中国实施住房抵押贷款证 券化的理性的分析和战略选择.pdfVIP

致谢 作者感谢杨晓泉老师的精心指导 本文所阐述的观点和思想 得益于杨晓泉 老师所提出的许多有价值的建议 在此表示衷心的感谢 中国实施住房抵押贷款证券化的理性分析和战略选择 阎昕 2005 年4 月 摘要 随着世界经济的发展和中国金融改革 金融创新的不断演进 住房抵押贷款 证券化逐渐成为政府 理论界和金融机构所普遍关注的热点 我国住房体制改革 在不断深化,已与国际逐步接轨,发展住宅抵押贷款证券化对降低金融机构风险, 弥补房地产业资金缺口,合理配置社会闲置资金,刺激居民购房有效需求等有重 要意义 在中国推行住房抵押贷款证券化 必须注意要为之创造良好的外部环境和前 提条件 从某种意义上说 学习和借鉴国外成熟的金融产品技术并不困难 困难 的是在我国体制尚未健全的情况下 如何更好的创新和应用先进的金融产品 同 时 我国发展住宅抵押贷款证券化面临各种矛盾和问题 针对存在的问题,要充 分培育适合住宅抵押贷款证券化的市场环境,拿出住房抵押贷款证券化的操作思 路 关键词 证券化专门机构 SPV 住房抵押贷款证券化(MBS)金融创新 A Study on the Performance of Mortgages Bond Securities in China Yan Xin April 2005 Abstract There are two kinds of factors limiting the broader use of mortgages in developing countries. The first is the regulatory process of registering and transferring the mortgages, which often has a local law component. The second is the development of the credit assessment skills and capital market access that lenders require to do profitable mortgage lending. From a policy point of view expanding the use of housing mortgages in developing countries would provide additional credit to residents and may increase real estate related and other business activity as well. For bankers it is obviously a way to invest, earn fees and build traditional banking relationships.. In the 1990’s in China there began a privatization process which has encouraged investment in housing renovation and in economic growth, as the owners are willing to spend money to improve their living situations. There are government policies as well that support the expansion of average living space per person and development of new hou