次贷危机与资产证券化信息披露制度的重构

Sub-Prime Crisis and the Reconstruction of Information Disclosure System of Securitization

资产证券化本身并非次贷危机的根源,我国应该继续推进资产证券化的进程。不过,次贷危机充分暴露了美国资产证券化信息披露的制度性缺陷:信息披露制度的长期缺失以及信息披露豁免滥用的可能性。对此,《多德—弗兰克华尔街改革和个人消费者保护法案》进行了校正。应该结合美国的经验教训以及我国的实践,对我国资产证券化信息披露制度进行重构。

Securitization itself is not the root of the sub-prime crisis, thus, China should continue to promote the process of securitization. However, the sub-prime crisis has exposed the United States＇ institutional defects of the information disclosure of securitization： its lack of information dis- closure system for long-term and the probability of exemption abuse of information disclosure. In this respect, the Dodd-Frank Wall Street Reform and Consumer Protection Act has corrected the defects mentioned above. To sum up, what we should do is learn lesson from the U. S, combining them with the practices of our own, and finally rebuilding our information disclosure system of securitization.