文档介绍：山西财经大学
硕士学位论文
住房抵押贷款证券化中信用增级与评级法律问题研究
姓名:霍志丽
申请学位级别:硕士
专业:经济法
指导教师:赵利民
2006-03-30
摘要

住房抵押贷款证券化作为一种新型的资产处理方式和融资工具,在我国正
处于探索和起步阶段。其对于化解银行风险,完善中国资本市场的证券供给结
构,培育和壮大机构投资者的投资力量非常有利,而且住房抵押贷款证券化为
我国证券市场增添了新的证券品种,有助于完善和丰富证券投资品种。其既不
同于股票的高风险和高收益,也不同于政府债券的低风险和低收益。与公司债
券相比,它的风险比后者要小,但收益和信用评级却要高一些,所以,住房抵
押贷款证券内含的这种较优化的风险和收益组合,无疑对成长中的中国机构投
资者和散户投资者是十分有吸引力的。但住房抵押贷款化是一项非常复杂的工
程,住房抵押贷款证券在我国还是一个全新的债券品种,我国投资者对其缺乏
必要的了解。
信用增级与信用评级作为住房抵押贷款证券化过程中的重要环节,对提升
证券信用、引导投资者具有非常重要的意义,但是目前,在实际操作中与我国
现行的法律制度有一定的冲突,对住房抵押贷款证券化在我国的顺利开展形成
了一定的阻碍。本文具体分析了信用增级环节中外部增级中的政府担保、商业
保险公司的保险、第三人担保及内部增级中的超额担保、支付等级划分等问题,
还对信用评级的基本问题进行了介绍,提出了信用评估中存在的一些问题,由
此提出了笔者的一些个人建议,希望能消除这些障碍。此外还吸收了一些资产
证券化发展较为成熟国家的法律规制经验,以期能够全面、系统地解决信用增
级与信用评级与我国现行法律制度的矛盾,推动我国资产证券化立法工作的进
程,使住房抵押贷款证券化这一金融创新工具更好地发挥其作用,促进我国经
济的发展。

【关键词】住房抵押贷款证券化信用增级信用评级法律制度
Abstract

The Mortgage-Backed Securitization as a new way of handling assets
and a new financing tool, is at an early stage of exploration. It is favorable
for eliminating risks of bank, perfecting security institutions of Chinese
capital market, fostering and strengthening the investing force of
investors. It adds a new security type to security market, which is
conducive to the perfection and enrichment of security categories. It is
not only different from stocks and shares which are of high risks and
profits, but also government bonds which are of low risks and profits.
Compared pany bonds, it is less risky, but more profitable and
has a higher credit rate. As a result, bination of this kind of risk
and profit included in Mortgage-Backed Securitization is appealing to the
developing Chinese institution investors and individual investors. However,
the Mortgage-Backed Securitization is a plicated system and
Mortgage-Backed Security is a brand-new security type in China with
which Chinese investors are not quite familiar.
Credit Enhancement and Rating, as a key link during the
Mortgage-Backed