金融创新中的信号传递机制——基于上汽金融资产证券化的案例研究

The Signal Transmission Mechanism in the Financial Innovation:A Case Study on Asset Backed Securities of SAIC GMAC

文章以案例分析的方法,检验了金融创新过程中的信号传递及其作用机制。作为中国早期资产支持证券(ABS)的发行者,上汽通用汽车金融有限责任公司采用价格机制和各种非价格机制,以缓解金融创新中引发的信息不对称问题。文章以此为案例,着重比较分析在现实的金融市场中,价格机制和非价格机制的信号作用机制。结果表明,在可以连续发行证券的情况下,以价格作为金融创新的信号传递更为有效,公司到期偿付行为是信号机制有效发挥的基础。研究结果支持了Welch(1989)的理论,也为中国的市场实践和金融监管提供了一定的借鉴和启示。

This paper uses case analysis to test the signal transmission and its mechanism in the financial innovation. As the early issuer of asset backed securities（ ABS）,SAIC GMAC adopts price mechanism and non-price mechanism to ease the information asymmetry caused by financial innovation. Taking this as a case,this paper analyses the signalling mechanism of both price and non-price in the real financial market. The result shows that price mechanism is more effective as a signal transmission of financial innovation when securities are continuously issued,and that price mechanism doesn＇t work effectively until firms repay on expiry. The case analysis of this paper supports the theory of Welch（ 1989）,and provides some references and inspirations for the market practice and financial supervision in China.