次贷危机背景下我国住房抵押贷款证券化研究

发布时间：2018-01-29 21:49

本文关键词： 住房抵押贷款贷款证券化次贷危机风险管理　出处：《山西财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：住房抵押贷款证券化作为近40年内最重要的金融创新之一，起源于上世纪70年代，由美国金融机构首先推行。其在提高银行资本利用率、降低银行风险等方面的优点很快得到世界的认可，，并在世界范围内迅速发展。新世纪伊始，随着收益率的大幅度提升，次级贷款证券产品在美国证券市场中的表现更加引人注目，所以很多国家纷纷效仿，在金融市场中推广次级贷款证券产品，使得住房抵押贷款市场空前繁荣，但沉浸在市场繁荣中的人们却忽视了其与生俱来的风险，最终于2007年引发了席卷全球的次贷危机。我国住房抵押贷款证券化起步较晚，且一直处于理论研究阶段，至2005年才开始进入试点实验阶段。虽然我们亲眼目睹了次贷危机给世界经济带来的惨痛教训，但这并不能否定住房抵押贷款证券化作为金融创新的优点和作用。本文通过理论和案例相结合的方法，首先通过介绍住房抵押贷款证券化，说明在我国发展住房抵押贷款证券化的重要性；其次，对此次美国次贷危机进行总结分析，探寻危机的起源努力降低风险；最后，通过反思归纳出本次次贷危机我国住房抵押贷款证券化实施的启示，并提出相关政策建议。
[Abstract]:As one of the most important financial innovations in the past 40 years, Mortgage-backed Securitization (MBS) originated in -30s and was first implemented by American financial institutions. It is improving the utilization rate of bank capital. The advantages of reducing bank risk have been recognized by the world and developed rapidly in the world. At the beginning of the new century, with the sharp increase of the rate of return. Subprime loan securities products in the United States securities market performance more eye-catching, so many countries have followed the example of the promotion of sub-loan securities in the financial market, making the housing mortgage market unprecedented prosperity. But people immersed in the boom ignored their inherent risks and eventually triggered the subprime mortgage crisis that swept the world in 2007. Our country housing mortgage loan securitization starts late, and has been in the theoretical research stage. It was not until 2005 that the pilot experiment began, although we witnessed the painful lessons that the subprime crisis had brought to the world economy. However, this does not negate the advantages and functions of mortgage securitization as a financial innovation. This paper first introduces the housing mortgage securitization through the combination of theory and case. It explains the importance of developing mortgage securitization in China. Secondly, this sub-prime mortgage crisis in the United States is summarized and analyzed to explore the origin of the crisis and try to reduce the risk. Finally, the enlightenment of the implementation of mortgage securitization in China is summarized through reflection, and the relevant policy suggestions are put forward.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23;F832.51

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