發(fā)布時(shí)間：2018-05-01 14:09

  本文選題：住房抵押貸款證券化立法 + 實(shí)踐過程��； 參考：《西南大學(xué)》2014年碩士論文

【摘要】：住房抵押貸款證券化是資產(chǎn)證券化的最成熟的表現(xiàn)形式之一,并且在西方國家和亞洲地區(qū)有著廣泛的發(fā)展,而我國的住房抵押貸款證券化,尚處在試驗(yàn)探索階段。基于我國住房抵押貸款債權(quán)巨大的市場(chǎng)潛力,如何從立法的角度推動(dòng)住房抵押貸款證券化的健康而有序的發(fā)展,具有重要的理論價(jià)值和現(xiàn)實(shí)意義。 本文正文共五個(gè)部分： 第一部分從概念、特征和運(yùn)行流程對(duì)住房抵押貸款證券化進(jìn)行界定。住房抵押貸款證券化就是商業(yè)銀行等發(fā)放住房抵押貸款的機(jī)構(gòu)將其所享有的缺乏流動(dòng)性的同類的或同性質(zhì)的,以未來的預(yù)期收益為保障的住房抵押貸款債權(quán),以一定的標(biāo)準(zhǔn),形成一個(gè)資產(chǎn)池并出售給特殊目的機(jī)構(gòu),特殊目的機(jī)構(gòu)將住房抵押貸款證券化發(fā)行并實(shí)現(xiàn)融資的一個(gè)過程；它具有合同性突出、法律關(guān)系復(fù)雜、風(fēng)險(xiǎn)連鎖性強(qiáng)等特征；住房抵押貸款證券化涉及組建資產(chǎn)池、設(shè)立特殊目的機(jī)構(gòu)、對(duì)基礎(chǔ)資產(chǎn)進(jìn)行信用增級(jí)和信用評(píng)級(jí)、證券的發(fā)行和出售、售后管理與服務(wù)等基本流程。 第二部分涉及我國住房抵押貸款證券化的實(shí)踐過程和立法探索。1992年我國開始了住房抵押貸款證券化的實(shí)踐和立法嘗試并取得了一些進(jìn)展,但從現(xiàn)實(shí)情況來看,我國的住房抵押貸款證券化方面的法律規(guī)范仍存在諸多法律問題：住房抵押貸款證券化缺乏系統(tǒng)性調(diào)整規(guī)范；住房抵押貸款證券化監(jiān)管體系混；商業(yè)銀行缺乏作為住房抵押貸款證券化的交易主體資格；特殊目的機(jī)構(gòu)法律地位和組織形式不明確；基礎(chǔ)資產(chǎn)轉(zhuǎn)讓存在障礙；會(huì)計(jì)規(guī)則和稅收法律制度等配套制度缺乏。 第三部分主要闡明了我國住房抵押貸款證券化立法的必要性和可行性條件。住房抵押貸款證券化是經(jīng)濟(jì)發(fā)展到一定階段的必然產(chǎn)物,通過對(duì)其立法,可有效地化解商業(yè)銀行的風(fēng)險(xiǎn)、有助于促進(jìn)和完善我國的資本市場(chǎng)、更有利于促進(jìn)我國房地產(chǎn)行業(yè)的健康發(fā)展；而從可行性角度來看,現(xiàn)階段也具備了國外成功模式、國內(nèi)實(shí)踐經(jīng)驗(yàn)可資參考、國內(nèi)資本市場(chǎng)日趨壯大、相關(guān)法律法規(guī)逐步完善等必備條件。 第四部分通過對(duì)美國在住房抵押貸款證券化方面的體例模式、立法內(nèi)容等方面的闡釋,可以看出,美國盡管沒有針對(duì)住房抵押貸款證券化專門立法,但與之相關(guān)的立法分別規(guī)定在其聯(lián)邦和各個(gè)州不同時(shí)期、不同層面的多部法律中。它以海洋法系特有的判例法,靈活地適應(yīng)市場(chǎng)的變化和多樣化的需求,從而保持了其資產(chǎn)證券化法制體系的完整并有效運(yùn)作。美國資產(chǎn)證券化立法的核心內(nèi)容是對(duì)投資者進(jìn)行保護(hù),所以其住房抵押貸款證券化所涉及的一系列法律均圍繞保護(hù)投資者收益和降低投資者風(fēng)險(xiǎn)來展開,并在物權(quán)、合同、破產(chǎn)、證券、信托等方面均進(jìn)行了有效的法律規(guī)范。 第五部分通過上述我國住房抵押貸款證券化相關(guān)立法的研究,在借鑒美國同類立法的先進(jìn)經(jīng)驗(yàn)和運(yùn)行機(jī)制的基礎(chǔ)上,筆者從采取專門立法的體例模式、建立以證監(jiān)會(huì)為主導(dǎo)的監(jiān)管體制、實(shí)行發(fā)行資質(zhì)審核制度、建立住房抵押貸款證券價(jià)格確定制度、賦予特殊目的機(jī)構(gòu)獨(dú)立的法律地位、建立住房抵押貸款證券交易制度等幾個(gè)維度,提出了關(guān)于我國住房抵押貸款證券化立法的一些建議。
[Abstract]:Housing mortgage securitization is one of the most mature forms of asset securitization, and has a wide development in western countries and Asia, and China's housing mortgage securitization is still in the experimental exploration stage. Based on the huge market potential of China's mortgage loan, how to promote housing from the legislative point of view. The healthy and orderly development of mortgage backed securitization has important theoretical and practical significance.
The text of this article consists of five parts:
The first part defines the securitization of housing mortgage loan from the concept, characteristic and operation process. The standard is a process of forming a pool of assets and selling it to special purpose institutions. The special purpose institution is a process of issuing and financing the securitization of housing mortgage loan; it has the characteristics of outstanding contract, complex legal relationship and strong risk chain, and the housing mortgage loan securitization involves the formation of the pool of assets and the establishment of a special purpose institution. Basic processes such as credit enhancement and credit rating, issuance and sale of securities, after sales management and services are included in basic assets.
The second part involves the practice process and legislative exploration of China's housing mortgage securitization. In.1992, China started the practice and legislative attempt of housing mortgage securitization and made some progress. But in reality, there are still many legal problems in the legal norms of housing mortgage securitization in our country: housing. There is a lack of systematic regulation of mortgage securitization; mixed housing mortgage securitization regulatory system; the lack of commercial banks as the main body of the transaction of mortgage securitization; the legal status and organization form of the special purpose institution is not clear; the transfer of basic assets is obstructing; accounting rules and tax legal systems and so on. There is a lack of supporting system.
The third part mainly clarifies the necessity and feasibility of the legislation of housing mortgage securitization in China. The securitization of housing mortgage loan is the inevitable product of the economic development to a certain stage. Through its legislation, it can effectively resolve the risks of commercial banks, help to promote and improve our capital market, and is more conducive to the promotion of our country. The healthy development of the real estate industry, and from the perspective of feasibility, the current stage also has a successful foreign model, the domestic practice experience can be referred, the domestic capital market is growing, and the relevant laws and regulations are gradually improved and other necessary conditions.
In the fourth part, through the explanation of the United States' mode of housing mortgage securitization and the legislative content, it can be seen that although the United States has no special legislation for housing mortgage securitization, the relevant legislation stipulates in different periods and different levels of various laws in different periods of the federal and various states. The unique case law of the marine law system adapts flexibly to the changes in the market and the diversified needs, thus maintaining the integrity and effective operation of the system of the asset securitization legal system. The core content of the US asset securitization legislation is to protect the investors, so the series of laws involved in the securitization of housing mortgage loan are all around the insurance. To protect investors' income and reduce the risk of investors, we have carried out effective legal norms in real rights, contracts, bankruptcy, securities, trust and so on.
In the fifth part, through the research on the relevant legislation of China's housing mortgage securitization, on the basis of the advanced experience and operating mechanism of the similar legislation in the United States, the author sets up a regulatory system dominated by the SFC, implements the audit system of the qualification of the issuance of the securities and establishes the housing mortgage loan securities price. The establishment of the system, the independent legal status of the special purpose institutions, the establishment of several dimensions of the housing mortgage securities trading system, and some suggestions on the legislation of China's housing mortgage securitization.

【學(xué)位授予單位】：西南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：D922.287

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