我国住房抵押贷款证券化研究
本站原创 论文中文摘要：当前在我国引入这种新型白勺融资方式MBS(即住房抵押贷款证券),对于提高商业银行运行效率,发展我国资本市场,优化资源配置,推进我国白勺改革,促进我国经济发展具有重要白勺意义。我国白勺资产证券化还处于刚刚起步白勺阶段,实施资产证券化存在着法律、税收、市场体系、信用制度和人才等多方面白勺障碍。所以,借鉴发达国家白勺成功经验,就显得非常重要了。本文正是希望借鉴美国住房抵押贷款证券化白勺成功经验,对我国实行住房抵押贷款证券化进行可行性研究。首先,运用回归模型对我国资产证券化能力评估指标体系进行了系统白勺分析,由结论得出,我国已经具备开展资产证券化白勺客观环境。同时,对建行--“建元”住房抵押贷款证券化白勺运作设计进行分析,并运用资本资产定价模型分析了建行“建元”住房抵押贷款债券。通过分析,可以看出我国白勺资产证券化已经逐步向规范化白勺方向发展。其次,论述了发行MBS过程中,会遇到白勺会计、税收方面白勺技术问题。这些问题会影响到证券资产白勺合法性、赢利性和流动性,也关系到每一位参与者白勺利益。因此,适时建立一套合理白勺会计制度、税收政策白勺运作机制,显得十分重要。最后,结合我国国情,对今后住房抵押贷款证券化运作,给出了可行性白勺对策及合理白勺建议
Abstract（英文摘要）：www.328tibEt.cn The emergence of Asset-backed Securitization is the inevitable choice of the development of market economy. Since 1968, the tranerable security was firstly issued in USA, so far, there has been a history of over 30 years. It was also developed quickly in Europe. In Asia, Asset-backed Securitization, launched in 1990s, was developed quickly in Japan, Korea and Hong Kong.In the capital market of China, the capital demanding scale is increasingly expanding with the economy development. In the past, the state-owned enterprises settled the capital case by the indirect financing of loaning from the bank. However, the high ratio of indirect financing will increase the bank’s risks since the domestic state-owned commercial banks hen’t been operated in an enterprise-oriented way, which in turn made the ratio of non-performing assets in commercial bank gradually increased. Consequently, multiple financing tools are urgently needed. For domestic finance market, launching Asset-backed Securitization is a milestone affair. The Asset-backed Securitization can not only help expand domestic finance market, fasten the merger of finance market including bank, security and trust company and strengthen the fluidity of the bank loan assets, but also add the category of finance market and facilitate innovation of domestic finance products.For the domestic finance market and institutions and the most investors, the Asset-backed Securitization is a new product and market. Thus, to launch the domestic market of Asset-backed Securitization, we ought to not only he a thorough understanding on the Asset-backed Securitization, but also importantly, design the Asset-backed Securitization product, market, rules and supervising method that fit for Chinese situation. The domestic Asset-backed Securitization has been brewed 10 years. Through continuous exploration, the Asset-backed Secutization finally broke through various Chinese policy restrictions in the aspects of the laws, regulations, taxation and accounting, and emerged in the market.Furthermore, the A-grade market of housing mortgage loan began to take shape, which in turn provide the necessary conditions for the development of housing mortgage loan secutization.The essay, on the basis of introducing the various elements of Asset-backed Securitization, analyzed product characteristics, operating skills and relevant law regulations of Asset-backed Securitization in the countries of USA, Europe, Australia, Korea and Japan and made analysis and comparison on these countries’Asset-backed Securitization, which derived the development mode of Asset-backed Securitization fit for China. Applying the Returning-model, the essay analyzed the capacity of our country’s possessing Asset-backed Securitization in details. Meanwhile, the essay particularly analyzed the 2005 year Jianyuan Case which was taken as the first year of Asset-backed Securitization issued by the Construction Bank of China. In this Case, the essay mainly introduced the trade structure, conditions of assets pool, security character and credit quality of Jianyuan Asset-backed Securitization, meanwhile, pointed out the risks and flaws on this issue.On the basis of summing up the characteristics of Asset-backed Securitization in China and foreign countries, the essays proposed some issues that are worth concerning for our country to further deepen Housing Mortgage Asset-backed Securitization, especially in the aspect of finance and taxation, and proposed constructive proposals.
论文关键词： 资产证券化；原理；模式；能力评估模型；建元MBS；财税问题；对策建议；
Abstract（英文摘要）：www.328tibEt.cn The emergence of Asset-backed Securitization is the inevitable choice of the development of market economy. Since 1968, the tranerable security was firstly issued in USA, so far, there has been a history of over 30 years. It was also developed quickly in Europe. In Asia, Asset-backed Securitization, launched in 1990s, was developed quickly in Japan, Korea and Hong Kong.In the capital market of China, the capital demanding scale is increasingly expanding with the economy development. In the past, the state-owned enterprises settled the capital case by the indirect financing of loaning from the bank. However, the high ratio of indirect financing will increase the bank’s risks since the domestic state-owned commercial banks hen’t been operated in an enterprise-oriented way, which in turn made the ratio of non-performing assets in commercial bank gradually increased. Consequently, multiple financing tools are urgently needed. For domestic finance market, launching Asset-backed Securitization is a milestone affair. The Asset-backed Securitization can not only help expand domestic finance market, fasten the merger of finance market including bank, security and trust company and strengthen the fluidity of the bank loan assets, but also add the category of finance market and facilitate innovation of domestic finance products.For the domestic finance market and institutions and the most investors, the Asset-backed Securitization is a new product and market. Thus, to launch the domestic market of Asset-backed Securitization, we ought to not only he a thorough understanding on the Asset-backed Securitization, but also importantly, design the Asset-backed Securitization product, market, rules and supervising method that fit for Chinese situation. The domestic Asset-backed Securitization has been brewed 10 years. Through continuous exploration, the Asset-backed Secutization finally broke through various Chinese policy restrictions in the aspects of the laws, regulations, taxation and accounting, and emerged in the market.Furthermore, the A-grade market of housing mortgage loan began to take shape, which in turn provide the necessary conditions for the development of housing mortgage loan secutization.The essay, on the basis of introducing the various elements of Asset-backed Securitization, analyzed product characteristics, operating skills and relevant law regulations of Asset-backed Securitization in the countries of USA, Europe, Australia, Korea and Japan and made analysis and comparison on these countries’Asset-backed Securitization, which derived the development mode of Asset-backed Securitization fit for China. Applying the Returning-model, the essay analyzed the capacity of our country’s possessing Asset-backed Securitization in details. Meanwhile, the essay particularly analyzed the 2005 year Jianyuan Case which was taken as the first year of Asset-backed Securitization issued by the Construction Bank of China. In this Case, the essay mainly introduced the trade structure, conditions of assets pool, security character and credit quality of Jianyuan Asset-backed Securitization, meanwhile, pointed out the risks and flaws on this issue.On the basis of summing up the characteristics of Asset-backed Securitization in China and foreign countries, the essays proposed some issues that are worth concerning for our country to further deepen Housing Mortgage Asset-backed Securitization, especially in the aspect of finance and taxation, and proposed constructive proposals.
论文关键词： 资产证券化；原理；模式；能力评估模型；建元MBS；财税问题；对策建议；