提前偿付风险极大地影响着住房贷款证券化的定价和运作，因此国外对该方面的研究投入了大量的精力。

Prepayment greatly affects the mortgage securitization. There are many researches in this field abroad. Currently our banks are also bothered by the increasing prepayment behavior.

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克洛斯说，中国药品分销商面临的偿付风险较低，因为他们主要通过社会福利体系收回资金，不过付款条款远比美国复杂。

Reimbursement risk in China is low, as distributors are paid mostly through the social welfare system , although payment terms are far more drawn out than in the U. S. , Mr. Close said.

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本文的创新与特色一是提出了基于期权调整持续期的银行资产负债组合优化原理，避免了资产与负债中的隐含期权给银行带来提前偿付风险。

The first innovation and characteristic of this paper is that it introduces the theory of controlling embedded-option risk of the asset-liability management base on the option-adjusted duration.

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