中国住宅金融市场研究

【作者】 李玉琼；

【导师】 董寿昆；

【作者基本信息】 湖南大学 ， 金融学， 2002， 硕士

【摘要】 建立和发展我国的住宅金融市场对住房制度改革和经济发展有着极为重要的作用，近几年来住宅抵押贷款已成为我国银行业的重要的利润增长点，因此完善住宅金融市场为我国金融业提供了广阔的发展空间。住宅金融市场有狭义的和广义的两种定义。狭义的住宅金融市场是指银行以居民个人或家庭为对象、以住宅抵押贷款为中心的融资、结算等各种金融活动；广义的住宅金融市场包括银行以住宅抵押贷款为中心的金融活动及其带动的相关的住宅融资活动，如住宅经营、开发建设等融资活动。本文的主要研究对象是狭义的住宅金融市场。文中对住宅金融市场的概念、起源、发展的过程以及我国住宅金融市场发展的理论及实践情况进行了论述，探讨了住宅金融业务，主要指住宅抵押贷款业务中存在的问题，分析了住宅金融业务的风险，并对如何控制风险、如何解决解决问题、如何发展我国的住宅金融市场提出建议。从国际经验而言，住宅金融市场通常由三个层次构成：第一层次是指以银行的住宅抵押贷款为中心的一级市场，即初级市场，市场的主体是所有参与住宅金融活动和与市场相联系的法人和自然人；第二层次是指以住宅抵押贷款为基础、并为其增加流动性的二级市场；第三层次是为促进一、二级市场稳定和发展、政府参与的各种住宅金融活动。这三者的有机结合，构成了较为完备的住宅金融市场整体。由于世界各国情况不同，各国的住宅金融市场模式及发展程度有很大差异。国际上住宅金融业经过四个阶段的发展，形成了各具特色的住宅金融市场，如美国的完备的、相对独立的住宅金融市场，新加坡的以住宅抵押贷款为中心的公积金后盾型住宅金融市场等。这些国家住宅金融市场的发展有效地促进了本国住宅业的发展，推动了经济进步。我国的住宅金融市场是在住宅制度改革和金融体制改革的直接推动下，随着住宅业的发展而发展的。经过多年的发展，我国已建立起政府参与指导的、住房公积金支持的、以商业银行为经营主体的初级住宅金融市场。作者认为，促进二级住宅金融市场发育，推进住宅抵押贷款证券化和金融工具的创新势在必行，并将为金融业的发展开辟更宽阔的道路。更多还原

【Abstract】 Establishing and developing domestic finance market for housing plays a vital role in the housing system reform and economic development. During the past few years, housing mortgage has been the crucial profit-growing point for domestic finance sector. More perfect housing finance market will contribute to the extensive development future for finance sector.The housing finance market can be divided into two parts: narrow sense and broad sense. The narrow one means the financing and settlement activities based on the object of individual residence or family, and the focus of housing mortgage. However, the broad one means the financing activities based on housing mortgage and other related financing activities, such as housing operation, development and construction. The main research object of this thesis is the narrow housing finance market.From international experience, the housing finance market is constituted of three levels: the first one means the primary market with the center of hosing mortgage provided by banks, and the players are the corporations and natural persons participating in the corresponding financing activities. The second one means the secondary market based on housing mortgage. The third one means a series of housing finance activities, which boost the development of the primary and secondary markets. The integration of the above markets makes up the perfect housing finance market.After a few years development, China has built up the primary housing finance market with the help of accumulation funds, in which the government sectors participate to guide and the commercial banks are main players. With the fast-growing primary market, on the one hand the banks are required to reinforce assets management and enhance the risk management of housing mortgage; on the other hand, the growth and development of the second housing finance market is encouraged, and the mortgage securization and the innovation of financial implements are imperative.On the basis of the existing conditions, the government sector should focus on loan securization. According to international operation model, banks should be allowed to issue bonds based on the guaranty of the existing creditor’ s right, that help to found the housing mortgagesecondary market through establishing the special intermediary agency and trading bonds on which. We can make experiments in developed cities, and extend to larger scope even shaping national housing finance market when the normative local secondary market is built up, eventually a massive scale of mortgage securization is formed.China should positively promote the housing mortgage securization and financial instruments innovation on the basis of the housing mortgage oriented primary market, advance the growth of secondary market and reinforce the economic adjustment of housing finance, helping to form the complete housing finance market composed of three levels. By means of the integration of primary and secondary markets, as well as the government’ s participation, the ideal development of finance, housing and other related sectors would be boosted, finally contributes to economy development and improvement on peoples’ lives.更多还原