Study On The Theory And Practice Of Mortgage-Backed Securitization In China

Mortgage Backed Securitization is a kind of new-type structure financing way. The innovative tool of this kind of finance has superiority in many aspects. It is developed very fast in countries all over the world. At present, our country has already existed and possessed pressure and condition of implementing Mortgage Backed Securitization. The pilot project has been planned in China. It is extremely urgent that the theory and practice of the securitization of the home mortgage are studied.This thesis has studied on the inherent driving force of Mortgage Backed Securitization, efficiency promoting of MBS, MBS risk and fixing the price, and etc. On the basis of the research, the primary market of mortgage of our country has been carried on the positive research and predicted that analyses. The thesis uses the successful experience about construction of secondary market of mortgage in the world for reference. The concrete mode of implementing MBS has been designed. The arrangement and innovation have been provided on the secondary market of mortgage of our country.The dissertation is divided into ten chapters as follows.The research background and the current study situation have been described in Chapter one. Structure frame and innovations have also been explained.Chapter two carried on the summary to the relevant concepts and basic principles of MBS. The basic characteristics and operation procedures of MBS have been explained. The thesis has compared and analyzed the cash flow characteristics of three main varieties of MBS.On the view of financial system, the key theoretical question of the reason on the innovation of MBS has been analyzed in Chapter three.Macro Pareto improvement and micro efficiency promotion that MBS has brought are analyzed in Chapter four. Macro Pareto improvement has been deeply analyzed from the structure efficiency of the financial system, assign efficiency, operate efficiency and promotion of specialization. Micro efficiency promotion has been described from increasing profit of MBS participant.Chapter five has analyzed the possible risk of MBS in terms of investor. Among them, the numerous factors influencing the risk of repaying ahead of time are analyzed especially, such as the interest rate level and the house reselling, the models appraising the risk of repaying ahead of time such as SMM, CPR, PSA and PHM are analyzed comparatively. Secondly, the method of Option Adjusted Duration and Effection Convexity has been described on appraising the risk of interest rate. The thesis has carriedon the key discussion to counting MBS credit risks with the model of CreditMetrics.The advantages and disadvantages of several kinds of pricing methods on MBS have been analyzed in Chapter six. Bootstrap Method and Spline Approximation are applied on Simulating Term Structure Curve of Interest Rate. The price of MPT has been studied through the method of Yield Curve and the Binomial Model on the background of repayment ahead of time.The characteristic, function and risk of the primary market of mortgage of our country are analyzed in Chapter seven. The thesis has predicted and analyzed to the scale of future development of primary market of mortgage and mobile risk in China.The operation of the American and Hong Kong mortgage secondary market has been analyzed in Chapter eight. And the useful experience has also summarized. The special control function of the American mortgage secondary market and development reason of secondary market of mortgage have been explained.Chapter nine designed and analyzed the concrete mode of implementing MBS in our country.Chapter ten proposed arrangement and innovation in supervision, the law and tax system related to MBS in China.The possible achievement and innovation are as follows.The theoretical research system of MBS has been structured from internal cause, external result, risk and price. Among them, the really inherent driving force factor has been described from the theory of financial intermediary and financial market trend, which have offered the theoretical direction for structuring the mode of MBS in China.Second, the current situation of home mortgage market in China has been analyzed. The thesis has predicted the future development scale of mortgage primary market and commercial bank mobile pressure state, which have offered more reliable basis for pursuing MBS in our country.Third, the concrete mode of implementing MBS in our country has been structured and designed. The interest rate space has been analyzed and designed. The results indicate the housing public accumulation loan is not suitable for carrying on MBS, which has also offered the basis of MBS products design in China.Fourth, the mode of law supervisory system has been put forward, which is suitable in China.