A Study On Risk Management Of Mortgage-backed Security Of Housing Provident Fund

Since China's asset securitization business pilot restarted in September 2012,many relevant products entered the high-speed expansion channel,especially a few which are encouraged by the government,for example,Housing Provident Fund loans asset securitization and PPP project usufruct asset securitization grew rapidly after deregulation.Notably,Housing Provident Fund asset securitization is good at improving the efficiency of capital turnover,but it can also magnify the financial leverage,which leads to the rise of financial risks.Therefore,it is of great practical significance to study the risk management of Housing Provident Fund asset securitization.Based on a large number of domestic and foreign literature,this paper reviews the theories of credit asset securitization.Firstly,this paper elaborates the concrete process and the transaction structure of Housing Provident Fund asset securitization;secondly,this paper does detailed statistics of Housing Provident Fund asset securitization products issuance and analyzes the current situation of China's asset securitization;thirdly,this paper divides the risks of fund asset securitization into four categories,including fourteen kinds of risks in total,and introduces AHP method which is widely used in risk control process of asset securitization and the basic principle and application process of grey system theory respectively;finally,taking the Wuhan Housing Provident Fund Center "16WuPF 1" as an example,the paper analyses the issuing environment and relevant risks of "16WuPF 1" in depth.With AHP method,this paper gets all risk weights at first,and then calculates the overall risk assessment value by using grey system theory.The results of the final study found that the liquidity risk risk,the default risk arising from the credit shortage,the interest rate risk caused by the volatility of the money market and the economic risk of the macroeconomic downturn were the most positive,Therefore,the Housing Provident Fund Center should focus on the prevention of liquidity risk,default risk,interest rate risk and economic risk.In view of the above results,this paper puts forward some suggestions about establishing risk prevention measures,improving the social credit system,standardizing the information disclosure and promoting the relevant legislation.