信息博弈与监管:我国资产证券化中的信息不对称风险分析

Information Game and Its Regulation:A Risk Analysis of Information Asymmetry of China's Asset Securitization

资产证券化的法律本质在于通过动态的结构化设计,赋予基础资产独立的信用资格,在此基础上发行由该资产支持的证券,进行市场交易。从信息博弈角度出发,信息不对称贯穿于资产证券化的整个运作流程。而发起人与监管机构之间的博弈过程表明,监管部门通过法律强制性的信息披露制度等措施对资产证券化市场进行监管有积极作用。因此,解决我国资产证券化中信息不对称风险的关键在于信息监管。

The legal purpose of asset securitization is to grant independent credit to underlying assets through dynamic structural design,and to issue securities supported by these assets for market transaction.Viewed from the perspective of information game,information asymmetry runs through the whole process of asset securitization.The game process between the founder and the regulator shows that regulatory measures such as the mandatory disclosure system play a positive role in supervising the asset securitization market.Therefore,the key solution to the risk of information asymmetry in China＇ s asset securitization lies in information regulation.