2014年以来，我国资产证券化业务规模迅速增长，但整体而言，市场规模依旧很小，未来应该有很大的发展空间。我国资产证券化市场还存在着市场分割、基础资产标准有待统一、投资者群体单一、证券流动性差等迫切需要解决的问题，使得资产证券化降低融资成本的关键优势没有发挥出来，利率高于同评级、同期限的债券与发展障碍形成了一种恶性循环。本文从我国资产证券化发展经验出发，着重分析当前市场面临的发展环境和主要问题，最后给出相应的政策建议，希望能够有助于我国资产证券化市场的长远发展。
Since 2014，China’s asset securitization market has grown rapidly，but overall，the market size is still very small and space for its future development is huge. The market still suffers from such problems as market segmentation，lack of unified standards of underlying assets，non-diversification of investors，poor liquidity of securities，so that the main advantage of asset securitization cannot be brought out to reduce financing costs，leading to a vicious cycle in which the development in ABS market has been affected by the high interest rates（higher than those of bonds of the same grade and maturity）. This article starts with the history and current situation of China’s securities market to analyze the development environment and main problems of the current market before putting forward suggestions on the long-term development of China’s asset securitization market.
