中文摘要
信贷资产证券化作为资产证券化的一种,是金融领域的重大创新。自从20世
纪70年代产生以來,其在美国、欧洲和亚洲等地迅猛发展。在美国发生次贷危机
之后,人们又纷纷将责难的矛头对准了 “资产证券化”。其实,信贷资产证券化作
为创新的融资工具,其价值和意义不应被全盘否定。认真研究分析证券化过程中
可能遇到的风险,提高风险意识,建立防范风险的机制,加强政府监管,信贷资
产证券化仍然能发挥其重大的积极作用。我国在2005年颁布了《信贷资产证券化
试点管理办法》后,一批试点的信贷资产支持证券得以在该办法的规范下顺利发
行。鉴于我国幵展信贷资产证券化的时间不长,实践和法规层面都有不足之处;
美国次贷危机时时提醒着我国在资产证券化的运作中应加强风险防范,尽快完善
资产证券化的法律规制。

本文通过对国内外信贷资产证券化理论的系统归纳和整理,结合美国信贷资产
证券化的经验和教训,找出我国当前信贷资产证券化存在的困难和问题,并提出
相关政策建议。本文从风险的视角探讨信贷资产证券化在我国的可行性,指出我
国当前丌展资产证券化的必要性和紧迫性;找出我国当前信贷资产证券化风险形
成的主要原因是法律制度、配套环境、权威中介机构、利率管制制度和信用制度
等方面存在问题;从风险释缓的视角提出应该完善我国信贷资产证券化立法和加
强信贷资产证券化金融监管的政策建议。

关键词:资产证券化;次贷危机;信贷资产证券化;风险
ABSTRACT
As a type of assets securitization, securitization of credit assets is a major
innovation in the financial field. It has been developing rapidly in the United States,
Europe and Asia since 1970s. But after American Sub-prime crisis happened, assets
securitization is targeted by many people. In fact securitization of credit assets, as an
innovative financing instrument, its value and meaning should not be overall negative.
CareMly study and analyze the risks that may encounter in the process of
securitization, raise the risk consciousness,establish the risk prevention mechanism,
strengthen government regulation, securitization of credit assets can still play an active
role. On 20 April 2005 Administration of Pilot Projects for Securitization of Credit
Assets Procedures,,was promulgated. Then a number of pilot credit asset-backed
securities were successfully issued under the guidance of the Administration. Because
securitization of credit assets has not been carried out for a long time in China, both
practical and regulatory aspects have some inadequacies. Sub-prime crisis in the United
States is a reminder of our country in the operation of securitization to enhance risk
prevention, improve the activities of securitization.
Through systematically summarized the securitization of credit asset theory both at
home and abroad firstly,this paper combined with the experiences and lessons of
securitization of credit assets in the United States, then found out the current difficulties
and problems of credit asset securitization in our country, and finally put forward
relevant policy suggestions. This article was from the perspective of risk to study the
feasibility of the securitization credit asset in our country, pointed out that the
necessity and urgency of the current conducting asset securitization in our country, and
found out that the main reason for the slow development of the securitization of credit
assets in our country was from legal system, supporting environment, authoritative
intermediary institutions, interest rate control system and credit system and other
problems; at last, from the perspective of risk slow release, the author put forward some
suggestions that we should make our legislation perfect,and strengthen thesecuritization of credit assets securitization of financial regulatory.
Keywords: Asset securitization; Subprime crisis; Securitization of credit assets;
The risk