本文關(guān)鍵詞： 住房抵押貸款 貸款證券化 次貸危機(jī) 風(fēng)險(xiǎn)管理　出處：《山西財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：住房抵押貸款證券化作為近40年內(nèi)最重要的金融創(chuàng)新之一，起源于上世紀(jì)70年代，由美國金融機(jī)構(gòu)首先推行。其在提高銀行資本利用率、降低銀行風(fēng)險(xiǎn)等方面的優(yōu)點(diǎn)很快得到世界的認(rèn)可，，并在世界范圍內(nèi)迅速發(fā)展。新世紀(jì)伊始，隨著收益率的大幅度提升，次級貸款證券產(chǎn)品在美國證券市場中的表現(xiàn)更加引人注目，所以很多國家紛紛效仿，在金融市場中推廣次級貸款證券產(chǎn)品，使得住房抵押貸款市場空前繁榮，但沉浸在市場繁榮中的人們卻忽視了其與生俱來的風(fēng)險(xiǎn)，最終于2007年引發(fā)了席卷全球的次貸危機(jī)。 我國住房抵押貸款證券化起步較晚，且一直處于理論研究階段，至2005年才開始進(jìn)入試點(diǎn)實(shí)驗(yàn)階段。雖然我們親眼目睹了次貸危機(jī)給世界經(jīng)濟(jì)帶來的慘痛教訓(xùn)，但這并不能否定住房抵押貸款證券化作為金融創(chuàng)新的優(yōu)點(diǎn)和作用。本文通過理論和案例相結(jié)合的方法，首先通過介紹住房抵押貸款證券化，說明在我國發(fā)展住房抵押貸款證券化的重要性；其次，對此次美國次貸危機(jī)進(jìn)行總結(jié)分析，探尋危機(jī)的起源努力降低風(fēng)險(xiǎn)；最后，通過反思?xì)w納出本次次貸危機(jī)我國住房抵押貸款證券化實(shí)施的啟示，并提出相關(guān)政策建議。
[Abstract]:As one of the most important financial innovations in the past 40 years, Mortgage-backed Securitization (MBS) originated in -30s and was first implemented by American financial institutions. It is improving the utilization rate of bank capital. The advantages of reducing bank risk have been recognized by the world and developed rapidly in the world. At the beginning of the new century, with the sharp increase of the rate of return. Subprime loan securities products in the United States securities market performance more eye-catching, so many countries have followed the example of the promotion of sub-loan securities in the financial market, making the housing mortgage market unprecedented prosperity. But people immersed in the boom ignored their inherent risks and eventually triggered the subprime mortgage crisis that swept the world in 2007. Our country housing mortgage loan securitization starts late, and has been in the theoretical research stage. It was not until 2005 that the pilot experiment began, although we witnessed the painful lessons that the subprime crisis had brought to the world economy. However, this does not negate the advantages and functions of mortgage securitization as a financial innovation. This paper first introduces the housing mortgage securitization through the combination of theory and case. It explains the importance of developing mortgage securitization in China. Secondly, this sub-prime mortgage crisis in the United States is summarized and analyzed to explore the origin of the crisis and try to reduce the risk. Finally, the enlightenment of the implementation of mortgage securitization in China is summarized through reflection, and the relevant policy suggestions are put forward.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F299.23;F832.51

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