商业抵押担保证券(CMBS)在全球的不动产金融市场发展迅速,所占份额逐年扩大。作为新兴的不动产融资工具,CMBS具有发行价格低、流动性强、释放商业不动产价值等众多优点。中国目前的商业不动产正处于快速扩张期,市场对资金量的需求巨大。若金融机构扩大对其放贷规模,则发行CMBS将成为分散风险的有效工具。本文对该金融品种在中国的发展要素予以分析并得出结论:进一步完善相关法律框架,对合约标准化问题展开研究是推进CMBS的前提基础。 Commercial mortgage-backed securities (CMBS) in the global real estate financial market has developed rapidly, its share has expanded each year. As a new real estate financing tool, CMBS has many advantages such as low issuing price, strong liquidity and releasing commercial real estate value. China’s current commercial real estate is in a period of rapid expansion, and the demand for funds in the market is huge. If financial institutions expand their lending size, the issue of CMBS will be an effective tool to spread the risk. This article analyzes the developmental elements of this financial variety in China and concludes that further improvement of the legal framework and the study of contract standardization are the preconditions for promoting CMBS.