我国资产证券化的监管问题研究

发布时间：2018-02-21 16:27

本文关键词： 信贷资产证券化企业资产证券化监管机构　出处：《四川省社会科学院》2013年硕士论文　论文类型：学位论文

【摘要】：自20世纪70年代后期美国开展住房抵押贷款证券化以来，资产证券化就在全世界范围内迅速发展，资产证券化产品也已成为金融市场上最具活力的金融产品之一。资产证券化之所以能够得到如此迅速的发展，是因为其在分散企业风险、降低融资成本等许多方面具有独特优势。我国关于资产证券化的研究开始于20世纪九十年代。当时，朱菁教授在《国际金融研究》杂志上发表了《论美国金融业的新动向》一文，对美国开展资产证券化业务的情况作了介绍。但我国资产证券化的试点却到2005年才开始。由于资产证券化的复杂性和牵扯范围的广泛性，使得对这种融资方式的监管相对要困难得多，美国次贷危机爆发的原因之一就是对这种融资方式的监管缺失。因此加强对资产证券化的监管，控制资产证券化的风险就显得尤为必要。但是我国现有资产证券化监管体制以及具体监管制度却严重落后于资产证券化的监管需求，这也使得我国资产证券化在监管方面有许多亟需解决的问题。我国资产证券化的监管问题主要体现在以下几个方面：首先，由于分业经营、分业监管的金融体制导致信贷资产证券化和企业资产证券化分别由不同的监管机构监管，使得我国资产证券化从一开始就缺乏总体性的构想。一方面没有一部资产证券化的基本法规来对资产证券化的制度设计做统一的安排；另一方面，由于信贷资产证券化和企业资产证券化是在银监会和证监会的主导下分别实施，使得资产证券化在监管上缺乏统一的监管主体，从而不能协调资产证券化的整体监管，控制资产证券化的整体风险。其次，我国资产证券化的具体监管制度还有许多漏洞，特别是在控制风险和保护投资者利益方面，需要在总结实践经验的基础上不断改进和完善。最后，我国资产证券化一方面存在监管的缺位，另一方面却又存在过度监管问题，监管机构管得过严过死，严重阻碍了资产证券化的发展和创新。基于上述认识，，我国需要对资产证券化的监管作必要的改进，使其能够适应资产证券化的发展需要。首先，应当制定一部资产证券化方面的基本法规，对信贷资产证券化和企业资产证券化以及以后可能出现的其他形式的资产证券化的监管作统一的制度设计。同时，为了防止现行资产证券化分开监管所造成的矛盾和问题，在监管上需要设立统一的监管机构来协调资产证券化的监管。其次，应当对资产证券化的具体制度做优化设计和安排，从而更好的控制资产证券化的风险和保护投资者利益；最后，应当限制监管者权利，防止监管机构的权力滥用和对资产证券化的过度监管。
[Abstract]:Since 1970s, when the United States launched mortgage securitization, asset securitization has developed rapidly all over the world. Asset securitization products have also become one of the most dynamic financial products in the financial market. Reducing financing costs and many other aspects have unique advantages. The research on asset securitization in China began in 1990s. At that time, Professor Zhu Jing published an article on New Trends in American Financial Industry in the Journal of International Financial Research. This paper introduces the development of asset securitization in America, but the pilot project of asset securitization in our country did not begin until 2005. Because of the complexity of asset securitization and the breadth of the scope involved, it is relatively difficult to regulate this form of financing. One of the reasons for the outbreak of the subprime mortgage crisis in the United States was the lack of supervision over this financing method. Therefore, we strengthened the regulation of asset securitization. It is particularly necessary to control the risk of asset securitization, but the existing supervision system and specific supervision system of asset securitization lag behind the demand of asset securitization. This also makes our country asset securitization has many problems which need to be solved in the aspect of supervision. The supervision of asset securitization in China is mainly reflected in the following aspects: firstly, because of the separate operation, the financial system of separate supervision leads to the supervision of credit asset securitization and enterprise asset securitization by different regulatory bodies. On the one hand, there is not a basic law of asset securitization to make a unified arrangement for the system design of asset securitization; on the other hand, As credit asset securitization and enterprise asset securitization are implemented separately under the guidance of CBRC and CSRC, there is a lack of a unified supervisory body in the supervision of asset securitization, and thus the overall supervision of asset securitization cannot be coordinated. To control the overall risk of asset securitization. Secondly, there are many loopholes in the specific regulatory system of asset securitization in China, especially in controlling risks and protecting the interests of investors. Finally, on the one hand, there is a lack of supervision in China's asset securitization, on the other hand, there are problems of excessive supervision. It seriously hinders the development and innovation of asset securitization. Based on the above understanding, China needs to make necessary improvements to the supervision of asset securitization so that it can meet the needs of the development of asset securitization. First of all, we should formulate a basic law on asset securitization. In order to prevent the contradictions and problems caused by the separate supervision of credit asset securitization, enterprise asset securitization and other forms of asset securitization that may appear in the future, In order to control the risk of asset securitization and protect the interests of investors, it is necessary to set up a unified regulatory body to coordinate the supervision of asset securitization. Secondly, we should optimize the design and arrangement of the specific system of asset securitization. Finally, the rights of regulators should be restricted to prevent abuse of power and excessive regulation of asset securitization.
【学位授予单位】：四川省社会科学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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