日韩资产证券化发展及其启示

Japanese and Korean Practices of Asset-backed Security and their Enlightenment

从亚洲各国资产证券化的发展来看,无论是发行数量还是发行品种,日本、韩国都分列前两位。根据日本资产证券化发展过程中标的资产种类多样、产品设计复杂化和韩国资产证券化过程中政府强有力的信用支持和法制推进作用这些特点,得出日韩资产证券化快速发展的原因主要是政府的大力支持、国际投行的积极参与和其在资产证券化方面拥有高水平人才。我国从日韩资产证券化的发展中得到的启示是:要快速发展资产证券化市场,建立和完善相关法律法规,加强证券化标的资产的市场建设,积极学习外国先进经验,培养相关学科知识密集型人才。

Japan and Korea are the top two ABS （asset-backed security） countries in Asia in terms of both ABS values and types they issue. This paper indicates some features of their ABS markets, such as various kinds of assets for backing and complicated designs of securities in Japan, and strong support from governments on both credit and laws in Korea, as well as active participation of international investment banks and talents in the whole process. Therefore, it is suggested that to develop the ABS market of our country, we should perfect our laws, improve the related markets, learn experiences from other countries, and cultivate knowledge-intensive talents with relevant discipline.