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正文如下
同时，在这种过程中伴随着投机性投资行为的产生，从而会不断积累房地产泡沫的危险。同时实证也表明，目前全国性的房地产泡沫还未发生，但迹象趋势加强。为此，本文仅紧紧围绕信息不对称－信贷支持－房地产泡沫风险理论主线，提出了四点具有紧迫性的建议。
2. 由于我国经济正处于转轨时期，在市场经济条件下，各房地产金融机构（商业银行）虽有其自身的风险控制机制，但作为营利性的微观经营主体，有其自身的局限性，如决策的微观性、分散性以及易于受到经济周期不同时期的非理性情绪影响。这种局限性使得其自身的决策合理性与宏观的决策合理性出现矛盾，可能出现宏观上的房地产抵押贷款过多或不足，这就需要政府实施调控。就近些年来说，房地产信贷快速增长，政府就应对房地产抵押贷款采取调控。一方面，进行贷款总量调控，根据西方发达国家的经验，再考虑到我国发展中国家的现实，房地产抵押贷款占信贷总额的比例不宜过高，据专家研究以控制在20%以下为好(谢经荣、王炜,1999)。应较多采用市场化的调控方式如利率、税收等，必要时也要采取一些直接控制手段。另一方面，也要对房地产信贷结构进行调控，如房地产金融机构可以将房地产分散于不同的地区和不同的贷款用途或类型；可以根据各地区和各种类型房地产贷款比率分配各地区和各种类型房地产贷款额度等。
3. 建立和完善企业和个人信用制度是大规模发展住房抵押贷款业务和降低房地产抵押贷款风险的前提。社会信用的缺失必然会带来国民经济的重大损失，也必然带来微观层次的房地产抵押金融机构抵押贷款风险的上升，危及到金融业的稳定和生存。2004年我国开始着手筹建全国统一的企业和个人信用信息基础数据库, 2006年1月正式投入运行,目前收录的自然人数已达到3.4亿人，其中有信贷记录的人数约为3500万人,截至2005年底，收录个人信贷余额2.2万亿元，约占全国个人消费信贷余额的97.5%,但还有待健全,为此要做到：完善信息的搜集制度，建议在目前行业征信的基础上，由政府推动，尽快实现联合征信；完善信息处理制度，大力使用计算机模型及信息技术促进和提高信用信息的处理能力；完善信用信息共享制度，采用市场模式来推动信用中介机构的建设，完善产权制度，确立信用信息数据产权分享制度。这种模式主要采用政府推动、市场运作的方式，以信用服务公司为主体，以赢利为目的，按照市场化方式运作；加快法律体系建设，尽快制定针对全社会各种信息主体采集、传播和使用信息、对政府信息、商业秘密、个人隐私等特殊信用信息的法律规范、对违反信用合同的主体实施严厉惩戒等。
4. 房地产贷款证券化(MBS)可以大大化解和控制银行风险的累进，同时也对商业银行的改革具有特殊意义。由于住房抵押贷款的特殊性，利率变化会影响到原债务人的提前或滞后偿付，并由此带来未来现金流的不确定性。因此银行把某些住房抵押贷款予以证券化，可以将这些资产移至资产负债表外，银行可以把持有的抵押贷款转换为抵押贷款证券，后者往往在资本充足率计算中有更低的风险权重，因此这种制定安排可以提高银行的资本充足率，适应新巴塞尔协议的要求；银行将信贷资产的风险通过证券化转移给证券市场上具有不同风险偏好的投资者，可以分散和化解金融风险；银行将缺乏流动性的长期信贷资产予以证券化，可以调整自身的资产负债状况，解决流动性问题；银行通过证券化融资，可以加快资产周转，提高获利能力。从目前国内住房抵押贷款证券化的试点来看，中国的资产证券化近期内建议还是采用特殊目的信托模式（Special PurposeTrust,SPT）而非(Special Purpose Company,SPC)模式。
At the same time, in the process of speculative investment behavior, which will accumulate danger of real estate bubble. Simultaneously also indicated that the current national demonstration of the real estate bubble hasn't happened, but the trend to strengthen signs. Therefore, this article only centering on information asymmetry - credit support - real estate bubble risk theory, puts forward the suggestion with urgency.
2 because our country economy is in the transitional period, under the conditions of market economy, the real estate finance institution (commercial Banks) has its own risk control mechanism, but as for-profit micro business entity, has its own limitation, such as WeiGuanXing decision-making, and vulnerable to economic cycle in different periods of irrational sentiments. This limitation makes its decision rationality and macro decision rationality appear antinomy, may appear on the real estate mortgage loan overmuch or insufficient, it needs the government regulation. In recent years, it is real, the government credit growth of real estate mortgage loan to take control. On one hand, the loan amount control, according to the experience of the western developed countries, considering the reality of our country, the development of real estate mortgage loans, credit is unfavorable and exorbitant, the proportion of the total, according to experts to control research as well below 20 per cent, wang wei (via, 1999). Using market-based regulation should be more ways such as interest rates and taxation is necessary, also take some direct control method. On the other hand, also want to housing credit control structure of financial institutions, such as real estate can be scattered in different areas of real estate and different type of use or loans, According to regional and various types of real estate mortgage rates for all regions and distribution of various types of real estate loans, etc.
3) to establish and perfect the corporate and personal credit system is a large-scale development of housing mortgage-backed business and reduce the risk of real estate mortgage loan. Lack of social credit will bring the significant loss of national economy, will bring the micro level of real estate mortgage finance institution of mortgage loan risk, endanger the stability of financial and survival. In 2004, China began to construct the national unity and personal credit information database, January 2006 formally put into operation, the current number has reached 3.4 billion of natural person, including the number of credit records about 35 million by the end of 2005, the individual credit balance collected 2.2 trillion yuan, the individual consumer credit balance, but also to sound 97.5%, therefore, to do: to improve the information collecting system, at present, on the basis of the credit industry by the government to promote joint credit; as quickly as possible, To improve the information processing system, using the computer model and information technology to promote and improve the credit information processing capability, Improve the credit information sharing system, using market model, to promote the construction of credit agency, perfect property rights system, establishing the credit information sharing system of property rights. This model mainly by the government to promote and market operation mode, with credit service company as the main body, aim at making profit, and operate in accordance with the market, Accelerate legal system construction, establishment of information in all social subject acquisition, dissemination and use of information, the government information, commercial secrets and personal credit information and special for violation of laws, the main credit contract implementation disciplinary measure and etc.
4. Real estate mortgage securitization (MBS) can greatly dissolve and control of bank risk progressive, also on the reform of commercial Banks has special significance. Due to the particularity of mortgage interest rates will affect the original obligor or advance payment lags behind, and science-induced future cash flow uncertainty. So some bank mortgage securitization, will be moved to the assets and off-balance-sheet bank can hold some mortgage conversion for mortgage-backed securities, the latter are calculated in capital adequacy ratio has lower risk weighting, so this can improve the bank arranged for capital adequacy and adapt to the requirements of the new Basel, Bank credit risks of asset securitization market for securities through transfer with different risk preference of investors, to spread and defuse financial risks, Banks will lack the liquidity of credit asset securitization, long-term shall adjust itself to the assets, liabilities, solve problems; liquidity Bank through the resource-securitization, can accelerate assets turnover, improve profitability. From the current domestic housing mortgage-backed securitization, the pilot securitization within China's recent suggestion or Special Purpose trust model (SPT), its PurposeTrust rather than its (SPC) and our model.
2 because our country economy is in the transitional period, under the conditions of market economy, the real estate finance institution (commercial Banks) has its own risk control mechanism, but as for-profit micro business entity, has its own limitation, such as WeiGuanXing decision-making, and vulnerable to economic cycle in different periods of irrational sentiments. This limitation makes its decision rationality and macro decision rationality appear antinomy, may appear on the real estate mortgage loan overmuch or insufficient, it needs the government regulation. In recent years, it is real, the government credit growth of real estate mortgage loan to take control. On one hand, the loan amount control, according to the experience of the western developed countries, considering the reality of our country, the development of real estate mortgage loans, credit is unfavorable and exorbitant, the proportion of the total, according to experts to control research as well below 20 per cent, wang wei (via, 1999). Using market-based regulation should be more ways such as interest rates and taxation is necessary, also take some direct control method. On the other hand, also want to housing credit control structure of financial institutions, such as real estate can be scattered in different areas of real estate and different type of use or loans, According to regional and various types of real estate mortgage rates for all regions and distribution of various types of real estate loans, etc.
3) to establish and perfect the corporate and personal credit system is a large-scale development of housing mortgage-backed business and reduce the risk of real estate mortgage loan. Lack of social credit will bring the significant loss of national economy, will bring the micro level of real estate mortgage finance institution of mortgage loan risk, endanger the stability of financial and survival. In 2004, China began to construct the national unity and personal credit information database, January 2006 formally put into operation, the current number has reached 3.4 billion of natural person, including the number of credit records about 35 million by the end of 2005, the individual credit balance collected 2.2 trillion yuan, the individual consumer credit balance, but also to sound 97.5%, therefore, to do: to improve the information collecting system, at present, on the basis of the credit industry by the government to promote joint credit; as quickly as possible, To improve the information processing system, using the computer model and information technology to promote and improve the credit information processing capability, Improve the credit information sharing system, using market model, to promote the construction of credit agency, perfect property rights system, establishing the credit information sharing system of property rights. This model mainly by the government to promote and market operation mode, with credit service company as the main body, aim at making profit, and operate in accordance with the market, Accelerate legal system construction, establishment of information in all social subject acquisition, dissemination and use of information, the government information, commercial secrets and personal credit information and special for violation of laws, the main credit contract implementation disciplinary measure and etc.
4. Real estate mortgage securitization (MBS) can greatly dissolve and control of bank risk progressive, also on the reform of commercial Banks has special significance. Due to the particularity of mortgage interest rates will affect the original obligor or advance payment lags behind, and science-induced future cash flow uncertainty. So some bank mortgage securitization, will be moved to the assets and off-balance-sheet bank can hold some mortgage conversion for mortgage-backed securities, the latter are calculated in capital adequacy ratio has lower risk weighting, so this can improve the bank arranged for capital adequacy and adapt to the requirements of the new Basel, Bank credit risks of asset securitization market for securities through transfer with different risk preference of investors, to spread and defuse financial risks, Banks will lack the liquidity of credit asset securitization, long-term shall adjust itself to the assets, liabilities, solve problems; liquidity Bank through the resource-securitization, can accelerate assets turnover, improve profitability. From the current domestic housing mortgage-backed securitization, the pilot securitization within China's recent suggestion or Special Purpose trust model (SPT), its PurposeTrust rather than its (SPC) and our model.
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第1个回答 2010-09-12
20分翻译这么多东东,太不可思议了
第2个回答 2010-09-12
At the same time, in the process of speculative investment behavior, which will accumulate danger of real estate bubble. Simultaneously also indicated that the current national demonstration of the real estate bubble hasn't happened, but the trend to strengthen signs. Therefore, this article only centering on information asymmetry - credit support - real estate bubble risk theory, puts forward the suggestion with urgency.
2 because our country economy is in the transitional period, under the conditions of market economy, the real estate finance institution (commercial Banks) has its own risk control mechanism, but as for-profit micro business entity, has its own limitation, such as WeiGuanXing decision-making, and vulnerable to economic cycle in different periods of irrational sentiments. This limitation makes its decision rationality and macro decision rationality appear antinomy, may appear on the real estate mortgage loan overmuch or insufficient, it needs the government regulation. In recent years, it is real, the government credit growth of real estate mortgage loan to take control. On one hand, the loan amount control, according to the experience of the western developed countries, considering the reality of our country, the development of real estate mortgage loans, credit is unfavorable and exorbitant, the proportion of the total, according to experts to control research as well below 20 per cent, wang wei (via, 1999). Using market-based regulation should be more ways such as interest rates and taxation is necessary, also take some direct control method. On the other hand, also want to housing credit control structure of financial institutions, such as real estate can be scattered in different areas of real estate and different type of use or loans, According to regional and various types of real estate mortgage rates for all regions and distribution of various types of real estate loans, etc.
3) to establish and perfect the corporate and personal credit system is a large-scale development of housing mortgage-backed business and reduce the risk of real estate mortgage loan. Lack of social credit will bring the significant loss of national economy, will bring the micro level of real estate mortgage finance institution of mortgage loan risk, endanger the stability of financial and survival. In 2004, China began to construct the national unity and personal credit information database, January 2006 formally put into operation, the current number has reached 3.4 billion of natural person, including the number of credit records about 35 million by the end of 2005, the individual credit balance collected 2.2 trillion yuan, the individual consumer credit balance, but also to sound 97.5%, therefore, to do: to improve the information collecting system, at present, on the basis of the credit industry by the government to promote joint credit; as quickly as possible, To improve the information processing system, using the computer model and information technology to promote and improve the credit information processing capability, Improve the credit information sharing system, using market model, to promote the construction of credit agency, perfect property rights system, establishing the credit information sharing system of property rights. This model mainly by the government to promote and market operation mode, with credit service company as the main body, aim at making profit, and operate in accordance with the market, Accelerate legal system construction, establishment of information in all social subject acquisition, dissemination and use of information, the government information, commercial secrets and personal credit information and special for violation of laws, the main credit contract implementation disciplinary measure and etc.
4. Real estate mortgage securitization (MBS) can greatly dissolve and control of bank risk progressive, also on the reform of commercial Banks has special significance. Due to the particularity of mortgage interest rates will affect the original obligor or advance payment lags behind, and science-induced future cash flow uncertainty. So some bank mortgage securitization, will be moved to the assets and off-balance-sheet bank can hold some mortgage conversion for mortgage-backed securities, the latter are calculated in capital adequacy ratio has lower risk weighting, so this can improve the bank arranged for capital adequacy and adapt to the requirements of the new Basel, Bank credit risks of asset securitization market for securities through transfer with different risk preference of investors, to spread and defuse financial risks, Banks will lack the liquidity of credit asset securitization, long-term shall adjust itself to the assets, liabilities, solve problems; liquidity Bank through the resource-securitization, can accelerate assets turnover, improve profitability. From the current domestic housing mortgage-backed securitization, the pilot securitization within China's recent suggestion or Special Purpose trust model (SPT), its PurposeTrust rather than its (SPC) and our model.
你看这个可以不
2 because our country economy is in the transitional period, under the conditions of market economy, the real estate finance institution (commercial Banks) has its own risk control mechanism, but as for-profit micro business entity, has its own limitation, such as WeiGuanXing decision-making, and vulnerable to economic cycle in different periods of irrational sentiments. This limitation makes its decision rationality and macro decision rationality appear antinomy, may appear on the real estate mortgage loan overmuch or insufficient, it needs the government regulation. In recent years, it is real, the government credit growth of real estate mortgage loan to take control. On one hand, the loan amount control, according to the experience of the western developed countries, considering the reality of our country, the development of real estate mortgage loans, credit is unfavorable and exorbitant, the proportion of the total, according to experts to control research as well below 20 per cent, wang wei (via, 1999). Using market-based regulation should be more ways such as interest rates and taxation is necessary, also take some direct control method. On the other hand, also want to housing credit control structure of financial institutions, such as real estate can be scattered in different areas of real estate and different type of use or loans, According to regional and various types of real estate mortgage rates for all regions and distribution of various types of real estate loans, etc.
3) to establish and perfect the corporate and personal credit system is a large-scale development of housing mortgage-backed business and reduce the risk of real estate mortgage loan. Lack of social credit will bring the significant loss of national economy, will bring the micro level of real estate mortgage finance institution of mortgage loan risk, endanger the stability of financial and survival. In 2004, China began to construct the national unity and personal credit information database, January 2006 formally put into operation, the current number has reached 3.4 billion of natural person, including the number of credit records about 35 million by the end of 2005, the individual credit balance collected 2.2 trillion yuan, the individual consumer credit balance, but also to sound 97.5%, therefore, to do: to improve the information collecting system, at present, on the basis of the credit industry by the government to promote joint credit; as quickly as possible, To improve the information processing system, using the computer model and information technology to promote and improve the credit information processing capability, Improve the credit information sharing system, using market model, to promote the construction of credit agency, perfect property rights system, establishing the credit information sharing system of property rights. This model mainly by the government to promote and market operation mode, with credit service company as the main body, aim at making profit, and operate in accordance with the market, Accelerate legal system construction, establishment of information in all social subject acquisition, dissemination and use of information, the government information, commercial secrets and personal credit information and special for violation of laws, the main credit contract implementation disciplinary measure and etc.
4. Real estate mortgage securitization (MBS) can greatly dissolve and control of bank risk progressive, also on the reform of commercial Banks has special significance. Due to the particularity of mortgage interest rates will affect the original obligor or advance payment lags behind, and science-induced future cash flow uncertainty. So some bank mortgage securitization, will be moved to the assets and off-balance-sheet bank can hold some mortgage conversion for mortgage-backed securities, the latter are calculated in capital adequacy ratio has lower risk weighting, so this can improve the bank arranged for capital adequacy and adapt to the requirements of the new Basel, Bank credit risks of asset securitization market for securities through transfer with different risk preference of investors, to spread and defuse financial risks, Banks will lack the liquidity of credit asset securitization, long-term shall adjust itself to the assets, liabilities, solve problems; liquidity Bank through the resource-securitization, can accelerate assets turnover, improve profitability. From the current domestic housing mortgage-backed securitization, the pilot securitization within China's recent suggestion or Special Purpose trust model (SPT), its PurposeTrust rather than its (SPC) and our model.
你看这个可以不
第3个回答 2010-09-15
这个要给翻译公司翻，得收200块钱呢
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