摘要
资产证券化通过分散信贷风险和扩大资本规模极大地推动了美国次级抵押贷款市场的发展,但同时也加剧了信息不对称和激励机制的扭曲.导致信贷资产质量的恶化和"流动性幻觉"的出现,从而累积了金融风险。吸取美国次贷危机的教训.中国在推进资产证券化的过程中,应当加强制度建设,建立有效的信息披露制度和金融监管体系,并从制度上规范信用评估机构的行为,以防范系统性的金融风险。
Securitization greatly promoted the development of the American subprime mortgage market by credit diversification and capital size augmentation. However, securitization simultaneously also led to deterioration of credit quality, emergence of ＂liquidity illusion＂ and accumulation of financial risks due to exacerbation of information asymmetry and distortion of incentive mechanisms. Before introducing securitization on a large scale, China should strengthen construction of institutional infrastructure, including the establishment of an effective system concerning information disclosure and financial supervision, and discipline the behavior of credit-rating agencies so as to prevent systematic financial risks.
出处
《南方金融》
北大核心
2008年第3期57-59,45,共4页
South China Finance
关键词
资产证券化
次级抵押贷款
次贷危机
Seeuritization
Subprime Mortgage Lending
Subprime Crisis
