次贷危机下对我国住房抵押贷款证券化的重新审视

近几年来，住房抵押贷款证券化成为备受我国学界和业界瞩目的金融创新品种。任何事物都具有两面性，始于2006年的美国次贷危机所引起的世界性的金融危机，住房抵押贷款证券化无疑在其中扮演了推波助澜的作用。这给刚刚起步的我国的住房抵押贷款证券化敲响了警钟，住房抵押证券化是一把双刃剑，一方面可以促进经济的发展，另一方面则为经济的发展带来更大的风险。为此，我们也不得不重新审视住房抵押贷款证券化这一制度的根本，研究其在不同国家的实践经验，为我国的住房抵押贷款证券化的进一步发展提供具有可行性和科学性的建议，促进我国住房抵押贷款证券化的健康发展，把住房抵押贷款证券化作为新的经济增长点带动我国整体经济的有序发展。     

住房抵押贷款证券化运作的难点及对策

目前在我国，尚不具备完善的住房抵押贷款证券化运作环境，这就使住房抵押款证券化运作面临许多难点。诸如，住房抵押贷款标准化的问题、证券化特设机构的设置问题、政府能否提供信用担保或保险的问题等。本拟在对这些难点进行研究的基础上，提出相应的对策建议，以推动我国住房抵押贷款证券化的发展。     

正向与反向住房抵押贷款模式证券化的适用性

在抵押贷款资产证券化的实施中,普通抵押贷款与反向抵押贷款有着较大的差异,使反向抵押贷款资产证券化的运作较之普通住房抵押贷款的证券化发展缓慢。理论上对普通住房抵押贷款和反向抵押贷款证券化运作的可行性及风险问题进行比较分析,就显得十分必要。     

住房抵押贷款证券化：问题与政策建议

住房抵押贷款证券化作为一项重要的金融创新，其实质是为发放住房抵押贷款的金融机构提供了一种新的融资方式。当前，我国推行住房抵押贷款证券化任重而道远，还不具备大规模开展住房抵押贷款证券化的条件，虽然住房抵押贷款证券化在我国具有其特殊的现实意义，但由于外 部条件还不完全具备，必须为住房抵押贷款证券化创造各种市场条件和制度条件。     

推行住房抵押贷款证券化值得商榷的几个问题

住房抵押贷款证券化是指商业银行等金融机构将其所持有的住房抵押贷款债权出售给特设的证券化机构(SPV)，然后由该机构以其收购的住房抵押贷款为基础，经过信用增级、信用评级等各项措施后，在证券市场上发行住房抵押贷款债券的行为。实行住房抵押贷款证券化的主要目的是把住房抵押贷款这一原本流动性较低的银行长期资产转化为标准化的、能够在市场上自由交易的证券投资品种。     

我国住房抵押贷款证券化的路径选择

本文通过对商业性住房抵押贷款和政策性住房抵押贷款的比较分析,总结了政策性住房抵押贷款实施证券化的必要性和优势条件,并在此基础上提出了我国住房抵押贷款证券化的发展路径,即按照先政策性住房抵押贷款,再到商业性住房抵押贷款的路径逐步推进证券化工作,在此基础上积累经验,总结技术,为全面推进信贷资产证券化工作打下良好的基础.     

我国推行住房抵押贷款证券化的税收政策设计

推行住房抵押贷款证券化是我国金融体制创新的重要目标方位。本通过对住房抵押贷款证券化运作过程中税收环节的分析，在充分借鉴国外关于住房抵押贷款证券化运作经验的基础上，结合国内金融体制创新的实际情况，对我国推行住房抵押贷款证券化的税收政策设计进行了分析与论述。     

住房抵押贷款证券化的创新选择

在发展我国住房抵押贷款证券市场的起点上，只有谨慎周到地比较各种创新的优劣，才能为我国住房抵押贷款证券化的改革设计一条更好的道路，促进住房抵押贷款证券化各种经济功能的有效发挥。     

住房抵押贷款证券化的法律流程分析

住房抵押贷款证券化的基本流程,不同国家之间略有差异.本文根据各国比较通行的住房抵押贷款证券化的运作模式,对其流程做一全面分析,期对我国住房抵押贷款证券化的完善有所借鉴.     

住房抵押贷款证关化运作机理探析

从对住房抵押贷款证券化运作的基本结构，现金流的分析入手，探析住房抵押贷款证券化的运作机理，即，风险分散机理，资产组合机理，资金配置机理，信用分工机理和利益驱动机理，并在洞悉住房抵押贷款证券化运作机理的基础上，挖掘住房抵押贷款证券化运作的特有规律。     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.