我国住房抵押贷款证券化市场问题研究
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摘要
住房抵押贷款证券化被认为是资产证券化中对市场影响较为深远的一个品种。自20世纪70年代起,世界许多发达国家和地区相继展开对了该项业务的实践和探索。国际经验证明,发展住房抵押贷款证券化有利于商业银行改善其自身的资产负债结构,达到财务避险的效果。从各国的实践情况中不难发现,住房抵押贷款证券化的运作流程对住房抵押贷款支持证券的成功发行起着至关重要的作用。本文就如何完善在我国住房抵押贷款证券化运作流程中出现的问题和缺陷这一重要议题展开研究,探索与我国现有技术水平相适应的住房的押贷款证券化运作流程。
对住房抵押贷款证券化运作流程的考察是贯穿本文的核心思想。本文在总结了前人研究成果的基础上,首先,从证券化的运作流程理论出发,对住房抵押贷款证券化运作流程的基本环节进行梳理,找出其中的关键的环节,为以下的研究工作提供理论依据。其次,在理论指导的基础上借鉴了住房抵押贷款证券化市场较为发达国家的实践经验。主要从运作流程的角度入手,按证券化运作流程分别对所选取的证券化运作先进的国家作了考察和分析,比较各国在运作流程的具体环节上,采用了哪些不同的处理方式,从中总结出对我国住房抵押贷款证券化发展具有借鉴意义的做法。在对本国住房抵押贷款证券化运作现状的考察中,本文着重对建元2005-1的运作进行分析,依次从破产隔离环节、真实出售环节、税收环节和信用增级环节的操作中找出我国在证券化运作中的问题和缺陷,并对这些缺陷的原因加以分析。文章在最后的部分按照证券化操作流程的环节顺序,对文中指出的我国在证券化运作中的问题和缺陷分别提出了解决的方案。本文认为,在我国现有的证券化水平下,住房抵押贷款证券化的发展还需从运作流程中的环节入手,使其逐渐走向规范化。
Mortgage-Backed Securitization is considered to have the deepest influence on the process of securitization. Since 1970s, lots of developed countries and districts have begun to explore this project. It is proved by international experience that the development of Mortgage-Backed Securitization benefits commercial banks to improve their assets and liabilities structure and aim at financial hedging. It is obvious shown in the practice in various countries that the operation process of Mortgage-Backed Securitization enjoys a prominent role in its supporting the successful issue of stock. This essay makes a research on the problems shown in operation process of Mortgage-Backed Securitization, and explores a suitable operation process of Mortgage-Backed Securitization which fits China's recent situation.
The operation process of Mortgage-Backed Securitization is the main theme in this essay. On the basis of previous research, there are three focuses. To begin with, the author sorts out the basic links of the operation process in Mortgage-Backed Securitization and points out the key processes, which provides the theoretical foundation of the following research. Furthermore, the author takes fully use of the practical experience of Mortgage-Backed Securitization in developed countries. From the operation process angle, the author analyses the advanced operation processes and makes a comparison on each process to conclude the useful way for reference for the development of Mortgage-Backed Securitization in China. Finally, the author focuses on researching Mortgage-Backed Securitization in China and takes JianYuan 2005-1 as an example. From the process of bankruptcy remote, true sale, taxation and credit enhancement, flaws are found and analyzed. According to the problems pointed out by the author, there are ways provided to cope with them and perfect the process of Mortgage-Backed Securitization. In the author's view, under the limited standard of securitization in China, the development of Mortgage-Backed Securitization still requires perfection from the operation process angle to achieve its standardization.
对住房抵押贷款证券化运作流程的考察是贯穿本文的核心思想。本文在总结了前人研究成果的基础上,首先,从证券化的运作流程理论出发,对住房抵押贷款证券化运作流程的基本环节进行梳理,找出其中的关键的环节,为以下的研究工作提供理论依据。其次,在理论指导的基础上借鉴了住房抵押贷款证券化市场较为发达国家的实践经验。主要从运作流程的角度入手,按证券化运作流程分别对所选取的证券化运作先进的国家作了考察和分析,比较各国在运作流程的具体环节上,采用了哪些不同的处理方式,从中总结出对我国住房抵押贷款证券化发展具有借鉴意义的做法。在对本国住房抵押贷款证券化运作现状的考察中,本文着重对建元2005-1的运作进行分析,依次从破产隔离环节、真实出售环节、税收环节和信用增级环节的操作中找出我国在证券化运作中的问题和缺陷,并对这些缺陷的原因加以分析。文章在最后的部分按照证券化操作流程的环节顺序,对文中指出的我国在证券化运作中的问题和缺陷分别提出了解决的方案。本文认为,在我国现有的证券化水平下,住房抵押贷款证券化的发展还需从运作流程中的环节入手,使其逐渐走向规范化。
Mortgage-Backed Securitization is considered to have the deepest influence on the process of securitization. Since 1970s, lots of developed countries and districts have begun to explore this project. It is proved by international experience that the development of Mortgage-Backed Securitization benefits commercial banks to improve their assets and liabilities structure and aim at financial hedging. It is obvious shown in the practice in various countries that the operation process of Mortgage-Backed Securitization enjoys a prominent role in its supporting the successful issue of stock. This essay makes a research on the problems shown in operation process of Mortgage-Backed Securitization, and explores a suitable operation process of Mortgage-Backed Securitization which fits China's recent situation.
The operation process of Mortgage-Backed Securitization is the main theme in this essay. On the basis of previous research, there are three focuses. To begin with, the author sorts out the basic links of the operation process in Mortgage-Backed Securitization and points out the key processes, which provides the theoretical foundation of the following research. Furthermore, the author takes fully use of the practical experience of Mortgage-Backed Securitization in developed countries. From the operation process angle, the author analyses the advanced operation processes and makes a comparison on each process to conclude the useful way for reference for the development of Mortgage-Backed Securitization in China. Finally, the author focuses on researching Mortgage-Backed Securitization in China and takes JianYuan 2005-1 as an example. From the process of bankruptcy remote, true sale, taxation and credit enhancement, flaws are found and analyzed. According to the problems pointed out by the author, there are ways provided to cope with them and perfect the process of Mortgage-Backed Securitization. In the author's view, under the limited standard of securitization in China, the development of Mortgage-Backed Securitization still requires perfection from the operation process angle to achieve its standardization.
引文
1 Kendall L T, Fishman M J. A Primer on securitization. Cambridge [M].MIT press,2000
2 Fabozzi F J. Bond markets analysis and strategies(fourth edition)[M]. New York:Prentice Hall,2000
3张超英,翟祥辉.资产证券化——原理、实务、实例[M].经济科学出版社,1998
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5 Hyun Jin Lee. Essays on Asset Securitizdion, Bank Prodamction Costs, and the Credit Card Masket[D].1994
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8黄嵩.论广义资产证券化的理论体系[J].学习与探索,2003,(3)
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11中华人民共和国担保法.1995
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13中华人民共和国信托法.2001
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15中华人民共和国商业银行法.2003
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17中华人民共和国民法通则.1986
18中华人民共和国合同法.1999
19中华人民共和国合同法.1999
20王东,郑海梅.不同首付比率系住房抵押贷款违约率的测算研究[J].投资研究.2010.10
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2 Fabozzi F J. Bond markets analysis and strategies(fourth edition)[M]. New York:Prentice Hall,2000
3张超英,翟祥辉.资产证券化——原理、实务、实例[M].经济科学出版社,1998
4梁志峰.资产证券化的金融创新理论研究综述[J].南华大学学报：社会科学版,2006,(7)
5 Hyun Jin Lee. Essays on Asset Securitizdion, Bank Prodamction Costs, and the Credit Card Masket[D].1994
6李恩友.我国住房抵押贷款证券化研究[D].河海大学,2007
7阙立红.我国住房抵押贷款证券化的发展及对策分析[J].企业家天地：理论版,2007,(4)
8黄嵩.论广义资产证券化的理论体系[J].学习与探索,2003,(3)
9十凤坤.资产证券化：理论与实务[M].北京：北京大学出版社,2002
10何小锋等.资产证券化：中国的模式[M].北京大学出版社,2002
11中华人民共和国担保法.1995
12何小锋.资产证券化：中国的模式[M]北京大学出版社.2002
13中华人民共和国信托法.2001
14信托投资公司管理办法.2001
15中华人民共和国商业银行法.2003
16中华人民共和国证券法.2005
17中华人民共和国民法通则.1986
18中华人民共和国合同法.1999
19中华人民共和国合同法.1999
20王东,郑海梅.不同首付比率系住房抵押贷款违约率的测算研究[J].投资研究.2010.10
[1]Shenker, Colletta. Asset Securitization:Evolution Techniques Emergingeatlons, Market Appicantions[M]. Euromoney Book,1997
[2]Kendall L T, Fishman M J. A Primer on securitization. Cambridge [M].MIT press,2000
[3]Fabozzi F J. Bond markets analysis and strategies(fourth edition)[M]. New York:Prentice Hall,2000
[4]于凤坤.资产证券化：理论与实务[M].北京：北京大学出版社,2002
[5]张超英, 翟祥辉.资产证券化——原理、实务、实例[M].经济科学出版社,1998
[6]何小锋等.资产证券化：中国的模式[M].北京大学出版社,2002
[7]黄嵩.论广义资产证券化的理论体系[J].学习与探索,2003,(3)
[8]李恩友.我国住房抵押贷款证券化研究[D].河海大学,2007
[9]阙立红.我国住房抵押贷款证券化的发展及对策分析[J].企业家天地：理论版,2007,(4)
[10]梁志峰.资产证券化的金融创新理论研究综述[J].南华大学学报：社会科学版,2006,(7)
[11]Hyun Jin Lee. Essays on Asset Securitizdion, Bank Prodamction Costs, and the Credit Card Masket[D].1994
[12]陈文达,李阿乙,廖咸兴.资产证券化理论与实务[M].中国人民大学出版社,2004
[13]高保中.中国资产证券化的制度分析[M].社会科学文献出版社,2005
[14]喻国平.资产证券化融资对金融市场发展的影响[J].价格月刊,2008(6)
[15]何小峰.资本市场与投资银行研究[M].北京大学出版社,2005
[16]资产证券化在中国的实践状况分析[J].商场现代化,2008(541)
[17]邵诗利.资产证券化：中国的经验与前瞻[J].财经问题研究,2006,11
[18]祁小伟,宋群超.信贷资产证券化理论及中国的实践[J].科学与管理,2009(3)
[19]熊凌.美国资产证券化的发展及中国的借鉴[J].国际经贸探索,2009(1)
[20]新华财经http://www.news.cn/fortune/
[21]刘红玉,张红.房地产业与社会经济[M].清华大学出版社,2006
[22]新浪财经http://finance.sina.com.cn/
[23]古川令治(日),张明.资产证券化手册[M].中国金融出版社,2006
[24]高广春.资产证券化的结构——形成机理和演变逻辑[M].中国经济出版社,2008
[25]姚长辉.中国住房抵押贷款证券化创新研究[M].北京大学出版社,2001
[26]施方.住房抵押贷款证券化——运作和定价[M].上海财经大学出版社,2005
[27]Terrence M.Clauretie, GStacy Sirmans. Real Estate Finance:Theory and Practice(Third Edition) [M]经济科学出版社,2004
[28]郑毅.房地产抵押贷款证券化[M].中国社会出版社,2008
[29]金融界http://www.jrj.com.cn/
[30]和讯债券http://bond.hexun.com/
[31]姚运德.住房抵押贷款证券化对住房产业发展有积极作用[N].金融时报.2005-12-14
[32]陈东生.我国住房抵押贷款证券化的构建及现状分析[D].东北财经大学.2007
[33]马军辉.中国住房抵押贷款证券化风险管理研究[D].河南大学.2007
[34]Jian Chen. There Essays on Mortgage Backed Securities:Hedging interest rate and credit risks[D]. The Robert H. Smith School of Business.2003
[35]Stav Gaon. Essays in Securitization[D]. Columbia University.2007
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