银行综合化转型与风险管理:基于次贷危机的思考

The Transformation of Synthesization and Risk Management of the Banks: a Case Study on Subprime Loan Crisis

在次贷危机中,本来作为信贷风险转移工具的资产证券化市场却给银行业造成了重大损失,主要是由于银行综合化转型后,全面参与了房贷发放、信用增级、证券投资和杠杆授信等多个市场环节,导致风险循环回归银行系统,暴露出美国分业监管体系与综合化金融市场、商业银行管理传统与综合化业务实践的双重脱节。在经济周期化、金融全球化、业务综合化的大趋势下,我国商业银行应该稳健推进资产证券化,并针对非传统业务建立有效的风险管理机制。

Asset securitization, instead of transferring credit risks, brought great loss to the bank industry in the sub-prime loan crisis. This is mainly due to the fact that after the transformation of synthesization of the banks, asset securitization was comprehensively involved in several market sectors such as issuing mortgage, credit enhancement, security investment and leverage credit and so on, circulating the risks back to the banking system. This has exposed that there is a double disparity between the separated administrative system and synthesized financial market and between the management tradition of commercial banks and the practice of synthesized services. Under the general trend of periodicity of economy, globalization of finance and synthesization of business, what China＇s commercial banks should do is to promote asset securitization prudently and to construct an effective risk management mechanism for the non-traditional business.