从次贷危机看资产证券化监管规则的完善

资产证券化是金融机构为降低市场利率风险和规避监管创造性的产物．对这场次贷危机起到了推波助澜的作用，但资产证券化本身并没有错，错误的是它被不恰当的利用。资产证券化是金融虚拟性演进到高级阶段的结果，是被监管者为规避监管以追逐最高利润为目的设计的行为模式。次贷危机为我国资产证券化监管提供的启示是明确真实买卖标准、强化信息披露．规范基础资产范围。

Improving Asset Securitization Regulation in View of the Subprime Mortgage Crisis

Asset securitization is the product of financial institutions' intention to reduce interest risks and avoid regulation,which has further promoted the subprime mortgage crisis.There is nothing wrong with asset securitization itself,but it has been abused to some degree.As an advanced result of financial virtuality,asset securitization was originally designed to avoid regulation and maximize profit.What we can learn from the subprime mortgage crisis is to set clear criteria of true sale,intensify information ...