證券化背景下銀行經營模式轉變與法律監管研究

The Analysis of Commercail Bank Business Model in Asset Secu-ritization and Inspiration

證券化的發展推動了貸款出售的增長並深刻地改變了銀行的務模式。'發起—分銷'模式有其經濟上的合理性，特別是在銀行的風險管理和增加資產的流動性方面。但其中隱含的道德風險和貸款質量的下降問題仍需我們特別關注。危機後多德費蘭克法案對此問題進行了規制，特別是風險自留的規則。我國證券化業務也逐步擴大，對其監管規則的研究與借鑒有助於防範我國證券化活動中的金融風險。

The development of securitization promotes the Loan sales and profoundly changed the business model of the commercial bank. 'originate-to-distribute' model has its economic rationality, especially in risk management and increasing the assets liquidity. But we must pay special attention to the problem of moral hazard and decrease of the quality of loans in the model. This issue was reguated in the Dodd-Frank Act, especially through the risk retention rules. In China, securitization has gradually expanded so researching and reference the regulatory rules of UD will prevent the financial risks in the securitization activites.