Y市住房公积金资产证券化融资风险管理研究

发布时间：2018-03-13 09:53

本文选题：住房公积金贷款　切入点：资产证券化　出处：《湘潭大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,在住房公积金使用率越来越高的情况下,多地出现公积金供不应求的局面。许多专家顺势提出通过住房公积金贷款证券化来化解公积金供不应求的矛盾。管理中心个人住房贷款证券化其实质是将已发放的、期限长、流动性差的个人住房贷款盘活,将其转换为可以在资本市场上自由买卖的证券,从而使得住房公积金中心有资金提供给缴存人。论文从实际案例出发,在理论支持的基础上,通过数据分析,来研究住房公积金贷款资产证券化的风险。研究发现发现对于资产规模较小、增值收益额度小的Y公积金中心,当融资规模较大时,中心承担较大的还本付息资金压力加大财务风险、需要弥补较高的负利差会增加运营风险、以及过高的超额抵押部分会加大赎回风险,加大运行风险。此外,再基于资金需求时效性风险、资产证券化操作风险以及住房公积金贷款的自有风险等风险的综合考虑,诸如Y市的中小城市管理中心应当结合当地房产市场情况,及自身运行规模与能承受的风险等级,通过资产证券化方式筹集部分资金。论文以政府及非盈利组织为例,研究中小城市住房公积金贷款资产证券化存在的风险及其应对措施,以期为我国其他众多中小城市住房公积金资产证券化提供借鉴,也为中小城市管理中心下一步拓宽住房公积金融资渠道、提高资金使用效率积累经验。
[Abstract]:In recent years, at a time when the utilization rate of housing provident funds is increasing, In many places, the supply of provident funds exceeds supply. Many experts put forward the idea of resolving the contradiction between supply and demand of provident funds through securitization of housing provident fund loans. The essence of the securitization of individual housing loans in the management center is that it will have been issued and has a long period of time. Personal housing loans with poor liquidity can be converted into securities that can be bought and sold freely in the capital market, so that the housing provident fund center can provide funds to the depositors. Through data analysis, this paper studies the risk of securitization of housing provident fund loan assets. The study found that for Y provident fund center with small assets and small value-added income, when the financing scale is large, The center takes on greater capital pressure to service principal and interest and increases the financial risk. The need to make up for the higher negative spread will increase the operational risk, as well as the excessive excess mortgage will increase the redemption risk and increase the operational risk. Based on the risk of the timeliness of capital demand, the operational risk of asset securitization and the risk of housing provident fund loan, and so on, such as the small and medium-sized city management center of Y city should take into account the local real estate market situation, The paper takes the government and non-profit organizations as an example to study the risk and countermeasures of the securitization of housing provident fund loan in small and medium-sized cities. The purpose of this paper is to provide reference for the securitization of housing provident fund assets in many other small and medium-sized cities, and to broaden the financing channels of housing provident fund for the management center of small and medium-sized cities, and to improve the efficiency of capital use.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F299.23;F832.479

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