金融创新中的信号传递机制——基于上汽金融资产证券化的案例研究  

The Signal Transmission Mechanism in the Financial Innovation:A Case Study on Asset Backed Securities of SAIC GMAC

作　　者：朱凯[1] 卫勇 闵操[4] Kai Zhu;Yong Wei;and Cao Min(Institute of Finance and Economics/School of Accountancy,Shanghai University of Finance and Economics,Shanghai 200433,China;College of Business,Shanghai University of Finance and Economics,Shanghai 200433,China;SAIC Motor Corporation Limited,Shanghai 200041,China;Shanghai Municipal Electric Power Company,State Grid Corporation of China,Shanghai 200122,China)

机构地区：[1]上海财经大学会计与财务研究院/会计学院,上海200433 [2]上海财经大学商学院,上海200433 [3]上海汽车集团股份有限公司,上海200041 [4]国家电网上海市电力公司,上海200122

出　　处：《会计与经济研究》2018年第4期62-75,共14页Accounting and Economics Research

基　　金：国家自然科学基金重点项目(71632006);国家自然科学基金面上项目(71272008);教育部人文社会科学重点研究基地项目(14JJD630005);上海市教育委员会课题(2014111143)

摘　　要：文章以案例分析的方法,检验了金融创新过程中的信号传递及其作用机制。作为中国早期资产支持证券(ABS)的发行者,上汽通用汽车金融有限责任公司采用价格机制和各种非价格机制,以缓解金融创新中引发的信息不对称问题。文章以此为案例,着重比较分析在现实的金融市场中,价格机制和非价格机制的信号作用机制。结果表明,在可以连续发行证券的情况下,以价格作为金融创新的信号传递更为有效,公司到期偿付行为是信号机制有效发挥的基础。研究结果支持了Welch(1989)的理论,也为中国的市场实践和金融监管提供了一定的借鉴和启示。This paper uses case analysis to test the signal transmission and its mechanism in the financial innovation. As the early issuer of asset backed securities（ ABS）,SAIC GMAC adopts price mechanism and non-price mechanism to ease the information asymmetry caused by financial innovation. Taking this as a case,this paper analyses the signalling mechanism of both price and non-price in the real financial market. The result shows that price mechanism is more effective as a signal transmission of financial innovation when securities are continuously issued,and that price mechanism doesn＇t work effectively until firms repay on expiry. The case analysis of this paper supports the theory of Welch（ 1989）,and provides some references and inspirations for the market practice and financial supervision in China.

关 键 词：金融创新 信号传递 价格机制 资产支持证券 

分 类 号：F275[经济管理—企业管理]