摘要
随着居民消费需求的日益提升和宏观经济的稳步增长,消费金融与资产证券化不断融合,促进了消费金融资产证券化的发展。我国消费金融资产证券化从短期出现到快速流行,既给消费金融行业带来了创新发展,也带来了风险挑战。本文采用归纳研究方法,借鉴巴塞尔银行监管委员会(BCBS)等确认资产证券化的判据,将资产证券化风险划分为法律政策风险、基础资产风险、交易结构风险及参与机构风险;采用案例研究方法,从典型案例(京东白条资产证券化)切入,深度剖析消费金融资产证券化面临的主要风险;采用比较研究方法,结合美国资产证券化的风险成因及其次贷危机防范经验,揭开消费金融资产证券化的普罗透斯面纱,并提出针对我国金融资产证券化风险防范建议。
With the increasing consumption demand and steady macroeconomic growth,consumer finance and asset securitization have continued to integrate,promoting the development of consumer finance asset securitiza-tion.The securitization of consumer finance assets in China,from short-term emergence to rapid popularity,has brought both innovative development and risk challenges to the consumer finance industry.This paper adopts an inductive research approach,drawing on the jurisprudence of the Basel Committee on Banking Supervision(BCBS)and others to confirm asset securitization,and classifies the risks of asset securitization into legal policy risk,un-derlying asset risk,transaction structure risk and participating institution risk.By adopting a case study approach,this paper analyzes the main risks faced by the securitization of consumer finance assets from a typical case(Jing-dong White Stripes securitization).By adopting a comparative study approach,this paper unveils the Protoss of the securitization of consumer finance assets by combining the risk causes of the securitization of assets in the U.S.and its experience in preventing the subprime mortgage crisis,and proposes recommendations for the prevention of risks in the securitization of financial assets in China.
作者
程雪军
赵畅
李正雨
Cheng Xuejun;Zhao Chang;Li Zhengyu
出处
《西南金融》
北大核心
2023年第6期56-68,共13页
Southwest Finance
基金
国家社会科学基金一般项目“数字人民币流通法律治理机制研究”(22BFX085)
上海市哲学社会科学规划课题“金融科技公司算法风险的系统治理研究”(2022EFX001)
同济大学理论创新项目“乡村振兴战略下绿色金融法治体系研究”(4040142319/013)的资助。
关键词
消费金融
资产证券化
金融科技
金融创新
基础资产风险
次贷危机
风险防范
金融监管
consumer finance
asset securitization
FinTech
financial innovation
underlying asset risk
sub-prime mortgage crisis
risk prevention
financial regulation
