美国资产证券化的最新进展及其演变趋势

New Features and Trends of US Securitization Markets

本文基于美国债券市场协会数据考察美国资产证券化演变的新特征与新型产品的特性,探讨证券化动力机制,并对其发展趋势进行前瞻性分析。研究认为:美国证券化已从原初的流动性需要上升到资产负债综合管理层面;风险分割、建模技术的进步将使范围更广泛的资产证券化成为可能。产品的创新发展特别是合成型CDO贯通了资本市场和信贷市场的联系,传统上衡量商业银行的稳健性指标正在失去其标准意义。市场超常发展的风险正在累积。

This paper, based on the data of the bond markets association, provides an overview of the recent evolution of the US securitization markets and analyses the driving factors behind this development and presents an outlook for the trends of the markets. The author predicts that the progress of tranching, modeling and data processing technology will bring about more new instruments, and among these innovations, the synthetic CD0, especially has bridged over the credit market and the capital market further while making the traditional measurement of the financial soundness of banks outdated and the potential risks of the markets are increasingly accumulating.