文档介绍：河北工业大学
硕士学位论文
资产证券化在我国房地产业融资中的应用研究
姓名:吴晓迪
申请学位级别:硕士
专业:技术经济及管理
指导教师:陈立文
2010-12
河北工业大学硕士学位论文

资产证券化在我国房地产业融资中的应用研究

摘要

资产证券化是金融市场上的一颗新星,也是目前金融业发展的一大趋势和特征。经过
三十多年的发展,资产证券化已经形成了一套规范的理论和运作机制,成为国际金融市场
重要的融资工具。当前我国引进资产证券化业务,对于发展我国资本市场,促进经济发展
都有重要意义。
房子是人类生活和发展最基本的生活资料,也是衡量一个高低的一个重要标志。“安居方能乐业”的传统思想早已根深蒂固,“居者有其屋”更是
所有文人墨客追求的理想境界。我国房地产业的规模正在不断扩大,所涉及领域也在不断
增多。房地产证券化正是房地产业与金融业发展的一种有机结合。房地产证券化作为房地
产融资手段的一种创新,它将高价值的房地产细分化,通过证券的形式将房地产市场与资
本市场联系起来。中国通过房地产证券化这种方式融资是否可行是一个非常现实的问题。
本文正是在这样的背景下,对房地产证券化做深入的剖析。
本文将从资产证券化的基本理论及运行模式入手,对国内外证券化进行比较分析,然
后介绍我国目前房地产业的融资模式及存在问题,运用对比分析,理论分析与实证研究相
结合的方法,从而提出有针对性且适合我国房地产证券化的操作思路,对实施过程中可能
出现的问题给出政策建议。

关键词:资产证券化房地产融资房地产证券化
I
资产证券化在我国房地产业融资中的应用研究

THE STUDY OF ASSET SURITIZTION IN CORPORATE
FINANCING OF CHINESE REAL ESTATE

ABSTRACT

Asset securitizantion is a new thing in financial market, at the same time, it is the main
trend and feature of recent financial sector. After the development of 30 years, the asset
securitizantion has been an important financing tool in international financial market with formal
theoy and processing mechanism. The introduction of asset securitizantion for China has the
significant meaning for developing Chinese capital market and economy.
As the basic material of human living and developing, house also be used to measureing the
level of economy and human living in a country. " People can work in contentment only when
they live in peace" and "Residents Own Their Own House" are the dream of most Chinese. Asset
Securitizantion is bination of real estate industry and financial industry. As a creation of
real estate financing, it segmented the high value real estate and connected the real estate market
and captial market through security form. However, whether financing by asset securitizantion in
China is practised or not is a very real problem. In the circumstances, this paper deeply analyzed
the condition