资产证券化的发展与法律调控方式的演变——次贷危机的经济法思考

The Development of Asset Securitisation and the Evolution of the Method of Legal Regulation--Considering the Crisis of Sub-prime Mortgage under the Economic Law

在资产证券化发展的初期,单一的民商事法律规范足以调控市场秩序。随着资产证券化的快速扩张和异化发展,系统性风险集中爆发,引发了严重的次贷危机。此时,无论是风险隔离机制还是资产证券化安全港制度均没有能力加以有效化解,以个体利益为本位的民商法也无法通过进一步的制度创新来解决上述问题。为了促进资产证券化的健康发展,经济法应有所作为,与民商法一起共同构成新的资产证券化调控秩序。经济法既是应对危机、遏制危机的法律,也是超越危机、完善国家调节的法律。

During the primary stage of the development of asset securitisation, the sigle legal systme of civil and commercial law is sufficient for the regulation of the market order.With the rapid expansion and dissimilation of asset securitisation,systematic risks break out altogether and lead to the serious crisis of sub-prime mortgage.Then, neither the risk-remote mechanism nor the safe-harbor rule of asset securitisation can dissolve the risks.Neither can the civil and commercial law,being focusing on the interests of individuals,solve the aforesaid problems through further system innovation.In order to promote the healthy development of asset securisation,the economic law shall share a role with the civil and commercial law in structuring the new regulation order for asset securisation.The economic law is both a law for dealing with and restrainting the crisis,and a law for surpassing the crisis and improving the state regulation.