中国银行不良资产证券化的运作难点与制度约束

资产证券化是近几十年来金融市场的重大创新，在西方发达国家处置银行不良资产中被充分运用并取得良好的效果。在分析不良资产证券化理论的基础上，分析了中国银行不良资产证券化的主体、关键环节和产品设计等问题；从宏观经济体制和微观主体角度，分析了影响银行不良资产证券化的制度性和市场性因素，并提出了推动和实施资产证券化应放宽机构投资者入市限制、完善市场运作机制、完善会计处理和税收政策、建立统一监管体系的政策性建议。

Manipulation Difficulty and System Restriction of the Bad Assets Securitization in Chinese Commercial Banks

Asset securitization is the greatest financial innovation in recent decades.It has been wildly used to solve the problem of bank's bad asset in west country and has made good result.Researching the relevant problems of bad asset securitization for our commercial banks is the aim of this paper.based on the ordinary theory of asset securitization,the essay analyzes the present condition of and the ways to solve our state-owned bank's bad asset.The essay also discussed some key technical problems,such as the principle part,the structure,the products,and how to carry out bad asset securitization according to the reality of China.From macro-economic and micro-part angle,the essay discussed the institutional and environment obstacles of practicing bad asset securitization in our country and then put forward the countermeasures,such as we should soften the restriction of setup investors entering the stock market,perfect the market manipulation mechnism,accounting handling and tax policy,establish unified supervision system.