【摘要】：本文從分析本次金融危機(jī)中資產(chǎn)證券化國際監(jiān)管體系暴露的不足和缺陷入手,解讀相關(guān)國際組織和歐美各國監(jiān)管機(jī)構(gòu)在本次金融危機(jī)后發(fā)布的相關(guān)修訂意見和補(bǔ)充文件,對資本充足率監(jiān)管、系統(tǒng)性風(fēng)險監(jiān)管、信用評級機(jī)構(gòu)監(jiān)管及信息披露監(jiān)管四方面進(jìn)行了改革。最終,結(jié)合我國資產(chǎn)證券化監(jiān)管的現(xiàn)狀及缺陷,著重闡述資產(chǎn)證券化國際監(jiān)管制度的改革對中國資產(chǎn)證券化監(jiān)管的啟示。論文主要內(nèi)容分為三章。 第一章闡述相關(guān)國際監(jiān)管制度在金融危機(jī)中暴露的缺陷。首先,作為本次金融危機(jī)誘因的合成型資產(chǎn)證券化的含義和流程,其與傳統(tǒng)型資產(chǎn)證券化相比擴(kuò)大了金融風(fēng)險。其次,當(dāng)前相關(guān)國際監(jiān)管制度的缺陷是對合成型資產(chǎn)證券化交易中新增風(fēng)險的關(guān)注不夠,對資產(chǎn)證券化等項目的資本計提不足；監(jiān)管理念對資產(chǎn)證券化帶來的系統(tǒng)性風(fēng)險考慮不足；缺乏對信用評級機(jī)構(gòu)的監(jiān)管；沒有對資產(chǎn)證券化中信息不對稱問題的解決辦法。 第二章分析金融危機(jī)后相關(guān)國際監(jiān)管制度的改革。金融危機(jī)后,相關(guān)國際組織和歐美各國監(jiān)管機(jī)構(gòu)都發(fā)布了對原有資產(chǎn)證券化監(jiān)管制度的修訂意見和補(bǔ)充文件,對資本充足率監(jiān)管、系統(tǒng)性風(fēng)險監(jiān)管、信用評級機(jī)構(gòu)監(jiān)管及信息披露監(jiān)管四方面進(jìn)行了改革。引入了杠桿率監(jiān)管標(biāo)準(zhǔn),增加了風(fēng)險捕捉能力,完善了風(fēng)險權(quán)重設(shè)計,提高了資本充足率監(jiān)管標(biāo)準(zhǔn)；增加了宏觀審慎監(jiān)管,加強(qiáng)了流動性監(jiān)管；加強(qiáng)了評級活動的獨(dú)立性和可審性,明確了評級機(jī)構(gòu)的法律責(zé)任；加強(qiáng)了基礎(chǔ)資產(chǎn)、資產(chǎn)池轉(zhuǎn)移和再證券化方面的信息披露。 第三章討論上述改革對我國資產(chǎn)證券化監(jiān)管的啟示。對我國資產(chǎn)證券化監(jiān)管現(xiàn)狀的概括,缺陷是單一的資本充足率監(jiān)管無法全面防范風(fēng)險；對系統(tǒng)性風(fēng)險監(jiān)管缺失；對信用評級機(jī)構(gòu)的監(jiān)管制度不夠完善；資產(chǎn)證券化定量信息披露制度不健全。改革的啟示是：資本監(jiān)管方面,不僅要加強(qiáng)資本充足率監(jiān)管,還有增加杠桿率監(jiān)管；風(fēng)險監(jiān)管方面,增加對系統(tǒng)性風(fēng)險的監(jiān)管；完善證券化信用評級制度；加強(qiáng)對資產(chǎn)證券化信息披露的監(jiān)管力度。
[Abstract]:Starting with the analysis of the deficiencies and defects of the international regulatory system of asset securitization exposed in the financial crisis, this paper interprets the relevant revised opinions and supplementary documents issued by relevant international organizations and European and American regulators after the financial crisis. Capital adequacy regulation, systemic risk regulation, credit rating agency regulation and information disclosure regulation are reformed. Finally, combined with the current situation and defects of asset securitization supervision in China, the author emphasizes on the enlightenment of the reform of international supervision system of asset securitization to the supervision of asset securitization in China. The main content of the paper is divided into three chapters. The first chapter describes the defects of the relevant international regulatory system in the financial crisis. Firstly, the meaning and process of synthetic asset securitization, which is the inducement of the financial crisis, expands the financial risk compared with the traditional asset securitization. Secondly, the defects of the current relevant international regulatory system are insufficient attention to the new risks in the transaction of synthetic asset securitization, insufficient capital collection of assets securitization and other items; The concept of supervision does not consider the systemic risks brought about by asset securitization; it lacks the supervision of credit rating agencies; and there is no solution to the problem of information asymmetry in asset securitization. The second chapter analyzes the relevant international regulatory system reform after the financial crisis. After the financial crisis, relevant international organizations and regulatory bodies in Europe and the United States have issued revised opinions and supplementary documents on the original regulatory system of asset securitization, regulating capital adequacy and systemic risk. Credit rating agencies and information disclosure regulatory reform in four areas. It introduces the regulation standard of leverage ratio, increases the ability of risk capture, improves the design of risk weight, improves the supervision standard of capital adequacy ratio, increases macro-prudential supervision and strengthens the supervision of liquidity. It strengthens the independence and verifiability of rating activities, clarifies the legal responsibility of rating agencies, and strengthens the disclosure of basic assets, asset pool transfer and resecuritization. The third chapter discusses the above reform to our country asset securitization supervision enlightenment. The shortcomings of the supervision of asset securitization in China are that the single supervision of capital adequacy rate can not prevent risks completely, the supervision of systemic risk is absent, the supervision system of credit rating agencies is not perfect enough, and the supervision system of credit rating agencies is not perfect. Asset securitization quantitative information disclosure system is not perfect. The enlightenment of the reform is that capital supervision should not only strengthen the supervision of capital adequacy ratio, but also increase the leverage ratio, increase the supervision of systemic risk, improve the credit rating system of securitization, and improve the credit rating system of securitization. Strengthen the supervision of asset securitization information disclosure.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2011
【分類號】：D996.2;D922.287;F832.51

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