摘要
住房是人们生活的最基本构成要素之一,住房金融是围绕住房生产而发生的各种资金融通及其相应服务活动的总称,住房抵押贷款作为住房金融的主要代表性工具是目前城镇居民用于获取高成本购房资金的重要融资渠道。健全、敏感度高的住房抵押贷款监管体系的建立是确保住房抵押贷款一级市场不断创新且可持续发展必不可少的的关键因素之一,因此,完善抵押贷款一级市场监管是住房金融发展必须解决的问题。
由住房次级贷款引发的金融危机推动了全球金融监管体系急需变革的热潮以及对住房金融的关注。监管对象的不断发展是监管体系变迁的主要推动力,因此,对住房抵押贷款一级市场监管体系的研究离不开对住房抵押贷款一级市场运行机制的研究。虽然在不同经济体运行下的住房抵押贷款一级市场所需建立的监管体系不尽相同,但是随着全球经济一体化的迅猛发展,各国住房抵押贷款一级市场的运行机制及监管体系存在着许多共同点。目前,我国住房抵押贷款一级市场运行机制及其监管体系的建立都还处于起步阶段,急需借鉴国际先进的理念和实践。英国作为世界三大主要经济体之一,是世界上最早出现住房金融的国家。其较为高效的住房抵押贷款一级市场运行机制和较为成熟的住房抵押贷款一级市场监管体系使得英国的住房置业率高于一般欧洲国家。因此,对英国住房抵押贷款一级市场运行机制及监管体系进行系统的研究和借鉴,对发展我国住房金融具有非常重大的现实意义,而我国针对这一命题的研究较为缺乏是本文选题的初衷。
通过梳理住房抵押贷款一级市场运行机制和抵押贷款监管的相关文献,本文从英国住房抵押贷款一级市场的形成、市场参与主体行为分析以及住房抵押贷款产品分析揭示英国住房抵押贷款一级市场运行机制,运用制度变迁理论的分析方法分析英国住房抵押贷款监管体系的产生、存在的问题、以及如何改革的变迁路径,结合我国住房抵押贷款一级市场运行机制及其监管体系的现状以及可能存在的问题,借鉴英国的经验,提出完善我国住房抵押贷款一级市场运行及监管的政策主张和建议。
本文的主要内容由六大部分构成。第一部分是引言。针对论文的选题背景和研究意义、研究现状、论文的基本框架和研究方法、研究可能的创新与不足进行阐述。第二部分为相关理论基础。这一部分对研究住房抵押贷款一级市场运行机制及其监管体系的相关理论进行梳理、分类,着重阐述制度变迁理论对该命题研究的意义。第三部分是英国住房抵押贷款一级市场运行机制的分析研究。本部分基于对英国住房抵押贷款一级市场形成的回顾,从住房抵押贷款一级市场参与主体和住房抵押贷款产品的角度出发,运用大量对比案例分析法分析英国住房抵押贷款一级市场的运行机制,旨在分析研究英国住房抵押贷款一级市场监管对象的特性。第四部分是英国住房抵押贷款一级市场监管体系形成机制的分析研究。对于这一部分的研究,首先回顾了英国住房抵押贷款一级市场监管体系形成的历史演进过程,接着从住房抵押贷款一级市场的监管制度、监管主体的组织架构以及监管方式这三个方面对英国住房抵押贷款一级市场监管体系进行透视分析。第五部分：制度变迁视角下英国住房抵押贷款一级市场监管体系改革的研究。这一部分从制度变迁的理论视角出发,根据金融危机造成英国住房抵押贷款一级市场监管失灵的原因,从监管制度、监管模式和监管方式方面对英国住房抵押贷款一级市场监管体系中存在的不足进行分析以及针对这些不足所采取的改革措施研究。通过对英国住房抵押贷款一级市场监管体系变迁的分析研究,着重分析住房抵押贷款一级市场监管改革的理念及改革的趋势,旨在为我国住房抵押贷款一级市场监管体系的建设提供有益的借鉴。第六部分是英国住房抵押贷款一级市场监管经验对我国的启示。该部分基于对英国住房抵押贷款一级市场运行机制和监管体系的分析研究,结合我国现有住房抵押贷款一级市场运行机制及监管体系的现状,通过对两国住房抵押贷款一级市场运行机制及其监管体系的比较研究,借鉴其经验,提出完善我国现有住房抵押贷款一级市场运行机制及其监管体系的政策主张和建议。
本文主要的创新在于：第一,研究选题的创新。我国对国外住房抵押贷款一级市场的运行机制及其监管体系的分析研究中多以借鉴美国为主,而对英国的分析研究成果相对较少。本文以英国住房抵押贷款一级市场监管体系作为主要研究对象,系统的分析英国住房抵押贷款一级市场的运行机制(监管对象)以及监管体系的研究具有新意。第二,制度变迁理论分析方法的引入具有一定的新意。金融危机是促使住房抵押贷款监管改革的主要推动力,本文以制度变迁理论为研究基础,研究分析住房抵押贷款一级市场监管体系的产生、不足及今后的改革趋势,分析其改革的理念,旨在分析英国住房抵押贷款一级市场监管体系改革的理念及对我国住房抵押贷款一级市场监管改革的启发。第三,本论文根据对英国与我国住房抵押贷款一级市场运行机制及其监管体系的比较分析研究,借鉴其改革的理念及趋势启示,结合我国现有国情,提出完善我国现有住房抵押贷款一级市场运行机制及其监管体系的政策主张和建议。
Housing is one of basic elements of peoples'lives. The housing finance is named by financing activities and corresponding service around house producing. Study on the model of the housing mortgage operation system is an important and indispensable part of research of the social development. For urban residents, mortgage is one of the most important means of funding the house. A high sensitivity mortgage regulatory system is one of the essential factors to ensure mortgage market innovation and sustainable development. Therefore, housing finance development on the premise that to improve the mortgage market supervision.
Triggered by the subprime-loancrisis, there is innovation of financial regulatory system. The continuous development of regulated target will lead change in regulatory system. Therefore, on the studing.of mortgage regulatory system requires analysis of mortgage market operating mechanism. At present, China mortgage market operating mechanism and mortgage regulatory systems are still at an early stage, which urgent need to learn from advanced international concepts and practices. Britain as the world's three major economies is the cradle land of housing finance. There are efficient mortgage market operation mechanism and a more mature mortgage market regulatory system, which will help us to improve China mortgage market and renovate mortgage regulatory system. However, in China, there are few researches on the UK mortgage market and its regulation system, which is the reason why the author has chosen this subject.
Based on reviewing the existing literature on the mortgage market operating mechanism, This dissertation is studying on British mortgage market operating mechanism which is based on analysis of the UK mortgage market evolution, is revealed by market participants behavior analysis, and analysis of mortgage products. And then, the studying on British mortgage market regulatory system is based on the theory of the institutional change, follow the change on UK mortgage regulatory system, to analysis how British mortgage regulatory system be set up, what problems they get, and how to revolutionize. Finally, the analysis based on research of the U.K. mortgage market operation mechanism and supervision system, combined with our current status, in order to improve China mortgage market operating mechanism and system and mortgage regulatory system
This thesis is including six parts, as follows:Chapter Ⅰ Introduction, this section introduces the research purpose and meaning, the literature review, analytical framework and methodology, as well as contribution and deficiency. Chapter Ⅱ is theoretical basis. Chapter Ⅲ the operating mechanism on the British mortgage market, which based on study of UK mortgage market evolution, is revealed by market participants'behavior analysis, and analysis of mortgage products. Chapter Ⅳ:the evolution of the the mortgage regulatory system in U.K. is focuses on the how mortgage regulatory system is established, which is based on the analysis of regulatory institution, regulators and supervision. Chapter Ⅴ is revolution of the British mortgage regulatory system. In this part, firstly, analysis the current situation of British mortgage regulatory system, which aim to find out what problem of this system. Secondly, based on issues be found, analysis how British mortgage regulatory system revolutionize. Chapter Ⅵ is the UK mortgage experience and enlightenment. This section based on our existing mortgage market operating mechanism and supervisory system of mortgage, compare with British mortgage market operating mechanism and supervisory system, the author makes policy recommendations.
The main contributions of this thesis are as follows:Firstly, the sybject is a novelty. Secondly, introduce of some new ideas for studing on this topic by institutional change theoretical analysis. Finaly, this dissertation is based on comparing analysis with British and China mortgage market operating mechanism and mortgage regulatory system, and draw on ideas and trends of British reform, combined with our existing situation, put forward on suggestions of China mortgage market operating mechanism and mortgage supervisory system
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