我国信贷资产抵押备案制度再解读

A Re-interpretation of Credit Asset Collateral Loan in China

人民银行信贷资产抵押备案试点扩容引发市场误解,尽管人民银行相关司局已经撰文批驳和纠正,并取得较好效果,但对信贷资产抵押备案制度的分析深度仍有待挖掘。对信贷资产抵押备案制度进行再解读,认为抵押品备案制度是危机应对的产物,有利于降低道德风险和实现成本补偿,其本质是紧急流动性再贷款,因而我国引入信贷资产抵押品备案制度是可行和必要的,五大内容设计不可或缺,试点扩大的目的在于确保正式推出后能够运行顺畅,但释放流动性多少还要受多种因素制约。

The pilot zone expansion for the People＇s Bank of China（ PBC） credit asset collateral loan has aroused misunderstandings; even though an article written by the relevant departments of the PBC has rejected and corrected them,and good results have been achieved,the analysis on the depth of credit asset collateral loan remains to be mined. A re-interpretation of this institution shows that credit asset collateral loan is the result of the response to the crisis,and is beneficial to reduce the risk of moral hazard and realize the cost compensation; and that its essence is re-loan against emergency liquidity. It is feasible and necessary for China to introduce the institution of credit asset collateral loan. The arrangement of five essential contents is necessary,and the purpose of the pilot zone expansion is to ensure that this institution can run smoothly after the official launch; but how much liquidity will be released is conditioned by many factors.