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资产证券化等创新工具对金融稳定的影响主要持两种观点。传统主流观点指出资产证券化益于金融稳定。次贷危机的爆发显示,资产证券化等创新工具对金融稳定的作用极其复杂。资产证券化等创新工具发展初期,其对微观主体负面作用不明显,金融创新工具对金融稳定发挥正向作用。随着资产证券化等工具的不断完善,金融体系的“微观主体”行为动机受到影响及转变,给金融稳定性带来负面影响。针对负面影响,需采取“严控贷款质量、完善信息披露体制降低信息不对称程度、完善金融监管的标准范围及手段”等措施,提升金融稳定性。
The impact of innovative instruments such as asset securitization on financial stability mainly hold two viewpoints. The traditional mainstream view points out that asset securitization benefits financial stability. The outbreak of the subprime mortgage crisis shows that the innovative instruments such as securitization have an extremely complicated role in financial stability. Assets securitization and other innovative tools in the initial stage of development, the negative impact on the micro-body is not obvious, financial innovation tools to play a positive role in financial stability. With the continuous improvement of such tools as asset securitization, the motivation of the “micro-main body” of the financial system is affected and transformed, which has a negative impact on financial stability. In response to the negative impact, measures such as “strictly controlling the quality of loans, improving the information disclosure system to reduce the degree of information asymmetry, and improving the standard scope and means of financial regulation” should be taken to enhance financial stability.