住房抵押贷款证券化障碍及对策分析
本论文被分为四部分。第一部分介绍与认识资产证券化的概念和内容。
第二部分研究中国建设银行其发行住房抵押贷款证券化所采取的模式。运用实证分析的方法，以宏观角度选取了住房抵钾货款的违约率、近5年以上的住房货款基准利率、国房景气指数以及工业增加值增长的速度四个变量，针对建元2015-1住房抵钾货款证券建模，从宏观视角分析我国住房抵押贷款证券市场信用方面的障碍。
第三部分分析在我国现有体制下，特殊目的信托模式其发展所存在的障碍。文章对我国现行经济大环境和与证券化有关的各种法律法规进行了研究与分析，并将其系统性地分为了环境的障碍、法律的障碍和技术的障碍进行细致地论述。由于我国现住房抵押贷款的一级市场规模较小，证券市场发展不够健全，更重要的是个人信用体系无法建立，而特殊目的信托与证券化存在矛盾，信用评级以及其增级机构的缺失，税法对证券化模式存在限制等，这一系列的问题都阻碍了我国住房抵押贷款证券化的健康发展。
第四部分依据以上分析，针对所存在的障碍提出可行性的建议。利用政府背景来建立特殊目的载体和信用保证体系，同时增强关于住房抵押贷款证券化相关立法和法律的研究，采用多渠道的内部增级方式来提高证信用等级。
毕业论文关键词：住房抵押贷款证券化 法律障碍 信用增级 政府背景
Obstacles and countermeasures analysis of housing mortgage loan securities
Abstract: Since the 1970 s, the securitization of housing mortgage loan is one of the most important innovation of the financial industry. Thus the whole financial system and its profound changes, to improve the operational efficiency of the financial system as a whole. Successfully launched in 2005,the China construction bank housing mortgage securities, it marks the securitization in our country has entered a new milestone.
This thesis is pided into four parts. The first part introduces and recognizes the concept and content of securities assets.
The second part of the study of China construction bank analyzes the issue of housing mortgage-backed securitization mode. By using the method of empirical analysis,select the default rate of loan on housing, nearly 5 years of housing loan datum interest rate, GuoFang climate index and the industrial added value growth of the four variables， For jianyuan 2015-1 housing securities modeling, i analyze the obstacles of mortgage-backed securities market in China from the perspective of macro.
The third part analyzes the existing system in our country, the development of special purpose trust models have problems.To our country current economic environment and various laws and regulations related to the securitization ,article has carried on the research and analysis,and systematically pides into the environment barriers,legal barriers and technical barriers in detail in this paper. Because our country is now the primary market of housing mortgage loan on a smaller scale,the securities market development is not perfect,more important is a personal credit system cannot be established,and the special purpose trust and securitization of contradiction,the lack of credit rating as well as the enhancement institution,tax law on
securitization mode has limitation,such as a series of problems have hindered the healthy development of housing mortgage loan securitization in China.
The fourth part based on the above analysis,for the existing obstacles in the feasibility Suggestions are put forward. Using government background to establish credit guarantee system of special purpose vehicle and,at the same time,increase of housing mortgage loan securitization legislation and legal research,multi-channel internal enhancement method used to improve the credit rating.
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