资产证券化的产生、运作及监管趋势研究——基于美国市场的经验借鉴

The Research on the Generation,Operation and Regulatory Trends of the Asset Securitization——Based on the Experience of the American Market Reference

自20世纪70年代以来,各类金融机构和投资者相应的金融功能性需求,比如关于增加流动性与风险转移等需求,促使资产证券化的产生与发展。作为一种新型融资模式,资产证券化的本质是对传统融资中介功能的复制,它的出现从微观上改变了商业银行的经营模式,并从宏观上促使金融体系结构由"银行主导型"向"市场主导型"的演变。但是,资产证券化基本功能所隐藏的风险隐患,及其投资者的高杠杆化对金融稳定带来了巨大威胁。鉴于此,美国金融监管当局从宏观审慎的角度,对资产证券化的监管实施了一系列改革。对于我国而言,应深刻总结美国的发展经验,构建与我国相适应的资产证券化监管体系,并逐渐完善与之相关的法律制度,为资产证券化的常规化发展提供一个良好的制度环境。

Since the 1970s, the financial institutions and investors＇ functional requirements, promote the generation and development of Asset Securitization. As a new financing model, asset securitization is essentially replicate the traditional financial intermediary function. From the microscopic, It has changed the business model of commercial banks, and to promote financial architecture from the ＂bank-based＂ to ＂market-oriented＂ Evolution in the Macro. However, the hidden potential risks about basic functions of Asset Securitization, and its highly leveraged investors to bring a huge threat to financial stability. In view of this, the financial regulatory authorities in the United States from the perspective of macro-prudential supervision of Asset Securitization implemented a series of reforms. Therefore, we should sum up the development experience of the United States, build the Asset Securitization＇ s supervision, and gradually improve the system conduct which is related to Asset Securitization, to provide a good environment for the development of the Asset Securitization.