【作者】 蒋一梅；

【导师】 蒋岳祥；

【作者基本信息】 浙江大学 ， 经济学， 2007， 硕士

【摘要】 住房抵押贷款证券化是近30年来金融领域最重要的创新之一。自美国在70年代发行首张住房抵押贷款支持证券以来，许多国家和地区已经进行了大量的住房抵押贷款证券化实践工作，积累了很多成功经验，为我国住房抵押贷款证券化工作提供了很好的借鉴。我国房地产业正逐步发展壮大，个人住房消费成为消费升级换代的主要支点。庞大的消费群体带动了我国个人住房贷款业务的蓬勃发展，国内商业银行个人住房贷款业务的年均增量达到60％以上，成为扩张最为迅速的资产业务领域。由于我国将从2007年开始全面履行入世承诺，各商业银行的资本充足率指标成为业务发展的瓶颈之一。为达到巴塞尔协议要求的资本充足率水平。商业银行在通过股份制改造等途径增加资本的同时，正努力通过资产证券化等手段降低风险资产的比重以提高资本充足率水平，从而保持业务持续扩张的能力。因此。今后一个阶段，住房抵押贷款证券化将成为我国金融业创新的重点之一，正受到政府、金融机构、投资者等各方广泛的关注。本文在论述住房抵押贷款证券化基本模式的基础上，重点分析了发达国家和地区住房抵押贷款证券化的成果，对我国住房抵押贷款证券化的外部环境、法律约束等方面存在的障碍进行了研究，并提出了如何借鉴国外经验来完善我国住房抵押贷款证券化的建议。针对我国住房抵押贷款证券化的初步实践，对建行“2005-1”建元资产支持证券的准备、发行和交易等各上不节进行了分析，在充分肯定其实践过程中作出有益探索的同时，指出尚待改进的内容。我国住房抵押贷款证券化工作目前刚刚起步，各项配套法律法规急需完善，政府管理缺位现象也较严重。本文试图通过对我国目前在住房抵押贷款实践过程中暴露出的问题进行分析总结，提出住房抵押贷款实践方案的改进措施，为今后在更宽泛的范围推广住房抵押贷款证券化工作作一些有益的探索。更多还原

【Abstract】 Mortgage-Backed Securitization is one of the most important financial innovations during the past 30 years. Since the first piece of Mortgage-Backed Security was issued in 1970s in USA, many countries and areas have practiced a lot in the securitization of mortgages. Their experience should be used by Chinese Mortgage-Backed Securitization for reference.With the rapid development of Chinese real estate industry, the increase of personal real estate consumption has become the key backbone of the upgrading of consumption. The big amount of consumers helped the development of the Chinese personal house mortgage loans. The personal house mortgage loans of Chinese commercial banks have increased more than 60% per year during the past several years, and have become the most rapid expanding asset business of Chinese banking industry. For Chinese government will start to comprehensively fulfill the WTO agreements at 2007, the capital ratio of Chinese commercial banks will be the bottlenecks of their business development. To reach the lowest Capital Ratio required by BASEL II, together with approaches of enhancing their capital by shareholding system reconstruction, asset securitization of has become an important way for them to increase the Capital Ratio, and maintain the competence to sustain their business increase as well. Therefore, Mortgage-Backed Securitization will become the keystone of the financial innovation in our country in the near future, and will get great attention of the government, fmancial institutions and investors.Based on discussing the basic models of Mortgage-Backed Securitization, this paper focused on analyzing the experience and achievements of Mortgage-Backed Secuntization in developed countnes and areas. By analyzing the external environment, legal restriction and other obstacles of Chinese Mortgage-Backed Securitization, the author proposed his suggestion on how the learn from the foreign countries’ experience to improve Chinese Mortgage-Backed Securitization. Based on analyzing the practice of Chinese Mortgage-Backed Securitization, especially the China construction bank’s preparing, issuing and exchanging of its"2005-1 Jianyuan" asset backed security, while affirming the explore of this process, the author pointed out its shortcomings and put forward the matters need to be improved.Chinese Mortgage-Backed Securitization has just started to develop. The legal system has not developed related laws and the government has not had the experience and capacity to administrate this business. By analyzing the problems exposed in the process of Mortgage-Backed Securitization, the author tried to propose some suggestions on how to improve the Chinese Mortgage-Backed Securitization and help to extend the Mortgage-Backed Securitization in China.更多还原