【摘要】：自1970年美國的政府國民抵押協(xié)會發(fā)行首筆以抵押貸款組合為基礎(chǔ)資產(chǎn)的抵押支持證券以來,資產(chǎn)證券化作為一種創(chuàng)新金融工具在國際市場迅速發(fā)展起來。我國資產(chǎn)證券化試點(diǎn)開始于2005年,后受累于美國次貸危機(jī)中途暫停,2011年正式重啟試點(diǎn),此后隨著監(jiān)管的逐步發(fā)展和完善以及市場需求的擴(kuò)大,資產(chǎn)證券化市場于2014年下半年開始進(jìn)入快速發(fā)展時期。由于資產(chǎn)證券化的專業(yè)性和復(fù)雜性,使得其監(jiān)管相對要困難很多。目前我國資產(chǎn)證券化的監(jiān)管問題主要體現(xiàn)在以下幾個方面:首先由于分業(yè)經(jīng)營、分業(yè)監(jiān)管的金融體制導(dǎo)致信貸資產(chǎn)證券化、企業(yè)資產(chǎn)證券化、資產(chǎn)支持票據(jù)分別由不同的監(jiān)管機(jī)構(gòu)監(jiān)管,使得我國資產(chǎn)證券化從一開始就缺乏總體性的構(gòu)想。其次從我國現(xiàn)行立法來看,片面依賴監(jiān)管當(dāng)局的監(jiān)管,對行業(yè)自律明顯突出不夠。再次國內(nèi)評級機(jī)構(gòu)的監(jiān)管框架目前并沒有一個統(tǒng)一的資格準(zhǔn)入,只是在評級公司具體做業(yè)務(wù)的時候,根據(jù)債券類型需要相應(yīng)的債券準(zhǔn)入監(jiān)管機(jī)構(gòu)的批準(zhǔn)。職能界定不明確可能是我國信用評級機(jī)構(gòu)存在的最大的一個問題。最后,信息披露監(jiān)管較為粗放,監(jiān)管機(jī)構(gòu)缺乏獨(dú)立性,且我國的證監(jiān)會和證券交易所對于信息披露的監(jiān)管多以事后處罰為主,這種監(jiān)管方式無法對投資者利益做到真正的保護(hù)�；谏鲜稣J(rèn)識和域外經(jīng)驗借鑒,筆者提出如下等建議:第一、保持現(xiàn)有監(jiān)管格局的前提下,重組“一行三會”的職能,剝離其行業(yè)促進(jìn)目標(biāo),通過協(xié)調(diào)職責(zé)法定化,提高金融監(jiān)管協(xié)調(diào)制度的效率;第二、秉持“利于行業(yè)治理”及“適于行業(yè)協(xié)會職能承接力”的原則,合理劃分政府與自律組織的監(jiān)管權(quán)限;第三、對信用評級機(jī)構(gòu)實(shí)行監(jiān)管制度,加強(qiáng)對評級機(jī)構(gòu)執(zhí)業(yè)行為的監(jiān)督,建立信用評級行業(yè)協(xié)會,加強(qiáng)行業(yè)自律;第四、在我國分業(yè)經(jīng)營的國情之下,建立信息共享平臺機(jī)制,以適度監(jiān)管為原則積極構(gòu)建資產(chǎn)證券化信息披露法律制度。
[Abstract]:Since the first mortgage-backed securities based on mortgage portfolio was issued by American National Mortgage Association in 1970, asset securitization has developed rapidly as an innovative financial instrument in the international market. China's asset securitization pilot began in 2005, and was later suspended in the middle of the subprime mortgage crisis in the United States, then officially restarted in 2011. Since then, with the gradual development and improvement of supervision and the expansion of market demand, Asset securitization market began to enter a period of rapid development in the second half of 2014. Because of the specialty and complexity of asset securitization, it is more difficult to supervise it. At present, the supervision of asset securitization in China is mainly reflected in the following aspects: firstly, the financial system of separate operation and supervision leads to the securitization of credit assets and the securitization of enterprise assets. Asset backed instruments are supervised by different regulators, which makes asset securitization lack of overall idea from the beginning. Secondly, from the point of view of our current legislation, relying on the supervision of regulatory authorities is obviously not enough for industry self-discipline. Once again, the regulatory framework of domestic rating agencies does not have a unified qualification, but when the rating agencies do business, they need the approval of the corresponding bond regulatory agencies according to the bond type. Unclear definition of functions may be the biggest problem of credit rating agencies in China. Finally, the supervision of information disclosure is relatively extensive, the regulatory body lacks independence, and the supervision of information disclosure by the CSRC and the stock exchange in our country is dominated by the punishment after the event, which can not really protect the interests of investors. Based on the above understanding and overseas experience, the author puts forward the following suggestions: first, under the premise of maintaining the existing regulatory structure, the author reorganizes the functions of "one line and three associations", deletes its industry promotion objectives, and legalizes its coordination responsibilities. Improve the efficiency of the financial regulatory coordination system; second, adhere to the principles of "good for industry governance" and "suitable for the functional acceptance of trade associations", and reasonably divide the regulatory authority between the government and self-regulatory organizations; third, We should implement a supervisory system for credit rating agencies, strengthen supervision over their practice, establish credit rating industry associations and strengthen industry self-discipline. Fourth, under the national conditions of separate operations in China, we should establish a platform mechanism for information sharing. To establish the legal system of asset securitization information disclosure on the principle of moderate supervision.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.287

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