基于当前结构性融资运作机制的策略研究

Strategy of Structured Finance Based on the Mechanism

2011年,为了消化经济刺激政策对商业银行与地方融资平台带来的长期融资束缚,支持经济结构调整与战略性新兴产业发展,缓解中小企业资金压力,国务院决定重启停滞三年的结构性融资试点,相关理论探讨也重新展开。本文探讨了结构性融资的运作机制,并分析了危机爆发的原因,着重讨论了汇集、切片、优先级、相关度、顺周期性等概念对于结构性融资定价与风险度量的影响,对我国重启结构性融资提出了策略建议。

In 2011 , in order to release the financial pressure of commercial banks and local government, to support the transformation of the economic structure, to develop the strategic industry, and to release the financial pressure of small companies, the state decides to restart structured finance after a 3 years pause. The paper will talk about the mechanism of structured finance and the causes of crisis, specially the polling, tranching, prioritization finance in C , correction, and system risk. At last it will give some suggestions about the restart of structured hina.