住房抵押贷款证券化模式研究

【作者】 李炳奇；

【导师】 王全民；

【作者基本信息】 东北财经大学 ， 国民经济学， 2005， 硕士

【摘要】 目前，我国对住房抵押贷款证券化的必要性、可行性以及可能遇到的障碍已经作了大量研究，但对我国住房抵押贷款证券化的模式以及具体操作方案的研究则比较少。因此，笔者在对国际住房抵押贷款证券化的模式做了大量研究的基础之上，结合国内有关专家、学者研究成果和我国具体国情，深入分析了我国目前待推行的住房抵押贷款证券化的试点方案，对我国的住房抵押贷款证券化模式问题进行了系统研究。 全文共分五部分： 第一部分主要阐述了我国住房抵押贷款证券化的研究背景，并介绍了本文研究的主要内容、采用的研究方法以及研究意义。 第二部分对住房抵押贷款证券化的理论进行了探讨。首先介绍住房抵押贷款证券化的定义，然后从风险分散、资产组合、资金配置、信用分工、利益驱动等五个方面分析了住房抵押贷款证券化的运作机理，最后，揭示了住房抵押贷款证券化的创新根源。 第三部分借鉴国外住房抵押贷款证券化的模式，对表内模式和表外模式进行了细致的比较研究，分析每种模式在我国运用的优劣势，从而得出表外模式更适合中国国情的结论。 第四部分介绍了我国住房抵押贷款证券化的现状，我国实行住房抵押贷款证券化面临的主要障碍：法律障碍、会计障碍、税收障碍，以及我国目前实行住房抵押贷款证券化的设计原则和试点方案。 第五部分结合我国的现状和障碍，构建一个适合我国推行的住房抵押贷款证券化的表外模式，涉及到证券化经营公司的设立、“资产池”的构建及现金流重组、证券品种设计、信用增级、信用评级、发行与交易，以及证券的定价等关键问题。 本文的创新之处，其一是细致的比较两种模式在我国实行的优劣势，通过定量分析，做出判断；其二是认真分析我国实行住房抵押贷款证券化的现状和障碍，并依照中国建设银行的住房抵押贷款证券化的试点方案，构建一个适合我国推行的住房抵押贷款模式，提出建议和对策。更多还原

【Abstract】 At present, necessity、feasibility and obstacle of Mortgage-backed securitization (MBS) that might run into own to is it study in a large amount to make, but the mode to the MBS of our country and the studying of concrete operation scheme are fewer. So, I have done the mode of MBS on a large number of foundations studied, combine the domestic research results about expert , scholar and concrete national conditions of our country, analyse the pilot scheme of MBS to be pursued at present in our country, the full text has divided into five parts and carried on systematic research to the MBS mode problem of our country altogether.Charpter 1 explains the research background of the MBS of our country mainly, introduces main content, research approach and research meaning .Charper 2 analyses the theory of MBS. Firstly introduce the definition of MBS, disperse from risk , assets make up , fund dispose , credit divide the work , interests person who urge five respect analyse operation mechanism , Finally,announces the innovative origin of MBS.Charpter 3 draws lessons from the mode of the foreign MBS, carries on careful comparative research between balance-out mode and balance-in mode, analyses each mode in excellent inferior position that our country use , and draws form the mode is suitable for the national conditions of China.Charpter 4 introduces the current situation of MBS in our country, and our country implements the main obstacle that MBS face: Legal obstacle , accounting obstacle , tax revenue obstacle, and our country implements the mentality of designing of MBS and pilot scheme at present.In Charper 5 Combining the current situation and obstacle of our country, it is suitable for balance-out mode that our country pursues to structure one, the establishment , construction and cash flow of " assets pool " which involve the business company of the securitisation are recombinated, the design of variety of securities , credit increase grade , credit rating , issue and trade, such key problems as the pricing of the security ,etc.更多还原