金融市场系统风险与资产证券化的相关性

An Study On The Relevance between Asset Securitization and Systemic Risks in Financial Markets

美国金融市场的资产证券化使金融市场的系统风险陡增,并引发了席卷全球的金融危机。资产证券化增加金融市场系统风险的主要原因在于倒买倒卖的市场运作模式、资产支持的证券流动性不足以及资产证券化交易的复杂性所产生的负面效应。金融危机后应加强我国资产证券化金融监管工作,坚持以有限管制和间接管制为原则,减少直接干预;坚持慎重选择资产证券化类型,逐步推进资产证券化原则;坚持以规范的信息披露为原则,防范系统风险。

Asset securitization increased sharply systemic risks in financial markets, and led to sweeping the global financial crisis. The reasons for asset securitization to improve financial market systemic risk is largely due to resold - and - buy down （the market operation mode）, the deficiency of securities fluidity backed by asset, and the negative effects which resulting from the complexity of asset seeuritization transactions. After the financial crisis China should strengthen asset securitization supervision, to guard against systemic risk it should adhere to the following principle： to limit govemmental control; to carefully select the type of asset securitization; to establish related information disclosure mechanism.