由于银行负债的短期流动性与资产的长期运用存在深刻矛盾,以住房抵押贷款证券化为代表的债券应运而生。先后出现了SCFY模型,SS模型及OAS等经典模型。本文以上面几个模型作为研究对象,比较其优缺点,寻找出适合中国现行模式下的定价模型。 Due to the deep contradiction between the short-term liquidity of bank liabilities and the long-term use of assets, the bonds represented by the mortgage-backed securities have emerged. Has emerged SCFY model, SS model and OAS and other classic models. In this paper, the above several models as the research object, compare their advantages and disadvantages, find out the pricing model suitable for China’s current model.