资产证券化热潮下的冷思考——以基础资产适格性为视角

发布时间：2018-04-03 19:26

本文选题：资产证券化　切入点：冷思考　出处：《法制博览》2016年15期

【摘要】：资产证券化作为一种结构化的金融衍生工具,因其表外融资和增加资产流通性的优势,以及政策上的支持,近年来我国证券化呈现了井喷式的发展,基础资产也呈现出多样化。基础资产系资产证券化的基础前提和核心重点,证券化立法及操作实施均需要依据其作出,因此基础资产是否具有适格性显得尤为重要。备案制模式的推行下,对于基础资产选择和交易结构等方面的证券化方案设计,均给予了发起机构较大的自由选择权,发起机构可以根据自身的资金特点和现金流情况以及投资者需要,选择基础资产和设计交易结构。迅速发展下的证券化,对基础资产予以规范和质量控制的监管措施未匹配完善,存在潜在风险,目前证券化数量和规模都发展惊人,一旦集中爆发风险,将导致金融市场系统性风险的产生。
[Abstract]:Asset securitization as a structured financial derivative, because of its advantages of off-balance-sheet financing and asset circulation, as well as policy support, securitization in China in recent years has shown a blowout development, the basic assets are also showing diversification.The basic assets are the basic premise and the core point of asset securitization, the securitization legislation and the operation implementation all need to make according to it, therefore whether the basic assets have the suitability appears to be particularly important.Under the implementation of the record system, the securitization schemes for the selection of basic assets and the structure of transactions have been given greater freedom of choice to the sponsoring institutions.The sponsoring institution can choose the basic assets and design the trading structure according to its own capital characteristics, cash flow and investors' needs.With the rapid development of securitization, the regulatory measures to regulate and control basic assets are not matched and there are potential risks. At present, the quantity and scale of securitization are amazing, once the risk is concentrated,Will lead to the emergence of systemic risks in financial markets.
【作者单位】：暨南大学法学院;
【分类号】：D922.28

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