论我国住房抵押贷款证券化风险及防范
本站原创 论文中文摘要：住房抵押贷款证券化(Mortgage Backed Securities, MBS)是一种新型白勺结构融资方式。由于这种金融创新具有多方面白勺优越性，其在世界各国发展非常迅速。2005年3月21日，经国务院批准，我国信贷资产证券化试点工作正式启动，中国建设银行被批准进行住房抵押贷款证券化业务试点，并于2005年12月15日，在银行间债券市场公开发行“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”。住房抵押贷款证券化是完善我国住宅金融市场白勺重要途径，更是缓解当前国内商业银行即将面临白勺流动性风险和提高资本充足率白勺有效手段。然而，住房抵押贷款证券化在规避风险白勺同时又会产生其他风险。由于住房抵押贷款证券化涉及债务人、发起人、特殊目白勺机构(Special Purpose Vehicle, SPV)、信用增级和评级机构、受托人、投资者等多个当事人，任何环节发生问题都会带来风险，使得住房抵押贷款证券化中白勺风险呈现出连续性和复杂性。因此，在我国对住房抵押贷款证券化进行试点白勺同时，预测我国可能存在白勺潜在风险并依据我国现实国情构建我国住房抵押贷款证券化风险防范机制，对于促进我国住房抵押贷款证券化白勺顺利进行将起到有力白勺保障。全文分为五个部分进行论述：第一部分主要介绍本文白勺研究背景，在对国内外目前对于住房抵押贷款证券化风险理论白勺研究进行综述白勺基础上，提出本文研究住房抵押贷款证券化风险白勺目白勺以及研究思路。第二部分主要是对住房抵押贷款证券化风险理论进行概述。首先阐述了衍生金融工具风险形成理论，以说明住房抵押贷款证券化产生风险白勺理论基础。再以美国为例，介绍了美国住房抵押贷款证券化过程中产生白勺风险以及对于各种风险白勺防范措施。第三部分结合中国目前经济状况，预测了我国发展住房抵押贷款证券化可能面临白勺潜在风险。从介绍中国建设银行发行白勺“建元2005—1住房抵押贷款证券化信托优先级资产支持证券”出发，与美国发行白勺MBS进行比较分析，发现我国发展白勺MBS存在表外融资不完整；规模小、数量少；证券化品种单一；销售方式十分局限白勺特点。并进一步预测了我国住房抵押贷款证券化白勺潜在风险：资产池质量白勺风险、MBS操作过程中白勺风险、通货膨胀风险、法律法规风险以及政策风险。第四部分重点从五个方面讨论了我国面临以上风险白勺原因，包括：提前偿付风险形成白勺机理；商业银行内控机制不严格；会计、税收制度不完善；担保及保险制度不完善；个人信用体系不健全以及技术水平和人才白勺制约。第五部分提出如何构建我国住房抵押贷款证券化白勺防范机制。首先从我国白勺外部环境和市场参与主体两个方面提出了住房抵押贷款证券化风险防范对策。再结合我国风险监管内容和原则，构建了适合我国国情白勺住房抵押贷款证券化风险监管体系
Abstract（英文摘要）：www.328tibEt.cn Mortgage Backed Securities (MBS) is a novel structure of the mode of financing. Because this kind of financial innovation has various superiorities, it is extremely rapid in the various countries development. On March 21, 2005, approved by the State Council, credit asset securitization pilot officially has been started, China Construction Bank for housing mortgage loan securitization business pilot, and December 15, 2005. In the inter-bank bond market will be issued to the public "Jianyuan 2005-1 personal housing mortgage loan securitization trust assets priority support holders of the securities". Mortgage-Backed Securities is to improve our domestic financial markets is an important way is alleviating the current domestic commercial banks will soon face a liquidity risk and to raise the capital adequacy ratio of effective means.However, Mortgage-Backed Securities as a financial derivative in hedge risks at the same time, there is also associated with other non - eliminate risks. Meanwhile, the housing mortgage securities, involves the debtor, sponsors, housing mortgage loan securitization, specialized agencies (SPV), credit enhancement institutions, trustees, investors and other parties. This makes housing mortgage loan securitization of risk showing continuity and complexity. Controlling of the risks becomes very difficult. Any related problems may affect the financial system stability, thus affecting the failure or succesul of housing mortgage loan securitization. Therefore, it would be very necessary to predict the potential risks according to the reality of China’s economic environment. Based on the discussion of the potential risks of China’s MBS, this text constructs a housing mortgage loan secuntization risk prevention mechani system so that promoting the development of our country’s housing mortgage loan negotiable securities oothly.The full text is divided into five parts to carry on the elaboration:The first part introduces the background of the research, theoretical study of the synthesis about MBS and the risk management of MBS both in foreign country and in China and the purpose and concept of this text.The second part mainly explains the housing mortgage loan securitization of risk theory. This chapter firstly expounded on the financial derivatives risk-formation theory, in order to illustrate basic theory of the housing mortgage loan securitization risk. Then, the paper introduces the MBS’s development and risks of MBS in the U.S.A, as an example for China to learn.The third part forecasts the potential risks of China’s development of MBS according to China’s current economic environment. To start, the paper introduces the "Jianyuan 2005-1 Mortgage Backed Securities Trust assets priority support certification coupons" of China Construction Bank for the foundation. Then the paper analyzes the current development of China’s housing mortgage loan securitization of the status and characteristics. Finally, on this basis, the paper further predicted the potential risks of MBS: risks of the asset quality of the pool, risks during the MBS operation process, inflation risks, legal risks and regulations policy risks.Based on the previous forecast and research of the risks of China’s MBS, the fourth part analyze the formation of these risk factors in-depth. Five aspects were discussed, including: formation of prepayment risk; Commercial banks stringent internal control mechanis; accounting and tax system is flawed; security and insurance system is flawed; personal credit system is not perfect and the level of technical and personnel constraints. The fifth part constructs the housing mortgage loan securitization prevention mechani based on the previous chapters’ discussion of the MBS’s risks. Firstly, this chapter gives some suggestions about risk prevention polices from two main aspects which are the external environment and the participators of MBS market. Together with China’s housing mortgage securities risks prevention regulations, the text constructs a MBS risk management system according to China’s current situation.
论文关键词： 房地产金融；住房抵押贷款；证券化；风险防范；
Key words（英文摘要）：www.328tibEt.cn Housing Finance；Mortgage Backed Securitization (MBS)；Risk Management；
Abstract（英文摘要）：www.328tibEt.cn Mortgage Backed Securities (MBS) is a novel structure of the mode of financing. Because this kind of financial innovation has various superiorities, it is extremely rapid in the various countries development. On March 21, 2005, approved by the State Council, credit asset securitization pilot officially has been started, China Construction Bank for housing mortgage loan securitization business pilot, and December 15, 2005. In the inter-bank bond market will be issued to the public "Jianyuan 2005-1 personal housing mortgage loan securitization trust assets priority support holders of the securities". Mortgage-Backed Securities is to improve our domestic financial markets is an important way is alleviating the current domestic commercial banks will soon face a liquidity risk and to raise the capital adequacy ratio of effective means.However, Mortgage-Backed Securities as a financial derivative in hedge risks at the same time, there is also associated with other non - eliminate risks. Meanwhile, the housing mortgage securities, involves the debtor, sponsors, housing mortgage loan securitization, specialized agencies (SPV), credit enhancement institutions, trustees, investors and other parties. This makes housing mortgage loan securitization of risk showing continuity and complexity. Controlling of the risks becomes very difficult. Any related problems may affect the financial system stability, thus affecting the failure or succesul of housing mortgage loan securitization. Therefore, it would be very necessary to predict the potential risks according to the reality of China’s economic environment. Based on the discussion of the potential risks of China’s MBS, this text constructs a housing mortgage loan secuntization risk prevention mechani system so that promoting the development of our country’s housing mortgage loan negotiable securities oothly.The full text is divided into five parts to carry on the elaboration:The first part introduces the background of the research, theoretical study of the synthesis about MBS and the risk management of MBS both in foreign country and in China and the purpose and concept of this text.The second part mainly explains the housing mortgage loan securitization of risk theory. This chapter firstly expounded on the financial derivatives risk-formation theory, in order to illustrate basic theory of the housing mortgage loan securitization risk. Then, the paper introduces the MBS’s development and risks of MBS in the U.S.A, as an example for China to learn.The third part forecasts the potential risks of China’s development of MBS according to China’s current economic environment. To start, the paper introduces the "Jianyuan 2005-1 Mortgage Backed Securities Trust assets priority support certification coupons" of China Construction Bank for the foundation. Then the paper analyzes the current development of China’s housing mortgage loan securitization of the status and characteristics. Finally, on this basis, the paper further predicted the potential risks of MBS: risks of the asset quality of the pool, risks during the MBS operation process, inflation risks, legal risks and regulations policy risks.Based on the previous forecast and research of the risks of China’s MBS, the fourth part analyze the formation of these risk factors in-depth. Five aspects were discussed, including: formation of prepayment risk; Commercial banks stringent internal control mechanis; accounting and tax system is flawed; security and insurance system is flawed; personal credit system is not perfect and the level of technical and personnel constraints. The fifth part constructs the housing mortgage loan securitization prevention mechani based on the previous chapters’ discussion of the MBS’s risks. Firstly, this chapter gives some suggestions about risk prevention polices from two main aspects which are the external environment and the participators of MBS market. Together with China’s housing mortgage securities risks prevention regulations, the text constructs a MBS risk management system according to China’s current situation.
论文关键词： 房地产金融；住房抵押贷款；证券化；风险防范；
Key words（英文摘要）：www.328tibEt.cn Housing Finance；Mortgage Backed Securitization (MBS)；Risk Management；