摘要
本文在简要介绍了住房抵押贷款证券化的基本理论、重大意义及在国外的发展状况后，着重论述了其在我国开展的必要性和可行性，指出了我国现阶段开展证券化所面临的问题，并重点就我国如何发展证券化提出了政策建议。
本文共分四个部分：
第一章首先概括介绍了住房抵押贷款证券化的基本理论。内容包括住房抵押贷款及其证券化的概念、内涵、意义、住房抵押贷款支持证券及住房抵押贷款初级市场和二级市场的基本概念，并对住房抵押贷款证券化出现的历史背景和发展历程进行了系统论述。
第二章主要论述了我国住房抵押贷款证券化的必要性和可行性。本章在介绍了我国与住房抵押贷款证券化相关的住房市场、房地产金融市场的发展现状后，详细分析了现状的特点，并与当代国际上住房抵押贷款证券化发达国家的国情特点进行了比较分析。其后，着重论述了我国开展住房抵押贷款证券化的必要性，指出其必要性在于它具备有利于扩大内需、促进经济增长、维护金融业平稳运行；解决居民购买住房的巨额资金需求；为住房产业的发展提供可靠的资金循环保障机制；构筑我国房地产市场基础；为银行扩大住房抵押贷款业务提供有力的资金保障；解决银行住房贷款资产与其资金来源上的期限结构矛盾；为我国广大投资者提供更为丰富的投资品种、促进资本市场的发展等诸多益处。最后，阐明了进行住房抵押贷款证券化的条件，并结合我国的现状特点，对在我国开展证券化的可行性进行了详细的论述。
第三章阐明了我国开展住房抵押贷款证券化所面临的问题。其中包括三个方面的内容：首先分析了我国住房抵押贷款证券化的主要制约因素，论述了我国国情特点和经济发展的阶段特征、经济的金融化程度和居民的金融意识，法律法规体系、整体技术水平以及专业人才的状况，并指出了其中制约我国证券化发展的不利因素；而后，又进一步分析了住房抵押贷款证券化的内外环境的现状，列举了其中急待改善主要问题；最后，提出了住房抵押贷款证券化所必须面对的正确处理证券化与金融深化、金融监管的统一性问题，阐明了我国要想开展住房抵押贷款证券化就必须面对和处理随其产生的新的金融风险，并认真对待创新和监管的对立统一关系问题。
第四章阐述了促进我国开住房抵押贷款证券化发展应采取的政策措施。首先要明确现阶段开展住房抵押贷款证券化的目标，即确立从试点到规范最后到成熟的不同发展阶段、建立起统一完善的全国性住房抵押贷款二级市场、形成多样化抵押证券发行主体以及促进资本市场发展和提高金融效率等；其次是确定证券化的重点，完成金融制度、组织机构和技术的创新，将工作重点放在二级市场体系的建立和完善、设立发行主体和发展中介机构、抵押证券的设计和上市流通等几个方面上来；第三是逐步完善开展证券化的市场条件，加快深化住房制度改革步伐，培育个人住房贷款市场，发展和完善资本市场，健全法律法规体系；第四，在不断完善住房抵押贷款证券化的市场条件和环境的基础上，还必须加强金融监管，通过完善风险管理体系、保险体系、以及采取适当的技术措施防范和控制金融风险；最后，必须重视人才和技术的因素，从政策上注重人才培养和金融技术的发展，培养我国自己的金融人才，从而使我国的住房抵押贷款证券化得到进一步健康发展。
The thesis introduces the basic theories, significance and development history of the house mortgage securitization, demonstrates the necessities and feasibility, points out the obstacles in securitizing, and puts forward the proposals and policies for how to develop the securitization favorably in China. The thesis consists of four parts:
Chapter 1 is an introduction, which gives the definition and content of the mortgage securitization and mortgage market, analyses the background and environment of the history of the mortgage-backed securities systematically.
In the second chapter, after describing the present status in house market and house financial market of China, the paper analyses the characteristics of the status quo, and studies the necessity and feasibility of developing securitization in China. Meanwhile, the paper also discusses the effects and importance of the securitization to the national economy, emphasizes its benefits to the growing of GDP, and expatiates on the conditions that should be required when securitization is developed. The chapter III discusses the problems and obstacles restricting the mortgage securitization in China. The chapter has three points. First of all, the paper analyses the restricted factors from the aspects of primary economic developing phase, lower level of financialization, deficient law system, lack of technology and specialists, etc.; secondly, it discusses the disadvantages inside and outside of the mortgage market; and thirdly, the paper points out the difficulties in handling the relationship between financial s
upervision and innovation which must be faced with in the development of securitization.
The chapter IV states the ways to promote house mortgage securitization in China, and sets forth the valuable policies and proposals for the government. That is to further develop the mortgage securitization in China by establishing the specific targets and the focal points, improving the market environment for the mortgage securitization, reinforcing the financial supervision and controlling the financial risks together with developing financial technology and training financial personnel.
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