【作者】 张浩涵；

【导师】 王军武；

【作者基本信息】 武汉理工大学 ， 结构工程， 2004， 硕士

【摘要】 住房抵押贷款证券化是过去30多年早金融领域中最重要的创新。它在发达国家发展迅速，并逐渐成为全球趋势。 随着我国经济的发展和住房制度改革的不断深化，居民收入水平不断提高，以房地产为主的住宅产业已成为国民经济的支柱产业，住房消费已成为新的消费热点。为了满足住宅产业的巨额资金需求和分散商业银行的流动性风险，住房抵押贷款证券化成了我国商业银行的必然选择。 在对住房抵押贷款证券化运行机制剖析的基础上，文章对我国实施住房抵押贷款证券化的内在需求进行了分析，最后给出了在我国建立和发展住房抵押贷款证券化的制度完善措施和具体操作思路。 本文的主要研究内容有： 1．介绍了住房抵押贷款证券化的基本释义和运行机制，阐述了国际上住房抵押贷款证券化的基本运作流程和创新结构安排，最后对当前世界各地区住房抵押贷款证券化的发展情况进行了比较研究，从中可以了解住房抵押贷款证券化独特的运行机制、创新之处以及对一国经济发展的积极影响，分析我国发展住房证券化的动因。 2．在住房抵押贷款证券化过程中，存在着早偿。本文对早偿、影响抵押贷款早偿行为的因素、早偿风险、早偿不确定性及其对现金流的影响做出分析。然后研究了如何利用结构创新规避风险。 3．从SPV在住房贷款证券化中的作用入手，阐明其核心是隔离破产风险。通过分析SPV业务范围，结合SPV设立方式的国际经验，从国内的实际情况出发，现阶段我国设立SPV可以采取两步走的方式。首先，依托国有4大银行在国内发行抵押贷款支撑债券，采取表内证券化；然后再寻求有自己特色的表外融资证券化道路更多还原

【Abstract】 Mortgage-backed securitization (MBS) is one of the most important innovations in the financial field in the last 30 years. Now it is spreading fast in the developed world and becomes a global trend.Under the present circumstances of housing finance, it is necessary for our country to implement mortgage-backed securitization. The present market can’t satisfy the large gap of demand for capital. The mortgage-backed securitization can pump plenty capital from the capital market to the first market continuously and it will help solve the problem effectively. In addition, with the enlargement of mortgage loan scale, the fluidity risk of bankers will be exposed, and it also asks for the implementation of mortgage-backed securitization.MBS also helps to develop capital market and market structure.After studying the operating mechanism, the thesis analysis the internal demand for the technique. At last we provide means on how to modify the institutions and how to set up and develop the home mortgage-backed securities in our country.What this thesis has done are as following:1. Introduces the basic interpretation and operating mechanism of the home mortgage-backed securitization, expatiates the operation procedure and innovative structure. Though comparative research on the developments of the home mortgage-backed securitization in specific regions of the world, we get better knowledge about the operating mechanism, innovation and positive impact on a country’s economic development.2. In the process of mortgage-backed securitization, there remains the hazard of early compensates ; this paper analyzed the reason, evaluation target and pattern of it. This paper also made analysis on the uncertainty of early compensates . Afterwards this paper puts forward the methods of how to utilizes the optimization of assets pool and the innovation of structure to evade the risk.3 This paper explains the core of SPV (Special Purpose Vehicle) is the segregation of bankrupting risks from the function of SPV in the mortgaged-backed securitization. Basing on the comparative research of foreign MBS and the domestic actual situation, this paper gives out proposals on how to set up SPV in current phase of our country. At first, we can take in-balance-sheet activities through domestic issue of ABS (Assets-Backed Securities), and then seek a special way of off-balance-sheet activities of our own.更多还原