资产证券化的风险分析

摘    要
资产证券化作为一项重要的金融创新成果己经在发达市场经济国家得到了广泛的应用，而对我国而言还是一个新事物。资产证券化独特的结构导致其不仅具有微观风险，而且具有宏观风险。其中微观风险己经得到了较为充分的认识和管理，而潜在的宏观风险影响巨大却被忽略。资产证券化宏观风险主要体现在：资产证券化会助长房地产泡沫；资产证券化加剧了金融市场的信息不对称；资产证券化降低了金融行业的监管效率。管理资产证券化宏观风险的关键在于实现对金融业的有效监管。重点包括对住房抵押贷款发放环节的监管、对资产证券化的发起人和投资者的风险管理能力的监管、对信用评级机构的监管、以及必要时进行金融监管体系的改革。

关键词：资产证券化；宏观风险；次贷危机；监管

 
Abstract
Asset securitization as an important financial innovation has been in the developed market economies has been widely used, and for my country is still a new thing. For the benefits of asset securitization, the domestic sector, whether the theory or practice of profession have reached a consensus, but their risk is confined to the micro-study, the less aware that the macro-asset securitization of risk, that is, at the macro level of the entire financial market and adversely affect the national economy. The purpose of this paper is an attempt to analyze from a macro perspective, the risk of asset securitization and propose management strategies.
A whole and summarized using a combination of deductive reasoning, analysis of micro-and macro-analysis of research methods, measurement methods of empirical analysis. Securitization of assets in the basic theory and development at home and abroad for a brief introduction and summary, based on the combination of the U.S. "sub-loan crisis" of the lesson, an analysis of the macro-asset securitization risk.
Finally, after a risk analysis, multi-question of which found a number of recommendations

 
Keywords：Asset securitization; macroeconomic risks; second loan crisis; supervision

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