证券化制度发展的国际经验及对中国的启示

证券化是从美国发端而扩及全球的金融创新。考察从美国到全球的主要证券化市场发展历史,可以得到以下足为我国证券化市场与制度建设之镜鉴的经验与教训:发展动因上的区别影响引入证券化制度的模式和路径;大多数证券化市场的成功起飞离不开政府积极有效的推动;银行作为证券化市场的主力参与者,决定着一个证券化市场发展的道路与程度;民法法系国家应立足于自己的法律文化和制度体系,改革固有的法律制度以为证券化市场提供制度支持。

On Global Experiences of Securitization Markets and Some Hints Thereof to China

Securitization is a financial innovation that originated in USA and has taken firm root in the emerging markets all over the world.There are some useful experiences for taking-off of Chinese market in the history of the global main markets: It's the specific cause of development that determines the transplanting mode of securitization system of a specific country;there would be little successful markets without effective push from local governments;banks are always main participants in the markets and play an important role in the development of a market;civil-law countries should make necessary reform to their current legal systems to sustain development of their markets.