美国住房抵押贷款证券化及其对中国的启示

发布时间：2018-01-04 04:30

本文关键词：美国住房抵押贷款证券化及其对中国的启示　出处：《首都经济贸易大学》2012年硕士论文　论文类型：学位论文

【摘要】：住房抵押贷款证券化起源于20世纪70年代的美国，可以提高银行的流动性，转移信贷风险，解决商业银行资产负债期限不匹配、资本金紧张等问题，同时能够扩大金融市场融资功能，提高金融市场效率。本文首先分析了美国住房抵押贷款证券化特点以及次贷危机的成因，总结了相关经验和教训。随后，通过对我国住房抵押贷款证券化发展现状、可行性分析以及对已发行产品的比较分析，笔者认为，我国具备稳步推进住房抵押贷款证券化建设的必要性和可行性。笔者建议：一要完善住房抵押贷款证券化的法律体系及配套的会计、税收制度；二要防范基础资产信用风险，，规范住房贷款审批流程，建立房地产市场预警体系并完善个人信用体系；三要建立合理的信用评级体系，规范信用评级机构；四要完善资本市场，扩大机构投资者范围；五要完善住房抵押贷款证券化的风险监管体系，建立监管机构间的协调机制，注重防范系统性风险，避免出现“监管真空”；六要完善现有的SPV设立机制，发挥政府推动作用，探索多种形式的SPV。
[Abstract]:Mortgage-backed securitization originated in 1970s in the United States, which can improve the liquidity of banks, transfer credit risk, solve the maturities mismatch of assets and liabilities of commercial banks, capital shortage and so on. At the same time, it can expand the financing function of the financial market and improve the efficiency of the financial market. Firstly, this paper analyzes the characteristics of mortgage securitization and the causes of the subprime mortgage crisis in the United States, summarizes the relevant experience and lessons. Through the development of mortgage securitization in China, feasibility analysis and the comparative analysis of issued products, the author thinks. It is necessary and feasible to advance the construction of mortgage securitization in our country steadily. The author suggests that: first, perfect the legal system of housing mortgage securitization and the supporting accounting and taxation system; Second, we should guard against the credit risk of basic assets, standardize the examination and approval process of housing loans, establish the real estate market early warning system and perfect the personal credit system; Third, establish a reasonable credit rating system and standardize the credit rating agencies; Fourth, to improve the capital market and expand the scope of institutional investors; Fifth, we should perfect the risk supervision system of housing mortgage securitization, set up the coordination mechanism among the supervision agencies, pay attention to prevent systematic risk, avoid the "supervision vacuum"; Sixth, it is necessary to improve the existing SPV establishment mechanism, give full play to the role of the government, and explore various forms of SPV.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

【引证文献】