中国次级证券发行机制改革——论资产证券化产品风险留存和风险转移

China Subordinated Bond Issuance Mechanism Reform——Securitization Products Risk Retention and Transfer

为实现"盘活存量",资产证券化的核心在于适度"风险留存"下进行"风险转移",即在风险可控的前提下释放信贷额度,降低融资成本。而在国内资产证券化实践中,由于资产风险并没有转移出表外,市场机构对资产证券化的动力并不大。

The core of securitization is to transfer risk under reasonable risk retention level, which means to release credit quota with controllable risk level and to lower the financing cost. In China's securitization practice, since capital risk is not out of balance sheet, market institutions are not very motivated to make securitization business.