【作者】 李慧云；

【导师】 车春鹂；

【作者基本信息】 武汉理工大学 ， 结构工程， 2006， 硕士

【摘要】 不动产抵押证券这种新型金融工具，在国际金融市场上得到广泛应用，创造的资产支持证券占据了巨大的市场，发展前景广阔。而我国已初步建立起政策性金融和商业性金融并存的住宅金融体系。从我国资本市场发育条件和发展的资本需求看：我国已在一定程度上的具备了开展住房抵押贷款证券化的基础。 2005年12月15日中国建设银行首次发行30余亿元“建元2005—1个人住房抵押贷款证券”的成功，为投资者提供了一个良好的投资渠道。由于优质的证券也具备一定的风险，因此本文将从四个方面对证券投资者投资时所面临的风险以及如何规避等问题进行阐述。 第一部分，首先对不动产抵押贷款证券化的两种形式的相关理论进行了简要的介绍，并对商业不动产抵押贷款证券相关理论也进行了简要阐述，随后将商业不动产抵押贷款证券与住房抵押贷款证券加以比较。第二部分对不动产抵押证券的投资市场与需求状况进行了较为详细的探讨。首先对国外住宅抵押贷款证券的市场状况(主要是指发行状况、投资状况)加以阐述，为我国住房抵押贷款证券的未来的发展状况提供了借鉴。接着对我国现阶段住房抵押证券的投资需求进行了详细的分析，最后对投资住房抵押贷款证券的可行性加以分析，指出投资住房抵押贷款证券不仅安全性高、收益可观、流动性较强，而且住房抵押贷款证券的多样性很适合不同的的资金投资之于它。第三部分是本文的重点，由于风险的度量是整个投资风险管理过程中最重要的一个环节，因此首先对投资风险分析方法进行了阐述。目前，能够进行数理计量的风险主要是利率风险和信用风险，因此本文主要对这两种风险的度量方法加以了分析。随后对住房抵押贷款证券化的投资风险中最突出的利率风险、提前偿付风险、信用风险进行探讨，并对其它投资风险进行简要阐述。第四部分主要对住房抵押贷款证券化的投资风险中的利率风险、提前偿付风险、信用风险的规避提出了相应的建议。最后对建元2005—1的投资风险规避措施进行了简要探讨。更多还原

【Abstract】 The real estate mortgage securitization is a kind of new financal tool, which has obtained the widespread application on the international financial market. The securitization has occupied the giant market, and the development prospects have been broaded. But our country has initially established the housing financial system, in which the policy finance and the commercial finance have coexisted. Looking our country capital market condition of development and the development capital demand, it can be known that our country has had the certain development of Mortgage-backed securitization foundation.On Dec. 15th, 2005, China Construction bank has succeeded in distributing "Jianyuan 2005-1 Mortgage-backed securitization" which was 30 hundred million Yuan. It has provided a good investment channel for the investor, because the securitization of high quality also has certain risk. The securitization investors have dodged these risks that they need confront. This paper elaborated from four aspects.In the first part, firstly the correlation theories of Mortgage-backed securitization and the Commercial Mortgage-backed securitization have carried on the brief introduction, following Mortgage-backed securitization compares with Commercial Mortgage-backed securitization. In the second part, investment market and the demand condition of the real estate mortgage negotiable securities have carried on a more detailed discussion. Firstly, the overseas Mortgage-backed securitization market condition such as release condition, investment condition has elaborated, which has provided the model for our country Mortgage-backed securitization of future development condition. Then, it has been carried on the detailed analysis that our country present stage housing bill of sale investment demand. Finally, the paper analyzes the feasibility of investing Mortgage-backed securitization, pointing out that it can be obtained high the security, the income considerable, the strong fluidity by investing Mortgage-backed securitization, furthermore, the multiplicity of Mortgage-backed securitization suits the different fund investment. The third part is a更多还原