资产证券化释义——基于信息不对称的考虑

Explanation of the Securitazation of the Assets——Considerations Based on the Asymmetry of Information

资产证券化作为近30年最具活力的金融创新,实现了资产层面的融资,使得金融市场上的资产配置得到了优化。从信息不对称出发,分析了资本市场存在的两类信息不对称问题,指出资产证券化通过特殊的交易和结构能够缓解融资过程中逆向选择的问题,使得社会的资源配置更具效率;同时,资产证券化也能够更好地实现股东对经理人的监管以及促进对其的激励,从而也有利于缓解道德风险。

As the most vital financial innovation in recent thirty years, the securitazation of the assets, which realizes the financing on the assets level, makes the assets structure in the financial market be optimized. Starting from the asymmetry of information, this paper analyzes on two kinds of the problems of the asymmetry of information, and points out that through special trade and structure the securitazation of the assets, which can release the problem of the antidromic selection in the course of financing, can realize the supervision and management by the stockholders for the managers and promote the excitation for the managers, being beneficial to releasing of the moral risk.