摘要
2006年4月5日,日本金融厅分别对JP摩根信托银行和JP摩根大通银行东京分行进行了行政处罚,这是一个月内日本金融厅对JP摩根集团进行的第三次和第四次处罚。本文对“JP摩根在日本受罚”事件从资产证券化中的信息不对称及关联方交易,房地产业务急剧扩张可能引发的房地产泡沫经济,以及日本金融厅对JP摩根大通集团的处罚力度三个角度进行了分析,并进一步讨论其对中国金融业全面开放后金融安全问题的警示,提出我国应该:(1)警惕“资产证券化”可能引发更复杂的金融风险,加强金融监管部门的“联合监管”;(2)警惕外资对房地产业务的争夺将吹大“房地产泡沫”;(3)我国需进一步明确对“信托业开放程度”的规定。
On April 5, 2006, the Financial Services Agency of Japan imposed the third and fourth administrative actions on JP Morgan Trust Bank Limited and JP Morgan Chase Bank, N.A., Tokyo Branch. In this paper, we analyze this event from three perspectives: the asymmetric information and transactions between the related parties in assess securitization,the real-estate bubble caused by the expansion of real-estate business and the strength of the administrative action on JP Morgan by the Financial Services Agency of Japan,aiming at giving some insightful implications for China′s financial safety after its completely opening up the financial sector.Based on our findings, we suggest that the government should, firstly, beware of the complicated financial risks resulted from the assess securitization and reinforce the cooperation among the financial regulation departments;secondly,beware of the real-estate bubble incurred by the entry of foreign funds into China′s real-estate business;thirdly,further clarify the degree to which China should open up its trust industry.
出处
《管理评论》
2006年第6期4-10,共7页
Management Review
基金
中国科学院研究生院科研启动基金项目资助。
