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本科毕业论文（设计）房地产证券化之国际比较InternationalComparisonofrealestatesecuritization作者傅启来专业投资学指导教师王保谦教授学院国际经济学院二〇一五年五月诚信声明本人郑重声明：本人所呈交的毕业论文，是在导师指导下独立研究取得的成果。毕业论文中凡引用他人已经发表的成果、数据、观点等，均已明确注明出处。除文中已注明引用的内容外，不包含任何其他个人或集体已发表的论文。若有抄袭，愿承担一切后果。特此声明作者签名：签字日期：贵州财经大学本科毕业论文授权使用声明作为本科生毕业的条件之一,毕业论文著作权拥有者授权贵州财经大学拥有毕业论文的部分使用权,即:学校有权按有关规定向国家有关部门或机构送交论文的复印件和电子版,允许论文被查阅和借阅,可以将毕业论文编入有关数据库进行检索,可以釆用影印、缩印或扫描等复制手段保存、汇编毕业论文。本人提交的电子文档的内容和纸质论文的内容相一致。保密的毕业论文在解密后也遵守此规定。`□公开□保密(年)作者签名：签字日期：指导教师签名：签字日期：贵州财经大学2015届本科毕业论文（设计）I摘要随着我国经济的不断发展，房地产行业也随之高速发展，加之这些年居民底住宅的刚性需求的增加极大的刺激了房地产的开发；然而，伴随着贷款总量的快速上涨和风险管控难度加大等问题的出现，该行业已经影响了我国整体经济的发展——房地产行业作为我国经济的助推器其自身问题必然影响国家经济的发展。近些年来，房地产行业融资困难的情况越来越严重，已严重阻碍了该行业的发展，所以借助资本市场突破该行业的融资瓶颈迫在眉睫。本文通过案例分析，比较其他国家的证券化发展历程，找出他们在该道路上的得与失，结合我国实际情况提出对证券化有意义的建议。关键词：房地产证券化，房地产信托，抵押贷款证券化贵州财经大学2015届本科毕业论文（设计）IIAbstractWiththecontinuousdevelopmentofChina'seconomy,therealestateindustryhasbeenrapiddevelopmentintheseyears,therigiddemandoftheresidentialbottomresidentsincreasedgreatlystimulatedthedevelopmentofrealestate;however,thetotalamountofloansandhighrisktocontrolaseriesofproblemsonmyrealestateingoodhealthdevelopmentadverselyimpact,becausetherealestateofourcountryatthesametimeitistheeconomicdevelopmentofourcountry'spillarindustry,sotherealestateindustryissuesarelikelytoaffectthehealthydevelopmentofournationaleconomy'sstability.Atpresent,thefinancingdifficultiesoftherealestateindustryhasbecomeabottleneckproblemforthedevelopmentoftheindustry,sotheuseofthisfusionboostercapitalmarkettoachievetheindustrialcapitalandfinancialcapital(realestatesecuritization)isagoodchoice.Bycomparingtheforeignsuccessfuluseofrealestatesecuritizationcountries,activelylearnfromtheirexperiencesandlessonsandstartingtofindwaysandmeansforrealestatesecuritizationinChinaaccordingtothebasicsituationofourcountry.Keywords：Therealestatesecuritization,realestatetrusts,mortgagesecuritization贵州财经大学2015届本科毕业论文（设计）III目录摘要...................................................................................................................................................IAbstract............................................................................................................................................II1.引言...............................................................................................................................................11.1选题背景............................................................................................................................11.2研究方法............................................................................................................................11.3主要内容............................................................................................................................12.房地产证券化的概述...................................................................................................................22.1什么是房地产证券化........................................................................................................22.2房地产证券化的背景........................................................................................................22.3房地产证券化的特征.......................................................................................................23.房地产证券化的国际比较...........................................................................................................33.1美国房地产证券化............................................................................................................33.1.1美国房地产证券化的起源....................................................................................33.1.2美国房地产证券化历程........................................................................................43.2英国房地产证券化...........................................................................................................43.2.1英国房地产证券化历程........................................................................................53.2.2英国房地产证券化的创新....................................................................................53.3日本房地产证券化............................................................................................................53.3.1日本房地产证券化历程........................................................................................53.3.2日本房地产证券化的典型....................................................................................64.发达国家房地产证券化对我国的启示.......................................................................................74.1我国房地产的发展历程....................................................................................................74.2我国房地产证券化的现状................................................................................................74.3我国房地产证券化路径探讨...........................................................................................85.结语.............................................................................................................................................10参考文献.....................................................................................................................