论资产证券化监管的制度缺陷

On Defects of Asset Securitization Supervision

对资产证券化进行审慎监管有利于保证资产证券化市场乃至金融市场的持续健康发展。尽管国际上对于资产证券化的法律监管积累丰富的经验,但是2007年次贷金融危机爆发后,资产证券化法律监管依然暴露出来法律激励机制存在偏差、交易结构存在法律漏洞、信息披露与隐私权利的法律规制失衡、按揭制度存在重大隐患等诸多弊病。资产证券化正是受这些缺陷影响,最终催生金融波动,导致金融危机的爆发。

To intensify prudential supervision on financial asset securitization is of utmost importance for achieving its sustained and sound development.Although international community has accumulated a wealth of experience in supervision on financial asset,fatal defects,such as errors in legal incentive mechanism,loopholes in deal structure,failure to balance information disclosure and privacy right,hidden danger in mortgages,have been exposed fully in the subprime mortgage crisis（SMC） since 2007.Influenced by these defects,asset securitization eventually has led to economic turmoil and financial crises as well.