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资产证券化作为近30年最具活力的金融创新,实现了资产层面的融资,使得金融市场上的资产配置得到了优化。从信息不对称出发,分析了资本市场存在的两类信息不对称问题,指出资产证券化通过特殊的交易和结构能够缓解融资过程中逆向选择的问题,使得社会的资源配置更具效率;同时,资产证券化也能够更好地实现股东对经理人的监管以及促进对其的激励,从而也有利于缓解道德风险。
As the most dynamic financial innovation in recent 30 years, asset securitization has realized the financing at the asset level, and the asset allocation in the financial market has been optimized. Starting from asymmetric information, this paper analyzes two types of asymmetric information problems existing in the capital market. It points out that asset securitization can ease the problem of adverse selection in the financing process through special transactions and structures, making the allocation of resources more efficient. At the same time, Assets securitization can also better enable shareholders to supervise the managers and promote their incentives, which can also help to ease moral hazard.