我国资产证券化网络运作机制研究

Research on Network Operations Mechanism of Asset Securitization in China

文章基于网络组织理论,对资产证券化网络运作机制进行了研究,报告了资产证券化的交易运作机制的研究现状。通过采用归纳法和演绎法,进行了文献调研和实地调查,反映了资产证券化在交易过程中运作机制不完善、风险分担不合理以及激励不足等问题。文章首先科学界定资产证券化网络运作机制的内涵;其次,构建资产证券化网络运作模型,从网络整体性和模块独立性两个视角分析资产证券化网络运作组织特性;最后,设计资产证券化网路运作机制:利益分配机制、风险分担机制、监管担保机制以及激励约束机制,以提高资产证券化的运作效率。

Based on network organization theory, this paper researched the network operations mechanism of asset securitization and reported the research status of transaction operation mechanism of asset securitization. Using inductive method and deductive method, we conducted literature research and field surveys and we reflected some issues that the operation mechanism of asset securitization in the transaction process was imperfect, risk sharing was unreasonable and excitation was inadequate and so on. Firstly, we scientifically defined connotation of network operating mechanism of asset seeuritization. Secondly, we constructed the model of network operations of asset securitization and analyzed organizational characteristics of network operations of asset securitization from two perspective of the network integrity and modules independence. Finally, we designed network operation mechanism of asset securitization, consisting of benefit distribution mechanisms, risk-sharing mechanisms , regulatory guarantee mechanism and incentive and restraint mechanisms, in order to improve the operational efficiency of asset securitization.