中文摘要：

虽然商业银行是资产证券化创新的主导者，但随着金融创新不断推进，资产证券化逐渐脱离出银行体系，并独自发挥商业银行的核心功能，该“信用中介”功能反应了资产证券化对商业银行功能上的“替代”。但由于资产证券化运作机制的脆弱性，以及所创造流动性工具信用等级的不稳定性等问题，资产证券化还无法完全承担“信用中介”功能，这意味着其对商业银行也仅是一种“有限替代”。从发展趋势来看，后危机时代将体现出两者的不断融合，为此我们应理性看待资产证券化创新，从完善创新主体、监管制度及风险防范等方面为资产证券化提供良好的创新平台。

英文摘要：

Although commercial banks are the dominant of Asset Securitization, but with the continuous advance of Financial Innovation, Asset Securitization has gradually from the banking system, and alone to play the core function of commercial banks —— ＂Credit Intermediary＂ function, this reaction the ＂ replace＂ of Asset Securitization to commercial banks on the function. But because of the vulnerability of the Asset Securitization operation mechanism, as well as the instability of the liquidity tools＇ credit rating, Asset securitization is still not fully assume the ＂credit intermediary＂ function, this means the substitution is only a ＂limited substitution＂. From the development trend, the post crisis era will reflect both the continuous integration, so we should be rational view of Asset Securitizaiton, from improving the innovation subject, supervision system and risk prevention aspect as to provide a good platform innovation of Asset Securitization.