摘要
作为一种市场型融资模式,资产证券化创新不仅为商业银行提供了拓展市场型业务的空间,还通过发挥融资中介功能对商业银行的传统业务进行挤占,由此引导银行主导型结构向市场主导型结构变迁,但该趋势并没有形成一个稳健的金融体系,这反映资产证券化创新与金融结构之间并没有形成良性互动。虽然市场主导型结构是未来金融结构变迁的主要方向,但由于在维护金融稳定方面的比较优势,商业银行将是该变迁的主导者,资产证券化作为融资中介的趋势将有所收敛。对于中国而言,要以包容性的态度看待资产证券化创新,通过制度设计清晰界定资产证券化的功能边界,并基于维护金融稳定的考虑,构建针对资产证券化创新与金融结构变迁的宏观审慎监管框架。
As a market- oriented financing model,Asset Securitization innovation not only provides the space for the commercial banks to expand the market- oriented business,but also works as an intermediary in financing to occupy commercial banks' traditional business,thus leading to the transition from bank- oriented structure to marke JPt- oriented structure. However,this trend does not form a steady financial system,which means the Asset Securitization and the Financial Structure have not developed positive interaction. Despite that the market- oriented structure is the main direction of the future financial structure changes,because of the comparative advantages in the maintenance of financial stability,commercial banks will be the dominant of this transition,and Asset Securitization as a financing intermediary will be constrained. In China's current circumstances,the Asset Securitization innovation should be treated with accommodativeness and we should clearly define the function boundary of Asset Securitization through the system design. Meanwhile,to maintain financial stability,we should construct the Macro- Prudential supervision framework for Asset Securitization innovation and financial structure transition.
出处
《金融经济学研究》
CSSCI
北大核心
2015年第5期72-82,共11页
Financial Economics Research
基金
山东省社会科学规划研究项目(14CJJJ36)
山东省人文社会科学课题(15-ZZ-JJ-12)
山东省高校人文社会科学研究计划项目(J15WG05)
山东师范大学青年教师科研项目(人文社会科学类)(14SQR010)
关键词
资产证券化
金融结构
变迁
asset securitization
financial structure
transition
