论文部分内容阅读
2008年的美国金融危机测试了资产证券化制度的风险和金融监管体系的抗风险能力,引发了关于“过度证券化”抑或“金融监管失职”的危机原罪争论,并再次提出如何处理金融创新与金融监管二者关系的话题。次贷证券化中,证券化的结构性融资构造、金融机构的风险转移业务模式和复杂多样的金融创新,挑战了现行金融监管体系下功能监管、市场自律监管和动态风险性监管的有效性,金融危机更多地呈现为金融监管的危机。因此,应在抑制过度证券化的基础上进行金融监管改革,合理配置金融监管目标和职权,对市场自律监管进行合理授权和强化监督,并采用恰当的金融监管方法,才能保持证券化的金融创新活力,并使金融监管可以应对下一次金融危机。
The 2008 U.S. financial crisis tested the risk of asset securitization and the anti-risk capabilities of the financial regulatory system, triggering debates over the origin of the crisis over the “over-securitization” or “financial oversight” and again proposed Deal with the relationship between financial innovation and financial regulation. In the sub-loan securitization, the structured financing structure of securitization, the risk transfer business model of financial institutions and the complicated and diversified financial innovation challenge the effectiveness of functional supervision, market self-regulation and dynamic risk regulation under the current financial supervision system, The financial crisis is more presented as a crisis of financial regulation. Therefore, financial regulatory reform should be carried out on the basis of suppressing over-securitization, rationally allocating financial regulatory goals and powers, rationally authorizing and supervising market self-regulation, and adopting proper financial supervision and management methods in order to maintain the financial innovation of securitization Vitality, and make financial regulation can cope with the next financial crisis.