摘要
信贷资产证券化作为一种金融创新,将间接融资直接化,打通了银行信用与市场信用,但其系统性风险的放大功能对流行的功能性金融监管模式也提出了严重挑战,美国次贷危机即彰显了现有监管模式对于信贷资产证券化的监管缺陷和失败。反思次贷危机的根源,本质上可以归咎于金融信息披露的严重失范。比较美国新的金融监管体系改革,立足中国实践,重构金融监管体系必须以信息监管为中心,以此构建一个统合的金融信息平台,形成有效的信息共享机制,并进一步完善金融机构和监管者对金融创新产品的全程信息披露制度,强化对金融消费者的保护。
As a financial renovation,credit assets securitization transforms indirect financing into a direct one and bridges banking credit and market credit. On the flip side,however,systemic risks also increase,which challenge the popular functional approach of financial regulation. The sub-prime crisis manifests the failure of the existing financial supervision. Drawing from on the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010,China should re-construct her own financial information regulatory system,co-ordinate regulatory agencies' supervision policies and tools,develop a full disclosure rule relating to financial innovation products and strengthen the protection of financial consumers.
出处
《法学家》
CSSCI
北大核心
2011年第1期47-58,177,共12页
The Jurist
基金
国家社会科学基金青年项目"信贷资产证券化之现实冲突与法律整合"(项目批准号06CFX017)的阶段性研究成果之一
关键词
信息监管
信贷资产证券化
次贷危机
Information Supervision
Credit Asset Securitization
Sub-prime Crisis
