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始于住房抵押贷款的资产证券化(Mortgage-backed Securitization,简称MBS)是20世纪70年代以来重大金融创新之一。随着我国金融创新的兴起,住房抵押贷款现金流稳定、违约率低等特点使其成为资产证券化理想的基础资产。以住房抵押贷款的证券化作为资产证券化开展的突破口,是我国金融创新的重中之重。本论文立足我国国情,阐述了MBS对我国商业银行发展的经济意义,同时以美国次债危机为引,通过中美住房抵押贷款市场的共性分析指出我国实行MBS是必要而迫切的。
Mortgage-backed Securitization (MBS), which started as a mortgage loan, was one of the major financial innovations since the 1970s. With the rise of financial innovation in our country, the cash flow of the mortgage loan is stable and the default rate is low, making it an ideal basic asset for asset securitization. Taking the securitization of housing mortgage loan as the breakthrough point of asset securitization is the top priority of China’s financial innovation. Based on China’s national conditions, this paper expounds the economic significance of MBS to the development of commercial banks in our country. At the same time, taking the U.S. subprime mortgage crisis as a reference, it is necessary and urgent to carry out MBS in our country through the common analysis of Sino-US housing mortgage loan market.