The Optimized Research Of Residential Mortgage-Backed Securitization Pattern In China

Residential mortgage-backed security is the earliest type of the asset-backed security,which has the larger proportion in asset-backed security market.RMBS business needs a complete set of institutional arrangements and a series of operation support.RMBS business reflects a higher level of development of financial markets and promotes the further perfection and development of financial markets.At present,China's real estate market is active and its proportion of individual housing loans is growing constantly.The research of residential mortgage-backed securitization in China can not only enrich the financial market structure,but also defuse financial market risk.Since the restart period of residential mortgage-backed securitization in China,the pattern which requests commercial banks play the originator and the trust company issue RMBS,is the same as the former pattern.The optimized research of residential mortgage-backed securitization pattern in China is conducive to RMBS market in China,and it can promote the connection of monetary market and capital market,it can prevent the financial risks and carry out governmental intentions.This paper adopts the knowledge of modern financial theory,econometric theory,game theory and other related disciplines.This article which mainly using the method of comparative analysis and empirical research,is divided into five chapters.The first chapter introduces the related concepts and basic background firstly in this paper,describes overall pictures of asset-backed securitization and RMBS.This section describes the related research results all over the world,the ideas of article,innovation and inadequacies.Chapter 2 analyzes the characteristic of the residential mortgage-backed securitization pattern.This section analyzes problems of the residential mortgage-backed securitization pattern under the comparison of RMBS's general pattern.Chapter 3 divides the residential mortgage-backed securitization pattern into three parts according to operational process,which include the part of selling fundamental assets,the part of SPV and the part of selling RMBS.This chapter gives a concrete analysis in the optimization of residential mortgage-backed securitization pattern by stages,and then choose the important part of pattern optimization.Chapter 4 conducts an empirical analysis on the concrete optimization of residential mortgage-backed securitization pattern by stages,based on the optimized research.This section establishes quantitative analysis model of the factors that influence the prepayment behavior,compares the advantages and disadvantages of different kinds of special purpose vehicle by game theory model and analyses RMBS product types and degree of credit enhancement from the point of view of institutional constraints and cost.Chapter 5 summarizes the analysis result of the fourth chapter.On the basis of research results,this section puts forward specific suggestions on the optimization of residential mortgage-backed securitization pattern in China and the specific operation process and relevant supporting system.