目前对我国MBS(住房抵押贷款证券化)的探讨多停留于概念内涵、操作流程、工具定价、市场作用等方面,并存在对于其可行性、发展前景、金融市场影响等方面过分乐观的倾向,而对其潜在风险估计不足。虽有文章从违约、提前还贷等个别角度进行过风险分析,但全面系统的理论文章较少。尤其近期发生在美国等发达国家的次级贷款危机,更为尚处于“襁褓”中的中国MBS市场敲响警钟。本文从原生产品市场风险、借款人风险、宏观市场风险等三个角度详细加以论述,并提出相关的政策性建议。 At present, the discussion of MBS in our country mostly rests on the concept connotation, operation flow, tool pricing, market function and so on, and tends to be overly optimistic about its feasibility, development prospect and financial market influence, While underestimating its potential risk. Although articles have carried out risk analysis from individual point of view, such as default and loan repayment in advance, there are fewer systematic articles in a comprehensive system. In particular, the recent subprime mortgage crisis in the developed countries such as the United States and the more so in the “MBS market” sounded an alarm in China’s MBS market. This article elaborates in detail from the perspectives of primary product market risk, borrower risk and macro market risk, and puts forward relevant policy recommendations.