信贷资产证券化在中国的发展实践及政策思考

Research on Credit Assets Securitization Pilot in China and Policy Implications

我国始于2005年的信贷资产证券化试点的实践呈现与发达国家不尽相同的一些特点。我国的信贷资产证券化是在额度管理和审批制下操作,以优质对公贷款为基础资产,通过比较简单透明的交易结构设立的过手型资产支持证券是目前试点过程中最为普遍的模式。此种模式在具有审慎、标准化优点的同时,其市场化程度和对投资者的吸引力较为有限。近年来,以信贷资产出表为目的的'类资产证券化'业务快速增长,在监管套利和风险积聚的同时,亦反映了当前证券化试点运作方式和规模水平无法满足规模巨大的盘活存量需求的潜在问题。结合国际的经验教训,我国资产证券化应在未来2~3年内逐步实现市场化、常规化发展;'疏堵结合',推进信贷流转阳光化,逐步替代不规范的'类资产证券化';结合我国金融体系的风险特征构建行之有效的中国式监管框架。

Compared to the developed countries,Chinese securitization pilot reveals many specific features.Based on high-quality corporate loans,the pass-through securitization with simple and transparent structures is the common mode,which is prudent and highly standardized.However,this mode is also less market-oriented and lack of incentive from the participants.Recently,the“quasi-securitization”beyond the legal framework grows rapidly,which reflects the potential problems on the operation of current pilot.Given the global experiences and lessons,credit assets securitization in China should gradually turn into a regular business for commercial banks.From the regulatory perspective,a sound and effective regulatory framework should be built up.