摘要
我国信贷资产证券化试点实践始于2005年,呈现出一些与发达国家不尽相同的特点。在额度管理和审批制下操作,以优质对公贷款为基础资产,通过较为简单透明的交易结构设立的过手型资产支持证券是目前试点中最为普遍的模式。此种模式具有审慎、标准化优点,但市场化程度和对投资者吸引力较为有限。近年来,以信贷资产出表为目的的"类资产证券化"业务快速增长,在监管套利和风险积聚的同时,亦反映了当前证券化试点运作方式和规模水平无法满足规模巨大的盘活存量需求的潜在问题。结合国际经验教训,我国资产证券化应在未来2-3年内逐步实现市场化、常规化发展;"疏堵结合",推进信贷流转阳光化逐步替代不规范的"类资产证券化";结合我国金融体系的风险特征构建行之有效的中国式监管框架。
Comparing to the developed countries, China＇s securitization pilot reveals many specific features Based on high-quality corporate loans, the pass-through securitization with the simple and transparent structure is the common mode, which is prudent and highly standardized. However, this mode is also less market-oriented and lack of attractions to the participants. Recently, the ＂quasi-securitization＂ beyond the legal framework grows rapidly, which reflects the potential problems on the operation of current pilot. Given the global experiences and lessons, credit assets securitization in China should gradually turn into a regular business for commercial banks From the regulatory perspective, a sound and effective regulatory framework should be built up
出处
《金融监管研究》
2014年第3期29-39,共11页
Financial Regulation Research
关键词
资产证券化
试点实践
政策建议
Asset Securitization
Pilot Practice
Policy Suggestions
