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我国信贷市场的贷款合约是属于一种隐含性的金融合约,它的定价不是依靠市场化利率,而是以非市场化的方式来实现信贷市场的资金供求平衡。由于不良贷款合约的性质、依附贷款合约产生的抵押物及相应权利保障的缺失,影响了国有商业银行不良资产的真实出售,增加了信用评级的成本,并进一步影响了信用增级方式的选择。因此,它是目前我国不良资产证券化发展缓慢的根本原因所在。
The loan contract in China’s credit market belongs to an implicit financial contract. Its pricing is not based on the market-oriented interest rate but on the non-market-oriented way to balance the supply and demand of funds in the credit market. Due to the nature of the NPLs, the lack of collateral and corresponding rights guarantees attached to the loan contracts has affected the real sale of NPLs by state-owned commercial banks, increased the cost of credit rating, and further affected the choice of credit enhancement methods. Therefore, it is the root cause of the slow development of non-performing assets securitization in our country at present.