金融危机之后,随着市场、监管机构对资产证券化的反思,越来越多的人意识到,资产证券化作为一个有效的金融工具,对实体经济发展起到的推动作用无法替代。“为了能为实体经济提供信用供给,重树合理资产证券化市场仍然是个重要任务”(美国金融稳定理事会,2010年11月)。事实上,危机不久,美联储为促进对个人及小微企业的信贷资金供给早在2008年底就推出了定期资产支持证券贷款工具(TALF)。短短4个月后,美国经济从底部开始恢复。在中国,资产证券化发展宴践虽一波三折,但危机后,国务院已经意识到资产证券化 After the financial crisis, with the reflection of asset securitization by the market and regulators, more and more people realize that asset securitization can not replace the promotion of real economy as an effective financial instrument. “In order to provide credit for the real economy, restoring a rationalized asset securitization market remains an important task” (U.S. Financial Stability Board, November 2010). In fact, shortly after the crisis, the Federal Reserve introduced a regular asset-backed securities lending facility (TALF) as early as the end of 2008 to promote the supply of credit facilities to individuals and small and micro businesses. In just 4 months, the U.S. economy started to recover from the bottom. In China, despite the ups and downs in the development of asset-backed securities, the State Department has realized that asset-backed securities