文档介绍：投资银行的资产证券化业务实证分析
投资银行的资产证券化业务实证分析—中国建设银行个人住房抵押贷款证券化案例分析
重庆工商大学融智学院金融系 2008级投资银行三班龚粤
指导老师杨帆
内容摘要:资产证券化(Asset Backed Securitization,ABS) 是将非流动性资产转化为具有更高流动性的证券,然后向投资者出售,资产所产生的现金流用于偿付证券本息和交易费用,即由资产支持的证券。资产证券化在欧美已经有超过20年的历史,包括金融与非金融资产,例如住房抵押贷款,分期付款及信用卡应收款、不良贷款、飞机融资租赁应收款、未来资金流量和整体企业所产生的任何现有或未来现金流。我国最常见的证券化资产类型为住房抵押贷款、贸易应收帐款、信用卡贷款组合等等。由这些资产转换而来的证券一般被称为资产支持证券。自诞生以来资产证券化业务就一直是投资银行的主要业务之一,作为中国住房抵押贷款证卷化的第一单“建元2005个信住房抵押贷款证券化”具有重要的里程碑意义。本文尝试对其作出分析,研究是什么促使其成功发行、克服了哪些困难、收益与风险如何、与国际主流的形式有什么区别与联系等问题。
关键词:案例分析抵押贷款证券化投资银行
Abstract:Asset Securitization Backed Securitization, own (ABS) is illiquid assets into higher liquidity of the securities,costs, which the assets of support securities3>. In Europe and the United States have asset securitization more than 20 years of history, including financial and non-financial assets, such as housing mortgages, payment by installment, and credit card receivables, non-performing loans, the financing lease receivables, the future cash flow and the whole enterprise produced any existing or future cash flow. The mon in the securitization of asset types for housing mortgages, and trade receivables, credit card loan portfolios, etc. These assets by converted monly known as asset-backed securities, since the beginning of the asset securitization has been is one of the main business investment bank, as China's housing mortgage-backed securities, the first single ;jianyuan 2005 letter housing mortgage-backed securitization; has important milestone significance. This paper attempts to make an analysis of the research is what prompted the, essfully issued, e what difficulties, returns and risks, and how the international mainstream form what is the difference between the contact with problems.
Keywords: Case analysis Mortgage loans Securitization Investment bank
从1999年起,中国建设银行已经向中央银行提交了六份房贷资产证券化的方案,前4套方案因方案没有体现MBS风险出售和破产隔离的原则以及有关法规没有完善被否决,第5套方案也因法律层面的问题最终被国务院否决。直到2005年的12月1日《金融机构信贷资产证券化试点监督管理办法》正式执行,建行的房贷款资产证券化才开始提速。
2005年12月15日,“建元”正式发行。建行从