Information Game And Regulatory:Legal Problems Of Asymmetric Information In Asset Securitization

From a global perspective, the three major trends in international financial markets are liberalization, internationalization and securitization, and asset securitization as a sign of financial securities, especially by attention. Asset securitization integrated securities market by strengthening the linkage effect, promoting the financial markets more efficient allocation of resources. But with a lot of development and application of the deepening securitization and derivatives, excessive securitization market makes credit information asymmetry problem between the main chain is magnified under the influence of market network linkage effects, making the financial markets systemic risk continued to enlarge. Once hit by risk, credit market as a whole will all collapse, which is also the root of the subprime crisis lies.With the2009securitization restart in key overseas financial markets, China’s asset securitization restart work gradually expanded. Asset securitization is an important measure of the development of financial markets and prevent financial risks, but our most current asset securitization regulatory approach is still in development or pilot phase, such as the depth to fully promote asset securitization business, we need to strengthen legislation research and legislative proposals to develop and improve relevant regulatory system, to effectively prevent the risk of asset securitization of old and new, especially the risk of asymmetric information.This paper is divided into three parts, the first part is an introduction, including questions raised, literature review, research significance, etc.The second part is the normative and empirical analysis of asymmetric information problem in asset securitization, including the second, third and fourth chapter.The third part is information monitoring system framework of the information asymmetric of asset securitization, including the fifth chapter and the conclusion.Firstly, asset securitization basic legal principles. Through the basic concept of asset securitization to sort out, to understand the basic operation of the asset securitization process, this study lays the tone. Based on this, see the essence of the phenomenon through further analysis of the legal nature of the asset securitization. Asset securitization as a way of structured finance, which is based credit financing is not the subject of credit assets, the asset has a separate credit from the main credit qualifications. Meanwhile, asset securitization has regulatory capital arbitrage function, is a legal circumvention. Although our current stock market has established a preliminary framework for information disclosure system of listed companies, but the asset securitization regulatory capital arbitrage inherent features make it an effective tool to circumvent the law, but also induce the generation of market information asymmetry risk, expressed as adverse selection and moral hazard among different legal subjects market.Secondly, the study of asset securitization in the use of information asymmetry specification analysis. Under asymmetric information provided legal regulation generally, the use of information economics and principal-agent theory of asymmetric information theory, focusing on the analysis of asset securitization in loan origination, sale of assets, such as credit enhancement, different segments of Securities Issuance and Underwriting information asymmetry problems arise. First, loan links, the promoters of the original debtor in lending in the "adverse selection" cause to be securitized asset quality continued to decline. Second, SPV adverse selection in the sale of assets resulting in poorer quality promoters tend to sell assets. Third, in order to achieve maximum benefits, investment banks, credit rating agencies and other institutions in the financial intermediation services agency securities issuance, service and management often use securitization investors lack of understanding of the complexity of the product made damage investor behavior that moral hazard. Visible, information asymmetry throughout the entire process of asset securitization.Furthermore, using game method of asset securitization in the empirical analysis of asymmetric information problems. Asset securitization operation of the process as the main line, under the premise of incomplete information, the game focuses on the process of analyzing the promoters and SPV, promoters and investors, rating agencies and promoters and promoters with the regulatory authorities and other legal limb between explore the different legal subjects in asset securitization is how the choice of action, verify the above specification analysis.Finally, building our asset securitization regulatory system information system framework. The new regulation from the perspective of information to re-examine the2007subprime crisis, asset securitization can be found in the system of asymmetric information source of the problem is the lack of disclosure of financial information anomie and financial supervision. Specific performance in three aspects:First, the asset securitization and re-securitization process design reorganization means highly specialized and complex legal entity makes the transmission of information between different channels of credit securitization chain disruption, not smooth and accurate information in its between circulation; Second, asset-backed securities into highly complex financial derivatives on behalf of the investor information barriers caused by its trading information in the case of highly asymmetric, only over-reliance on rating agencies, rating agencies and then give a very great opportunity and space manipulation of information; Third, financial regulators on the deregulation of financial derivatives, asset securitization securitization makes the risk of asymmetric information asked for further amplification. The nature of the financial markets is constituted by a variety of economic information market, high-quality information is the lifeblood of the market. Thus effectively solving the information regulation is the optimal choice of asymmetric information, but also the inevitable choice to achieve our asset securitization international development.Learn from practical experience of financial information in regulatory reform, China’s regulatory system information asset securitization build the United States, Britain and Japan, specifically starting from the following ideas:First, establish an information sharing mechanism of securitization to create information-sharing platform, is to build information on the full disclosure of financial innovation system and the third is to strengthen cooperation and coordination with international regulatory authorities.