【作者】 张红；

【导师】 李松龄；

【作者基本信息】 湖南大学 ， 国际贸易学， 2007， 硕士

【摘要】 住房信贷资产证券化始于20世纪70年代的美国,80年代以后得到了空前发展,现已成为欧美、日本、加拿大等发达国家房地产金融的重要组成部分。我国住房信贷资产证券化的观念萌芽于20世纪80年代,1998年由官方正式提出并确认,2005年开始试点,历经20余年,现已具备了全面推广实施的初步条件。作者基于流动性过剩条件下的视角来分析研究我国住房信贷资产证券化问题。论文在对住房信贷资产证券化简要理论分析的基础上首先阐述分析了我国住房信贷资产证券化的形成与发展,流动性过剩的原因及其衡量标准,以及住房信贷资产证券化与流动性过剩的关系。指出流动性过剩的根本原因在于资本市场不发达,资本市场发育程度不高,住房信贷资产证券化不会引起流动性过剩。其次,研究分析了当前国内外住房信贷资产证券化的典型模式、特点,以及这些典型模式对我国的启示与借鉴意义。提出了政府主导的半市场型证券化模式应成为流动性过剩条件下的我国住房信贷资产证券化的选择模式。第三,比较系统的分析了流动性过剩条件下我国住房信贷资产证券化面临的主要问题及其对策。主要问题包括:有效需求不足、设立特殊机构(SPV)、法律法规体系的建立与完善、中介服务机构质量的提升、会计与税收制度的完善等。主要对策有:进一步发展和规范一级市场、大力培育二级市场,培育和壮大机构投资者队伍,建立完善的信用体系,建立与完善相关的法律、法规和政策体系,培养专业人才队伍等。第四,在上述分析研究的基础上得出了本文的一些基本结论,并结合本人的一些想法提出了若干建议。更多还原

【Abstract】 The securitization of the housing credit assets origins from America in 1970’s , develops at a fast speed in 1980’s and now becomes the major parts of developed countries’real estate finance such as the Europe, Japan and Canada. The concept of the securitization of China’s housing credit assets starts in 1980’s and was proposed and confirmed by the authorities in 1988, and gets down to test in 2005. It has the elementary conditions to promote at a large range after 20 years. The author analyzes the securitization of china’s housing credit assets on the view of excess liquidity.First, this paper analyzes the formation and development of the securitization of China’s housing credit assets on the basis of the securitization of housing credit assets, the reason and the measure criteria of the excess liquidity, and the relationship between the securitization of housing credit assets and the excess liquidity. It points out the ultimate reason of the excess liquidity is the underdeveloped capital market. Second, it studies the typical model, the characteristics, the inspiration and reference of the domestic and overseas securitization of housing credit assets. It points out that government-oriented semi- market securitization model should be an alternative model selected by the securitization of China’s housing credit assets under excess liquidity. Third, it makes a systems analysis on the problems the securitization of China’s housing credit assets faced ,for instance, the lack of effective demand, the set-up of special organization, the build-up and perfection of legal system, the promotion of media agency, the program of the accountancy and customs system. And either does it on the counterparts, such as to develop and standard the primary market, to foster the vantage market, to cultivate the group of investor and organization, to set up the perfect credit system and the relevant legal and policy system, to bring up professionals . At last, on the studies, it makes the conclusions and proposes several suggestions.更多还原