中国资产证券化的最新进展:特征事实、驱动因素与主要问题

Key Issues in China’s Asset Securitization

自2012年以来,在一系列政策推动下,中国资产证券化市场规模不断壮大,产品种类不断丰富,发行利率和收益率波动下行,产品结构设计推陈出新。然而,当前资产证券化二级市场流动性仍有限,不良资产证券化水平较低,基础资产的违约风险仍停留在商业银行体系内部。展望未来,RMBS、基础设施REITs、SMEs证券化是重要方向。中国应尽快完善统一的证券化法律制度和政策,破除制约RMBS发展的房地产质押权集体转让障碍,解决资产证券化可能面临的重复征税问题。

Since 2012,China’s asset securitization market has continued to expand with the help of a series of policy measures.There has been a continued diversification of the type of products as well as innovation in product structures.Interest rates and yields on these products have generally declined over this period.However,the secondary market for asset securitization is still short of liquidity,while the level of nonperforming asset securitization is low.Meanwhile,the default risk of underlying assets remains primarily within the commercial banking system.Looking to the future,key development directions include residential mortgage-backed securities(RMBS),infrastructure real estate investment trusts(REITs),and SME asset securitizations.China should improve its unified securitization legal system and policies as soon as possible,remove the obstacles in the path of RMBS development avoid double taxation of securitized assets.