由于目前的分业监管格局,作为重要金融创新的信贷资产证券化一直受到抑制。为改变这种状况,监管层正在研究资产证券化产品在交易所和银行间两个市场交易,增加产品的活跃度。笔者认为,这犯了舍本逐末的错误,流动性问题不是仅靠拓展市场可以解决的,中国的信贷资产证券化产品自身先天不足。 Securitization of credit assets, as an important financial innovation, has been suppressed due to the current segregation regulatory structure. To change this situation, regulators are studying the securitization of products in the exchange and inter-bank transactions in two markets, increasing product activity. The author believes that this has made mistakes made by the end of this period. The liquidity problem can not be solved by merely expanding the market. China’s credit asset securitization products are inherently inadequate.