美国“次债”危机对完善我国信贷资产证券化制度的启示

Inspiration from American "Sub-prime Securities" Crisis to Perfect Credit System on Asset-Backed Securities in China

中文关键词:  “次债”危机  风险控制  机制改革  法律构建

英文关键词:futures market  individual investor protection  futures regulation

中文摘要:

      美国“次债”危机缘于其个人住房信贷资产证券化过程中各个链条存在的一系列风险控制漏洞。在我国金融业已经开始信贷资产证券化业务试点及推广工作的现实情况下,分析总结美国此次“次债”危机的经验教训,对于完善我国信贷资产证券化法律制度,提高资产证券化实际运作中的风险控制能力,无疑具有重要的现实意义。本文通过对美国“次债”危机原因的分析,从“规范银行放贷程序”、“强化发行机构和受托机构信息披露不实的责任”、“改善信用评级机制”、“加强对资产证券化业务的监管”等几个方面,提出了完善我国信贷资产证券化法律制度的立法建议。

英文摘要:

      The crisis of "Sub-prime Securities" in America stems from series of risk-control loopholes in the various channels in the process of Residential Mortgage-Backed Securities(RMBS).Under the situation of loan capital securitization in China,it is significant for us to perfect the credit legal system on Asset-Backed Securities(ABS) by analyzing and summarizing the experience from "the Sub-prime Securities" in America.By the analysis of "Sub-prime Securities",this article puts forward some suggestions on perfecting the loan procedure,holding responsibility for publishing false information,improving the credit grading mechanism and strengthening the control of loan capital securitization.