重启资产证券化:我们需要的准备

Rebooting Asset Securitization: What do We Need to Prepare?

重启资产证券化是权衡风险与收益之后的理性选择,有效的金融监管才能制约证券化过程中的信息弱化和激励失衡问题。政府主导的与产业政策相结合的证券化定位固然契合当下的经济环境,但尊重市场自治,基于交易成本的证券化进程才是发展方向。有必要完善趋于保守和原则的证券化试点法制,充分发挥自律组织提供软法和行业自律的功能,以使证券化运作从单纯扩容到质变飞跃,实现市场的理性繁荣。

Rebooting asset securitization is a rational choice after a careful study of the trade-off between risk and return. The problem of information breakdown and imbalanced incentives can only be solved by effective financial supervision. It is true that the industry-based securitization policy by the government fits the current economic conditions. However, what should be encouraged in the long-run is a market-driven securitization based on transaction costs. It is necessary to improve the legal ground for securitization pilot policies, which is considered to be conservative and principled currently, and to fully utilize self-regulatory organizations in providing soft rules and regulations and playing roles in industry self-regulation. In this way, a substantial leap-forward development in the operation of securitization and market's rational exuberance can be achieved.