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针对“发起并持有”业务模式的传统金融监管不能有效应对资产证券化新风险,是导致2008年次贷危机的主因。资产证券化“发起一分流”业务模式引发的金融风险需要通过强化金融中介的激励约束机制和市场信息披露制度等金融监管解决。美国等发达市场2009年以来已通过金融监管改革,在更安全、稳固的基础上重启和发展了证券化市场。我国资产证券化早期试点借鉴海外模式,但过度强调安全的理念日益显得过于保守和缺乏效率;同时,实质上属于证券化的各种信托理财业务也有必要纳入资产证券化范畴进行规制。金融危机之后,我国应理性地看待资产证券化的工具价值,通过完善试点法制和发挥自律组织的作用,重启并推广风险可控的资产证券化模式,以发挥其功用并加快多层次资本市场建设。
The traditional financial regulation aimed at the “initiated and held” business model can not effectively deal with the new risk of asset securitization and is the main cause of the subprime mortgage crisis in 2008. Asset securitization “initiated a diversion” business model triggered by financial risks need to strengthen the financial intermediary incentive and restraint mechanisms and market information disclosure system and other financial regulatory solutions. Developed markets such as the United States have adopted the financial regulatory reform since 2009, restarting and developing the securitization market on a more secure and stable basis. The early pilot of asset securitization in our country borrowed overseas models, but the concept of over-emphasizing security increasingly seemed too conservative and inefficient. At the same time, various trust wealth management businesses that are essentially securitizations are also required to be regulated in the asset securitization category. After the financial crisis, our country should rationally view the tool value of asset securitization. By perfecting the pilot legal system and giving play to the role of self-regulatory organizations, we should restart and promote the risk-controllable asset securitization model to exert its function and speed up the construction of a multi-level capital market .