我国个人住房抵押贷款证券化的定价研究

发布时间：2018-02-15 09:01

本文关键词： 个人住房抵押贷款证券定价提前偿付　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：在我国改革开放后,经济逐步呈现出兴兴向荣之面貌的同时,与日俱增的还有我国住房抵押贷款的市场规模和商业银行所面临的住房抵押贷款的压力。同对,由于存在着银行流动性风险、存款期限短于贷款期限所招致的资产不匹配、社会资金供需不平衡等诸多问题的诞生和发展,在国内主张并推行资产证券化变得刻不容缓。1970年开始,美国便开始在其国内大范围的兴起的资产证券化,截止至今天,该手段已被广泛认可为近半个世纪来,对于全球金融业的发展起着关键作用的工具之一。这一方法其实质即将商业银行的个人住房贷款进行二次抵押,从而在证券化交易后能够使得商业银行快速进行资金的回笼,进而为在多国金融行业中普遍存在的“短存长贷”问题提供有效的解决途径。 1990年开始,我国便已开始逐步就资产证券化的相关工作进行了一系列的理论研究和实际调查工作。在2005年底,中国建设银行股份有限公司及国家开发银行发行“建元2005—1个人住房抵押贷款证券”和“开元信贷资产支持证券”,其后两年,中国建设银行股份有限公司又发行了“建元2007-1”。这两次个人住房贷款证券的发放工作对于我国相关工作的开展和施行有着不可小觑的作用：彻底解决了我国证券市场上品种单一的重大问题,为企业和个人进行投、融资拓宽了市场。在房地产与金融业的发展成熟上也起着催化剂之作用。综上,虽在一定程度上我国已经取得了一定的成就,但相较于美国、英国、德国等西方发达国家,资产证券化的切实实践工作仍旧有待进一步的发展和完善。因而,通过对个人住房贷款证券化进行进一步的研究,对其风险和定价进行探讨,其中又将定价问题作为首要问题,探讨与之相关的影响因素,并提出解决方案,对于当前国内开展资产证券化有着重要的理论和显示意义。本文首先就当前国内外个人住房抵押贷款证券化的相关研究结果进行概括,在此基础上,根据我国国情对国内的住房抵押贷款证券化的特征、所存之问题及其影响因素进行进一步的阐述。再次,结合我国现已发行的住房抵押贷款支持证券的相关特征,以及国内基本国情,对有关于住房抵押贷款的现有主流定价方法进行总结和评价。最后,基于全文和现实状况,对在国内推行个人住房贷款抵押证券化提出可行性建议。
[Abstract]:After China's reform and opening up, the economy has gradually taken on the look of prosperity and prosperity. At the same time, the market size of housing mortgage loans in China and the pressure on housing mortgage loans faced by commercial banks are also increasing day by day. The same right. Due to the existence of liquidity risk in banks, the mismatch of assets caused by the short maturity of deposits and the imbalance between the supply and demand of social funds, and so on, the birth and development of many problems, such as, It is urgent to advocate and promote asset securitization at home. Since 1970, the United States has begun to develop asset securitization on a large scale in its own country. Up to now, this means has been widely recognized as nearly half a century. One of the tools that plays a key role in the development of the global financial industry. The essence of this method is that commercial banks can carry out secondary mortgages on their personal housing loans, so that after securitization transactions, commercial banks can quickly carry out capital withdrawals. Thus, it provides an effective way to solve the problem of short deposit and long-term loan in the financial industry of many countries. Since 1990, China has gradually carried out a series of theoretical and practical investigations on the related work of asset securitization. On end of 2005, China Construction Bank Co., Ltd. and the China Development Bank issued "Jianyuan 2005-1 personal Housing Mortgage Securities" and "Kaiyuan Credit Asset backed Securities" and the following two years, China Construction Bank Co., Ltd. issued "Jianyuan 2007-1" again. The issuance of personal housing loan securities has played an important role in the development and implementation of relevant work in China: it has completely solved the securities market in China. The single big problem of variety on the field, Investing and financing for enterprises and individuals broadens the market. It also acts as a catalyst in the maturation of the real estate and financial sectors. To sum up, although China has made certain achievements to some extent, compared with the United States and the United Kingdom, In Germany and other western developed countries, the practical practice of asset securitization still needs to be further developed and perfected. Therefore, through the further research on the securitization of personal housing loans, the risk and pricing of securitization are discussed. The pricing problem is regarded as the most important issue, and the related influencing factors are discussed, and the solutions are put forward, which have important theoretical and display significance for the development of asset securitization in China. In this paper, the current domestic and foreign personal mortgage securitization research results are summarized, on the basis of this, according to the national conditions of China, the characteristics of domestic housing mortgage securitization. The existing problems and their influencing factors are further elaborated. Thirdly, combined with the relevant characteristics of the mortgage-backed securities issued now in China, and the basic domestic conditions, This paper summarizes and evaluates the existing mainstream pricing methods of housing mortgage loans. Finally, based on the full text and the actual situation, some feasible suggestions are put forward to implement the mortgage securitization of individual housing loans in China.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4

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