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资产证券化作为资本市场主要的融资工具之一发源于20世纪70年代的美国,我国在经过对资产证券化理论和制度的研究之后,于2005年也实现了资产证券化的本土化操作。随后的金融危机爆发,资产证券化作为金融衍生融资工具对其使用和发展有了新的思考,次贷危机并不是资产证券化的必然产物,而是在监管缺失的情况下贷款机构错误并过度使用这一金融创新工具的结果。本文通过对资产证券化投资者利益保护机制的解构,结合美国次贷危机的启示,以重塑我国证券市场对资产证券化投资者利益机制。
Asset securitization originated from the 1970s in the United States as one of the major financing instruments in the capital market. After the study of the theory and system of asset securitization, China also realized the localization of asset securitization in 2005. Subsequent financial crisis broke out, asset securitization as a financial derivative financing tool for its use and development of new thinking, the subprime mortgage crisis is not an inevitable result of asset securitization, but in the absence of regulatory failure of the lending institutions wrong and excessive The result of using this financial innovation tool. This article through the deconstruction of investor sentiment protection mechanism of asset securitization, combined with the enlightenment of the subprime mortgage crisis in the United States to reshape China’s securities market for asset securitization investor interest mechanism.