上海金融
上海金融
상해금융
Shanghai Finance
2011年
3期
40~43
,共null页
资产证券化系统 流动性层次 系统协同
資產證券化繫統 流動性層次 繫統協同
자산증권화계통 류동성층차 계통협동
Asset Securitization System; Liquidity Level; System Synergy
在系统协同视角下,资产证券化流动性具有三个层次,第一层次指被证券化资产的流动性,第二层次指资产支持证券的一级市场流动性,第三层次指资产支持证券的二级市场流动性,前两个层次流动性的成败最终取决于第三层次的流动性。资产证券化流动性的系统协同要素包括市场基础、工具创新以及风险监管。解决我国资产证券化流动性不足的出路在于层次和要素的系统协同。
在繫統協同視角下,資產證券化流動性具有三箇層次,第一層次指被證券化資產的流動性,第二層次指資產支持證券的一級市場流動性,第三層次指資產支持證券的二級市場流動性,前兩箇層次流動性的成敗最終取決于第三層次的流動性。資產證券化流動性的繫統協同要素包括市場基礎、工具創新以及風險鑑管。解決我國資產證券化流動性不足的齣路在于層次和要素的繫統協同。
재계통협동시각하,자산증권화류동성구유삼개층차,제일층차지피증권화자산적류동성,제이층차지자산지지증권적일급시장류동성,제삼층차지자산지지증권적이급시장류동성,전량개층차류동성적성패최종취결우제삼층차적류동성。자산증권화류동성적계통협동요소포괄시장기출、공구창신이급풍험감관。해결아국자산증권화류동성불족적출로재우층차화요소적계통협동。
In the view of system synergy,the liquidity of asset securitization has three levels.The first level refers to the liquidity of securitized assets,and the second level refers to the primary market＇s liquidity of asset-backed securities,while the third level refers to the secondary market＇s liquidity of asset-backed securities.The liquidity of first two levels is finally dependent on the liquidity of the third level.The synergistic elements of asset securitization＇s liquidity include market basement,instrument innovation and risk management.The way to solve the insufficiency of asset securitization＇s liquidity in our country lies in the synergy among different liquidity levels and synergistic elements.
