摘要
资产证券化的快速发展,表明它有内在的市场需求和金融动因。本文从无套利理论的角度,通过建立数理模型,论证了由于基于基础现金流进行了收益和风险的精细分割,资产证券化在发行异质性权证方面的效率大为提高,提升了市场的完全性水平,满足了不同投资者的异质需求,从而促进了经济个体福利的帕累托改进及金融体系资源配置能力的提高。基于分析的结论是:资产证券化在未来还有很大的发展空间。
Securitization＇s quick development indicates that it has internal market demand and financial reason. This paper, from the point of view of non-arbitrage theory and by means of structuring mathematical model, demonstrates that due to the precise segmentation in return and risk for the fundamental cash flow, securitization raises the efficiency in issuing heterogeneous securities greatly and upgrades the level of market completeness as well as satisfies different investors＇ heterogeneous needs, as a restdt it promotes the Pareto improvement in economic agents＇ welfare and increases the allocation ability for financial system. The result based on the analysis is that securitization also has huge room for development in the future.
出处
《南京财经大学学报》
2012年第6期38-43,共6页
Journal of Nanjing University of Finance and Economics
