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论文编号：	869
作者编号：	2120062277
上传时间：	2008/12/11 8:08:49
中文题目：	“次贷危机”背景下我国住房抵押
英文题目：	Study On Mortgage-backed Secur
指导老师：	黄福广教授
中文关键字：	住房抵押贷款证券化 次贷危机
英文关键字：	Mortgage-backed Securitization
中文摘要：	住房抵押贷款证券化(Mortgage-Backed Securitization，MBS)作为一种新型的结构融资方式，自上世纪70年代在美国出现以后，就得到迅猛发展。并在分散银行风险、提高流动性、促进资本市场发展等方面发挥着重要的作用。我国信贷资产证券化工作于2005年正式启动，中国建设银行作为第一家试点单位，开展了两期个人住房抵押贷款证券化信托项目。正值我国住房抵押贷款证券化由试点转入常规化阶段之际，美国次贷危机爆发，引发全球经济衰退。在此背景下，对我国住房抵押贷款证券化进行风险研究，对于保障我国金融及房地产市场的健康发展、防范金融风险具有重大的理论和现实意义。 本文运用比较分析、实证分析、定性分析等系列分析方法，在对“次贷危机”的全球金融背景和产生原因分析的基础上，围绕我国住房抵押贷款证券化的内外部环境、证券化流程中的资产流向和处理环节进行风险研究。通过对我国住房抵押贷款及其证券化发展现状的分析，认为我国银行业住房贷款的快速增长和金融创新促进了我国住房抵押贷款证券化的市场需求，发展住房抵押贷款证券化是必然趋势。并按照抵押贷款在证券化过程中的运作流程从资产池构建、结构设计、证券交易、政策环境及监管法律四个方面，论述了我国住房抵押贷款证券化存在的风险。同时提出我国住房抵押贷款证券化风险防范措施。认为要防范证券化风险，首先要提高资产池的质量，从源头防范风险；要加强证券化的环节管理，从过程控制风险；要不断加强住房抵押贷款证券化环境建设，包括金融环境、信用环境、法律及监管环境。同时指出，在内外部环境不发达的情况下，要谨慎、循序渐进地推进我国的住房抵押贷款证券化。 最后，归纳结论。基于我国经济环境的客观现状，强调指出完善包括金融、资本、政策、法律、监管等在内的市场环境和提高基础资产的质量是防范证券化风险的前提和基础。同时，建议我国住房抵押贷款证券化要稳步实施、禁止重复衍生，要正确处理金融创新与金融监管的关系，保持住房抵押贷款证券化健康发展。
英文摘要：	Mortgage-backed Securitization (MBS) as a new type of financing structure, since the 1970s in the United States, has been on the rapid development. MBS plays an important role in scattering of banking risks and improving liquidity, and developing the capital market. China's asset securitization of credit was launched in 2005, as the first pilot units China Construction Bank carried out two personal housing mortgage loan securitization trust projects.When our mortgage securitization changed from the pilot to the conventional stage, the subprime mortage crisis in the United States broke out which triggered a global recession. Under the circumstances, the research on China's mortgage securitization risk will protect China's financial market, make real estatedevelop heathily, and guard against financial risks which is of great theoretical and practical significance. In this paper, using of a comparative analysis of empirical analysis, and qualitative analysis, based on the analysis of financial background and the reason of sub-loan crsis, I study mainly on the internal and external situations, the flow of assets in securitization and risks in the process of securitization. Through the analysis of the circumstances I think the rapid growth of house loans and innovation in finance will promote the need of mortgage-backed securitization. It is the inevitable trend to develop the mortgage securtization. From four aspects of a pool of assets, structural design, securities transactions, legal and regulatory policy environment talking about the risks in the securitization of mortgage loans in China. At the same time, China raised mortgage securitization risk prevention measures.To avoid the risks, we should first enhance the quality of the pool of assets, and prevent risks at the source; strengthen the management, process control from the risk; to continue to strengthen the mortgage securitization environment, including the financial environment, credit environment, legal and regulatory environment. And pointing out at the same time that under the circumstances of undevelopment of internal and externational conditions, China must be care to promote the mortage-backed securitization step by step. Finally, based on China's economic and environmental objective of the current situation stressing that improving the market environment including financial, capital, policy, legal, regulatory, and so on and improving the quality of the assets of the securities is the basis of the guarding against the risks. At the same time, China's proposed securitization of mortgage loans should be steady implemented and ban derivatives repeat. It is necessary to correctly deal with financial innovation and financial supervision and the relationship between the mortgage to maintain the healthy development of securitization.
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