资产证券化是近30年来世界金融领域最重要的创新之一,合理利用并加强监管,有助于提高流动性,转移、分散资产风险,快速处理不良资产、化解银行危机。反之,则将放大风险,当发生危机时,引起连锁反应,造成巨大损失。我国目前在资产证券化上仅迈出了试探性的步伐,不能因为美国次贷危机中金融衍生产品暴露出来的问题就因噎废食,停止金融创新。应当在吸取美国经验教训的基础上,结合我国的实际情况,进一步发展和完善资产证券化制度。 Assets securitization is one of the most important innovations in the field of finance in the world in the past 30 years. The rational utilization and supervision of asset securitization help to improve liquidity, transfer and diversification of assets, quickly deal with non-performing assets and defuse banking crises. On the contrary, it will amplify the risk, when a crisis occurs, causing a chain reaction, resulting in huge losses. At present, China has only taken tentative steps in asset securitization. We can not stop financial innovation because of the problems exposed by financial derivatives in the subprime mortgage crisis in the United States. We should further develop and improve the system of asset securitization based on lessons learned from the United States and on the basis of our actual situation.