我国住房公积金资产证券化研究

资产证券化(ABS)是指将缺乏即期流动性但具有可预期的、稳定的未来现金流的资产进行重新包装组合和信用增级,并依托该资产(或资产组合)的未来现金流在金融市场上发行可以流通的有价证券的结构性融资活动。我国公积金贷款目前正遭遇短期资金缺口问题,推广公积金资产证券化,有利于盘活公积金贷款。近年来,我国推出了住房公积金资产证券化试点,并取得了一定成效。但是,仍然存在发起人过于分散、证券化产品期限偏短、基础资产相对集中、二级市场不完善等问题。本文提出,应从完善住房公积金贷款证券化法律体系、设立全国性的政府支持机构、完善资本市场、政策上给予流动性支持等方面作出努力,促进我国住房公积金资产证券化试点顺利进行。

Asset-backed securitization （ABS） refers to the re-packaging and credit enhancement of the assets, which lack spot liquid- ity, but possess expected and stable future cash flow, and the structured financing activities of issuing negotiable securities in the financial market by relying on the future cash flow of the assets （or portfolio）. China＇s provident fund loans are cur- rently experiencing a short-term funding gap, and the promotion of provident fund asset securitization is conducive to revi- talize the provident fund loans. In recent years, China has launched the housing provident fund asset securitization pilot and achieved some effects, but there are still some problems such as excessively scattered promoters, rather short-term se- curitization products, relatively concentrated basic assets, and imperfect secondary market. This paper argues that we should make efforts to improve the housing provident fund loan securitization legal system, set up a nationwide government support organization, and improve the capital market, give policy supports as to promote the smooth development of China＇ s housing provident fund asset securitization pilot.