论我国住房抵押贷款证券化的SPV运作模式

On SPV operation mode of the mortgage-backed securitization in China

作为一种重要的金融技术和金融工具,住房抵押贷款证券化目前在国内备受关注。建立符合我国国情和国际惯例的特设机构SPV,是推行住房抵押贷款证券化的核心设计。SPV的设立和运作须有利于我国资产证券化的长远发展,有利于增强我国金融业的国际竞争力。现阶段由于"一步到位"的条件还不成熟,可以采取"分步实施、逐步到位"的战略,创造条件,加快制度创新,以推动我国证券化的发展。

As one important financial technology and financial instrument, MortgageBacked Securitization(MBS) has received much concern at present. Setting up Special Purpose Vehicle (SPV) which accords with the national conditions of our country and the international practice, is the core of pursuing MBS. The establishment and operation of SPV must be favorable to the longterm development of the AssetsBacked Securitization and be helpful to strengthen the international competitiveness of the financial circles of China. At present, the condition that ' put in right place in one step' is still unripe , we can adopt the strategy that 'implementing step by step, putting in place progressively'. We must create the conditions and accelerate system innovation which will promote the development of securitization in China.