我国实行住房抵押贷款证券化的障碍分析

The Obstacles of Mortgage-backed Securitization in China

住房抵押贷款证券化,已成为国际资本市场发展最快、最具活力和令人振奋的金融工具。从我国来看,住房抵押贷款证券化有助于促进我国住房金融资金的良性循环,缓解商业银行的流动性风险与提高资本充足率;有助于深化金融市场、推动金融创新并完善“金融基础设施”;有助于国家对新经济增长点选择的战略部署的实施。我国目前实行住房抵押贷款证券化存在某些障碍,针对这种情况,提出实行住房抵押贷款国际化运作也不失为一种好的选择。

Mortgage-backed securitization （MBS） has become the fastest developing, the most energetic and exhilarative finance tool in intemational capital market. It can activate non-liquid assets, improve the efficiency of assets, optimize resource allocation, and minimize the economy running cost. It has changed the structure of securities market, and made it more and more important in national economy. It brings a brand-new financing method for enterprise and enhances the competitive capacity. To develop MBS is of necessity and inevitability in China. On the basis of the deep analysis of the basic MBS＇s principle, the paper analyzes the obstacles for its implementation in China now, and puts forward another model-to develop international operations for MBS at present.