中国证券市场结构化产品的创新问题

The Innovation of Structured Products in China's Security Market

作为衍生证券技术与金融工程技术相结合的产物,资产证券化在近30年来成为全球金融领域最重大而且发展最快的金融创新和金融工具。相比之下,中国证券市场在取得一定进步的同时依旧面临着诸多问题与缺陷,而金融产品单一更是主要问题之一。对国际上资产证券化和结构化产品演进历史的追溯表明,结构化产品创新是盈利多元化及业务多样化的重要因素。对我国现阶段证券市场制度环境和投资者需求的对比分析,以及对结构化产品开发成功案例的深入研究,可以看到在中国进行资产证券化更加适宜采取有选择的渐进的方式,同时积极开展结构化产品的创新研究。

As a combination of the technologies in both derivative securities and financial engineering, securitization has become the most significant and the fastest growing financial innovation and financial instrument in the past 3 decades. In spite of its rapid progress, China＇s security market is still faced with certain problems and defects, among which the lack of diversity in financial products results in low profitability and uncompetitiveness. By tracing the evolution of securitization and structured products, it is shown that innovation of structured products plays a critical role in business and profit diversification. And a comparative analysis on the institutional environment and investor demands in current China＇s security market plus a further study on successful cases in the development of structured products in China have jointly demonstrated that it is more feasible to take a selective gradual step in the process of securitization in China and actively carry out innovative development of structured products in the meantime.