我国资产证券化风险及防范研究

Research on Asset Securitization Risk and Prevention in China

资产证券化是近40年来世界金融领域最重大和最具生命力的创新之一。我国的资产证券化市场发展迅速,中国资本市场在迈入第四个十年后,在疫情的冲击与国际形势的风云变幻,银行信贷易受宏观调控政策的背景之下,当企业面临资金困局时,资产证券化成为其大额融资的重要选项。然而,我国资产证券化一直存在一些问题。本文通过对真实出售、信息不对称、资金断流及其他风险进行分析,提出统一监管体制、建立市场参与方协商机制、加强信息披露监管与资金监控、控制杠杆系数及风险规模等建议,力促资产证券化健康发展。

Asset securitization is one of the most important and vital innovations in the world’s financial field in the past 40 years. China’s securitization market has developed rapidly, after entering the fourth decade of China’s capital market, with the impact of the pandemic and the changing international situation, and with bank credit vulnerable to macroeconomic regulation and control policies, asset securitization has become an important option for companies to raise large amounts of capital when they face financial difficulties. However, there have been some problems in our securitization market. Through the analysis of real sales, information asymmetry, capital cut-off and other risks, this paper proposes a unified supervision system, establishes a negotiation mechanism for market participants, strengthens information disclosure supervision and capital monitoring, suggestions on controlling leverage factors and risk scale, etc. to promote the healthy development of asset securitization.