美国次债危机对我国资产证券化创新的启示与对策研究

Innovative Inspiration and Countermeasures Research on China's Asset Securitization from the U.S.Subprime Mortgage Crisis

基于美国次债危机的经验,结合我国的实践,资产证券化过程中应该注意:立法和产品的监管问题;纯粹的次级类债券数量一定要控制在一个完全可以承受的范围之内;在资产证券化模式上,最好选择真实出售;不管采用何种模式,发起人在信用增级措施落实上都应该更为严谨规范。

Combining the experiences of US subprime mortgage crisis and China＇s practice, under the asset securitization process, we should pay more attention of： lawmaking and product monitoring issues; pure subprime debt being controlled in a fully affordable scope; real sale which is the best choice in the asset securitization model no matter what model, the sponsors at the implementation of credit upgrade on measures more stringent standards.