资产证券化对系统性风险的影响机制

The Mechanism of Asset Securitization Impacting Systemic Risk

次贷危机表明,资产证券化等金融创新可以和商业银行体系一样促使系统性风险的形成、积累和传导。但国内外学术界并没有对资产证券化在系统性风险积累和传导中的作用机制形成完整的结论。通过分析发现,资产证券化的复杂运作机制、基本功能以及基础资产均可以促使系统性风险的形成和积累,并通过基础资产和证券化产品两个渠道引起系统性风险的传导。因此,中国在设计资产证券化时,必须灵活确定具体产品的长短期模式,严格规定基础资产的构成标准,并基于"监管特许权"理论来构建评级机构,同时遵循"宏观审慎"原则来创建资产证券化的监管体系。

The subprime mortgage crisis shows that, like commercial banking system, asset securitization and other financial innovations may promote the formation, accumulation and conduction of systemic risk. Domestic and foreign academic studies have not formed a complete conclusion of the mechanism of asset securitization impacting the accumulation and conduction of systemic risk. The analysis of the paper shows that the complicated operation mechanism, basic functions of asset securitization and basic assets may promote the formation and accumulation of systemic risk and conduct systemic risk through basic assets and security products. Therefore, while Chinese asset securitization is designed, it is necessary to flexibly determine the short-term and long-term pattern of specific product, strictly define the standard of basic asset composition, build rating agencies based on "regulatory concession" theory and adhere to "macro-prudential"principle to create a regulatory system for asset securitization.