我国住房抵押贷款证券化的探析

【作者】 李志锋；

【导师】 姜学军；

【作者基本信息】 东北财经大学 ， 金融学， 2003， 硕士

【摘要】 随着我国住房制度改革进程的不断加快，住房抵押贷款的需求量将快速增长，这必将会使我国金融机构“短存长贷”的矛盾和资金短缺问题很快凸现，而且目前我国一些地区这种状况已经出现，住房抵押贷款证券化作为一条较好的解决途径非常值得我们进行深入细致的研究。本文通过借鉴典型国家和地区住房抵押贷款证券化的经验，结合我国的现实状况，提出了我国当前实施住房抵押贷款证券化的策略。文章分为四个部分： 第一部分：首先对住房抵押贷款证券化的内涵、涉及的参与者、具体运作程序以及使用的金融工具等与住房抵押贷款证券化相关的理论进行了介绍，其中着重对抵押贷款传递证券、抵押贷款支持债券、抵押贷款转付债券、抵押担保证券等目前国外规模较大的四种住房抵押贷款证券进行了较详细的介绍，然后指出我国目前推行住房抵押贷款证券化无论是从商业银行和投资者等微观主体的角度还是从住房产业和资本市场的发展等宏观角度来看都具有非常重要的现实意义。 第二部分：首先对全球住房抵押贷款证券化的发展状况进行了简要的介绍与分析，然后选择对我国有借鉴意义的美国、加拿大和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比较分析，并从中得出：住房抵押贷款证券化是住房抵押贷款一级市场巨大发展的必然结果：政府的支持非常重要；住房抵押贷款证券化的发展需要一定的基础条件以及需要因地制宜等一些关键性的启示。 第三部分：分析了我国当前实施住房抵押贷款证券化所面临的一些具体障碍，其中包括有我国住房抵押贷款规模不够大、保险与担保机制不健全、个人信用体系不完善、利率体系非市场化、机构投资者的发展还不成熟、中介服务机构发展不完善、法律法规制度不健全以及相关会计制度和税收制度的欠缺和空白等一系列的问题。 第四部分：通过第二、三部分的分析，提出我国当前实施住房抵押贷款证券化的整体思路为先在条件相对较好的城市如上海、深圳等地进行住房抵押贷内容提要款证券化的试点，并同时逐步改善证券化所需的基础条件，待条件相对成熟时，在全国范围内大规模地推行住房抵押贷款证券化:同时对住房抵押贷款证券化过程中涉及的一些关键性问题如住房抵押贷款证券化专门机构的构造、住房抵押贷款证券品种的设计以及住房抵押贷款证券信用增级方式的选择等在具体操作上进行了较深入的阐述。更多还原

【Abstract】 Along with the reform progress of our country housing system continuously quicken, the demand of the housing mortgage will quickly increase, this will make our country financing institution’s short-term funds be used by long-term loan contradiction and funds missing problem quickly appear, and now this kind of condition has appeared in some regions of our country, the housing mortgage securitization to be used as a good the path of solution is very much deserve we to go deep into research. This paper, using the experience of the typical nation and region about housing mortgage securitization, joining together the realistic condition in our country, putting forward the strategy of developing housing mortgage securitization in our country now. The article is divided into four parts:Part one: Introduce the related theories about the housing mortgage Securitization, including the content of housing mortgage securitization, the participants, concrete operation procedure, the financial tool, and point out the realistic meaning that our country promote.Part two: Analyze the background and the motive that world housing mortgage securitization, choose the typical model nation and region such as the United States, Canada, Hong Kong to proceed the comparison, and get some experiences and apocalypses from it.Part three: Analyzing the obstacles of developing the housing mortgage securitization in our country now, including the our country housing mortgage scale is not enough big, insurance and guarantee mechanism is not sound and personal reputation mechanism is not perfect, the marketization of interest rate system is not completed, the development of institution investor is still not mature and the development of intermediate institution is not perfect, the system of law is not sound,the related accounting system and tax revenue system is lack and blank etc.Part four: Passing the analysis of the second and third part put forward the whole idea and concrete strategies in our country to develop the housing mortgage securitization.更多还原