中国房地产证券化的可行性及其模式探索
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摘要
近几年我国房地产业发展迅猛，为加快城市建设和提高人民居住水平做出了极大贡献，并带动了许多相关产业的发展。但与此同时，我国房地产业的持续快速发展还需要巨额的配套资金支持，尤其是我国加入WTO以后，对房地产业带来的冲击是不可避免的，传统融资方式的局限性已成为制约房地产业健康发展的“瓶颈”。在这样的形势下，房地产证券化必将成为融资领域的新兴融资工具。房地产证券化是资产证券化在房地产业的应用，它是指把流动性较低的、非证券形态的房地产的投资转化为资本市场上的证券资产的金融交易过程，从而使投资人与房地产投资标的物之间的物权关系转化为有价证券形式的股权和债权。它具有传统融资方式所不具有的流动性创新、信用创新、风险转移创新等新的特点。
本文在介绍了房地产证券化的一般理论，以及国外的发展状况的同时，阐明了房地产证券化在我国实践的必要性和可行性。并在此基础之上重点研究了房地产证券化的基本运作模式、运作程序以及运作的法律环境，最后本文分析了我国证券化实践可能存在的问题，并提出了相应的对策。
In recent years, the rapid development of the real estate industry has contributed to the urban construction and the improvement of the standard of living. At the same time, with the sustained and rapid development of economy in China, the capital support is needed for the real estate industry, especially after China become a member of WTO. However, the healthy development of China' s real estate was obstructed by the limitation of traditional financing ways. So the real estate securitization becomes a newfeasible solution to this problem. The real estate securitization is application of securitization in the real estate. It is a financial exchange procedure which transform low fluidness investment in real estate to securities asset in capital market. It has many characteristics, such as fluidness innovation, credit innovation and risk diversion innovation, which not exist in traditional financing fashion.
In this paper, the primary conception and the development of ABS overseas are introduced. Then the attention to the operating models, operating procedures and legislation environment is focused. Finally, the practical condition for application of real estate securitization in China is analyzed and relevant countermeasures are put forward.
本文在介绍了房地产证券化的一般理论，以及国外的发展状况的同时，阐明了房地产证券化在我国实践的必要性和可行性。并在此基础之上重点研究了房地产证券化的基本运作模式、运作程序以及运作的法律环境，最后本文分析了我国证券化实践可能存在的问题，并提出了相应的对策。
In recent years, the rapid development of the real estate industry has contributed to the urban construction and the improvement of the standard of living. At the same time, with the sustained and rapid development of economy in China, the capital support is needed for the real estate industry, especially after China become a member of WTO. However, the healthy development of China' s real estate was obstructed by the limitation of traditional financing ways. So the real estate securitization becomes a newfeasible solution to this problem. The real estate securitization is application of securitization in the real estate. It is a financial exchange procedure which transform low fluidness investment in real estate to securities asset in capital market. It has many characteristics, such as fluidness innovation, credit innovation and risk diversion innovation, which not exist in traditional financing fashion.
In this paper, the primary conception and the development of ABS overseas are introduced. Then the attention to the operating models, operating procedures and legislation environment is focused. Finally, the practical condition for application of real estate securitization in China is analyzed and relevant countermeasures are put forward.
引文
1．傅鸿源等．世纪之交我国住宅产业发展回眸与前瞻(M)．重庆出版社，2001．
2．陈德强．资金营运论(M)．上海立信会计出版社，2003．
3．王开国．资产证券化(M)．上海财经大学出版社，1999．
4．蔡文媛．我国基础设施资产证券化研究[D]．重庆大学，2001．
5．洪道麟．基础设施证券化探讨(J]．中国投资，2000，(3)：58-59．
6．弗兰克．J．法波兹．金融市场与机构概论(M)．东北财经大学出版社，2000．
7．王进才．《房地产金融：资本市场中的新亮点》．中国财政经济出版社，1997年版．
8．冯彬等．《房地产金融概论》．中国金融出版社，2001年版．
9．芮玉巧 我国住房抵押贷款证券化面临的困难及对策[J] 1 经济师，2000，(12)
10．王岐山主编．中国房地产金融全书．中国社会出版社，2001
11．[美]M．J．迈尔斯．不动产顾问．中国对外翻译出版社，2003
12．王开国．房地产证券化探索．上海人民出版社，1998
13．卢静妍．我国住房抵押贷款证券化的障碍及其解决措施[J]．上海投资，2000，(2)．
14．周国强，王丽华．投资银行与我国房地产证券化的模式构造[J]．中国房地产金融，1999，(4)．
15．穆宝敏．中国房地产证券化初探[J]．投资研究，1998，(9)．
16．汪利娜．美国抵押贷款证券化的兴起和发展[J]．北京：中国房地产金融，1999(7)．
17．谢经荣．购房抵押贷款的理论与实务[M]．北京：经济管理出版社，1999．
18. "Real Estate Finance(Second Edition)", C.F. Sirmans, McGraw Hill Book Com., 1998.
19. "Real Estate Finance(EighthEdition)", William B. Brueggeman, Jeffrey D. Fisher& Leo D. Stone, Irwin Inc., 2001
20. "Real Estate Finance", Sherman J. Maisel, The Dryden Press, 2002
21. "Mortgage and Mortgage Backed-Securitization Markets", Frank J. Fabozzi & Franco Modigliani, Prentice Hall, 2001
22. "Bond Markets, Analysis and Strategies(Third Edition)", Frank J. Fabozzi, Prentice Hall International, Inc., 1996.
2．陈德强．资金营运论(M)．上海立信会计出版社，2003．
3．王开国．资产证券化(M)．上海财经大学出版社，1999．
4．蔡文媛．我国基础设施资产证券化研究[D]．重庆大学，2001．
5．洪道麟．基础设施证券化探讨(J]．中国投资，2000，(3)：58-59．
6．弗兰克．J．法波兹．金融市场与机构概论(M)．东北财经大学出版社，2000．
7．王进才．《房地产金融：资本市场中的新亮点》．中国财政经济出版社，1997年版．
8．冯彬等．《房地产金融概论》．中国金融出版社，2001年版．
9．芮玉巧 我国住房抵押贷款证券化面临的困难及对策[J] 1 经济师，2000，(12)
10．王岐山主编．中国房地产金融全书．中国社会出版社，2001
11．[美]M．J．迈尔斯．不动产顾问．中国对外翻译出版社，2003
12．王开国．房地产证券化探索．上海人民出版社，1998
13．卢静妍．我国住房抵押贷款证券化的障碍及其解决措施[J]．上海投资，2000，(2)．
14．周国强，王丽华．投资银行与我国房地产证券化的模式构造[J]．中国房地产金融，1999，(4)．
15．穆宝敏．中国房地产证券化初探[J]．投资研究，1998，(9)．
16．汪利娜．美国抵押贷款证券化的兴起和发展[J]．北京：中国房地产金融，1999(7)．
17．谢经荣．购房抵押贷款的理论与实务[M]．北京：经济管理出版社，1999．
18. "Real Estate Finance(Second Edition)", C.F. Sirmans, McGraw Hill Book Com., 1998.
19. "Real Estate Finance(EighthEdition)", William B. Brueggeman, Jeffrey D. Fisher& Leo D. Stone, Irwin Inc., 2001
20. "Real Estate Finance", Sherman J. Maisel, The Dryden Press, 2002
21. "Mortgage and Mortgage Backed-Securitization Markets", Frank J. Fabozzi & Franco Modigliani, Prentice Hall, 2001
22. "Bond Markets, Analysis and Strategies(Third Edition)", Frank J. Fabozzi, Prentice Hall International, Inc., 1996.
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