CAJ | 학술논문

资产证券化是20世纪最重要的金融产品创新之一，历经四十余年发展资产证券化产品日渐成熟，规模可与公司债市场匹敌。通过系统梳理美国资产证券化市场的发展脉络可以看出：资产证券化是美国支持房地产融资、解决贷款资金来源的盘活存量之道；利率市场化是资产证券化兴起的催化剂；信托法律关系的创新完善是美国资产证券化大规模发展的必要条件；投资银行持续创新产品设计使其更能为投资者接受。这为中国金融市场的发展提供了参考。
자산증권화시20세기최중요적금융산품창신지일，력경사십여년발전자산증권화산품일점성숙，규모가여공사채시장필활。통과계통소리미국자산증권화시장적발전맥락가이간출：자산증권화시미국지지방지산융자、해결대관자금래원적반활존량지도；리솔시장화시자산증권화흥기적최화제；신탁법률관계적창신완선시미국자산증권화대규모발전적필요조건；투자은행지속창신산품설계사기경능위투자자접수。저위중국금융시장적발전제공료삼고。
Asset securitization is the 20th century's most important financial innovations of products, after forty years of development asset securitization products is tend to complete , the scale can compete with the corporate bond market. From the system combing U.S. asset securitization market development context, Asset Securitization is U.S. support for real estate financing, sources of loan funds to solve revitalize the stock; interest rates liberalization is a catalyst for the rise of asset se-curitization; the innovation development of trust innovative legal relationship is the U.S. asset securitization necessary condition for large-scale development; investment banks continue to make it more innovative product designs for investors to accept. This provides a reference for China's financial market development.