后金融危机时期推进我国商业银行资产证券化的战略思考

Strategic thinking of pushing forward China commercial bank asset securitization in late financial time

美国金融危机影响犹在,欧洲主权债务危机有继续恶化趋势,曾经大力推进的资产证券化特别是商业银行资产证券化风光不在。是否继续发展资产证券化,如何发展资产证券化成为必须解决的现实问题。本文应用定性方法从金融创新与金融监管、虚拟经济与实体经济、分业经营与混业经营三个角度研究了推进我国商业银行资产证券化面临的风险;阐述了推进我国商业银行资产证券化依然具有战略意义,是提高商业银行竞争力、促进金融市场发展、应对金融全球化趋势的必然要求;提出了推进我国商业银行资产证券化基本原则,特别是在银行间市场和资本市场之间设置较为严格的防火墙,严防商业银行资金大规模进入资本市场,切断金融风险从资本市场向货币市场传递的通道。

U.S.financial crisis is still in effect.Europe＇s sovereign-debt crisis has continued to deteriorate.The asset securitization,especially the asset securitization of commercial banks has been stopped.Whether continue to promote asset securitization or not and how to develop asset securitization becomes the focus which must be solved.The paper analyzes the risk of promoting asset securitization for our China＇s commercial banks from three angles including financial innovation and financial supervision,the virtual economy and real economy,segregated operation and mixed operation by qualitative methods.In addition,the thesis elaborates that promoting asset securitization for our China＇s commercial banks still has strategic significance.It is the nacessary requirement to improve the competitiveness of commercial banks and promote financial market development.It is also the inevitable response to the financial globalization.At last the paper put forwards the basic principles of asset securitization.Especially,we need set more stringent firewall in the inter-bank market and the capital markets to prevent large-scale commercial bank funds from flowing into the capital markets and cut off the channel of the financial risk transfer from capital market to the money market.