房地产证券化运作研究

:1006-7329(2002)05-0090-05X,(,400045):WTO,.,,,,,,,,:;;:F293.3:A,,,,:,;,,,;;,,,,,,,11.1(Asset-backedsecurization),,ABS:1),;2),,;3),1.2,,,,245200210JournalofChongqingJianzhuUniversityVol.24No.5Oct.2002X:2002-07-03:(1977-),,,,©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.:,,,,,,,,,,,,1.3,20501968,,,,,,,,(SPV),SPVSPV,,1.41.4.1,,:1);2);3);4)1.4.2:1);2);3);4)1.4.32001,1997-2000()10996.6;16637.5;18797.9;21410.9;(:m2),7864.3;10827.1;12997.9;16570.3(:m2)2001,9000m2,,,,,,,,,,,:1),(,),;2),,,,,;3),,,,,(,),1.4.41.4.5,22.1195,:©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,(specialpurposevehicle,SPV),SPV,:1);2)SPV,,,SPV,SPVSPV,,SPVSPV,,,,,,;,,,,,12.2:,,,,:1),,,;2),,;3),,;(4),,;5);6);7),;8)2924©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.2,;9),,2.3,:1);2);3);4),:1);,,,,;2)SPV,SPV:SPVSPV;;SPV;SPV;;3),,;,SPV,;4).,SPV,,;,,33.1,,,,,:1),,,,;2),(SPV),,3.2:1).,,,395,:©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.;2).,,,;3),;4),,;5),,,,4,,;;;,;;;:[1],.M.:,2001.[2].M.:,2000.[3].M.:,1999.[4].D.:,2001.[5].J.,2000,(3):58-59.[6].J..M.:,2000.ResearchonOperatingSystemofAssetBackedSecuritizationQIAOWen,FUHong-yuan(FacultyofConstructionManagementandRealEstate,ChongqingUniversityB,Chongqing400045,China)Abstract:Inrecentyears,withthesustainedandrapiddevelopmentofeconomyinChina,thecapitalsupportisneededfortherealestateindustry.However,thehealthydevelopmentofChinasrealestatewasobstructedbythelimitationoftraditionalfinancingways.SotheAsset-BackedSecuritization(ABS)becomesanewfea2siblesolutiontothisproblem.Inthispaper,theprimaryconception,functionsandthedevelopmentofABSo2verseasareintroduced.Thentheattentiontotheoperatingmodels,operatingproceduresandlegislationenvi2ronmentisfocused.Finally,thepracticalconditionforapplicationofrealestatesecuritizationinChinaisana2lyzedandrelevantcountermeasuresareputforward.Keywords:realestate;asset-backedsecuritization;operatingmodel4924©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.