【作者】 余志鹏；

【导师】 张文中；

【作者基本信息】 新疆财经大学 ， 金融学， 2011， 硕士

【摘要】 资产证券化是近30年世界金融领域最为重要的金融创新之一。“如果有一个稳定的现金流,就将它证券化。”这是美国华尔街的名言。美国资产证券化规模以18%复合增长率高速发展,但与实践相比学术理论研究相对滞后。而次贷危机之后,美国证券化问题终于爆发,各方面都对证券化问题提出了批评,本文试图结合信息经济学中原理对当前资产证券化风险问题进行分析,并对我国的资产证券化的发展提出建议。证券化在初始阶段确实有效解决了一阶信息不对称问题,然而随着证券化实际操作不断深入和衍生工具的大量开发和应用,继而产生了新的信息不对称问题,这导致风险的不断累积,终于酿成美国的金融危机。本文对资产证券化基本流程进行进行了介绍,并通过信息经济学视角同时分析,分析了资产证券化中信息不对称现象,通过委托代理原理和博弈论对资产证券化中风险进行分析。由于资产证券化过程中有较多委托代理关系,其中产生了道德风险和逆向选择问题,进而产生了委托代理风险。同时由于多个利益方的相互博弈,进而造成了证券化过程中复杂性。本文通过信息经济学原理对相应问题提出降低信息不对称性,提高信息透明度,有效防范资产证券化过程中的风险。更多还原

【Abstract】 Asset securitization is the world’s financial sector, nearly 30 years the most important financial innovations of. "If there is a stable cash flow, it will be securitized." This is the famous Wall Street. Size of the U.S. asset securitization, with 18% compound growth rate of rapid development, but academic research and operation is relatively backward in comparison. The sub-prime crisis, the U.S.Securities and finally broke out of the question, all parties to the Securitization criticized, information economics, this article attempts to combine the current issue of asset securitization, and our development of asset securitization recommendations. Securities in the initial stages of a truly effective solution to the problem of asymmetric information order, however, continued in-depth with the securities and derivatives development and application of a large number, and then created a new problem of asymmetric information, which leads to the constant risk accumulated, and finally led to U.S. financial crisis.In this paper, the risk of asset securitization, principle were introduced, while the process of securitization of assets play an important role in the objective assessment of institutional analysis, analysis of asset securitization in its traditional role and status, and combined with rent-seeking theory explain it. Finally, asset securitization of risk prevention policy recommendations.更多还原