摘要
自从2005年《信贷资产证券化试点管理办法》实施以来,在政策红利、经济发展、消费刺激以及技术深化的时代背景下,对互联网消费金融进行资产证券化日益成为金融市场发展的热点。互联网消费金融机构通过资产证券化,可以全面实现期限转换、信用转换、流动性转换以及风险转换等金融核心功能;但互联网消费金融资产证券化的过度创新发展,同时也带来了诸多法律风险,包括基础资产的真实性风险、破产隔离和真实出售的风险、信息披露不透明的风险以及杠杆率水平过高的违规风险。对此,本文通过分析目前我国互联网消费金融资产证券化的监管现状与不足,以给出互联网消费金融资产证券化健康发展的监管建议。
Since the implementation of the administrative measures for the pilot securitization of credit assets in 2005,under the background of policy encouragement,economic development,consumption stimulation and technology deepening,the asset securitization of Internet consumer finance has become a hot spot in the development of financial market.Through asset securitization,Internet consumer financial institutions can fully realize the financial core functions of term conversion,credit conversion,liquidity conversion and risk conversion.However,the excessive innovation and development of Internet consumer financial asset securitization also brings many legal risks:the authenticity risk of basic assets,the risk of bankruptcy isolation and real sale,the risk of opaque information disclosure,and the risk of violation of regulations with high leverage.In this regard,this paper analyzes the current situation and shortcomings of the supervision of Internet consumer financial asset securitization in China,and gives some suggestions for the healthy development of Internet consumer financial asset securitization.
作者
程雪军
吴敏
马楠
CHENG Xue-jun;WU Min;MA Nan(KoGuan School of Law,Shanghai Jiao Tong University,Shanghai 200030,China;Institute of Banking and Finance,Chinese Academy of Social Sciences,Beijing 100028,China)
出处
《消费经济》
CSSCI
北大核心
2020年第2期10-19,共10页
Consumer Economics
基金
国家社会科学基金重点项目(13AJY018)
国家社会科学基金一般项目(16BFX098)。
关键词
互联网消费金融
法律风险
资产证券化
金融科技
金融监管
Internet Consumer Finance
Legal Risk
Asset Securitization
Financial Technology
Financial Regulation
