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论文编号：	998
作者编号：	2120071994
上传时间：	2009/5/25 21:52:27
中文题目：	我国商业银行住房抵押贷款证券化
英文题目：	Research on Mortagage-backed S
指导老师：	肖沂
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)是一种新型的结构融资方式。由于这种金融创新具有多方面的优越性，其在世界各国发展非常迅速。2005年3月21日，经国务院批准，我国住房抵押贷款资产证券化试点工作正式启动，中国建设银行被批准进行住房抵押贷款证券化业务试点，并于2005年12月15日，在银行间债券市场公开发行“建元2005一1个人住房抵押贷款证券化信托优先级资产支持证券”。2007年，正值我国住房抵押贷款证券化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因素研究，预测我国可能存在的潜在风险并依据我国现实国情，尝试构建我国住房抵押贷款证券化风险防范机制具有理论和现实意义。 全文分为六个部分进行论述：第一部分主要介绍本文的研究背景和意义，提出本文研究住房抵押贷款证券化风险因素的目的，方法以及研究架构。第二部分主要是对住房抵押贷款证券化风险理论进行概述。阐述了资产证券化的的基本原理和金融工具风险形成理论，以说明住房抵押贷款证券化产生风险的理论基础以及相关的风险管理思想。第三部分研究了美国住房抵押贷款证券化的运行机制，据此概述了次贷危机的产生原因，希望从中找出对中国住房抵押贷款证券化的启示。第四部分首先描述了中国目前住房抵押贷款市场发展现状，阐述了我国住房抵押贷款证券化的必要性，并从证券化链条中各利益主体的冲突的角度，根据我国实际经济状况，分析中国实施住房抵押贷款资产证券化过程中可能面临的问题。第五部分针对上述风险提出相应的政策建议，并尝试构建适合我国国情的住房抵押贷款证券化风险监管体系。基于我国经济环境的客观现状，强调指出完善包括金融、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。第六章对我过第一例MBS进行了案例分析，目的是找出现有产品的情况和不足。
英文摘要：	Mortgage-backed Securitization（MBS） is a new type of financing structure. Because this kind of innovation has various superiorities, it is extremely rapid in the various countries development. March 21, 2005, approved by the State Council, China's mortgage asset securitization officially launched the pilot work； the China Construction Bank was approved mortgage securitization business pilot, and December 15, 2005, in the inter-bank bond public offering market, "Jianyuan 2005-1 personal housing mortgage loan securitization Priority Trust asset-backed securities." In 2007, when China's mortgage-backed securities into the routine of the pilot phase, the U.S. Sub-prime Mortgage Crisis sparked a global economic downturn. In this context, on China's mortgage securitization risk factors, prediction of China's potential risks that may exist in accordance with the actual situation in our country to try to build my mortgage securitization risk prevention mechanism has theoretical and practical significance. The full text of paper is divided into six parts： the first part of this article introduces the research background and significance, this study proposed mortgage securitization purposes of risk factors, methods and research framework. The second part is mainly to carry out an overview of the theory of risk of mortgage-backed securitization. Asset securitization on the basic principles of financial instruments and risk of the formation of the theory to explain the mortgage-backed securities have a risk of the theoretical basis and the related risk management thinking. In the third part, Research of the U.S. mortgage securitization operation mechanism, which provides an overview of the emergence of sub-loan crisis of the reasons, I hope to find the Chinese mortgage-backed securitization inspiration. Part IV first describes the status of China's current mortgage market, differences in mortgage, and summarizes on the mortgage of our need for securitization, and securitization of the main chain of the conflict in the interests of point of view, according to the actual economic situation, analysis of the implementation of China's mortgage asset securitization may face. Part V will address the above-mentioned risk of the policy proposals and try to build a risk for China's national conditions of mortgage-backed securities risk monitoring system. Chapter VI carries out case studies of the first case of MBS to identify the existing situation and the lack of products.
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