【作者】 黄勇；

【导师】 李常青；

【作者基本信息】 厦门大学 ， 工商管理， 2002， 硕士

【摘要】 资产证券化是二十世纪七十年代以来金融领域最重大的金融创新。作为一种融资手段，它的发展极为迅速。资产证券化正以其旺盛的生命力，在全世界范围内推广。在我国，中国人民银行已经批准中国建设银行率先开展个人住房抵押贷款证券化试点。本文正是希望借鉴美国住房抵押贷款证券化成功的经验对我国实行住房抵押贷款证券化进行一些探讨。 本文共分三章。第一章主要阐述资产证券化的涵义及其理论基础，并介绍了资产证券化的起源和发展的一些情况。 第二章首先阐述了住房抵押贷款证券化成为世界上绝大多数国家实行资产证券化的突破口的原因，接着分析了美国住房抵押贷款证券化成功的一个重要原因：住房抵押贷款一级市场和二级市场相结合的完善的保险、担保机制，并简要介绍了美国住房抵押贷款证券化的几种交易结构，最后分析了美国政府在住房抵押贷款证券化中的推动作用对我国的启示。 第三章是本文的重点，首先介绍了我国住房抵押贷款市场的发展历程和目前我国住房抵押贷款的一些基本情况，分析了在我国实行住房抵押贷款证券化的必要性和可行性，接着着重分析了我国发展住房抵押贷款证券化存在的问题，并提出相应的建议，同时对证券化过程中存在的风险及相应的控制手段作简要分析，最后讨论了在我国实施住房抵押贷款证券化可能采取的具体模式。更多还原

【Abstract】 Asset Securitization is the most important invention in finance field ever since 1970’s. As a financing instrument,it developed quickly and has been widely adopted throughout the world. The People’s Bank,the central bank of China,has chosen the China Construction Bank for a trial operation of the mortgage-backed securitization. This paper aims at introducing the successful experience of the U.S. in this field,hoping to provide valuable reference to the course of securitization in China.This paper consists of three chapters. Chapter One introduces the concept of asset securitization and the theories on which it is founded. The origin and history of asset securitization is also mentioned in this chapter.Chapter Two explains why mortgage-backed securitization has become the first form of asset securitization in most countries. Then it analyses one of the major reasons which have contributed the success of mortgage-backed securitization in the U.S.,that is,the perfect insurance & guarantee mechanism with the integrated issuing market and the trading market for mortgage-backed securitization. The framework for several kinds of mortgage-backed securitization is briefed after that and the analysis of the role of the U.S. government in promoting the exercise of mortgage-backed securitization and its significance to China ends this chapter.The body of this paper comes in Chapter Three. First it briefly introduces the history and the present situation of mortgage loan in China and analyses the necessity and the feasibility of adopting mortgage-backed securitization in China. The major obstacles on the way to mortgage-backed securitization and the corresponding solutions are discussed,the risk and risk-control methods in mortgage-backed securitization is analyzed and finally,the possible models of mortgage-backed securitization in China is presented.更多还原