| With the2007the United States subprime mortgage crisis in the global spread, asset securitization malpractices in the issuance and trading process is highlighted, structure design of complex hide hide the original assets risk, while the information disclosure defects exist in the legal system and allows investors to relax its vigilance, resulting in great loss. The United States sub-loan crisis is the root of the regulatory authorities of the asset securitization supervision, the most direct manifestation is that the information disclosure is not sufficient, not timely. The aftermath of the global financial crisis, China has to launch a trillion-dollar bailout money, these new loans will partially uncollectible debts, if let the banks pay full on the part of the risk, is not fair, also can cause a certain impact on banks, thereby affecting the entire capital market stable, so China’s commercial banks need for credit asset securitization. So in order to avoid the sub-loan crisis in the securitization of credit assets in the process of China’s mistakes, it is necessary to give full consideration to the real problem--transparency causes of the subprime mortgage crisis, and try various devices to the overcome, a comprehensive review of current information disclosure system of laws and regulations of the special provisions in the field of the securitization of credit assets situation, perfection and supplement to the deficiency.Financial innovation has always been a financial regulatory companion, supervision and will not hinder the pace of innovation, but to spur in the right direction. The disclosure of information of credit asset securitization core link system is to reveal the relevant information to the original assets is full and timely, relevant information disclosure obligations subject could eliminate moral hazard fulfill its obligation to perform the obligation of information disclosure in itself, if the regulatory authorities to exercise regulatory authority in advance legislative protection, during and afterwards remedy the defects and problems provisions of international experience, can be advanced legislative practice. Asset securitization is a new financing way a across the financial, accounting, legal and other disciplines, so in the formulation of relevant laws and policies, should be integrated into all areas of theoretical knowledge, analyzes the integration from different levels, regulatory framework to form a complete system of information disclosure, vertical type financial consumer protection of the legitimate rights and interests of a full range of, to promote the healthy development of asset securitization market.This paper uses case analysis, historical analysis and literature analysis from the point of view of the United States subprime mortgage crisis, the development process of the system of the securitization of credit assets information disclosure of the United States and Basel Review Committee, to clarify the credit asset securitization in our country the status of the information disclosure system and the future development direction. This combination of accounting knowledge, from the macro and micro two angles comprehensive reveal how effective information disclosure in the process of asset securitization, in order to ensure the interests of investors and the healthy and orderly development of capital market. |
