【作者】 栾宏飞；

【导师】 田丽洁；

【作者基本信息】 吉林大学 ， 金融学， 2007， 硕士

【摘要】 抵押资产证券化代表着对金融理论的一种新的诠释,在能够产生稳定现金流的基础资产支持下,抵押资产证券化产品已经成为证券市场上的重头戏,尤其是本文将要分析的住房抵押贷款证券在美国证券市场上的发行规模已经超过了美国国债。本文首先从资产证券化的原理入手,分析了它的运作流程,参与主体,并对其风险的测度作了重点的分析,然后联系我国实情,论证住房抵押贷款证券化的发行带来的益处,最后探讨了在我国发行时会遇到的障碍并提出了对应的具体对策。我国住房抵押贷款转化刚刚起步,具有良好的发展前景。研究资产证券化发展的理论以及在西方国家的实践,探讨我国开展住房抵押贷款证券化的优势、存在的障碍和发展对策,对于推进我国住房抵押贷款证券化的发展具有非常重要的意义。更多还原

【Abstract】 There is a widespread saying in Wall Street:“as we have the stable current, we can make it securitization.”This is the function of capital securitization in financial field. Securitization is an amazing financial innovation in internationally financial realm during recent decades. It shows enormously developmental predominance by its unique function. It provides new capital sources, and enhances the capital indebted fluidity of commercial banks and other financial organizations.Compared with traditional financing, securitization is a kind of structural financing oriented by capital incomes. It based on capital, and offers credit through two levels, capital credits and derivative credits. It involves initiators, publishers, investment banks, credit rating agency and credit enhancement agency. By insolvent quarantine, credit enhancement and other techniques, securitization transforms capital into liquid securities. So it can satisfy participators’different needs and enhance the efficiency of financial system.There are two kinds of security productions, one is mortgage-backed securities(MBS), the other one is asset-backed securities(ABS). The different between them is the foundational asset of the first one based on mortgage, and the second one’s based on asset that can engender current. And the analysis of this dissertation exactly starts from securitization. There are several reasons for that. First, securitization stemmed from mortgage securities, therefore the statistical data is so plenty that easy to analyse. Second, the marketable scale of MBS is very colossal, has a lot of derivative products. And the theories of risky measure and security rated mechanism is quite mature. Last, the process of our country’s MBS is already begin, under this circumstances, it is quite an emergence to research how to run it smoothly, how to keep risks away from security products, how to set up the mechanism of price and so on. According to the idiographic situation of our country, this article systemically analyses the practice of MBS in our country.There are four chapters in this article. The first chapter minutely analyses principles of securities, systemically expatiates definitions of large-scale securities and MBS. And the article also enumerates categories of products of MBS, studies on the specific participant main bodies and operational courses. The second chapter interprets the risks of MBS, contains the risk of basal asset and the risk of securities. As the basal asset of the current sources, before the mortgage securitized, it implicates prepayment risk and credit risk. After its securitization, the risk switched to credit enhancement agencies and investors became more complicated. The article analyses the measure of two kinds of risk by the method of demonstration, and proposes plans to transfer or dismiss the risk of basal asset. The third chapter based on the factual situation, interprets how does the MBS effect the finance of our country, especially as a new kind of innovative instrument, the effects on realty is undeniable. The last chapter discusses the impediment factors about practicing MBS in China. One is obstacles from the inside of the financial system, including the low-level of the interest rate market and the lack of financial supervision. The other is obstacles of credit system. Although reform about our credit system is stable, there are still a lot of shortages. For example, the proportion that covered with the system is quite low, the data base is not complete, etc. This article minutely analyses the effect of proceeding MBS and the engenderer of the two kinds of obstacles, and provides some advices to solve them. According to the analysis of the four chapters, I conclude that put MBS in practice is absolutely a way to solve a series of problems produced by mortgage in our country. The courses, outcomes and influences of the securities impel the theories and practices of our finance. However this is just a beginning of our MBS, we still need to wait to see the results. How to avoid shortages and dwell on advantages is a major task for the commercial banks and other main bodies to do in the future.更多还原