9月7日,国家开发银行将在银行间债券市场发行规模为101.7亿元的信贷资产支持证券。这是今年我国重启信贷资产证券化以后发行的首只信贷资产支持证券，其发行规模也创下2005年试点以来的新高。在当前“稳增长”与“调结构”并重的背景下，信贷资产证券化试点推动了我国“金融创新螺旋”的重启和升级，有利于促进信贷市场和债券市场形成良性互动关系，为经济发展与结构调整提供更有效的金融支持。

On September 7,,The state development bank will in the market of the bond between the bank issuing scale for 10.17 billion yuan credit asset-backed securities.This is in China this year to restart securitization of credit assets issued after the first credit only asset-backed securities,The issuing scale also set a record high since 2005 pilot.In the current"Steady growth"and"Adjustable structure"Under the background of pay equal attention to,To promote the securitization of credit assets in China"Financial innovation spiral"Restart and upgrade,To promote the credit market and bond market benign interaction,For economic development and structure adjustment, provide more effective financial support.

　　金融创新螺旋是诺贝尔经济学奖得主罗伯特·默顿提出的一个重要理念。他认为在金融体系发展过程中，商业银行和证券市场之间存在一种既相互竞争又分工合作的关系。二者交替发展，推动金融体系的螺旋式演化。在这一过程中，商业银行承担着新型金融产品“孵化器”的职能。在一些产业发展的早期，由于信息不对称现象比较严重，证券市场上的投资者对其投资的意愿不高。此时，商业银行可以为这些产业的资金需求者量身打造个性化的贷款合约。而当这些产业成熟以后，商业银行则可以将这些信贷资产打包成为标准化的资产支持证券，推向证券市场。

Financial innovation screw is the Nobel economic prize winner Robert merton proposed an important concept.He thinks that in the financial system in the process of development,Commercial Banks and securities market exist between a kind of both competition and cooperation division of labor relations.Both alternate development,The financial system to promote the evolution of spiral.In this process,Commercial Banks bear the new financial products"incubator"function.In some industrial development of early,Due to the asymmetric information phenomenon is more serious,Stock market investors to investment will not high.At this time,Commercial Banks can for these industrial capital demanders tailor personalized loan agreement.And when these industry after maturity,Commercial Banks may will these credit assets become standardized package of asset-backed securities,To the securities market.

　　通过信贷资产证券化，商业银行既获得了手续费收入，又提高了资产流动性、减少了资本占用，从而有能力向更新的领域提供信贷服务。而标准化的资产支持证券丰富了证券市场上的投资品种，推动了证券市场的发展，使更多成熟产业中的企业可以通过证券市场融资。随着证券市场的发展，它在成熟产业的金融服务中会对商业银行形成竞争。这又反过来迫使商业银行继续拓展新的业务领域。如此周而复始，金融创新对新兴产业的覆盖面不断拓展，推动产业结构不断优化。

Through the securitization of credit assets,Commercial bank not only get commission income,And also to improve the liquidity/Reduced capital occupancy,So as to have the ability to update field provide credit service.And standardization of the asset-backed securities rich stock market investment varieties,To promote the development of the securities market,Make more mature industry the enterprise can through the stock market financing.With the development of the securities market,It in mature industries in financial services to commercial Banks to form competitive.This, in turn, forcing commercial Banks continue to expand new business areas.So go round and round,Financial innovation in emerging industries continue to expand coverage,To promote the industrial structure optimization continuously.

　　上世纪80年代以来，美国的信贷资产证券化得到了长足发展。截至2012年第1季度，美国信贷资产（不含按揭贷款）支持的证券余额接近1.8万亿美元。可以说，美国金融体系推动美国经济向“新经济(310358,基金吧)”模式跃迁的过程，为金融创新螺旋提供了一个现实的注解。

Since the 1980 s,America's credit asset securitization has been rapid development.By the end of 2012 the first quarter,The United States credit assets(Excluding mortgage loans)Support securities balance of nearly $1.8 trillion.Can say,The United States financial system to boost the U.S. economy"New economic(310358,Fund it)"Mode transition process,For financial innovation screw provides a realistic comment.

　　当然, 美国金融监管不力的缺点也不容忽视。在“次贷危机”以后，如何既利用金融创新又控制其风险，已成为了世界各国金融监管部门共同面临的课题。正是基于控制风险的考虑，我国在2008年以后也暂停了信贷资产证券化的尝试。

Of course, The United States financial unregulated faults also nots allow to ignore.in"Subprime mortgage crisis"later,How to use both financial innovation and control its risk,Has become the world financial regulators in face of the subject.Based on the consideration of risk control,Our country in 2008 years later also suspended the credit asset securitization attempt.

　　暌违三年有余，我们有理由期待此次重启的信贷资产证券化不是对历史的简单重复，而是开启一个更高级的金融创新螺旋。

Separate more than three years,We have reason to look forward to the restart of the securitization of credit assets of history is not the simple repetition,But open a more advanced financial innovation spiral.

　　首先，监管部门推动信贷资产证券化的战略目标更加明确。在今年5月由人民银行、银监会和财政部联合发布的《关于进一步扩大信贷资产证券化试点有关事项的通知》（以下简称《通知》）中，明确鼓励在实施证券化的基础资产中涵盖中小企业贷款、节能减排贷款、战略新兴产业贷款、文化创意产业贷款、保障性安居工程贷款等，充分表达了管理层以金融创新推动经济结构调整的意图。

First of all,Regulators to promote the strategic target of the securitization of credit assets more clear.In may this year by the people's bank/Banking regulatory commission and the ministry of finance issued jointly by the state[On further expanding the securitization of credit assets related matters notice](Hereinafter referred to as[notice])in,Clear encourage in the implementation of securitized foundation assets covers small and medium-sized enterprise loan/Energy-saving emission reduction loan/Strategy emerging industry loan/Culture creative industry loan/Indemnificatory comfortable housing project loan, etc,Expressing the management for financial innovation to promote economic restructuring intentions.

　　其次，银行间债券市场的深度和广度已经得到了明显的改善。在我国最初的信贷资产证券化中，发起人和持有人的结构整体上比较集中，特别是商业银行持有的信贷资产支持证券占发行总量的70%以上，银行互持现象非常明显。这使得资产证券化的风险分散功能难以发挥。另外，信贷资产支持证券的二级市场流动性也较差。截至2012年8月，银行间债券市场资产支持证券交易量为27.6亿元，仅占发行量的4%。然而自2008年以来，我国的银行间债券市场经历了一个快速发展期，保险机构、企业年金、社保基金等投资者不断发展成熟，各类投资者对创新产品的认知和接受程度也有所提高。《通知》鼓励上述机构投资信贷资产支持证券，并限制单个银行的单只持有比例，对于改变商业银行“互持”现象有积极作用。通过设计合理的交易结构，二级市场流动性也有望得到改善。

secondly,Market of the bond between the bank the width and depth of the has got obvious improvement.In our first in the securitization of credit assets,The originator and holder structure, on the whole, more concentrated,Especially commercial Banks hold asset-backed securities issued credit accounts for over 70% of the total,Bank mutual the phenomenon is very obvious.This makes the risk of asset securitization dispersion function is difficult to play.In addition,Credit asset backed securities secondary market liquidity is poor.By August 2012,Market of the bond between the bank asset backed securities trading for 2.76 billion yuan,Accounted for only 4% of the circulation.However since 2008,China's market of the bond between the bank has experienced a rapid development period,Insurance institutions/Enterprise annuity/Social security fund investors such as continuous development mature,All kinds of investors to the innovation product cognitive and accepting degree has also improved.[notice]Encourage the investment credit institution of asset-backed securities,A single bank and limit the single only hold proportion,Commercial Banks to change"Mutual hold"Phenomenon has positive role.Through the reasonable design of the trade structure,Secondary market liquidity is expected to improve.

　　第三，本轮信贷资产证券化的风险控制更为完善。新的交易结构中已加入了“双评级”和“风险自留”两大审慎性规定。一方面，新发行的信贷资产支持证券必须引入两家合格评级机构参与评级。另一方面，有关规定要求发起人持有的最低档次资产支持证券的比例不得低于总发行规模的5%，意在控制资产证券化中的道德风险。

The third,This credit asset securitization risk control is more perfect.The new trade structure has joined"Double rating"and"Risk retention"Two big prudential regulation.On the one hand,The new issue of credit asset backed securities must introduce two qualified rating agencies to participate in rating.On the other hand,Relevant provisions requirement lowest class held by the initiators of asset-backed securities shall not be lower than the proportion of the total issue size of 5%,Asset securitization to control the moral risk.

　　在更清晰的战略目标、更成熟的市场环境和更完善的监管理念下，此次信贷资产证券化的重启将成为中国金融创新的又一个起点，为金融体系支持实体经济发展提供新的契机。

In a clear strategic goal/The more mature market environment and more perfect supervision under the idea,The restart securitization of credit assets will become China's financial innovation and a starting point,For financial system to support the real economy development provides new opportunities.