对当前信贷资产证券化相关制度的反思——基于美国信贷资产证券化的经验教训

Reflections on the System Relevant with Current Credit Asset Securitization—Based on the Experience and Lessons of US's Credit Asset Securitization.

本文基于对美国资产证券化发展历程和经验教训的回顾,对中国当前推动信贷资产证券化过程中的监管制度设计进行反思,也对利率市场化加速推进期间资产证券化产品的盈利空间及其可持续性提出质疑。基于此,本文从放松管制、完善法律基础、推动无风险收益率下移、扩大投资者范围和取消贷存比限制等五个方面就如何推动信贷资产证券化持续快速发展提出意见和建议。

Based on reviewing the development history, experience and lessons of the securitization in US, this paper reflects on China’s current regulatory system design in promoting the credit asset securitization, and also raises doubts on the sustainability and the profitability of the securitized products issued during the acceleration period of the interest rate liberalization. Based on these, the paper gives some suggestions on how to promote the development of credit asset securitization from the following aspects：loosing the regulation,perfecting the legal basis,pushing down the risk-free rate,expanding the scope of the investors and canceling the deposit-loan ratio limit.