【作者】 闫振刚；

【导师】 杨桂兰；

【作者基本信息】 首都经济贸易大学 ， 金融学， 2007， 硕士

【摘要】 住房抵押贷款证券化(Mortgage-backed-securities,简称MBS)作为一项新兴的金融工具,70年代为解决商业银行流动性不足等方面的问题在美国应运而生,并随后在全世界范围内获得了广泛发展,为美国、日本等发达国家的住房金融及经济发展做出了巨大贡献。近几年来,随着我国经济的不断发展和住房改革进程的加快,我国对住房抵押贷款证券化的应用和研究也越来越重视,在我国建立住房抵押贷款证券化制度不仅有迫切的需要,也有着很大的现实和经济意义。虽然在我国推行住房抵押贷款证券化是必然趋势,这一点已得到国内外专家的广泛认同,但是,建立何种模式的能够适合我国国情的住房抵押贷款证券化制度一直在争论当中。经过多年的探讨与研究,我国在2005年正式启动了住房抵押贷款证券化的试点工作。本文通过对我国实施住房抵押贷款证券化进行必要性和可行性分析,境外住房抵押贷款证券化的运作模式的比较,以及我国住房抵押贷款证券化试点的实施状况的研究基础上,提出我国实施住房抵押贷款证券化的对策。文章分为五部分:第一,概括介绍住房抵押贷款证券化的内涵、基本原理、参与主体和操作程序。第二,通过分析我国住房金融的现状,进而对我国现阶段实施住房抵押贷款证券化的必要性和可行性进行了详细的论述。第三,通过对美国、香港、欧洲和日本四个国家和地区的住房抵押贷款证券化的模式比较,为我国住房抵押贷款证券化的实施提供了境外经验和有益启发。第四,通过对我国住房抵押贷款证券化试点工作的实施状况的介绍,分析我国现阶段实施住房抵押贷款证券化的障碍问题。第五,在以上分析的基础上,总结提出适合我国国情的住房抵押贷款证券化的实施模式,并对发展我国住房抵押贷款证券化提出有效建议和对策。更多还原

【Abstract】 Mortgage-backed security (MBS), as one of the major forms of financial innovations, was originated from American in 1970s, which was used to solve the asset problem of lacking liquidation and achieved great success. After that, this financial innovation was spread to other countries and areas and achieved great success . And MBS gave great contribution to the real estate development of USA and Japan etc.In recent years, with the rapid development of economic and real estate of our country, it has been the new hotspot. MBS can not only meet the needs of the economic development of China, but also have realistic and economic significance. The operating MBS in China is an inevitable trend, which has been widely approved by national and overseas experts. But, which pattern of MBS is fit to our country’s situation has been in debate. After many years of study and discusses , experimental unit of MBS started from 2005. This article will analyze the necessary and feasibility of building MBS in China, compare different typical patterns of MBS of other countries and area, and make suggestions and advices of building MBS on the basic analysis of the practice of experimental unit.This article consists of five parts. First part generally introduces the principal of MBS, including the participants and operating process and three basic principals. Second part analyzes the status of Chinese economic and real estate development and address precisely the necessary and feasibility of building MBS in China. Third part compares the MBS practices of America, EU, Japan, and Hong Kong in detail, and got some good advices of developing MBS in China. Fourth part gives analysis of the practice of experimental unit, and expounds disadvantages of developing MBS in China. Fifth part is based on above analysis, and make suggestions on developing MBS in China.更多还原