Further Study Of The Credit Risk Transfer Mechanism Under The Perspective Of Financial Supervision

The credit risk is the main risk which the commercial bank faces in the management and operation. The appearance of risk transfer mechanism provides the commercial bank with an active method of managing credit risk, which is helpful to reduce the concentration ratio of credit risk, and the risk of the bank system, and which is helpful to increase the efficiency and stabilization of the bank system. However, with the liberalization and further development of finance, the emergence of multiple risk transfer tools, such as Asset-Backed Securities, credit derivative products and so on, make the risk transfer technique and operation process more complex. The relaxed control of credit risk transfer in amount and qualitative, which is implemented by the commercial bank and other financial organizations driven by profit maximization, and the participation of several of non-financial institutions and credit rating organizations make the operation process of risk transfer mechanism more complex. The ability of risk transfer mechanism is limited because of dissymmetry of information and decrease of trading transparency at the credit risk transfer market.Based on the analysis of micro effect and macro effect of risk transfer mechanism, the overall effect of credit risk transfer is discussed under of background of American sub-prime loan crisis, and effective sup version approaches acted upon credit risk transfer are discussed too. The degree of risk transfer is confirmed according to the economic essence principle and the standard of uniform supervision principle. The confirmed risk should be measured according to the cohesive value at risk model; regulatory capital is suggested based on the CVaR value. Pressure test is regarded as the supplement of the model method; countermeasures should be constructed through the risk transfer mechanism and the risk route of transmission. What's more, models and market are paid attention to simultaneously, market laws and economic development cycle should be respected, and macro cautious supervisory decisions are to be implanted by financial supervision organizations. An effective regulatory system, which gives consideration to efficiency, is to be constructed based on financial stability.