功能观视角下的资产证券化创新与监管——以经济新常态为背景

Innovation and Regulation of Asset Securitization on Functional Perspective——Against the Back Ground of the New Normal

新常态背景导致我国金融业面临"下行压力"逐渐明显,而基于"微观功能"的资产证券化创新将有助于我国金融体系逐步适应"新常态"。因此,本文认为,"功能性"将是资产证券化创新的主要动力,若以"功能"为导向强化针对资产证券化创新的约束,将有利于严格控制资产证券化的创新边界,从而防止功能过度发挥引起的"负外部性",并且基于"功能"导向的监管体系也符合新常态下资产证券化的监管趋势。同时,本文还认为我国目前资产证券化创新规模还较小,产生大范围风险效应的概率较低,但我们也应逐步完善资产证券化创新的监管体系,使资产证券化在一定边界范围内发挥"功能",以通过资产证券化创新推动金融效率的提升与实现金融稳定的"双赢"。

The new normal leads the downward pressure of our country＇s financial sector gradually obvious. Innovation of the asset securitization on the basis of micro function will help our country＇s financial system progressively adapt the new normal. Therefore, the thesis argues that functionality will be the major driving force of the asset securitization. If we strengthen the constraint oriented the ＂function＂, this will help control the innovation in order to prevent the ＂negative externality＂, and this system conforms to the trend of regulation under the context of new normal. Meanwhile, the thesis also believes that the asset securitization of our country is still of small scale and can not produce a wide range of risks. However, we still improve our regulation system of innovation and make it give its full play in certain range so as to enhance financial market efficiency and maintain the stability of the financial market, realizing the ＂win- win＂.