中国房地产抵押证券化制度缺陷与对策研究  

Study on Institutional Defect of Mortgage-Backed Securitization and Countermeasures in China

作　　者：任宏[1] 夏刚[1] 陈磊[1] 

机构地区：[1]重庆大学建设管理与房地产学院,重庆400045

出　　处：《重庆建筑大学学报》2007年第2期122-127,共6页Journal of Chongqing Jianzhu University

摘　　要：房地产证券化是一种房地产金融工具,起源于美国,在我国尚起步。文中考查了其起源背景,运行机制,发展,理论及实践。结合中国房地产金融发展,将中国房地产金融发展分为四阶段：1）无房地产金融阶段（1949～1977年）;2）萌芽阶段（1978～1997年）;3）起步阶段（1998～2004年）;4）发展阶段（2005年后）。理清了房地产金融与房地产企业金融差别：对象不一样;目的不一样;实现的方式不一样;风险不一样。从政策环境,抵押贷款一级市场,抵押贷款二级市场分析了中国房地产抵押证券化的制度缺陷,进而提出了对策措施：1）成立国家住宅抵押管理机构;2）扩大房地产抵押贷款范围;3）区别放贷;4）国家定期公布房地产造价;5）规范MBS机构投资者。Mortgage-backed securities （MBS）,originated in the U. S. and introduced into China in 2005, is a vehicle for real estate finance. This paper describes their history, mechanism, development, theory and experiences in the USA and other countries. In China, the real estate finance is partitioned into four stages： first, non- finance stage （ 1949 - 1977） ; second, sprouting stage （ 1978 - 1997） ; third, inceptive stage （ 1998- 2004） and the fourth, developing stage （2005-）,and it is distinguished from the finance of Real Estate Development firm. The differences between them are in following aspects： object, objective, mode and risk. This paper analyzes the institutional defects in view of the policy environment, the primary market of MBS, the secondary market of MBS,and offers countermeasures： first, setting up National Housing Mortgage Management Institution, second, enlarging the service scope of housing mortgage- backed loan, third, differential loaning, fourth, regularly issuing the pricing of housing construction; fifth, normalizing the institutional investors .

关 键 词：房地产 房地产抵押证券化 对策措施 

分 类 号：F293.3[经济管理—国民经济]