摘要
在本次次贷危机中,以住房抵押贷款证券化及其衍生品为主的资产证券化产品的基本功能在危机的产生和传导中发挥了不可估量的影响。本文深入讨论了资产证券化增大流动性功能和风险转移功能所带来的经济影响,并提出发展我国资产证券化应该首先选择表内模式,建立以监管特许权论为基础的信用评级机构,同时严格审查基础资产的信用与质量,加强对资产证券化发行者资产负债表的监管,创建适合我国国情的资产证券化法律框架以及防范同质性的系统性风险,以促使资产证券化这种金融创新产品更好地为我国的金融改革和发展服务。
In the sub-prime mortgage crisis, the basic functions of asset securitization products, represented by mortgagebacked securitization and its derivatives, have made immeasurable impacts on the crisis＇s emerge and transmission. The paper deeply discusses the economic influence of asset securitization in enlarging liquidity and transferring risks, the two basic functions of asset securitization, and proposes the suitable development pattern of asset securitization in China. First, onbal- ance-sheet pattern is more suitable for China to develop asset securitization in an initial stage. Second, credit rating agencies based on supervision permission system should be established, and the credit and quality of basic assets must be strictly ex- amined. Third, the supervision on the balance sheets of asset securitization issuers should be strengthened. Fourth, related legal system fit for China should be established as soon as possible to effectively circumvent systematic risk. The above mentioned measures will promote asset securitization to service China＇s financial reform and development.
出处
《金融论坛》
CSSCI
北大核心
2010年第1期67-71,共5页
Finance Forum
关键词
次贷危机
资产证券化
住房抵押贷款
增大流动性
风险转移
sub-prime mortgage crisis
asset securitization
mortgage
enlarge liquidity
risk transfer
