重启资产证券化与我国的发展路径

传统金融监管不能有效应对资产证券化风险,是导致2008年次贷危机的主因。资产证券化在一国金融市场中占据重要地位,其发起-分流业务模式引发的风险需要金融监管者通过强化金融中介的激励机制和信息披露制度予以解决。美国已通过金融监管改革,在更安全、稳固的基础上重启资产证券化市场。我国有必要立足国情,完善试点法制和发挥自律组织的作用,重启并推广风险可控的资产证券化模式,以受益其功用和加快多层次资本市场的建设。

Restarting Asset Securitization Markets and the Development Way of China

A major cause of the subprime crisis is that traditional financial regulation can't effectively deal with the risk of asset securitization which occupies an important position in one country's financial market.The risk caused by initiation-distribution model of securitization needs to be solved through strengthening financial intermediation incentives and information disclosure system by the financial regulator.The U.S.has restarted securitization market on a more safety and stable basis through the financi...