我国住房抵押贷款证券化运作系统设计及定价模型

随着住房产业作为国民经济支柱产业的确立以及货币分房政策的实施，住房抵押贷款成为全社会最主要的住房消费方式。然而住房贷款规模的不断扩大，不仅增加了银行信贷压力，加剧了资金供需矛盾，也给银行带来了“短存长贷”引起的流动性问题。住房抵押贷款证券化作为现代金融创新之一，对于构筑住房金融二级市场，促进住房消费信贷的长远健康发展具有重大意义。文章在分析我国住房抵押贷款证券化意义的基础上，探讨了证券化运作系统设计及定价问题。

Housing Mortgage Backed Securitization in China: A Design and Pricing Model of the Operating System

With the establishment of the real-estate industry as the pillar industry in the national economy and the exercise of the currency-based housing policy, housing mortgage loans have become the main pattern of housing consumption. The significantly increasing scale of housing loans has, however, not only added to the bank＇ s pressure of credit, thereby intensifying the supply-and-demand contradictions, but also resulted in the latter＇ s liquidity risks caused by ＂short-term savings and long-term loans＂. One of the unprecedented in- ventions in modern financial industry, housing mortgage backed securitization is of great importance to the establishment of the secondary financial market for housing and to the healthy growth in bank loans for housing consumption. This paper, based on the significance of housing mortgage backed securitization to China, explores the design and pricing of the operating system.