我国住房抵押贷款证券化风险防范问题研究

发布时间：2019-05-22 10:02

【摘要】：住房抵押贷款证券化(Mortgage-Backed Security, MBS)是一种新型的结构融资方式,是20世纪最伟大的金融创新产品之一,经过不断的完善和发展,住房抵押贷款支持证券已经成为国际资本市场发展最迅猛,最具有活力的金融产品。住房抵押贷款证券化主要是指金融机构(主要是商业银行)将一组流动性较差的,但未来有较稳定现金流的住房抵押贷款经过汇集重组为抵押贷款资产池,由贷款机构出售给其他金融机构或其他特定目的机构,通过担保和信用增级,在资本市场上出售、变现该资产支持证券的一种结构性融资手段。目前,住房抵押贷款证券化在国外发展较为完善,而在我国刚刚起步,商业银行应该借鉴和运用住房抵押贷款证券化这一金融创新工具,摆脱我国商业银行资金流动性差的困境,进而推动整个金融市场的发展。中国建设银行在2005年发行了第一支住房抵押贷款证券化信托产品：建元2005-1个人住房抵押贷款证券化信托优先级资产支持证券,对住房抵押贷款证券化的研究又有了实质性的探索。住房抵押贷款证券化在我国的应用,给我国经济发展起到了很大的推动作用。但是,住房抵押贷款证券化同其他金融工具一样,是一把双刃剑,给经济发展带来好处的同时也带来了巨大的风险,本文就这一过程中的违约风险和提前偿付风险这两个主要风险进行分析说明。本文在对当前国内外对住房抵押贷款证券化研究进行总结的基础上,介绍了住房抵押贷款证券化及其风险的基本理论、参与主体和基本流程,分析了住房抵押贷款证券化面临的主要的风险：违约风险和提前偿付风险。通过对建元2007-1个人住房抵押贷款支持证券的实证分析,提出防范上述风险的对策和建议。
[Abstract]:Mortgage-backed securities (MBS) is a new kind of structure financing way. It is one of the greatest financial innovation products in the 20th century. Through the continuous improvement and development, the housing mortgage-backed securities have become the most rapid development of the international capital market. The most dynamic financial product. The housing mortgage-backed securitization mainly means that the financial institutions (mainly commercial banks) will have a group of poor liquidity, but the housing mortgage loans with more stable cash flow in the future are collected and reorganized into the pool of mortgage assets, A structured financing instrument for the sale of a loan institution to other financial institutions or other specific destination, through security and credit enhancement, on the capital market, and the realization of the asset's support for securities. At present, the development of housing mortgage-backed securitization is perfect, and in our country, commercial banks should draw on and use the financial innovation tool of housing mortgage-backed securitization to get rid of the poor liquidity of commercial banks in our country. To drive the whole financial market. China Construction Bank issued the first home mortgage-backed securitization trust product in 2005: the construction element 2005-1 personal housing mortgage-backed securitization trust priority asset-backed securities, and the research on the securitization of the housing mortgage loan also has a substantial exploration The application of mortgage-backed securitization in China has played a great role in the development of our country's economy However, the housing mortgage-backed securitization, like other financial instruments, is a double-edged sword, which brings great risks to the economic development, and the article analyses the two main risks of the risk of default and the risk of prepayment in this process. Based on the summary of the current domestic and foreign mortgage-backed securitization, this paper introduces the basic theory, the participation subject and the basic process of the housing mortgage-backed securitization and its risk, and analyzes the main problems of the housing mortgage-backed securitization. Risk of default: risk of default and early payment Pay the risk. Through the positive analysis of the construction element 2007-1 personal housing mortgage-backed securities, put forward the countermeasures to prevent the above-mentioned risks
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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