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资产证券化是近半个世纪以来发生的主要金融创新之一,对经济社会发展产生了许多的积极影响,然而,其也是2007—2009年国际金融危机的始作俑者。近几年来,我国资产证券化发展步伐加快。在本文中,我们以住房抵押贷款证券化为例,对资产证券化的概念、内涵与我国发展现状,以及资产证券化过程中可能累积系统性金融风险的委托代理问题进行了简要分析。
Asset securitization, one of the major financial innovations that have taken place in nearly half a century, has had many positive effects on economic and social development. However, it is also the initiator of the international financial crisis in 2007-2009. In recent years, China’s asset securitization accelerated the pace of development. In this paper, we take the mortgage-backed securitization as an example to briefly analyze the conception and connotation of asset securitization and the current situation of our country and the principal-agent problem that may accumulate systemic financial risks in the process of asset securitization.