The Structure Design Of The Securitization Of Mortgage-backed Loans In China-Based On The Analysis Of JianYuan 2005-1 MBS

The successful issue of "JianYuan 2005-1"MBS of the China Construction Bank is an important token that the securitization of the mortgage-backed loans has been initiated towards a further goal of large scale implementation..The author tries to research on the implementation of MBS in China from a perspective of a balance between theory and practice. The thesis first introduces the related theory of securitization of the mortgage-backed loans, explaining the basic law of it. Then it emphasizes the importance of the securitization in China, systematically analysizes the macro- and micro- economic environment and discusses the possibility of the application.. As for the problems and obstacles the asset securitization has faced in theory and practice, the author has made a detailed analysis and presented related measures and advice.The innovation of this thesis is: on the basis of close theoretical analysis and data-processing, the author has presented a framework model with the design of the transaction entity , the transaction structure, the transaction flow, the asset pool, the credit rating and its enhancement ,the pricing of MBS etc. Besides that, the author has made a comparison between framework model and the practice of "JianYuan 2005-1"MBS, with an analysis of the innovation and advantage of the "JianYuan 2005-1"MBS, as well as its weaknesses.