Along with the reform progress of our country housing system continuously quicken , the demand of the housing mortgage will quickly increase , this will make our country financing institution ' s short - term funds be used by long - term loan contradiction and funds missing problem quickly appear , and now this kind of condition has appeared in some regions of our country , the housing mortgage securitization to be used as a good the path of solution is very much deserve we to go deep into research 随着我国住房制度改革进程的不断加快，住房抵押贷款的需求量将快速增长，这必将会使我国金融机构“短存长贷”的矛盾和资金短缺问题很快凸现，而且目前我国一些地区这种状况已经出现，住房抵押贷款证券化作为一条较好的解决途径非常值得我们进行深入细致的研究。本文通过借鉴典型国家和地区住房抵押贷款证券化的经验，结合我国的现实状况，提出了我国当前实施住房抵押贷款证券化的策略。
Then i make a detailed comparison of relevant laws , taxation and accounting problem between china and foreign countries . chapter four designs a simple framework for issuing mbs in shanghai . on account of china ' s background , it provides flow of mortgage securitization , product design and price model 第四章立足改革实践，提出在上海市率先发行mbs的具体设想，包括对我国住房抵押贷款证券化流程的设置、对我国住房抵押贷款证券品种的选择以及对我国住房抵押贷款证券定价模型的构建。
This paper , using the experience of the typical nation and region about housing mortgage securitization , joining together the realistic condition in our country , putting forward the strategy of developing housing mortgage securitization in our country now . the article is divided into four parts : part one : introduce the related theories about the housing mortgage securitization , including the content of housing mortgage securitization , the participants , concrete operation procedure , the financial tool , and point out the realistic meaning that our country promote . part two : analyze the background and the motive that world housing mortgage securitization , choose the typical model nation and region such as the united states , canada , hong kong to proceed the comparison , and get some experiences and apocalypses from it 文章分为四个部分：第一部分：首先对住房抵押贷款证券化的内涵、涉及的参与者、具体运作程序以及使用的金融工具等与住房抵押贷款证券化相关的理论进行了介绍，其中着重对抵押贷款传递证券、抵押贷款支持债券、抵押贷款转付债券、抵押担保证券等目前国外规模较大的四种住房抵押贷款证券进行了较详细的介绍，然后指出我国目前推行住房抵押贷款证券化无论是从商业银行和投资者等微观主体的角度还是从住房产业和资本市场的发展等宏观角度来看都具有非常重要的现实意义。
This article analyzes the international trend of securitization of housing mortgage loan and the conditions of developing mortgage securitization in china in the current phase , and also proposes the author ' s own viewpoints on process installment , security designing , security price , risk guarding , etc . this article is divided into five chapters 本文将从分析住房抵押贷款证券化的国际发展趋势入手，对我国现阶段发展住房抵押贷款证券化的条件进行了科学分析，并对我国住房抵押贷款证券化的流程设置、证券设计、定价模型和风险防范等提出了自己的观点。
In chapter three i analyse the four difficulty of issuing mbs in china , which is the emphases of my paper . firstly with the character of mortgage securitization , i give some ideas about spv ; secondly i make a detailed study on the weighing measures of prepayment , its influencing factors , and its meaning for the cash flow of mbs . thirdly i introduce some ways about how to fix a price of mbs , the preparation of the building and development of the secondly market 第一节结合住房抵押贷款证券化的特点对spv的确立提出具体设想；第二节详细研究了提前还款行为的衡量方法、影响因素及对mbs现金流的作用；第三节介绍了mbs的定价原理，为我国建立与发展抵押贷款二级市场作出准备；第四节将我国与住房抵押贷款证券化相关的法律、税收和会计问题与国外进行了详细的比较。
