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| 论文编号： | 812 | |
| 作者编号： | 2220060615 | |
| 上传时间： | 2008/6/25 11:57:50 | |
| 中文题目： | 我国住房抵押贷款证券化风险研究 | |
| 英文题目： | The study of mortgage-backed s | |
| 指导老师： | 齐寅峰 | |
| 中文关键字： | 住房抵押贷款证券化、提前偿还风 | |
| 英文关键字： | Mortgage-backed securitizatio | |
| 中文摘要： | 住房抵押贷款证券化是近年来国内讨论较多的话题，这一金融工具的应用在我国住房抵押贷款的大规模发展的今天对我国经济发展有积极的意义。但是伴随着金融创新的风险发生也有了可能。在美国次级债券危机后，房贷抵押资产为优质资产正面临着严峻的考验，银行流动性风险日益明显，住房抵押贷款证券化成为必然结果和要求。一方面住房抵押贷款证券化为投资者提供了高信用、高收益、高流动性的证券，另一方面住房抵押证券投入交易的最大难点就是其运作流程的每一阶段都面临风险。因此，对住房抵押贷款证券化的风险进行评估具有重要意义。 本文把住房抵押贷款证券化的风险重新进行系统分类，分为内部风险(即非系统风险)和外部风险(即系统风险)。定性的研究风险的来源、类别，逐一分析住房抵押贷款证券化风险的涵义、特征、成因和影响因素。在此基础上，重点分析了我国实行住房抵押贷款证券化所面临的风险。与欧美发达国家不同的是，我国实行住房抵押贷款证券化面临的风险主要包括:一级市场不发达的风险、中介服务机构操作风险、有关法律及不健全的风险以及违约风险和提前偿付风险。通过对以上风险的分析，本文提出了风险的内部控制与外部控制。所谓风险的内部控制是指证券化的参与人在住房抵押贷款证券化过程中，通过各种方法，控制、降低风险发生的可能性；而风险外部控制是指通过制定证券化专门的法规，设置合适的证券化配套机构，建立一个完整的金融监管体系，从外部环境来控制住房抵押贷款证券化风险。通过以上风险的防范措施，确保证券化中各利益体所承担的风险与所享受的收益相匹配。 | |
| 英文摘要： | Mortgage-backed securitizations is the subject which is discussed recent years. It is significative for economic development of china to apply the innovative financial instrument under the result of the large-scale mortgage-backed loans developing. At the same time, the risk will happen going with the fianical innovation. After the American sub-prime mortgage loans crisis, Mortgage-backed asset is high quality faces austere test and bank will appear the liquidity risk. On one hand, mortgage-backed securitization supplies the high-income, good-quality and high-quality securities to the investors. On the other hand, the process of the mortgage-backed securitization is full of risks. So it is very essential to study this topic. The dissertation classifies the mortgage-backed securitization's risks in a new way. The risks include the internal risks(non-systemic risk or diversifiable risk)and the external risks(systemic risk or undiversifiable risk).The dissertation analyzes the risks’ sources and sort. It studies every risk's definition, character, source and factor. In different with the western country, the risk of the MBS is result in the economic system in china, mainly include: primary market is developing, operating risk of the intermediary, risk of the system, prepayment risk and the default risk. This dissertation supplies the internal control and the extra control for the risks. Internal control protects the interest of the participants, and extra control could construct a complete financial supervision system. | |
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