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美国次贷危机的爆发充分暴露了其资产证券化市场中的诸多问题,比如原有信息披露制度失败、对不动产支持证券的监管缺位、信用评级未能准确识别风险、金融机构管理者面临“道德困境”等。本文通过对我国资产证券化市场的总体分析和国家开发银行资产证券化业务的个案解析,提出我国下一阶段资产证券化市场应该梳理监管条线,统一结算,加强信息披露;审慎扩大市场规模与产品创新,坚持不搞“再证券化”;严格规范基础资产,合理设定风险自留与资本计提;加强信用评级等四条建议。
The outbreak of the subprime mortgage crisis in the United States fully exposed many problems in its asset securitization market, such as the failure of the original information disclosure system, the lack of supervision over real estate supporting securities, the credit rating failed to accurately identify the risks, financial institutions managers are facing “Moral dilemma ” and so on. In this paper, the general analysis of China’s asset securitization market and the case analysis of China Development Bank’s asset securitization business put forward that China’s next phase of asset securitization should sort out the regulatory lines, unified settlement, and enhance information disclosure; prudently expand the market size and Product innovation, adhere to not “securitization”; strictly regulate the basic assets, reasonable set risk retention and capital provision; strengthen the credit rating and other four recommendations.