【作者】 蔡峥；

【导师】 张凤卫；

【作者基本信息】 天津财经大学 ， 金融学， 2008， 硕士

【摘要】 房产抵押贷款证券化是结构化融资的一种,最早起源于美国,其实质是将证券市场的投资引入房产抵押贷款市场,可以有效商业银行改善不动产抵押贷款的流动性状况。作为20世纪70年代后期最为重要的金融创新手段之一,其作用主要体现在:促进房产抵押贷款市场规模扩大和结构的优化、确保银行的流动性安全、分散银行风险等方面。最近,美国次级抵押贷款市场的危机导致美国乃至全球资本市场的剧烈波动,生动地说明了“房产抵押贷款证券化”除了能极大地改善银行的流动性结构之外,同时也会放大资本市场的风险。目前,我国正在稳步推进资产证券化试点,更应该吸取美国的教训,绝不能因为这一金融创新所带来的便利而漠视其背后的风险。从另一个方面讲,我国同样不能就此“因噎废食”,应积极推行证券化创新产品,以便提升银行核心竞争力。另外,笔者列举日本在20世纪90年代初经济泡沫破裂的案例,连同美国次级贷款危机的事例一起,用两个极端的例子说明房产抵押贷款证券化“过犹不及”和保守停滞的危害。立足国内,通过援引建设银行“建元”房产抵押贷款支持证券的例子,务求以小见大、管中窥豹,对国内房产抵押贷款证券化的产品风险进行详述和剖析。通过分析我国房产抵押贷款证券化的法律制度、金融环境、宏观政策和定价机制等方面因素,选择定性与定量相结合的方法,深入地剖析我国住房抵押证券化过程中存在的问题,进而从宏观与微观的角度分别对各自层面上存在的问题提出相应的对策。更多还原

【Abstract】 The mortgage-backed securitization whose origin was USA is logically one kind of structural financing means, which make it possible to invest the housing mortgage market from the capital market and improve the liquidity of the mortgage loans in commercial banks. As the one of the most important innervations in 1970s, the mortgage-backed securitization could play its role by optimizing and enlarging such market capability. Furthermore, such financing can secure the liquidity of banks and disperse the risk as well. Recently, the global capital market have received acute fluctuation from the subprime lending crisis in USA, which demonstrates the mortgage-backed securitization can magnify the risk in capital market besides its efficient performance in improving the liquidity structure of banks. Currently, our nation is processing the mortgage-backed securitization step by step. It proves to be necessary to learn the lesson of USA which focuses on the benefit from such securitization more than the risk alarm potentially. On the other side of the coin, we can neither throw away the apple because of the core, for the improvement of bank core competencies is our intensive concern significantly. Besides above, the author lists the example of Japanese financial foam in 1990s, along with the case of subprime lending crisis in USA, to illustrate the danger of the mortgage-backed securitization in performance either from the rash side or the conservative aspect respectively.Taking the viewpoint of domestic situations, I am supposed to illustrate and explain the risks in the mortgage-backed securitization products by exemplifying the mortgage-backed securitization product“JianYuan”from China Construction Bank. By using quantitative and qualitative means, I suggest the resolutions to the extent of micro aspect as well as the macro one which can settle the problems in the mortgage-backed securitization process by analyzing the system of laws, financial surroundings, state policies and pricing mechanism in such securitization.更多还原