中国住房抵押贷款证券化研究

Towards the securitization of housing mortgage in China

资产证券化 (ABS)是金融创新浪潮中新崛起的一种主流融资技术 ,是近年来世界金融领域最重大和发展最快的金融创新工具。本文首先讨论了住房抵押贷款证券化的理论基础 ,及其对资本结构理论的挑战 ,然后对银行抵押贷款证券化的收益与风险进行了分析。在此基础上 ,结合中国实际 ,探讨了我国住房抵押贷款证券化的基本思路和操作框架。

The securitization of the assets (ABS) is a kind of major financing technology emerging in the innovative tide of the finance. The theoretical principles underlying the securitization of housing mortgage and their challenges to the capital structure theories are discussed, and SHM's benefits and risks analyzed. The basic approach and operation framework for SHM in China are suggested.