资产证券化信用评级制度与系统性风险分析

冯诗婷

资产证券化信用评级制度与系统性风险分析

引用本文：冯诗婷.资产证券化信用评级制度与系统性风险分析[J].财经理论与实践,2017,(2):139-144

摘要点击次数: 756

全文下载次数: 0

作者	单位
冯诗婷	（中国政法大学法与经济学研究院，北京100088）

中文摘要:资产证券化的复杂性和高度杠杆化加剧了投资者与发行人之间的信息不对称问题，信用评级制度作为信息披露手段，在减轻信息不对称、促进风险资产定价和保护投资者利益等方面发挥着重要作用。但若缺乏有效的制度保障，资产证券化信用评级过程中隐含的对系统性风险的累积和传导危险则会对金融系统稳定产生负面作用。我国信用评级制度缺乏良好的法律监管环境和充分的市场竞争，难以支持资产证券化产品的多样化发展和规模的快速扩大趋势。对此，需从宏观审慎监管框架的确立、信用评级监管权力的统一和制度完善以及评级行业的市场化推进等方面完善信用评级制度。

中文关键词:资产证券化信用评级制度系统性风险法律监管

Analysis of the Credit Rating System on Securitization and Related Systemic Risk

Abstract:The complexity and high leverage of asset securitization intensifies the information asymmetry problem between issuers and investors, credit rating system as an important information disclosure mechanism has weakened the problem of asymmetric information and plays a role on risk pricing and investor protection. However, without the effective institutional guarantee, the process of credit rating on asset securitization implies the accumulation and conduction of systemic risk, so that the credit rating on asset securitization also affects the stability of financial system. To match the trend of diversity and scale enlargement of asset securitization in China, it is necessary to build the macro-prudential regulatory framework for credit rating system and improve the regulatory powers unified in credit rating industry and also to promote its market-oriented reform.

keywords:securitization credit rating system systemic risk regulation

查看全文 查看/发表评论 下载pdf阅读器