The Analysis On The China's Mortgage-Backed Securities Pricing

Mortgage-Backed Securities has been widely used in abroad as a financial innovation products.It has had a huge economic effect,on the other hand,it has become one of the incentives of the financial crisis.However,MBS is not the root causes so that it should not be questioned its practicality.China stated to carry on the loan securitization experiment site in 2005,the Construction back distributed MBS for the first time.In 2007,the Constrution back distrubted MBS once more under the American loan crisis.The property securitization product display potential of the expanded in China's development,but the MBS research in China maily concertrates to fensible and the distribution patten.Therefore,the article take "fix the suitable MBS pricing model of China" as the research goal,in order to coordinate MBS's distritution and transaction.With the review's of theoretical model and the analysis of Chinese MBS characteristic,firstily,the article summarizes the infulencing factors and risks of the Chinese MBS pricing,specially,the voluntary payment risk is th most primary risk. Sencondly,the artical analysis the voluntary prement risk's inflencing factor, including the national credit policy and the financial insititions provision;the resident income level,the resident expand idea,the population statistic factor,the loan account age,the tired effect,the season factor and the intrest rate factor,and thoughts that the national income level and population statistic factor have the reference significance to the voluntary payment forecast.Thirdly,the article thought that"the public negotiable securities association voluntary payment datum(PSA)"and"the static cash flow fixed pricing model's establishment".Finally,the article makes the improvement to PSA and the static cash flow pricing model,and try to pricing the China's Constrution back 2007-1 MBS.