资产证券化的流动性扩张:理论基础、效应及缺陷

Expansion of liquidity on Asset Securitization: Theoretical Basis, Effect and Defect

作为影子银行的表现形式,资产证券化与商业银行的功能不断趋同,从而具备了促使流动性扩张的机制。不管从微观视角来看,还是从宏观效应进行分析,资产证券化的诞生为传统融资媒介的流动性扩张提供了有力补充。但是,资产证券化所创造的金融工具是否符合流动性的基本属性还存在争议,同时,这种流动性扩张机制缺乏必要的约束和风险保护,并通过内生流动性扩张导致经济过度"虚拟化"。因此,必须加强资产证券化基础资产和市场的监督,严格控制基础资产的规模,并构建与之相匹配的监管体系,使其更好地发挥促进储蓄向投资转化的功能。

As a form of shadow banks, the functions of asset securitization and commercial banks are convergence, and have the mechanism to promote the expansion of liquidity. No matter from the micro view, or from the analysis of macro effect, expansion of liquidity on the birth of asset securitization provides a powerful supple- ment of traditional financing media of the expansion of liquidity. However, the accordance with the basic at- tributes about liquidity of the financial instruments created by asset securitization is still controversial, and the expansion of liquidity mechanism lack the necessary constraints and risk protection, and through the endogenous liquidity expansion led to excessive economic ＂virtualiTntion＂. Therefore, we must strengthen the supervision of asset securitization＇s based asset, strictly control the scale of construction, and match with the regulatory sys- tem, to better promote the transformation of savings to investment fimction.