中国信贷资产证券化市场发展现状及展望

中国信贷资产证券化仍处于以零星个案、小规模试点为主的初级阶段。审慎和重在规范的发展路径既推动了信贷资产证券化实践,又尚存诸如与上位法不统一、规则制定权限错配、发行难度和成本增大、一级市场销售不畅、二级市场流动性严重不足等负面效应,制约着信贷资产证券化深入发展。2008年以来,受美国金融危机以及国内宏观调控变化的影响,资产证券化发行环境不利,亟待获得政策层面的持续鼓励和支持。国内商业银行应找准切入点,积极探索业务品种,更好地做好证券化产品的资产储备和发行准备工作。

The Status Quo and Prospect of Chinese Credit Asset Securitization Market

Chinese credit asset securitization is still during the preliminary stage, characterized by scattering and small-scale pilot projects.Although the development path, with emphasis on prudential and regulatory operation, pushes forward the practice of credit asset securitization, it has to face various negative effects, such as non-uniformity to higher-level laws, power mismatch on formulating rules, the increase of issuance difficulty and costs, frustrated sales performance on the pri-mary market and severe ...