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本文从新制度经济学的角度分析了住房抵押贷款证券化这种住房金融制度的起源、制度的变迁以及制度变迁的绩效评价,说明住房抵押贷款证券化这一制度创新是一把双刃剑,在一定的制度环境下确实能起到繁荣经济的强大作用,但在繁荣的同时,我们必须考虑其可能存在的风险,尤其是在美国住房抵押贷款证券化制度变迁过程中因为制度过度创新引起的一系列不良影响,更是要谨慎对待。从而说明在设计我国的住房抵押贷款证券化的时候一定要充分考虑制度变迁的风险。
From the perspective of new institutional economics, this paper analyzes the origin, institutional changes and performance evaluation of housing mortgage loan securitization. It shows that the institutional innovation of housing mortgage loan securitization is a double-edged sword. Under a certain institutional environment, it can indeed play a powerful role in economic prosperity. However, we must consider its possible risks in the prosperous period. In particular, we must consider the possible risk arising from the institutional over-innovation in the course of the institutionalization of the mortgage-backed securities in the United States Series of adverse effects, but also be cautious. This shows that in the design of China’s mortgage-backed securitization must take full account of the risk of institutional change.