The Study On Asset Securitization In China

As an important financial innovation achievement, asset securitization has obtained widespread application in the developed market-directed economies. Mortgage securitization is the most important financial innovation during the past thirty years; the research on this topic is always a basic research in finance field. Implementation of the MBS is of great significance in reactivating the long-term mortgage assets, increasing capital adequacy rate, and broadening the financial channels, increasing operating income for banks. As a financial innovation products, Mortgage-Backed Securities 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 bank distributed MBS for the first time. In 2007, the Construction bank distributed MBS once more under the American loan crisis. The property securitization product display potential of the expanded in China's development.Recently, there are more and more research on the MBS, but these studies mainly focused on the successful experience of foreign countries, as China's own unique characteristics, we can't just copy foreign policy and regulations. We need to select the appropriate status of China's housing mortgage prepayments prediction model and MBS's pricing model type. Only the appropriate mode can play the best role for finance, banking, capital market and the real estate market. Therefore, the article take "fix the suitable MBS pricing model of China" as the research goal.In this dissertation, firstly the author studies the basic principles of the asset securitization, analyses the connotation of the asset securitization, the main categories of the asset and the operation of the mortgage securitization and the points needed to concern.Secondly, the article discussed the risk and its management of the asset securitization. Reviewed and analyzed theoretically the existing asset securitization pricing models.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 Construction Bank 2007-1MBS, and gave the author's advices.The thesis mainly adopted the followed method to research:case analysis, literature research, data analysis, and so on. Refine author's standpoint on the foundation of research on literature in great quantities. It has certain practical sense because of providing some useful suggestions on the implement of China's MBS pricing.