本文關(guān)鍵詞： 信貸資產(chǎn)證券化 企業(yè)資產(chǎn)證券化 監(jiān)管機(jī)構(gòu)　出處：《四川省社會科學(xué)院》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：自20世紀(jì)70年代后期美國開展住房抵押貸款證券化以來，資產(chǎn)證券化就在全世界范圍內(nèi)迅速發(fā)展，資產(chǎn)證券化產(chǎn)品也已成為金融市場上最具活力的金融產(chǎn)品之一。資產(chǎn)證券化之所以能夠得到如此迅速的發(fā)展，是因為其在分散企業(yè)風(fēng)險、降低融資成本等許多方面具有獨特優(yōu)勢。 我國關(guān)于資產(chǎn)證券化的研究開始于20世紀(jì)九十年代。當(dāng)時，朱菁教授在《國際金融研究》雜志上發(fā)表了《論美國金融業(yè)的新動向》一文，對美國開展資產(chǎn)證券化業(yè)務(wù)的情況作了介紹。但我國資產(chǎn)證券化的試點卻到2005年才開始。 由于資產(chǎn)證券化的復(fù)雜性和牽扯范圍的廣泛性，使得對這種融資方式的監(jiān)管相對要困難得多，美國次貸危機(jī)爆發(fā)的原因之一就是對這種融資方式的監(jiān)管缺失。因此加強(qiáng)對資產(chǎn)證券化的監(jiān)管，控制資產(chǎn)證券化的風(fēng)險就顯得尤為必要。但是我國現(xiàn)有資產(chǎn)證券化監(jiān)管體制以及具體監(jiān)管制度卻嚴(yán)重落后于資產(chǎn)證券化的監(jiān)管需求，這也使得我國資產(chǎn)證券化在監(jiān)管方面有許多亟需解決的問題。 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)證券化和企業(yè)資產(chǎn)證券化分別由不同的監(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。一方面沒有一部資產(chǎn)證券化的基本法規(guī)來對資產(chǎn)證券化的制度設(shè)計做統(tǒng)一的安排；另一方面，由于信貸資產(chǎn)證券化和企業(yè)資產(chǎn)證券化是在銀監(jiān)會和證監(jiān)會的主導(dǎo)下分別實施，使得資產(chǎn)證券化在監(jiān)管上缺乏統(tǒng)一的監(jiān)管主體，從而不能協(xié)調(diào)資產(chǎn)證券化的整體監(jiān)管，控制資產(chǎn)證券化的整體風(fēng)險。其次，我國資產(chǎn)證券化的具體監(jiān)管制度還有許多漏洞，特別是在控制風(fēng)險和保護(hù)投資者利益方面，需要在總結(jié)實踐經(jīng)驗的基礎(chǔ)上不斷改進(jìn)和完善。最后，我國資產(chǎn)證券化一方面存在監(jiān)管的缺位，另一方面卻又存在過度監(jiān)管問題，監(jiān)管機(jī)構(gòu)管得過嚴(yán)過死，嚴(yán)重阻礙了資產(chǎn)證券化的發(fā)展和創(chuàng)新。 基于上述認(rèn)識，，我國需要對資產(chǎn)證券化的監(jiān)管作必要的改進(jìn)，使其能夠適應(yīng)資產(chǎn)證券化的發(fā)展需要。首先，應(yīng)當(dāng)制定一部資產(chǎn)證券化方面的基本法規(guī)，對信貸資產(chǎn)證券化和企業(yè)資產(chǎn)證券化以及以后可能出現(xiàn)的其他形式的資產(chǎn)證券化的監(jiān)管作統(tǒng)一的制度設(shè)計。同時，為了防止現(xiàn)行資產(chǎn)證券化分開監(jiān)管所造成的矛盾和問題，在監(jiān)管上需要設(shè)立統(tǒng)一的監(jiān)管機(jī)構(gòu)來協(xié)調(diào)資產(chǎn)證券化的監(jiān)管。其次，應(yīng)當(dāng)對資產(chǎn)證券化的具體制度做優(yōu)化設(shè)計和安排，從而更好的控制資產(chǎn)證券化的風(fēng)險和保護(hù)投資者利益；最后，應(yīng)當(dāng)限制監(jiān)管者權(quán)利，防止監(jiān)管機(jī)構(gòu)的權(quán)力濫用和對資產(chǎn)證券化的過度監(jiān)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.
【學(xué)位授予單位】：四川省社會科學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：D922.287

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 巴曙松;金融監(jiān)管框架的演變趨勢與金融機(jī)構(gòu)的發(fā)展空間[J];財經(jīng)理論與實踐;2004年01期

2 許多奇;;信息監(jiān)管:我國信貸資產(chǎn)證券化監(jiān)管之最優(yōu)選擇[J];法學(xué)家;2011年01期

3 許多奇;;銀行保密義務(wù)與信息披露的現(xiàn)實沖突和法律整合——以信貸資產(chǎn)證券化為中心[J];法學(xué);2007年06期

4 巴曙松,劉清濤;當(dāng)前資產(chǎn)證券化發(fā)展的風(fēng)險監(jiān)管及其模式選擇[J];杭州師范學(xué)院學(xué)報(社會科學(xué)版);2005年02期

5 趙靜;;美國金融監(jiān)管法案對我國資產(chǎn)證券化監(jiān)管的啟示[J];經(jīng)濟(jì)導(dǎo)刊;2011年07期

6 耿丹丹;;我國信貸資產(chǎn)證券化的立法完善[J];西南金融;2007年04期

7 周友蘇;陳震;;我國資產(chǎn)證券化風(fēng)險防控法律機(jī)制思考——基于美國“次貸危機(jī)”的鑒戒[J];社會科學(xué)研究;2009年06期

8 李公科;;論資產(chǎn)證券化的法學(xué)定義[J];天府新論;2005年S2期

9 李東衛(wèi);;完善信貸資產(chǎn)證券化制度體系研究[J];青海金融;2012年08期

10 章向東;;中美資產(chǎn)證券化監(jiān)管模式的比較與借鑒[J];上海金融;2012年08期

本文編號：1522330