住房贷款证券化中的SPV设立研究

Research on Setting up SPV in the Mortgaged-backed Securities

从SPV在住房贷款证券化中的作用入手,阐明其核心是隔离破产风险。通过分析SPV业务范围,结合SPV设立方式的国际经验,从国内的实际情况出发,现阶段我国设立SPV可以采取2步走的方式首先,依托国有4大银行在国内发行抵押贷款支撑债券,采取表内证券化;然后再寻求有自己特色的表外融资证券化道路。

This paper explained the core of SPV (special purpose vehicle) is the segregation of bankrupting risks from the function of SPV in the mortgaged-backed securitization. Based on the comparative research of foreign MBS and the domestic actual situation, some suggestions on how to set up SPV in current phase of our country were proposed. First which is to take in-balance-sheet activities through domestic issue of ABS (assets-backed securities) and secondly seek a special way of off-balance-sheet activities of our own.