抵押证券制度结构论--以德日抵押证券模式为背景

作为权利与证券相结合的一种形态 ,抵押证券表现为两种类型 :一为德国模式 ;二为日本模式。纵观德日两国抵押证券模式 ,抵押证券在制度结构上分为两部分 :其一为抵押证券的发行 ;其二为抵押证券的交易。抵押证券的发行涉及到抵押证券的交付申请人、抵押不动产的评价等方面内容 ,抵押证券的交易涉及到抵押证券的贩卖方式、抵押证券的流通性确保等方面问题。我国将来如推行抵押证券制度 ,也必然会牵涉到抵押证券这些方面的内容。

The Structural Analysis of Mortgage-backed Securities

As a combination of rights and securities,mortgage-backed securities feature two forms:one is German pattern and the other is Japanese pattern. Based on the German and Japanese patterns,the mortgage-backed securities may be,from a systematical and structural point of view,classified into two parts:one is the issuance of the mortgage-backed securities and the other is the trading of the same. The issues involved in the issuance of the mortgage-backed securities include,among others,the issuing applicant and appraisal of the mortgaged real estates. The issues involved in the trading of the mortgage-backed securities include,among others,the sales method of the mortgage-backed securities and the assurance of liquidity of the same. These issues will be faced by China if mortgage-backed securities are implemented in China in the future.