本文首先构建了一个次贷危机生成的概念模型,然后通过研究发现:在充斥着大量不确定性而高度复杂的现代金融市场上,从单个金融机构角度看ABS技术可以优化风险分担结构,但从总体上来看却是一个“负和博弈”。进而在模型基础上,我们提出建设我国风险管理体系的三点政策建议:明确风险管理哲学,培育良好的金融生态;建立的多层次金融风险管理和监管框架;以及持续倡导风险管理文化。
We propose a generating structure model for the sub-prime crisis and find that, in the modem financial markets with strong asymmetric information and great complexity, ABS technology may benefit from the aspect of a sole financial institute, while it is a " negative-sum game" in the whole. Based on the model, several suggestions on building Chinese financial risk management system are brought forward, such as updating philosophy on risk management to cultivate a sound financial ecology; constmcting the framework of multi-tier risk management system; and sponsoring the culture of risk management.