新一轮信贷资产证券化的推进策略

Promotion Strategies for New Round Credit Assets Securitization

新一轮信贷资产证券化试点虽然成效初显,但步伐依然缓慢,发行规模较小,产品结构单一,二级市场流动性不足,信用评级公信力缺失,交易信息披露机制扭曲。因此,本文借鉴国际惯例,提出信用评级、信息披露、风险自留、财税制度设计、基础资产选择等系列改革构想,并警示推进证券化须以金融服务实体经济发展为主线,避免过度衍生化、泡沫化。

Although initial success has been achieved in the pilot project of the new round credit assets securi- tization, this work proceeds slowly with small bond -issuing scale, single product structure, insufficient liquidity on secondary market, deficient credit rating credibility and distort information disclosure mechanism. In this study, by referring to international conventions, the author proposes several reform ideas on credit rating, information dis- closure, risk retention, fiscal and taxation system design and basic assets selection, etc. It is also suggested that the promotion of assets securitization must aim at developing the real economy and avoid excessive derivatization and bubblization.