摘要
住房事关民生，也是维护社会和谐发展的重要内容。房价的不稳定波动一
方面会影响国民经济的健康发展，另一方面会对居民的生活造成严重的不利影
响。面对快速上涨的房价，2016 年两会以来，稳定住房消费价格已成为房地产
政策的主基调。在这样的背景下，住房公积金成为落实稳定住房消费政策的重
要手段之一。开展住房公积金信贷资产证券化，一方面有利于促进住房公积金
管理机构的融资发展，另一方面有利于提高资金的流动性，为满足居民日益增
长的住房信贷需求创造条件。此外，欧美国家的实践还表明，采用住房公积金
信贷资产证券化的发展模式，还能够降低银行、公积金管理中心的金融风险，
从而提高住房信贷资产的整体安全性。住房公积金信贷资产证券化的发展具有
现实的金融促进意义与民生意义。因此，对其进行研究引起了研究者的关注

本文通过六个部分综合阐述了住房公积金信贷资产证券化的机制，并借鉴
国内外信贷资产证券化经验，为 A 市住房公积金信贷资产证券化提供了相应的
政策建议。文章的第一部分为绪论部分，该部分交代了文章写作的背景、意义、
目的以及研究方法，并对文章中涉及到的相关文献进行了综合阐述。通过对国
内外文献分析可知，当前有关于银行不良金融资产证券化的研究较多，且形成
了一定的理论体系，这对于指导银行不良金融资产证券化起到了促进作用，但
是，有关于住房公积金信贷资产证券化的研究则相对较少。因此，基于住房公
积金信贷资产的证券化问题的研究存在一定的必要性。文章的第二部分为理论
阐述部分，该部分对文章中所涉及的理论进行了综合阐述。第三部分对 A 市开
展住房公积金信贷资产证券化的必要性、可行性进行了阐述，同时对住房公积
金信贷资产证券化的风险和收益进行了说明，并在此基础上，对住房公积金信
贷资产证券化过程中的问题和障碍进行了阐述。第四部分对国内外信贷资产证
券化的经验进行总结，并探究 A 市住房公积金信贷资产证券化的模式。第五部
分在前四章的基础上，提出 A 市发展住房公积金信贷资产证券化的相关政策建
议。第六部分对论文进行总结，提出不足之处和未来进一步研究的方向

关键词：住房公积金 信贷资产证券化 SPVIII
Abstract
Housing related to people&39;s livelihood is an important part of maintaining the
harmonious development of society. The unstable fluctuations in housing prices will
affect the development of the national economy on the one hand, on the other hand
will have a serious adverse impact on the lives of residents. In the face of the rapid
rise in housing prices, since 2016 the two sessions to stabilize housing consumer
prices, real estate policy has become the main tone. In this context, the housing fund
has become one of the important means to implement stable housing consumption
policy. For housing provident fund credit asset securitization, on the one hand, is
conducive to the promotion of housing provident fund management institutions
financing development, on the other hand can increase the liquidity of funds so as to
create conditions for the residents of the housing credit. In addition, the practice of
Europe and the United States also showed that the development model of the housing
provident fund by credit asset securitization also can reduce financial risk of bank and
provident fund management center, so as to improve the overall security of housing
credit assets. The development of the securitization of the housing accumulation fund
has the significance of the financial promotion and the livelihood of the people.
Therefore, the research on it has attracted the attention of scholars.
In this article，through six parts to comprehensively expounds the mechanism of
asset securitization of reserve funds for housing in our country，and draw lessons
from domestic and foreign experience for A city reserve funds for housing assets
securitization of credit assets securitization provides the corresponding policy
recommendations. The first part is the introduction part of the article，in this part
narrates the writing background, significance, purpose and method of researching，
and the articles of involved makes a comprehensive review of related literature.
Through the analysis of domestic and foreign literature, there are currently more
research about bank non-performing financial assets securitization, and formed a
theoretical system, which is to promote for the guidance of non-performing financialIV
assets securitization has. However, there is relatively little research on the
securitization of housing provident fund credit assets, therefore, there is a need to
study the securitization of credit assets based on housing accumulation fund. The
second part is the theory part, in this part, the article has carried on the comprehensive
elaboration of the theory. The third part carry out the necessity andfeasibilityof
research on securitization of credit assets of reserve funds for housing construction in
A city. The risks and benefits of asset securitization of reserve funds for housing is
illustrated. The problems and obstacles in the process of securitization of credit assets
of reserve funds for housing construction are expounded. The fourth part of the
experience of the securitization of credit assets at home and abroad are summarized，
exploring the pattern of asset securitization of reserve funds for housing of A city.The
fifth part of this article puts forward reserve funds for housing asset securitization in
A city related policy Suggestions. The sixth part of this paper summarizes content and
notes gaps and future research directions.
Keywords:Reserve funds for housing construction Securitization of credit assets
SPVV
目 录
第 1 章 绪论 .......1
1.1 选题背景 ....1
1.2 选题意义 ....1
1.3 国内外研究现状 ..........2
1.3.1 资产证券化对于银行影响的研究 ....2
1.3.2 银行资产证券化操作的研究 ........4
1.3.3 住房抵押贷款证券化的研究 ........4
1.3.4 资产证券化产品发展对策的研究 ....6
1.3.5 相关研究述评 ........7
1.4 研究内容与方法 ..........7
1.4.1 研究内容 7
1.4.2 研究方法 8
1.5 研究特色与创新之处........9
第 2 章 关键概念与相关理论 ....10
2.1 关键概念 ...10
2.1.1 住房公积金制度的概念与特征 .....10
2.1.2 住房公积金风险的概念与特征 .....10
2.2 相关理论 ...11
2.2.1 信贷资产证券化理论 .11
2.2.2 信贷资产证券化的参与主体与模式 .12
第 3 章 A 市住房公积金信贷资产证券化的经济学分析.......13
3.1 A 市推行住房公积金信贷资产证券化的必要性与可行性分析........13
3.1.1 A 市开展住房公积金信贷资产证券化的必要性....13
3.1.2 A 市开展住房公积金信贷资产证券化的可行性....14
3.2 A 市开展住房公积金信贷资产证券化的风险与收益分析15
3.2.1 住房公积金信贷资产证券化风险分析 ...........15VI
3.2.2 住房公积金信贷资产证券化收益分析 ...........17
3.3 住房公积金信贷资产证券化过程中可能存在的问题 ...17
3.3.1 利率束缚 ...........17
3.3.2 房地产市场发育尚不健康成熟 .....18
3.3.3 政府调控能力有待提高 ...........18
3.3.4 证券市场环境有待进一步完善 .....19
3.3.5 住房公积金信贷资产证券化一级市场发展有限.....19
第 4 章 住房信贷资产证券化的国内外实践经验 21
4.1 美国住房信贷资产证券化的实践 .......21
4.2 德国住房信贷资产证券化的实践 .......22
4.3 香港住房抵押贷款证券化的实践 .......23
4.4 对 A 市的启示 ...........24
第 5 章 推进 A 市住房公积金信贷资产证券化的政策建议 ....26
5.1 A 市住房公积金信贷资产证券化的作用及运作模式设计26
5.1.1 A 市住房公积金信贷资产证券化的作用..........26
5.1.2 A 市住房公积金信贷资产证券化的运作模式设计..27
5.2 改善住房公积金信贷资产证券化运行的外部市场环境 .32
5.3 改善信贷资产证券化运行的制度环境 ...32
5.4 增强信用评级能力 .......33
5.5 推动债券市场发展与专业人才培养 .....34
第 6 章 结论与展望 35
6.1 主要研究结论 ...........35
6.2 展望 .......36
参考文献 ..........37
致谢 ..41
个人简历、在学期间发表的学术论文与研究成果 431
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