【作者】 庄雯；

【导师】 王济干；

【作者基本信息】 河海大学 ， 管理科学与工程， 2006， 硕士

【摘要】 住房抵押贷款证券化作为一种金融创新兴起于二十世纪七十年代初的美国,当时主要是为了解决商业银行、储蓄机构的资产流动性不足问题,取得了巨大的成功。在二十世纪八十年代,该金融创新又扩展到了其它的发达国家和地区。近些年来,随着我国住房产业的迅猛发展,它也成为我国政府、金融机构和社会各界所关注的热点。 本文从国外住房抵押贷款证券化的发展历程以及四个典型模式发展入手,分析比较了四种模式的产生背景、运作方式和运作特点,以及对我国发展住房抵押贷款证券化的借鉴意义。在此基础上,提出了当前我国实施住房抵押贷款证券化的一个可行模式,并对产品的设计、流程模式的安排进行了深入的探讨。文章的基本框架分为五块: 首先通过对我国住房金融市场发展现状及国内外住房抵押贷款证券化发展现状的分析,提出了我国实行住房抵押贷款证券化的重要意义。 第二,概括介绍了抵押贷款证券化的基本原理。包括主要参与者、操作步骤和三大基本原理,即资本重组原理、风险隔离原理和信用增级原理。 第三,通过对美国、加拿大及中国香港等典型国家和地区的住房抵押贷款证券化实践进行了详细的对比分析,得到了对中国发展住房抵押贷款证券化的一些有益启示。 第四,阐述了目前我国开展住房抵押贷款证券化有利因素及障碍性因素。有利因素包括:已有的资产证券化经验,初具规模的住房抵押贷款一级市场,不断扩大的投资群体以及银行自身的需求。障碍性因素包括:市场缺陷,法律、法规障碍,会计、税收制度障碍,信用增强、评级体系的缺陷,技术、人才障碍。 第五,在上述分析的基础上,参考境外国家地区住房抵押贷款证券化的经验,结合我国的实际情况,对我国开展住房抵押贷款证券化模式进行了构思和设计,提出了建立证券化专门机构——国家住房抵押贷款证券化公司,以及建立财产信托模式的住房抵押贷款证券化。更多还原

【Abstract】 Mortgage-backed security (MBS), as one of the major forms of financial innovations,was originated from American, which was used to solve the asset problem of lackingliquidation and achieved great success. In 1980s, this financial innovation was spreadto other countries and areas. In recent years, in the pace of quick development of realestate of our country, it has been the new hotspot.This article begins with the study of Mortgage-backed security ’s developmentsoverseas and four typical patterns, and analyzes the operating ways and operatingcharacters of four typical patterns, and summarize the enlightenments to our country.Based on this, this article promotes a feasible pattern of MBS in our country, and alsodoes deep study of financial products design and arrangement of pattern. This articleconsists of five parts.First part generally analyzes the development statue of financial market of real estateand pointed the meaning of opening it.Second part introduces the principal of MBS. It includes the participants andoperating steps and three basic principals.Third part analyzes the MBS practices of America, Canada, and Hong Kong in detail,and got some good advices of developing MBS in China.Fourth part expounds advantages and disadvantages of developing MBS in China.Fifth part is based on above analysis, combing the practical situation of our country, tobuild a feasible MBS pattern of our country.更多还原