资产证券化的发展现状和影响研究综述

A Literature Review on the Conditions and Effects of Asset Backed Securitization

作为一种新型的结构化融资工具,资产证券化以其风险隔离机制,增加了基础资产的流动性和资源配置效率。但同时由于信息不对称的客观存在,资产证券化也会带来巨大金融风险。通过回顾国内外已有相关研究,结合我国资产证券化发展现状,并从资产证券化的有利影响和不利影响两个方面梳理相关已有研究文献,分析资产证券化对市场参与者的影响,指出未来可能的研究方向,以期为资产证券化在我国的进一步发展提供相关意见和建议。

As a new structured financing instrument,asset backed securitization increases the liquidity of the underlying assets and the efficiency of resource allocation because of its risk of isolation and credit enhancement. Since the constraints of information asymmetric and cash flow signal hypothesis do exist,asset backed securitization can still bring out a huge financial risk. By reviewing the existing research at home and abroad,giving a look on the condition of the development of securitization in China and analyzing the advantages and disadvantages,this article makes a thorough inquiry about the securitization’s influence on the financial market participants,discusses the prospects of future studies and tries its best in giving suggestions and recommendations on the further development of asset backed securitization in our country.