Research On Management Mechanism Design Of Mortage-Backed Securitization

In recent years, accompanied by the subprime mortgage crisis, we know more about MBS profoundly. There are not a lot of technical problems about it. Though MBS has operated many years in western countries, whether this financial innovation is suitable for our country's situations or not, this is a problem we should investigate. So the purpose of this thesis is, based on the perspective of commercial banks, to use the technique of management mechanism design, to analyze and investigate MBS and interrelated problems. The research and analysis is terminate in China, this thesis use models analyze some questions .Hoping to get some result and hoping it can get some for reality.This thesis uses the point of views on internal corporate governance and external corporate governance about commercial banks, analyzes and researches the problems of MBS. Internal corporate governance includes decision mechanism, Signal mechanism, encourage mechanism and supervision and restraint mechanism. This thesis tries to use model, researches the dispose of decision-making authority, and analyzes what we should do about reducing information cost, increasing the enterprise's efficiency. Then, encourage mechanism, analyzing the way how we establish long-term incentives on senior management, make their targets accord the company's. This section analyzes the stock option excitation there, then analyzes the unsuitable excitation on mortgage-broker, to rethink the problem appear on subprime mortgage crisis. Then next chapter is the research of external corporate governance. This section expounds the information disclosure of commercial banks, uses model analyze the signal transmission mechanism between commercial bank and SPV on MBS market. Final, that section establishes two-phase and multistage reputation model and analyzes the Reputation Mechanism between the commercial bank and SPV on MBS market.The determination is:Firstly, establishing accelerated decision mechanism. It is very important for commercial bank to accelerate the management mechanism. The commercial banks should balance the employee's rights and obligations correctly. They should distribute the decision-making authority reasonably. The employees should perform their respective duties, work hard to improve the job knowledge. It can cut the cost, improve the total return. For specialization decision-making, the work should be distributed reasonable .Making the rights and responsibilities clearly, increasing the incentive and improving the efficiency.Secondly, Incentive mechanism is a very important part in the corporate governance. Analyzing the method of incentive, the commercial banks should establish excitation mechanism correctly. Incorrect excitation mechanism makes negative effects; it may bring risk to market. The commercial banks should establish good excitation mechanism. The stock option excitation can make the target consistent with each other. At the same time, the society should adjust the evaluation criterion about managers, and establish better manager market.Next, integrity and strengthening the system of information disclosure is a necessary condition for corporate governance. The earnings of mortgage loans in commercial banks have the effect of Signal transduction. Signal transduction mechanisms can make the Incentive constraint Mechanism perfect. Establishing correct and effective information disclosure can promote corporate governance and the effectiveness. The commercial banks in out country should strengthen information disclosure to promote their self image.Finally, In order to achieve the commercial bank's target, promote the development of MBS market. The reputation mechanism should be pulled in. The reputation mechanism is a well motivational factor.