【作者】 孙淑成；

【导师】 瞿宝忠；

【作者基本信息】 东华大学 ， 企业管理， 2004， 硕士

【摘要】 作为上个世纪最重大的金融创新之一，住房抵押贷款证券化对一个国家经济的稳定与发展会产生巨大作用，尤其是在资本市场与房地产市场方面更为明显，这一点在国外许多国家已得到证明。随着我国住房抵押贷款一级市场的不断快速发展，我国的住房抵押贷款证券化也日益变得迫切，已成为我国金融决策层关注的焦点。我国的理论界与国有商业银行都在积极探索适合我国的住房抵押证券化方案，然而至今没有一个试点方案能被央行接受，最大的争议之一就是采用何种证券化模式。 经过系统的学习与研究，作者发现现有的一些方案存在着一定的不足，最大的问题是将国外住房抵押贷款证券化的某种框架与支撑这些框架协调运行的背后因素相割离，然后将这些已被孤立的架框简单地移植国内，成为其方案的模式框架，这种方案显然会对我国住房抵押贷款证券化的开展不利。因此本文立足于前人的研究，并尽可能克服前人的局限，从可能会影响住房抵押贷款证券化模式的因素入手，在对国外成熟做法的深入比较分析的基础上，讨论了我国住房抵押贷款证券化模式的一般条件及影响因素，并由此建立了一个适合我国实际的住房抵押贷款证券化模式。按照这一逻辑，本文共分成五部分，第一部分是对世界各国住房抵押贷款证券化开展情况的概述，并分析了我国住房抵押贷款市场的现状；第二部分以美、加、澳、英、德、香港为研究对象，对三大证券化模式及相关影响模式的因素进行了比较分析；第三、四部分是本文的重点，首先从新制度经济学的角度提出了我国住房抵押贷款证券化模式的一般条件，结合我国国情讨论了可能影响我国住房抵押贷款证券化模式的因素，并在此基础上寻求建立起一个适合我国的住房抵押贷款证券化模式；本文的最后一部分则提出了保证本文模式顺利运作的所需要的一些配套政策。更多还原

【Abstract】 As one of most important finance innovation last century, Residential Mortgage B acked S ecuritisation (RMBS) has exerted b rilliantly p ositive effect on the stabilization and development of economy, especially in the field of capital market and real estate market. With the continuously rapid growth of prime market of residential mortgage loan,. the pressure of RMBS increases and RMBS has been the focus of our fiance decision-making level. Both the theory circle and state-owned commercial banks take the initiative in making a RMBS solution fit for China, but none of their blue prints has been accepted by People’s B ank of China. The hottest argument lies in the structure of RMBS. After systematic study of these current solutions, the author has found out some deficiency in these solutions, among which the biggest one is that the solution provider tends to separate the some frameworks of MBS from the concrete factors and circumstances that back the framework. And then the isolated framework h as b een p ut i nto t he n ew RMBS s olution t o C hina w ithout more attention to circumstance and factors the framework depends on. These deficient solutions will mislead the operation of RMBS in China.Based on the research done by other researchers, trying to overcome their deficiency, this paper begins with the analysis of the factors which influence the model of RMBS and makes detailed comparison among those successful RMBS countries. After that the paper examines the basic principle and the realistic conditions of establishing RMBS. And then the conclusion of founding a suitable RMBS model fit for China can be made. According to this writing logic, the whole paper is composed of 5 parts. The first part briefs the practice of RMBS all over the world and discusses the current development of our RMBS. Taking USA, Canada, Australian, UK, Germany and Hong Kong as the research objects, the part two makesa good deal of comparison analysis of three types of RMBS, finding out many overseas experience, lessons and principle useful to China. Part 3 and part 4 are the emphasis of the paper. On the view of New Institutional Economics, the paper brings up the basic principles of setting up RMBS and analyzes the factors influencing the RMBS model, and then comes to an innovative RMBS solution fit for China. The last part 5 focuses the matching policies to provide a good system environment for the implementation of RMBS advanced by this paper.Sun Shucheng (Enterprise Management) Supervised by Oubaozhong更多还原