美国资产证券化的实践:起因、类型、问题与启示

Asset Securitization in the U.S.: Origins,Products,Problems and Enlightenments

资产证券化既是全球金融市场的一大创新,又是美国次贷危机爆发的诱因之一。因此,深入分析美国资产证券化的经验教训有利于中国积极稳健地开展资产证券化业务。本文回顾了美国资产证券化兴起的原因,剖析了美国四种代表性的资产证券化产品,梳理了美国资产证券化进程中存在的主要问题,并在此基础上总结了美国资产证券化对中国资产证券化实践的启示。

Asset Seeufitization is an important innovation in global financial market. It is also a significant cause of sub-prime crisis in the U.S.A. Therefore, deeply analyzing its experiences can benefits China＇s related authorities in developing and promoting asset securitization activities. This article reviews origins of asset securitization in the U.S.A, introduces four representative securitization products, analyzes its main problems, and its enlightenments on asset securitization in China.