运行效率上有着非常独特的优势,因此其必将成为未来银行业业务创新的重要工具。

Economic Analysis of Synthetic Securitization:A Financial Innovation Perspective

As a financial innovation which amalgamates properties of both asset-backed securitization and credit derivative in one coherent structure, synthetic securitization has been a popular structured financial technology for banks and financial service companies in U. S. and Europe. In contrast to traditional securitization, there is distinctive deviation in the benchmark characteristics pertinent to an ideal synthetic securitization, such as the role of sponsoring bank, the credit dependence of the collateral and the subsequent administration of transaction workout involving early amortization et al. The success of synthetic securitization lies not only in the evolving of bank supervision but also the result of the development of financial derivative market and the mature of inter bank risk-management technology. Despite of regulatory arbitrage becoming less synthetic securitization still steals a march from an increased efficiency in reducing economic capital in future.