中国房地产抵押证券化制度缺陷与对策研究

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。

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

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.