资产证券化在中国的发展现状及对策分析

The Development Status and Countermeasures of Asset Securitization in China

目前,我国大量资产闲置或者市场活跃度不高,作为逐步被运用的金融创新衍生工具,资产证券化能将缺乏流动性但具有预期收入的资产以发行证券的方式买卖交易,增强资产流动性的同时减少融资成本,而且有利于资产负债管理。本文从这一衍生工具的发展现状出发.深入剖析了其完整的实施过程,发现可能存在结构不合理、市场供求不稳定、商业银行缺乏积极性和政府干预过多且相关立法不完善等问题,最终提出有针对性的建议,建立符合我国市场运行机制的特设载体SPV,并加强相关法律法规,明确政府以及各市场参与者的角色和权责,使这一工具真正发挥金融功能。为资本市场和实体经济服务。

At present,China's large amount of assets idle or market activity is not high.As a gradual use of financial innovation derivative instruments,asset securitization can be the lack of liquidity but with the expected income of the assets to issue securities trading transactions,enhance asset liquidity While reducing financing costs,also conducive to asset and liability management.Based on the present situation of the development of this derivative instrument,this paper analyzes its complete implementation process,and finds that there may be problems such as unreasonable structure,unstable supply and demand in the market, lack of enthusiasm for commercial banks and excessive government intervention and imperfect legislation.Finally put forward targeted recommendations,establish an ad hoc carrier SPV that conforms to the operation mechanism of our market,and strengthen the relevant legislation to clarify the roles and powers of the government and the market participants so that the tool can really play the financial function,serve for thecapital market and real economy.