2005年12月15日,我国第一只对公信贷资产支持证券“开元”一期和第一只住房抵押贷款支持证券“建元”一期正式发行,标志着我国信贷资产证券化业务由理论走向了实践。开发银行于2006年4月发行了第二单“开元”信贷资产支持证券,东方资产管理公司于12月发行了我国首只不良资产支持证券“东元重整资产支持证券”。而工行、信达资产管理公司的信贷资产证券化试点申请也已获批,中行、农行、招行、浦发也在积极申请试点,信贷资产证券化第二轮试点高潮已经来临。在为中国的信贷资产证券化市场繁荣前景而欢欣的同时,我们须冷静审视在第一轮试点中暴露出的问题,并在第二轮试点中认真加以改进,以保证我国信贷资产证券化业务持续健康发展。一、第一轮信贷资产证券化试点过程中暴露出的问题1.配套政策不完整,法律效力有待提高 December 15, 2005, China’s first public credit asset-backed securities “Kaiyuan ” a and the first home mortgage-backed securities “Jianyuan ” an issue of the first phase, marking China’s credit asset securities Business from theory to practice. Development Bank issued the second single “Kaiyuan” credit asset-backed securities in April 2006, and Orient Asset Management Corporation issued the first non-performing asset-backed securities in China in December “TECO’s asset-backed securities.” The ICBC, Cinda asset management company credit asset securitization pilot application has also been approved, Bank of China, Agricultural Bank of China, China Merchants Bank, Pudong Development are also actively applying for a pilot, credit asset securitization pilot round of the second round has come. While rejoicing at the prospect of China’s credit asset securitization market, we must examine carefully the problems exposed in the first round of pilots and make serious improvements in the second round of pilots so as to ensure that our credit asset securitization business Sustainable and healthy development. First, the first round of credit asset securitization pilot problems exposed 1. Supporting policies are incomplete, the legal validity needs to be improved