美国、日本资产证券化的比较与借鉴

资产证券化对于深化我国金融体制改革,改善投融资机制,增强商业银行资产负债管理能力,具有极其重要的作用。美国和日本资产证券化的成功实践值得我国加以借鉴。综合分析美、日两国资产证券化具有相似的基本特征:一级市场较发达,拥有成熟的机构投资者,完善的市场环境支持体系。美国债券市场发行了抵押转递证券、抵押转付证券和剥离抵押担保证券等证券产品,日本资产证券化主要集中在住房抵押贷款,包括住房抵押证券和住房贷款债权信托。结合我国具体情况,借鉴美国和日本的经验,提出以下建议:政府积极参与,增加资产证券化种类,扩大投资者范围,做好风险防范。

Asset securitization plays an important role in deepening China＇s financial system reform, improving investment and fi- nancing mechanism, and enhancing asset - liability management capability of commercial banks. The successful practice of asset securitization in the United States and Japan deserves our reference. Comprehensive analysis of asset securitization in the United States and Japan have similar basic characteristics： one more developed primary market, mature institutional investors, and per- fect market environment support a sound system. The US bond market has issued mortgage products such as mortgage pass - through security, mortgage pay -through security, and stripped mortgage security. Japanese asset securitizationi is mainly focused on housing mortgage loans, including mortgage - backed securities and housing loan claims trust. Combined with China＇s specific circumstances, learn from the experience of the United States and Japan, made the following recommendations： the government actively involved in increasing the types of asset securitization, expand the scope of investors, good risk prevention.