摘要
房地产信贷资产证券化（ Residential Credit Assets Backed
Securitization, RCABS）改变了传统银行“贷-还-贷”的信贷方式，构
建了“贷-债权出售-贷”的运营新模式，可以促进建立住房抵押贷款
二级市场，有效增强商业银行经营个人住房抵押贷款的资金流动性，
有助于提高银行的资本充足率，促进房地产业的持续发展。数据显示，
截至 2018年底，我国房地产信贷资产证券化产品的发行规模大幅上
升至 5842亿元，同比增长 242.24%，而且房地产资产支持的证券化
产品日趋多元化。然而，对房地产信贷资产证券化的强烈市场需求和
我国落后的配套措施和机制之间形成了巨大的反差和矛盾。在我国商
业银行房地产信贷资产证券化市场在已发行的产品中，大部分是参照
成熟的房地产投资信托基金，并按照现行的证券化指引进行结构设
计，并存在诸多其他问题。
本文面向商业银行房地产信贷资产证券化，首先，梳理了国际先
进的相关理念和配套理论。然后，通过数据分析和走访调查的方式，
从基本概况、效益、风险、信用评级四个方面对我国商业银行房地产
信贷资产证券化的现状进行了研究。根据现状研究内容，从信用评级
机构、证券化市场、发起人三个主要方面对我国商业银行房地产信贷
资产证券化存在的问题进行了分析，并分析了产生问题的原因。然后
根据发现的问题及其原因，从房地产信贷资产证券化的信用评级体
系、市场体系、法律监督体系三个主要方面提出相应对策与建议。
本文以中国建设银行为研究个案，分析其房地产信贷资产证券化
的发展现状、信用增加措施、风险和规避措施。通过本文的研究，有
助于完善我国房地产信贷资产证券化市场的相关制度和政策，提出的
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对策和建议能够为我国商业银行房地产信贷资产证券化的健康发展
提供一定参考，同时也有助于进一步盘活商业银行资产，使商业银行
有更多资金用于新增房贷，有利于房地产去库存。
关键词：商业银行；房地产；信贷资产证券化；证券化市场
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ABSTRACT
The residential credit assets backed securitization (RCABS) has
changed the traditional bank credit mode of “loan-recovery-loan”, and
constructed a new operation mode of “loan-distribution-loan”, which can
promote the establishment of the secondary market of housing mortgage
loan, effectively enhance the liquidity of commercial banks operating
personal housing mortgage loan, improve the capital adequacy ratio of
banks, and promote the development of real estate market. According to
the data, by the end of 2018, the issuance scale of China's RCABS
products had risen sharply to 584.2 billion yuan, with a year-on-year
growth of 242.24%. Moreover, real estate asset-backed securitization
products are increasingly diversified. However, there is a huge gap and
contradiction between the strong market demand for RCABS and the
backward supporting measures and mechanisms in China. In the RCABS
market of commercial banks in China, most of the issued products refer
to the mature real estate investment trust funds and carry out structural
design according to the current securitization guidelines. In addition,
there are some other problems.
In this paper, for commercial banks RCABS, first, combing the
international advanced related concepts and supporting theory. Then, by
means of data analysis and interview investigation, this paper studies the
current situation of RCABS of commercial banks in China from three
aspects: basic situation, benefit, and risk. According to the current
research content, this paper analyzes the problems existing in the RCABS
of commercial banks in China from three main aspects: rating agencies,
securitization market and issuers. Then, according to the problems found,
the paper puts forward corresponding countermeasures and suggestions
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