资产证券化信用评级制度与系统性风险分析

发布时间：2018-01-03 06:35

本文关键词：资产证券化信用评级制度与系统性风险分析　出处：《财经理论与实践》2017年02期 　论文类型：期刊论文

【摘要】：资产证券化的复杂性和高度杠杆化加剧了投资者与发行人之间的信息不对称问题,信用评级制度作为信息披露手段,在减轻信息不对称、促进风险资产定价和保护投资者利益等方面发挥着重要作用。但若缺乏有效的制度保障,资产证券化信用评级过程中隐含的对系统性风险的累积和传导危险则会对金融系统稳定产生负面作用。我国信用评级制度缺乏良好的法律监管环境和充分的市场竞争,难以支持资产证券化产品的多样化发展和规模的快速扩大趋势。对此,需从宏观审慎监管框架的确立、信用评级监管权力的统一和制度完善以及评级行业的市场化推进等方面完善信用评级制度。
[Abstract]:The complexity and high leverage of asset securitization aggravate the problem of information asymmetry between investors and issuers. As a means of information disclosure, credit rating system is reducing information asymmetry. To promote the pricing of risk assets and protect the interests of investors plays an important role, but if there is no effective institutional protection. The risk of accumulation and transmission of systemic risk in the credit rating process of asset securitization will have a negative effect on the stability of the financial system. The credit rating system of our country lacks a good legal regulatory environment and a sufficient market. Competition. It is difficult to support the diversification of asset securitization products and the rapid expansion of the scale of the trend. To this end, we need to establish a macro-prudential regulatory framework. To perfect the credit rating system in the aspects of the unification of the supervision power and the perfection of the system, as well as the marketization of the credit rating industry.
【作者单位】：中国政法大学法与经济学研究院;
【基金】：北京市产学研项目(4081/081424)
【分类号】：D922.287;F832.51
【正文快照】： 一、信用评级制度在资产证券化产品中的运作机理(一)资产证券化信用评级制度的逻辑起点资产证券化是以缺乏流动性但具有稳定未来现金流量的资产作为信用交易基础,经过结构重组和信用增级,打包成证券发行的融资方式。它以一种创新的融资方式打通了主要以商业银行为信用中介的间

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