Hence prepayment was often neglected , even advocated . this trend has affected the expected return of the commercial banks . however , empirical studies on default risk and prepayment risk of residential mortgages in china are relatively few 因此,长期以来,因提前偿付而形成的主动违约风险就常常被银行忽视,甚至提前还款还受到银行的鼓励,这种趋势已经在某种程度上影响了银行的预期收益。
The first section introduces the previous experimental research on prepayment , including goldman sachs prepayment model , cg ? model and etc ; the second section analyzes the factors which affects prepayment . the third section introduces some research on the fine of prepayment 本文主要分为四个部分:第一章是文献综述,对住房抵押贷款提前偿付行为的研究成果进行回顾和总结,以期为我国提前偿付行为的研究提供借鉴和帮助。
Emphatically , chapter two makes the pricing analysis of mbs , including the research on the prepayment behavior in the home mortgage , and analyzing the suitable terms , merits and shortcomings of pricing model in the presence of endogenous , actual prepayment 第二章着重分析住房抵押支持证券的定价分析，包括住房抵押贷款中的提前偿付行为的研究以及在内生、实际提前偿付情况下住房抵押支持证券定价模型的适用条件及其优缺点。
Second , research and compare the structure of the mbs cash flow under different prepayment rates . the simulation have following result : cash flows have the characteristic of increasing at beginning and decreasing at some higher level . the difference is that the cash flows increase and decrease quickly and fluctuate fiercely under high prepayment rate , and vice 模拟数据分析结果表明,不同提前偿付下mbs现金流都具有从期初逐步增加,到一定高度后逐步衰减的特点,不同的是,高提前偿付水平下的现金流增加和衰减的速度很快,波动剧烈,而低提前偿付水平下的现金流则表现的比较平缓。
Another critical issue is that related parties needs to know their values presicely and this is the main point of this paper . research of mbs value includes 3 areas : 1 . forast the mbs cash flows according to borrowers ’ different prepayment rate ; 2 . establish mbs risk - prmium interest rate term structure to forcast cash flows . 3 . create decident model to value mbs Mbs价值研究涉及三个方面问题:一、根据抵押贷款借款人提前偿付水平预测mbs未来现金流;二、构建考虑mbs风险溢酬的利率期限结构为预期现金流贴现;三、建立定价模型计算mbs价值。
Because of economic environment , loyal and credit basis is unwholesome , writer suggest that make the domestic asset securitisation in external bond market . so researching the risk of action of international abs is very important . international abs has the security risk , credit risk , prepayment risk and international financial risk 由于资产证券化的交易结构特征，使得它既具有与发行债券相同的证券化风险，又具有独特的信用风险及提前偿付风险，同时由于是跨国运作，还存在着国际金融风险。
