CAJ | 학술논문

文章基于网络组织理论，对资产证券化网络运作机制进行了研究，报告了资产证券化的交易运作机制的研究现状。通过采用归纳法和演绎法，进行了文献调研和实地调查，反映了资产证券化在交易过程中运作机制不完善、风险分担不合理以及激励不足等问题。文章首先科学界定资产证券化网络运作机制的内涵；其次，构建资产证券化网络运作模型，从网络整体性和模块独立性两个视角分析资产证券化网络运作组织特性；最后，设计资产证券化网路运作机制：利益分配机制、风险分担机制、监管担保机制以及激励约束机制，以提高资产证券化的运作效率。
문장기우망락조직이론，대자산증권화망락운작궤제진행료연구，보고료자산증권화적교역운작궤제적연구현상。통과채용귀납법화연역법，진행료문헌조연화실지조사，반영료자산증권화재교역과정중운작궤제불완선、풍험분담불합리이급격려불족등문제。문장수선과학계정자산증권화망락운작궤제적내함；기차，구건자산증권화망락운작모형，종망락정체성화모괴독립성량개시각분석자산증권화망락운작조직특성；최후，설계자산증권화망로운작궤제：이익분배궤제、풍험분담궤제、감관담보궤제이급격려약속궤제，이제고자산증권화적운작효솔。
Based on network organization theory, this paper researched the network operations mechanism of asset securitization and reported the research status of transaction operation mechanism of asset securitization. Using inductive method and deductive method , we conducted literature research and field surveys and we reflected some issues that the operation mechanism of asset securitization in the transaction process was imperfect, risk sharing was unreasonable and excitation was inadequate and so on. Firstly, we scientifically defined connotation of network operating mechanism of asset securitization. Secondly, we constructed the model of network operations of asset securitization and analyzed organizational characteristics of network operations of asset securitization from two perspective of the network integrity and modules independence. Finally, we designed network operation mechanism of asset securitization, consisting of benefit distribution mechanisms、 risk-sharing mechanisms 、 regulatory guarantee mechanism and incentive and restraint mechanisms, in order to improve the operational efficiency of asset securitization.