The Relationship Between Asset Securitization And Financial Stability

Asset securitization is an important financial innovation since twentieth Century,the real estate finance in China is facing many problems,solve the financial problems of real estate is the most critical problem lies in the real estate financial innovation,innovation and an important means of mortgage backed securitization is to solve various problems.The sustainable development of the real estate industry is closely related with many long-term funds,from the current point of view of many developers,their profit model is still mainly in the retail,obtain the initial investment and profit through the development of sales,but this kind of business model and profit model will severely restrict the real estate industry and financial industry,is not conducive to the real estate industry and financial industry healthy and stable development.For a long time,Chinese real estate industry is highly dependent on bank loans,although this dependence gradually decreased,but the degree of dependence is still as high as 70%,the rest are self,the application of asset securitization is very few,only a handful of related pilot projects.From the history of American real estate development,the real estate asset securitization provides a good foundation and solid impetus for the real estate development in the United states.According to the U.S.Census Bureau data show that the securitization of housing mortgage loan in the United States in the field of real estate investment of more than 40%,in this way provides a huge boost funding for the real estate industry has achieved its maximum value,which is of great significance for promoting the transformation and upgrading of the industry,the development of good.Howe'ver,in 20 07,the United States broke out a serious subprime mortgage crisis,so that many people began to worry that Chinese application of mortgage-backed securitization will affect Chinese financial stability,and even the outbreak of financial crisis.Therefore,this paper adopted theory,model and empirical analysis,carried out analysis and research on the relationship and interaction mechanism between the securitization of housing mortgage loan and financial stability,the results of the study demonstrate the financing problem of appropriate housing mortgage loan securitization can well solve the real estate,but also can promote the development of macroeconomic and financial stability,but if the housing mortgage backed securitization excessive or improper supervision,it will produce enormous financial risks and disastrous consequences.Therefore,before carrying out the housing mortgage loan securitization in our country,the government and relevant regulatory agencies must conduct a comprehensive study and understanding of the right,and then make corresponding adjustments according to the situation of our country,finally take appropriate and reasonable policy.This paper is divided into two parts:introduction and text.The introduction part mainly put forward the question begins with a brief introduction of Chinese real estate development background,and then according to the problems existing in the real estate industry,the existence of Chinese real estate industry and financial industry problems,and the use of the housing mortgage loan securitization to solve these problems,the correlation between housing mortgage securitization and financial stability problems.Then,a detailed and comprehensive introduction is given to the structure of the article and the means and methods adopted.Finally,it introduces the innovation of the paper from three aspects:research content,technical means and practical application,and introduces the shortcomings of the thesis from two aspects of theoretical research and data processing.The main text is divided into four parts.The first part is literature review and theoretical review,literature review is mainly combs the asset securitization,financial stability and asset securitization and financial stability related literature,through literature review,combing the basic meaning of asset securitization and the summary of previous scholars' views and opinions,learn from the valuable views and opinions,guide the final analysis.A review of the theory is to study the influence on financial stability theory,briefly introduces the asset securitization of financial stability evaluation system,asset securitization,analysis of any data are based on the theoretical foundation,through theory analysis.The third part is the empirical part.Through the selection of relevant data and variables,the relationship between securitization of housing mortgage loans and financial stability is analyzed.The fourth part is to solve the problem,is the conclusion part,through the analysis of theory and data,the relationship between the mortgage backed securitization and financial stability and to put forward the policy and suggestion,finally in the premise of financial stability under the guidance of the development of Chinese mortgage backed securitization.