金融稳定向不稳定的演变路径--以资产证券化为分析视角

The Research on the Evolution from Financial Stabilityto Instability:From Asset Securitization Perspective

学术界关于以资产证券化为主的金融创新在金融稳定周期中的作用机制并没有形成完整结论。通过分析发现,资产证券化的创新虽然加强了金融体系的稳定性,但基本功能的滥用使金融稳定中的"脆弱性"因素增加,并通过基础资产的价格波动导致金融不稳定发生,最后通过多种渠道致使金融不稳定演变为金融危机。因此,我们在发展金融创新时必须考虑对我国的适用性,合理把握金融创新的边界,有效构建金融创新的模式、品种、评级机构和监管体系,使其更好服务于我国实体经济的发展。

At present, the academic circles about the mechanism of asset securitization in the financial sta- bility in the cycle did not form a complete conclusion, qlarough the analysis, innovation of asset securitization has strengthened the stability of the financial system, but the abuse of .basic function make the increasing of the vulnerability factors, and through the price of the underlying asset volatihty lead to financial instability. Finally, financial instability evolve to financial crisis through a variety of channels. Therefore, we must con- sider the applicability to China in the development of financial innovation, have a reasonable grasp of the boundary on financial innovation, make an effective construction of financial innovation pattern, variety, rat- ing agencies and reg^latory system, in order to have a better development in the real economy in China.