中国金融衍生产品市场的创新与实验.pdf

市场
创新
Mmarket innovation
中国金融衍生产品市场的创新与实验*
China's financial derivatives market innovation and experimentation
周荣芳荣艺华叶可松唐烈
作者简介
周荣芳,中国人民银行上海总部金融市场管理部副主任
荣艺华,中国人民银行上海总部金融市场管理部
叶可松,中国人民银行上海总部金融市场管理部
唐烈,中国人民银行上海总部金融市场管理部
Authors
Zhou Rongfang, Deputy Director-General, Financial Market Management Department, the PBC Shanghai Head Office
Rong Yihua, Financial Market Management Department, the PBC Shanghai Head Office
Ye Kesong, Financial Market Management Department, the PBC Shanghai Head Office
Tang Lie, Financial Market Management Department, the PBC Shanghai Head Office
摘要
文章介绍了国际上主要的金融市场创新产品的概念和种类,并从资产证券化产品的结构与流动性,及不同产品的业务需求等方面概括
了这些创新产品在国内的发展特征。从金融基础和生态环境的成熟度看,建议以上海作为产品创新的试点和突破口,进一步拓展资产证券
化市场,适时引入房地产信托基金,从而更好地以金融产品创新促进长三角地区金融市场协调发展,推动上海国际金融中心建设。
Abstract
After introducing the category and concept of main innovative products in the international financial market, this article generalizes their
domestic developing characteristics from the perspective of structure and liquidity of asset securitization products as well as varying
business demands of them. In view of Shanghai’s financial foundation and environment, the author advises that Shanghai, as a trial
city for innovation, should develop the asset securitization market further through timely introduction of REITs to render a better service
to the harmonious development of t