论文部分内容阅读
由于住房抵押贷款证券化过程中独有的内生性风险—提前偿付风险的存在,致使基础资产的预期现金流难以确定,从而导致对资产支持证券难以进行合理而准确的定价。为了能够准确预测现金流而对资产支持证券进行合理定价以保障住房抵押贷款证券化正常运行,本文从提前偿付风险的基本内涵出发,分析了提前偿付行为造成的不良影响及促使其发生的种种因素,提出了提前偿付风险管理的策略与方法。
Due to the inherent endogenous risk of mortgage-backed securitization, the prepayment risk, the expected cash flow of the underlying assets is difficult to be determined, which makes it difficult to reasonably and accurately price the asset-backed securities. In order to accurately predict the cash flow and to reasonably price the asset-backed securities in order to protect the normal operation of the mortgage-backed securitization, based on the basic connotation of the prepayment risk, this paper analyzes the adverse effects caused by the prepayment and various factors , Put forward the strategy and method of prepayment risk management.