多德-弗兰克法案后资产证券化监管政策演变、市场变化及评价

The Evolution of Securitization Regulations and Market Movements after the Dodd-Frank Act

本文详细研究了美国SEC关于资产证券化的监管新规,并结合相关市场变化对其左出评价和改进建议。风险留存和加强信息披露是该领域的两大核心问题,不过推进尺度和相关细节还需结合市场恢复状况进行斟酌。我国资产证券化市场发展阶段与美国所处阶段有显著差异,目前亟需进一步推动发展。现阶段我国市场发展的主要矛盾不是防范道德风险,主要诉求在于"盘活存量",激发市场活力,提高市场多元化程度。

In this paper, we study SEC's new regulations on securitization closely, and make comments and suggestions based on related changes in the market. Risk retention and information disclosure reinforcement are two core issues, but how to proceed and relevant details are still need to be considered according to the progress of market recovery. The US and Chinese securitization market has significant differences in terms of stage of development. Ours is far from mature and needs further development. At current stage, moral hazard is not of the most importance. The primary task is to 'revitalize the stock', stimulate market vitality and enhance the degree of market diversification.