我國(guó)房地產(chǎn)信用衍生產(chǎn)品市場(chǎng)監(jiān)管研究.pdf

1、摘要中文摘要上世紀(jì)90年代以來(lái)，房地產(chǎn)信用衍生產(chǎn)品在全球金融市場(chǎng)上獲得了前所未有的爆炸性增長(zhǎng)，根本原因在于信用衍生產(chǎn)品作為一種管理信貸風(fēng)險(xiǎn)的有效工具，具有轉(zhuǎn)移和分散信貸風(fēng)險(xiǎn)，避免風(fēng)險(xiǎn)過度集中的特性。近年來(lái)，我國(guó)房地產(chǎn)市場(chǎng)發(fā)展迅速，房地產(chǎn)金融市場(chǎng)也已初具規(guī)模。但是，縱觀整個(gè)房地產(chǎn)金融業(yè)，房地產(chǎn)融資發(fā)展極不平衡，主要方式還是銀行信貸，特別是個(gè)人住房按揭貸款一直被銀行視為“優(yōu)質(zhì)資產(chǎn)“而極力推廣擴(kuò)張。由于我國(guó)金融監(jiān)管法律基礎(chǔ)薄弱、信用評(píng)級(jí)體系和

2、信用文化還不夠完善，再加上政府缺乏金融監(jiān)管，各種“假按揭’’‘‘循環(huán)貸’’等虛假融資的現(xiàn)象非常嚴(yán)重，從而在房地產(chǎn)金融市場(chǎng)上積累了大量的信貸風(fēng)險(xiǎn)。鑒于此，本文以馬克思經(jīng)濟(jì)學(xué)的虛擬資本理論和西方金融監(jiān)管理論為指導(dǎo)，綜合運(yùn)用邏輯演繹和歸納推理、定性分析與定量分析相結(jié)合以及比較分析的研究方法，通過對(duì)我國(guó)房地產(chǎn)金融市場(chǎng)特點(diǎn)的分析，認(rèn)為推廣房地產(chǎn)信用衍生產(chǎn)品是完善與發(fā)展我國(guó)房地產(chǎn)金融市場(chǎng)的必要之舉。借鑒次貸危機(jī)的經(jīng)驗(yàn)教訓(xùn)，文章論述了房地產(chǎn)信用衍生產(chǎn)

3、品市場(chǎng)監(jiān)管的必要性與成本，通過介紹次貸危機(jī)后美國(guó)金融監(jiān)管體制改革的主要內(nèi)容，提出了加強(qiáng)我國(guó)房地產(chǎn)信用衍生產(chǎn)品市場(chǎng)監(jiān)管的對(duì)策思路。關(guān)鍵詞：房地產(chǎn)信用衍生產(chǎn)品次貸危機(jī)金融監(jiān)管k▲，～一摘要AbstractSincethe90soflastcenturyrealestatecreditdervativepromlctsintheglobalfinancialmarketshavegainedallunprecedentedexplosiono

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