| Mortgage-backed securitization was one of the most important financial innovations since 1970's. It brought the profound change to the financial system, and enhanced the financial system's efficiency. Mortgage-backed securitization has a large effect on the development of foreign capital market, prospering the capital market. The Chinese construction bank promotes the mortgage-backed securitization successfully in 2005 which symbolized securitization entered to the new course in our country.Through Chinese construction bank MBS research, this article analyzed the questions: what's the structure of Construction bank MBS? Which were the disparities by the way of comparing with the advanced countries? Which were the obstacles between this pattern and our present system? How to overcome them?The article has four parts. The first part summarized the foreign and domestic research conditions about the systemic barriers and the technical barriers comprehensively.The second part analyzed the mortgage-backed securitization's pattern which the Chinese construction bank adopted. Through the character and quantitative analysis, proved that the main purpose to develop MBS at present was not for the commercial banks' mobile risk but. lies in the finance innovates. By way of comparing their difference and identical points, indicated that there were the environmental obstacles, law obstacles and technical obstacles of MBS in China.The MBS of our country had adopted the mode of special purpose trust, so on the basis of comparative study with some developed countries, the third part commented the obstacles existing in SPT mode under our country's system especially. The laws, regulations and current economic environment that we are involved in have been analyzed. Describing with chart method, we analyzed the environmental obstacles, legal obstacles and technological obstacles which hindered the development of MBS. The mortgage market of our country is in small scale, the... |
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