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本文认为 :证券打通了银行配置通过债权变换向资本市场拓展的通道 ,是银行配置与证券配置的有机结合。通过证券化法则的作用 ,一是使债权的空间位置发生了变化 ,由流动性的零区域进入非零区域 ,从而使风险得到了分散 ;二是使原来集中于银行内部的部分金融服务 ,通过与外部组织的市场交换机制来实现 ,从而降低了组织成本。最终 ,证券化能够起到弥补银行中介所存在的银行缺陷问题。
This paper argues that the securities have opened up the channel for bank configuration to expand into capital market through debt conversion, which is an organic combination of bank configuration and securities allocation. Through the function of securitization law, firstly, the space position of creditor’s rights has been changed from zero area of liquidity into non-zero area, so that the risk has been decentralized; secondly, the part of the financial services originally concentrated in the bank has been approved With the external organization of the market exchange mechanism to achieve, thus reducing organizational costs. In the end, securitization can make up for bank failures that bank intermediaries have.