房产抵押贷款证券化分析-金融学专业毕业论文.docx

内容摘要
房产抵押贷款证券化是结构化融资的一种,最早起源于美国,其实质是将证券市场的投资引入房产抵押贷款市场,可以有效商业银行改善不动产抵押贷款的流动性状况。作为 20世纪70年代后期最为重要的金融创新手段之一,其作用主要体现在:促进房产抵押贷款市场规模扩大和结构的优化、确保银行的流动性安全、分散银行风险等方面。最近,美国次级抵押贷款市场的危机导致美国乃至全球资本市场的剧烈波动,生动地说明了“房产抵押贷款证券化”除了能极大地改善银行的流动性结构之外,同时也会放大资本市场的风险。目前,我国正在稳步推进资产证券化试点,更应该吸取美国的教训,,我国同样不能就此“因噎废食”,应积极推行证券化创新产品,,笔者列举日本在 20世纪90年代初经济泡沫破裂的案例,连同美国次级贷款危机的事例一起,用两个极端的例子说明房产抵押贷款证券化“过犹不及”和保守停滞的危害.
立足国内,通过援引建设银行“建元”房产抵押贷款支持证券的例子,务求以小见大、管中窥豹,、金融环境、宏观政策和定价机制等方面因素,选择定性与定量相结合的方法,深入地剖析我国住房抵押证券化过程中存在的问题,进而从宏观与微观的角度分别对各自层面上存在的问题提出相应的对策.
关键词:房产抵押贷款证券化房产抵押贷款证券定价 次贷危机
Abstract
The securitization whose origin was USA is logically one kind of structuI'al financing means,which make it possible to invest the housing mortgage market from the capital market and improve the liquidity of the mortgage loans mercial the one of the most important innervations in 1 970s,the mortgage-backed securitization could play its role by optimizing and enlarging such market ,such financing can secure the liquidity of banks and disperse the risk as ,the e—obal capital market have received acute fluctuation from the subprime lending crisis in USA,which demonstrates the mortgage-backed securitization Can magnify the risk in capital market besides its efficient performance in improving the liquidity structure ,our nation is processing the mortgage-backed securitization step by proves to be necessary to leam the lesson of USA which focuses 011 the benefit from such securitization more than the risk alarm the other side of the coin,we can neither throw away the apple because of the core,for the improvement of bank petencies is our intensive concern significantly Besides above,
the author lists the example of Japanese’financial foam in 1 990s,along with the case of subprime
lending crisis in USA,to illustrate the danger of the mort