Research on the Pricing of China MBS under the Condition of Interest Rate Liberalization

作为金融领域的重大创新之一，住房抵押贷款支持证券(Mortgage-BackedSecuritization，MBS)在我国兴起十多年来，不仅盘活了存量资金，也为资本市场注入新的活力。近年，我国利率市场化的基本完成也为MBS业务提供了资金动力，使其进入常态化。产品定价作为MBS发行的关键环节，它的合理与否直接关系着资产证券化产品能否顺利发行与交易。 国外MBS发展较早，已经形成较成熟完善的定价体系。我国MBS业务尚处于发展阶段，定价的相关研究主要集中在发展障碍、政策建议的理论分析方面，缺乏具体针对我国市场环境特点、产品发展水平和居民消费习惯的实务操作研究。因此，本文将MBS相关理论和已发行产...As one of the most important innovations in financial field, Mortgage-backed securitization (MBS) liquidizes remnant assets and brings new vigor and vitality into capital market in China. At the same time, the accomplishment of market-oriented reform of interest also provides the funds and the incentives to MBS. As the key factor of the MBS issuance, the reasonable pricing method is vital to the i...学位：经济学硕士院系专业：经济学院_金融学学号：1562013115207