【摘要】：住房抵押貸款證券化(Mortgage-Backed Security, MBS)是一種新型的結(jié)構(gòu)融資方式,是20世紀(jì)最偉大的金融創(chuàng)新產(chǎn)品之一,經(jīng)過(guò)不斷的完善和發(fā)展,住房抵押貸款支持證券已經(jīng)成為國(guó)際資本市場(chǎng)發(fā)展最迅猛,最具有活力的金融產(chǎn)品。住房抵押貸款證券化主要是指金融機(jī)構(gòu)(主要是商業(yè)銀行)將一組流動(dòng)性較差的,但未來(lái)有較穩(wěn)定現(xiàn)金流的住房抵押貸款經(jīng)過(guò)匯集重組為抵押貸款資產(chǎn)池,由貸款機(jī)構(gòu)出售給其他金融機(jī)構(gòu)或其他特定目的機(jī)構(gòu),通過(guò)擔(dān)保和信用增級(jí),在資本市場(chǎng)上出售、變現(xiàn)該資產(chǎn)支持證券的一種結(jié)構(gòu)性融資手段。 目前,住房抵押貸款證券化在國(guó)外發(fā)展較為完善,而在我國(guó)剛剛起步,商業(yè)銀行應(yīng)該借鑒和運(yùn)用住房抵押貸款證券化這一金融創(chuàng)新工具,擺脫我國(guó)商業(yè)銀行資金流動(dòng)性差的困境,進(jìn)而推動(dòng)整個(gè)金融市場(chǎng)的發(fā)展。中國(guó)建設(shè)銀行在2005年發(fā)行了第一支住房抵押貸款證券化信托產(chǎn)品：建元2005-1個(gè)人住房抵押貸款證券化信托優(yōu)先級(jí)資產(chǎn)支持證券,對(duì)住房抵押貸款證券化的研究又有了實(shí)質(zhì)性的探索。住房抵押貸款證券化在我國(guó)的應(yīng)用,給我國(guó)經(jīng)濟(jì)發(fā)展起到了很大的推動(dòng)作用。但是,住房抵押貸款證券化同其他金融工具一樣,是一把雙刃劍,給經(jīng)濟(jì)發(fā)展帶來(lái)好處的同時(shí)也帶來(lái)了巨大的風(fēng)險(xiǎn),本文就這一過(guò)程中的違約風(fēng)險(xiǎn)和提前償付風(fēng)險(xiǎn)這兩個(gè)主要風(fēng)險(xiǎn)進(jìn)行分析說(shuō)明。 本文在對(duì)當(dāng)前國(guó)內(nèi)外對(duì)住房抵押貸款證券化研究進(jìn)行總結(jié)的基礎(chǔ)上,介紹了住房抵押貸款證券化及其風(fēng)險(xiǎn)的基本理論、參與主體和基本流程,分析了住房抵押貸款證券化面臨的主要的風(fēng)險(xiǎn)：違約風(fēng)險(xiǎn)和提前償付風(fēng)險(xiǎn)。通過(guò)對(duì)建元2007-1個(gè)人住房抵押貸款支持證券的實(shí)證分析,提出防范上述風(fēng)險(xiǎn)的對(duì)策和建議。
[Abstract]:Mortgage-backed securities (MBS) is a new kind of structure financing way. It is one of the greatest financial innovation products in the 20th century. Through the continuous improvement and development, the housing mortgage-backed securities have become the most rapid development of the international capital market. The most dynamic financial product. The housing mortgage-backed securitization mainly means that the financial institutions (mainly commercial banks) will have a group of poor liquidity, but the housing mortgage loans with more stable cash flow in the future are collected and reorganized into the pool of mortgage assets, A structured financing instrument for the sale of a loan institution to other financial institutions or other specific destination, through security and credit enhancement, on the capital market, and the realization of the asset's support for securities. At present, the development of housing mortgage-backed securitization is perfect, and in our country, commercial banks should draw on and use the financial innovation tool of housing mortgage-backed securitization to get rid of the poor liquidity of commercial banks in our country. To drive the whole financial market. China Construction Bank issued the first home mortgage-backed securitization trust product in 2005: the construction element 2005-1 personal housing mortgage-backed securitization trust priority asset-backed securities, and the research on the securitization of the housing mortgage loan also has a substantial exploration The application of mortgage-backed securitization in China has played a great role in the development of our country's economy However, the housing mortgage-backed securitization, like other financial instruments, is a double-edged sword, which brings great risks to the economic development, and the article analyses the two main risks of the risk of default and the risk of prepayment in this process. Based on the summary of the current domestic and foreign mortgage-backed securitization, this paper introduces the basic theory, the participation subject and the basic process of the housing mortgage-backed securitization and its risk, and analyzes the main problems of the housing mortgage-backed securitization. Risk of default: risk of default and early payment Pay the risk. Through the positive analysis of the construction element 2007-1 personal housing mortgage-backed securities, put forward the countermeasures to prevent the above-mentioned risks
【學(xué)位授予單位】：青島大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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