我国住房抵押贷款证券化问题研究
|
摘要
住房抵押贷款证券化(Mortgage-backed-securities,简称MBS)作为一项新兴的金融工具,70年代为解决商业银行流动性不足等方面的问题在美国应运而生,并随后在全世界范围内获得了广泛发展,为美国、日本等发达国家的住房金融及经济发展做出了巨大贡献。近几年来,随着我国经济的不断发展和住房改革进程的加快,我国对住房抵押贷款证券化的应用和研究也越来越重视,在我国建立住房抵押贷款证券化制度不仅有迫切的需要,也有着很大的现实和经济意义。
虽然在我国推行住房抵押贷款证券化是必然趋势,这一点已得到国内外专家的广泛认同,但是,建立何种模式的能够适合我国国情的住房抵押贷款证券化制度一直在争论当中。经过多年的探讨与研究,我国在2005年正式启动了住房抵押贷款证券化的试点工作。本文通过对我国实施住房抵押贷款证券化进行必要性和可行性分析,境外住房抵押贷款证券化的运作模式的比较,以及我国住房抵押贷款证券化试点的实施状况的研究基础上,提出我国实施住房抵押贷款证券化的对策。
文章分为五部分:第一,概括介绍住房抵押贷款证券化的内涵、基本原理、参与主体和操作程序。第二,通过分析我国住房金融的现状,进而对我国现阶段实施住房抵押贷款证券化的必要性和可行性进行了详细的论述。第三,通过对美国、香港、欧洲和日本四个国家和地区的住房抵押贷款证券化的模式比较,为我国住房抵押贷款证券化的实施提供了境外经验和有益启发。第四,通过对我国住房抵押贷款证券化试点工作的实施状况的介绍,分析我国现阶段实施住房抵押贷款证券化的障碍问题。第五,在以上分析的基础上,总结提出适合我国国情的住房抵押贷款证券化的实施模式,并对发展我国住房抵押贷款证券化提出有效建议和对策。
Mortgage-backed security (MBS), as one of the major forms of financial innovations, was originated from American in 1970s, which was used to solve the asset problem of lacking liquidation and achieved great success. After that, this financial innovation was spread to other countries and areas and achieved great success . And MBS gave great contribution to the real estate development of USA and Japan etc.
In recent years, with the rapid development of economic and real estate of our country, it has been the new hotspot. MBS can not only meet the needs of the economic development of China, but also have realistic and economic significance. The operating MBS in China is an inevitable trend, which has been widely approved by national and overseas experts. But, which pattern of MBS is fit to our country's situation has been in debate. After many years of study and discusses , experimental unit of MBS started from 2005. This article will analyze the necessary and feasibility of building MBS in China, compare different typical patterns of MBS of other countries and area, and make suggestions and advices of building MBS on the basic analysis of the practice of experimental unit.
This article consists of five parts. First part generally introduces the principal of MBS, including the participants and operating process and three basic principals. Second part analyzes the status of Chinese economic and real estate development and address precisely the necessary and feasibility of building MBS in China. Third part compares the MBS practices of America, EU, Japan, and Hong Kong in detail, and got some good advices of developing MBS in China. Fourth part gives analysis of the practice of experimental unit, and expounds disadvantages of developing MBS in China. Fifth part is based on above analysis, and make suggestions on developing MBS in China.
虽然在我国推行住房抵押贷款证券化是必然趋势,这一点已得到国内外专家的广泛认同,但是,建立何种模式的能够适合我国国情的住房抵押贷款证券化制度一直在争论当中。经过多年的探讨与研究,我国在2005年正式启动了住房抵押贷款证券化的试点工作。本文通过对我国实施住房抵押贷款证券化进行必要性和可行性分析,境外住房抵押贷款证券化的运作模式的比较,以及我国住房抵押贷款证券化试点的实施状况的研究基础上,提出我国实施住房抵押贷款证券化的对策。
文章分为五部分:第一,概括介绍住房抵押贷款证券化的内涵、基本原理、参与主体和操作程序。第二,通过分析我国住房金融的现状,进而对我国现阶段实施住房抵押贷款证券化的必要性和可行性进行了详细的论述。第三,通过对美国、香港、欧洲和日本四个国家和地区的住房抵押贷款证券化的模式比较,为我国住房抵押贷款证券化的实施提供了境外经验和有益启发。第四,通过对我国住房抵押贷款证券化试点工作的实施状况的介绍,分析我国现阶段实施住房抵押贷款证券化的障碍问题。第五,在以上分析的基础上,总结提出适合我国国情的住房抵押贷款证券化的实施模式,并对发展我国住房抵押贷款证券化提出有效建议和对策。
Mortgage-backed security (MBS), as one of the major forms of financial innovations, was originated from American in 1970s, which was used to solve the asset problem of lacking liquidation and achieved great success. After that, this financial innovation was spread to other countries and areas and achieved great success . And MBS gave great contribution to the real estate development of USA and Japan etc.
In recent years, with the rapid development of economic and real estate of our country, it has been the new hotspot. MBS can not only meet the needs of the economic development of China, but also have realistic and economic significance. The operating MBS in China is an inevitable trend, which has been widely approved by national and overseas experts. But, which pattern of MBS is fit to our country's situation has been in debate. After many years of study and discusses , experimental unit of MBS started from 2005. This article will analyze the necessary and feasibility of building MBS in China, compare different typical patterns of MBS of other countries and area, and make suggestions and advices of building MBS on the basic analysis of the practice of experimental unit.
This article consists of five parts. First part generally introduces the principal of MBS, including the participants and operating process and three basic principals. Second part analyzes the status of Chinese economic and real estate development and address precisely the necessary and feasibility of building MBS in China. Third part compares the MBS practices of America, EU, Japan, and Hong Kong in detail, and got some good advices of developing MBS in China. Fourth part gives analysis of the practice of experimental unit, and expounds disadvantages of developing MBS in China. Fifth part is based on above analysis, and make suggestions on developing MBS in China.
引文
1 王洪卫.中国房地产证券化运行机制.上海财经大学出版社.2005,国内外研究文献。
2 王洪卫.中国房地产证券化运行机制.上海财经大学出版社2005,国内外研究文献。
3 王洪卫.中国房地产证券化运行机制.上海财经大学出版社.2005,证券化的基本原理。
4 刘锡良.董青马.商业银行流动性过剩问题的再认识.财经科学.2007.02
5 唐双宁.银行业改革下一步怎么走.中国经济周刊.2007.05
6 左仂思.资产证券化市场将具各更完善市场机制.第一财经日报.2007.05
7 李扬.国家目标、政府信用、市场运作--我国政策性金融机构改革探讨.中国经济信息网2006.04
[1]曾国安.住房金融:理论、实务与政策.中国金融出版社.2004:166-186
[2]张恩照.中国住房金融创新研究.中国金融出版社.2003:47-62
[3]王洪卫.中国房地产证券化运行机制.上海财经大学出版社.2005:92-108,236-246
[4]季爱东.住房金融新业务与法规.中国金融出版社.2004:256-265
[5]王文 荣肖国海.关于我国住房抵押贷款证券化模式的选择.商场现代化.2005.09:85-86
[6]许超.国外住房金融政策的借鉴.商场现代化.2005.04:146-147
[7].郁文达.住房金融:国际比较与中国的选择.中国金融出版社.2001
[8]刘小平.对发展住房抵押贷款证券化的思考.研究与探索.2004.6
[9]何小锋.资产证券化:中国的模式.北京大学出版社.2002.4
[10]邓伟利.资产证券化:国际经验与中国实践.上海人民出版社2003.3
[11].洪艳蓉.资产证券化法律问题研究.北京大学出版社.2004
[12]张东.住房金融:理论新探与实证分析.中国财政经济出版社.2004
[13]于凤坤.资产证券化:理论与实务.北京大学出版社.2002
[14]贡峻.资产证券化的会计问题研究.金融教学与研究.2004.7
[15]孟慧.孔圆.对我国住房抵押贷款证券化的思考.河北科技师范学院学报(社会科学版).2005.12
[16].郑雄.对住房抵押贷款证券化的认识与思考.金融纵横.2005.7
[17]黄利森,张敏锋.对我国住房抵押贷款证券化的探讨.占林则税高等专科学校学报.2005.1
[18]啜春璐.看我国住房抵押贷款证券化的可行性.中国房地产金融.2005.6
[19]邹保明.高月仓.资产证券化在住房抵押贷款中的应用研究上海.《经济纵横》.2004.6
[20].沈继奔.张岩.国外住房抵押贷款证券化模式及其启示.中国投资.2005.6
[21].徐雪英.积极推行住房抵押贷款证券化完善住房抵押贷款市场.中国房地信息.2005.9
[22]张东华.人民币升值压力对住房押贷款证券化的影响.青海金融.2004.12
[23]张启振.实施住房抵押贷款证券化需解决的若干问题.武汉理工大学学报(社会科学版).2006.4
[24]孙英伟.我国实行住房抵押贷款证券化的法律环境.石家庄学院学报.2005.1
[25]冯彬.我国发展住房抵押贷款证券化的思路.宏观经济研究2004.5
[26].孙英伟.我国实行住房抵押贷款证券化的法律环境,石家庄学院学报,2005.1:54-55
[27]刘文勇.抵押贷款证券化中商业银行作为发起人的动因分析.经济研究导刊.2006.02:59-61
[28]刘锡良.董青马.商业银行流动性过剩问题的再认识.财经科学.2007.02
[29]唐双宁.银行业改革下一步怎么走.中国经济周刊.2007.05
[30]左仂思.资产证券化市场将具备更完善市场机制.第一财经日报.2007.05
[31]李扬.国家目标、政府信用、市场运作--我国政策性金融机构改革探讨.中国经济信息网.2006.04
[32]Pamela A.Lamoreaux Consultant,"Comparision of Mortgage-Backed Securitization Systems in US,Hong Kong an Korea",Presention for International MBS Seminar Sponsored by Korea Mortgage Corporation.December 20,2000
[33]Michael Pryke,Tim Freeman,"Mortgage-Backed Securitization in the United Kingdom:The Background",Housing Policy Debate,1994
[34]Williamw Bartlett.the valuation of mortgage-backed securities.Richard d.Irwin.inc.1994
[35] Allen, Franklin, and Douglas Gale .Bubbles and Crises[J].Economic Journal2000(110): 236-255
[36]Allen, Franklin, and Douglas Gale.Financial Contagion[J]. Journal of Political Economy. 2000(108): 1-33.
[37] Allen, F. "Capital Structure and Imperfect Competition in Product Markets," working paper, University of Pennsylvania. 1986
[38] Allen, F. and D. Gale, Financial Innovation and Risk Sharing, MIT Press, Cambridge, Massachusetts. 1994
[39] Clayton J.1996 Market Fundamentals, Risk and the Canadian Property Cycle: Implications for Probertv Valuation and Investment Decision [J]. Journal of Real Estate Research 12131: 347-367.
[40] Frabk E Northafl, James L Freund. The evolution in multifamily mortgage markets and itseffect on lending rates. The Journal of Real Estate Research,2003,25(2):91 — 101
[41] Christin.A.Pavel. Securitization. New:International Finance Corporation Publication.1989_I2-13
[42] Ambrose, Brent W., Sanders Anthony B., Commercial Mortgage-backed Securities:EconomicsRepayment and Default, The Journal of Real Estate Finance 2003.5
[43] John Deacon, Securitization Principles, Markets and Terms, Asia Law &Practice, 1999.
[44]Leon T.Kendall and Michael Fishman, A Primer on Securitization, The MTI Press,2000.
[45] Frank J.Fabzzi, The Handbook of Fixed Income Securities, Business One Irwin, 1991.
[46]John.Aderson, Asset Securitization: Current Techniques and Emerging Market Application, Euromoney Book, 1997.
2 王洪卫.中国房地产证券化运行机制.上海财经大学出版社2005,国内外研究文献。
3 王洪卫.中国房地产证券化运行机制.上海财经大学出版社.2005,证券化的基本原理。
4 刘锡良.董青马.商业银行流动性过剩问题的再认识.财经科学.2007.02
5 唐双宁.银行业改革下一步怎么走.中国经济周刊.2007.05
6 左仂思.资产证券化市场将具各更完善市场机制.第一财经日报.2007.05
7 李扬.国家目标、政府信用、市场运作--我国政策性金融机构改革探讨.中国经济信息网2006.04
[1]曾国安.住房金融:理论、实务与政策.中国金融出版社.2004:166-186
[2]张恩照.中国住房金融创新研究.中国金融出版社.2003:47-62
[3]王洪卫.中国房地产证券化运行机制.上海财经大学出版社.2005:92-108,236-246
[4]季爱东.住房金融新业务与法规.中国金融出版社.2004:256-265
[5]王文 荣肖国海.关于我国住房抵押贷款证券化模式的选择.商场现代化.2005.09:85-86
[6]许超.国外住房金融政策的借鉴.商场现代化.2005.04:146-147
[7].郁文达.住房金融:国际比较与中国的选择.中国金融出版社.2001
[8]刘小平.对发展住房抵押贷款证券化的思考.研究与探索.2004.6
[9]何小锋.资产证券化:中国的模式.北京大学出版社.2002.4
[10]邓伟利.资产证券化:国际经验与中国实践.上海人民出版社2003.3
[11].洪艳蓉.资产证券化法律问题研究.北京大学出版社.2004
[12]张东.住房金融:理论新探与实证分析.中国财政经济出版社.2004
[13]于凤坤.资产证券化:理论与实务.北京大学出版社.2002
[14]贡峻.资产证券化的会计问题研究.金融教学与研究.2004.7
[15]孟慧.孔圆.对我国住房抵押贷款证券化的思考.河北科技师范学院学报(社会科学版).2005.12
[16].郑雄.对住房抵押贷款证券化的认识与思考.金融纵横.2005.7
[17]黄利森,张敏锋.对我国住房抵押贷款证券化的探讨.占林则税高等专科学校学报.2005.1
[18]啜春璐.看我国住房抵押贷款证券化的可行性.中国房地产金融.2005.6
[19]邹保明.高月仓.资产证券化在住房抵押贷款中的应用研究上海.《经济纵横》.2004.6
[20].沈继奔.张岩.国外住房抵押贷款证券化模式及其启示.中国投资.2005.6
[21].徐雪英.积极推行住房抵押贷款证券化完善住房抵押贷款市场.中国房地信息.2005.9
[22]张东华.人民币升值压力对住房押贷款证券化的影响.青海金融.2004.12
[23]张启振.实施住房抵押贷款证券化需解决的若干问题.武汉理工大学学报(社会科学版).2006.4
[24]孙英伟.我国实行住房抵押贷款证券化的法律环境.石家庄学院学报.2005.1
[25]冯彬.我国发展住房抵押贷款证券化的思路.宏观经济研究2004.5
[26].孙英伟.我国实行住房抵押贷款证券化的法律环境,石家庄学院学报,2005.1:54-55
[27]刘文勇.抵押贷款证券化中商业银行作为发起人的动因分析.经济研究导刊.2006.02:59-61
[28]刘锡良.董青马.商业银行流动性过剩问题的再认识.财经科学.2007.02
[29]唐双宁.银行业改革下一步怎么走.中国经济周刊.2007.05
[30]左仂思.资产证券化市场将具备更完善市场机制.第一财经日报.2007.05
[31]李扬.国家目标、政府信用、市场运作--我国政策性金融机构改革探讨.中国经济信息网.2006.04
[32]Pamela A.Lamoreaux Consultant,"Comparision of Mortgage-Backed Securitization Systems in US,Hong Kong an Korea",Presention for International MBS Seminar Sponsored by Korea Mortgage Corporation.December 20,2000
[33]Michael Pryke,Tim Freeman,"Mortgage-Backed Securitization in the United Kingdom:The Background",Housing Policy Debate,1994
[34]Williamw Bartlett.the valuation of mortgage-backed securities.Richard d.Irwin.inc.1994
[35] Allen, Franklin, and Douglas Gale .Bubbles and Crises[J].Economic Journal2000(110): 236-255
[36]Allen, Franklin, and Douglas Gale.Financial Contagion[J]. Journal of Political Economy. 2000(108): 1-33.
[37] Allen, F. "Capital Structure and Imperfect Competition in Product Markets," working paper, University of Pennsylvania. 1986
[38] Allen, F. and D. Gale, Financial Innovation and Risk Sharing, MIT Press, Cambridge, Massachusetts. 1994
[39] Clayton J.1996 Market Fundamentals, Risk and the Canadian Property Cycle: Implications for Probertv Valuation and Investment Decision [J]. Journal of Real Estate Research 12131: 347-367.
[40] Frabk E Northafl, James L Freund. The evolution in multifamily mortgage markets and itseffect on lending rates. The Journal of Real Estate Research,2003,25(2):91 — 101
[41] Christin.A.Pavel. Securitization. New:International Finance Corporation Publication.1989_I2-13
[42] Ambrose, Brent W., Sanders Anthony B., Commercial Mortgage-backed Securities:EconomicsRepayment and Default, The Journal of Real Estate Finance 2003.5
[43] John Deacon, Securitization Principles, Markets and Terms, Asia Law &Practice, 1999.
[44]Leon T.Kendall and Michael Fishman, A Primer on Securitization, The MTI Press,2000.
[45] Frank J.Fabzzi, The Handbook of Fixed Income Securities, Business One Irwin, 1991.
[46]John.Aderson, Asset Securitization: Current Techniques and Emerging Market Application, Euromoney Book, 1997.