住房保障工程RMBS融资路径的选择与优化  

On the Optimized Path of RMBS Financing Mode in Chinese Housing Security Projects

作　　者：胡吉亚 HU Ji-ya

机构地区：[1]中国社会科学院大学金融研究所,北京102488

出　　处：《郑州大学学报（哲学社会科学版）》2020年第3期42-47,127,共7页Journal of Zhengzhou University:Philosophy and Social Sciences Edition

基　　金：国家社会科学基金重点项目“推进我国资本市场的改革、规范与发展研究”(项目编号:14AZD035);2020年北京市大学生科学研究与创业行动计划项目“政府债务、货币供应量与房地产市场泡沫相关性研究”。

摘　　要：我国住房保障工程一直面临着资金瓶颈约束,目前以政府拨款、土地出让金减免和银行贷款为主的资金供给模式,逐步加大了财政压力和系统性风险,也阻碍了公租房发展。作为一种新兴融资模式,住房抵押贷款证券化(RMBS)能够为解决住房保障工程融资提供可选方案。由于住房保障工程RMBS融资的发展尚面临SPV设立、信用增级、信用评级以及风险防范问题,应授予RMBS部分法律条款豁免,拓宽内外部信用增级渠道,增强国内评级机构核心实力,构建风险控制体系。最终优化住房保障工程RMBS融资路径。Chinese housing security projects are restricted by financial bottlenecks. The current new fund-supplying mode emphasizing government allocations, reduction and exemption of land-transferring fees as well as bank lending has gradually increased finance pressures and systematic risks, and has hindered public rental housing development. Residential mortgage-backed securities(RMBS), an emerging financing model, can provide an alternative solution to solve the financing issues of housing security projects. Faced by such issues as the establishment of SPV, credit enhancement, credit rating and risk prevention, RMBS shall be exempted from some legal clauses. In addition, the internal and external channels of credit enhancement should be expanded and the core power of Chinese rating agencies should be strengthened to construct a risk control system in order to optimize RMBS financing paths for Chinese housing security projects.

关 键 词：住房保障工程 融资 SPV RMBS模式 风险防控 

分 类 号：F832.5[经济管理—金融学]