| As a financial innovation, MBS has been widely used for structural finance in international banking since 1970',and played an increasingly important role in financing. Because SPV (Special Purpose Vehicle) is the core institution of MBS and the determinant factor in MBS operation, this paper concentrates on the discussion of the issue of SPV's mode.This paper is divided into four chapters. The first chapter is introduction. It points out the core issue of this paper. The second chapter is devoted to the fundamental theories and major characteristic relating to MBS. The third chapter analyzes the current development and obstacles of MBS of China. Then it discusses feasibility of different mode of SPV given China's condition. There are two kinds of mainstream opinions about this issue. This first is the mode of in-sheet securitization; the second is off-sheet securitization. To compare the difference of the two modes and consider China's condition, this paper purposes that China should take in-sheet securitization in the short time and shift to off-sheet securitization in the foreseeable future. The fourth chapter presents some proper suggestions in terms of China's obstacles to MBS.This paper emphasizes on the role of government's positive role in supporting development of MBS. As a matter of fact, China is still in starting stage of MBS. There are so many obstacles to development of MBS China is facing with. For example, under-development of financial market, the lack ofsocial credit status, the obstacles of taxation and accounting arrangement. By example role of government institutions,MBS can decrease cost of securitization and attract non-governmental institutions to enter this field. |
