我國房地產信用衍生產品市場監(jiān)管研究.pdf

1、摘要中文摘要上世紀90年代以來，房地產信用衍生產品在全球金融市場上獲得了前所未有的爆炸性增長，根本原因在于信用衍生產品作為一種管理信貸風險的有效工具，具有轉移和分散信貸風險，避免風險過度集中的特性。近年來，我國房地產市場發(fā)展迅速，房地產金融市場也已初具規(guī)模。但是，縱觀整個房地產金融業(yè)，房地產融資發(fā)展極不平衡，主要方式還是銀行信貸，特別是個人住房按揭貸款一直被銀行視為“優(yōu)質資產“而極力推廣擴張。由于我國金融監(jiān)管法律基礎薄弱、信用評級體系和

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’’等虛假融資的現象非常嚴重，從而在房地產金融市場上積累了大量的信貸風險。鑒于此，本文以馬克思經濟學的虛擬資本理論和西方金融監(jiān)管理論為指導，綜合運用邏輯演繹和歸納推理、定性分析與定量分析相結合以及比較分析的研究方法，通過對我國房地產金融市場特點的分析，認為推廣房地產信用衍生產品是完善與發(fā)展我國房地產金融市場的必要之舉。借鑒次貸危機的經驗教訓，文章論述了房地產信用衍生產

3、品市場監(jiān)管的必要性與成本，通過介紹次貸危機后美國金融監(jiān)管體制改革的主要內容，提出了加強我國房地產信用衍生產品市場監(jiān)管的對策思路。關鍵詞：房地產信用衍生產品次貸危機金融監(jiān)管k▲，～一摘要AbstractSincethe90soflastcenturyrealestatecreditdervativepromlctsintheglobalfinancialmarketshavegainedallunprecedentedexplosiono

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