不良资产证券化理论研究外文文献翻译文档格式.docx
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不良资产证券化理论研究外文文献翻译文档格式.docx
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ChackoG
期刊:
InternationalJournalofAppliedFinancialManagementPerspectives
2016年,第2卷,第3期,31-39.
原文
ThetheorystudyofNon-performingassetssecuritization
Abstract
Thesecuritiesandexchangecommission(SEC)definesassetsecuritizationasanewfinancingtechniques:
thelackofliquidityofassets,inmostcases)arecombinedandtranslatedintoamorefreelyinthecapitalmarketfinancingtooltoissueandsell.Ingeneral,assetsecuritizationisthelackofliquiditybuthasthestablefuturecashflowofassetsasabasis,throughrestructuringandcreditenhancement,availableforinvestmentcapitalmarketsecuritiesissuedawayoffinancing.
Keywords:
Non-performingassets;
Securitization;
Characteristic;
Theorystudy
1Introduction
Sincethe1970s,assetsecuritizationasanimportantfinancialinnovation,inamaturefinancialmarketdevelopmentformanyyears,theUnitedStates,Europe,Japanandsomematurefinancialmarketshavetheassetsecuritizationasanimportantfinancialtool,itsessenceistheissuerwillbeofthefuturecashflowofearningsofthesecuritizationoffinancialassetstransferredtoinvestors,assetsecuritizationbringsthebenefitsofwesterndevelopedcountriesareincreasinglyawareoftheimportanceofassetsecuritization.Intheprocessoftheimplementationofassetsecuritization,withthewesterndevelopedcountriescontinuouslytothedeepeningoftheresearchandpractice,suchashousingmortgageloansecuritization,Banksnon-performingassetssecuritizationisaccompaniedwiththefurtherdevelopmentofassetsecuritization.Inthelate1980s,tosolvetheproblemofbankalotofbadassets,thefirsthasbeensuccessfullyusedinthesecuritizationofnon-performingassetsintheUnitedStates,verysuccessful.Assetsecuritizationasameansoffinancingwiththeadvantagesoflowcost,intensiveattentionbycountrieswithalargenumberofnon-performingassets,inthefullmarketeconomycountries,solvetheproblemofnon-performingassets,assetsecuritizationbecomeoneofthefirstmethod.Itcanacceleratetheassetsturnover,thusspeedinguptheliquidityofassets,speduptheassetdisposalefficiency,todeepenthereformofthecapitalmarketprovidesastrongsupport.Inaddition,thesecuritizationofnon-performingassetsfromthebank,thedevelopmentoftheinternalcause,thebankingsystemsincethedateofbirth,therearetwointernalstructuralcontradictions:
oneistheliquiditystructurecontradiction.Anotheristheinformationofasymmetricinformationstructurecontradiction.Twoinherentstructuralcontradictions,makethebankingindustryhasbeenunderdoublepressuresofcreditriskandliquidityrisk.Witheconomyvirtualizationdegreedeepening,thefinancialimpactontherealeconomystrengthincreasing,creditcardreceivablessecuritizationwithinthebankingsystem,carloansecuritization,etcallkindsofformsofassetsecuritizationhavestartedtouse,theussavingsandloancrisistheproblemofstructuralcontradictionsincreasinglysharpandcomplicated,financialandeventheentirenationaleconomysecurityhiddentrouble.EastAsianfinancialcrisis,theRussianfinancialcrisisandthefinancialcrisisofSouthAmericahavebeenwarningtopeople.Therefore,assetsecuritizationassolvingtheproblemofnon-performingbankassetsandanimportantwaytoreducetheincidenceofthefinancialcrisis,moreandmorehighlightsitsadvantages.
2Literaturereview
Assetsecuritizationdevelopmentsincethelastcenturytonow,fortheinfluenceoftheworldsfinancialincreasinglysignificant,foracountry'
sfinancialstabilityplaysamoreandmoreimportantrole,butdifferentcountrieshavedifferentstandards,thedefinitionoftohimisnotunified.Inmanyrelatedliteratureabouttheconceptofassetsecuritizationhascertaindifferencesinitsconnotation.Tracethesourceoftheassetsecuritizationisaword,itistheAmericanbankerLewisRainerinaconversationfirst,thenthewordmoreandmorepopular.Assetsecuritizationisthemeaningoftheoriginal,enterprisessupportedbytheirownallorpartoftheassetsintheprocessofcapitalmarketfinancing.Itisareplaceoffinancingbankasintermediary.Itincludesenterprisesupportedbyallofitsassetstoissueshares,issuingbonds,andotherfinancingway.Laterwiththedevelopmentofassetsecuritization,itisdividedintophysicalassetssecuritizationassetsecuritization(level)andsecuritizationoffinancialassets(secondaryassetsecuritization),financialassetsecuritization,referstothelackofliquidity,butitispredictableandstablecashflowincomeassetstogether,convertedintocirculationinthecapitalmarketsecuritiesawayoffinancing.
Forassetsecuritizationresearchmainlyconcentratedinthefollowingaspects:
first,assetsecuritizationishelpfultoreducerisk,BenefitsandBerger(1987)withriskallocationmodelprovethatsecuritizationwillhelpdissolvetheenterpriserisk.Second,assetsecuritizationisaneffectivemethodforoptimizationofcorporatecapitalstructure.Skarabot(2002),thecompanymodelisverifiedthroughtheestablishmentofamoreassetssecuritizationisaneffectivemethodforoptimizationofcorporatecapitalstructure.Third,therelationshipbetweeninformationasymmetryandassetsecuritization,suchasGreenbaumandThakor(1987)establishedsignalmodelresultsshowthatthereisinformationasymmetryandnogovernmentintervention,bankwillhigh-qualityassetssecuritization.
3Thebasictheory
3.1Theconcept
Non-performingbankassetsecuritizationisasetofbadassetsloansorlessliquidassets,throughassetintegrationprocessing,inthefuturehasapredictableandstablecashflowincome,afterinsuranceinstitutionsofcreditguaranteeatthesametime,improvethereliabilityofassetsafterconvertedintocirculationinthecapitalmarketsecuritiesawayoffinancing.
3.2Features
Non-performingbankassetsecuritizationisakindofimportantfinancialinnovationofthe20thcenturytool,comparedwithotherfinancingwayhasitsowncharacteristics.
Firstly,theselectivityofassets
Tosetupassetpool,thecoreofassetsecuritization,namelytotheassetpoolofassetstochoose,notdebtenterprisealltheassetsortheissuercanenterpool,especiallyfullofbadcredit,hollowisresolutecan'
tintothepoolofassets,onlythosewhoarepredictable,canproducestablefuturecashflowofassetscanenterpool,investors'
investmentinthefuture,namelythefullamountofprincipalandinterestbacktoprovidesecurity,toensurethenormaloperationofnon-performingbankassetsecuritization,andotherwise,ifthepoorqualityassetsintothepool,interruption,cannotmaintainregularpaymentstoinvestors,theoperationofnon-performingbankassetsecuritizationwillbehindered,unsustainable.Soassetschoiceofnon-performingbankassetsecuritizationoperationhasacrucialeffect,thestandorfallofassetselectiondirectlydeterminesthesuccessorfailureofsecuritization,itisthecoreelementoftheassetsecuritization.
Secondly,assetssourcedispersion
Thesourceofthepoolingofassetshasthecharacteristicsofscattered,itisnotlikeorallofthelistedcompaniesaretheassetsoftheenterpriseitself,andassetsecuritizationintothepoolofassetscanbeapartoftheenterpriseproperty,canalsoistheenterpriseofallassets.Atthesametimeintothepoolofassetscanbedispersedinaplace,canalsobescatteredinmultipleregions,alsocanbeathome,alsocanbeassetsabroad.Dispersiveoftheassets,canavoidtheriskofregional,suchdoingcanpreventoverallbadassets,suchasaplaceofbadassetsdoesnotaffectotherpartsofthequalityofassets,iftheproportionofassetsagainsmall,thereislittleinfluenceontheoverallassets.Issuerswillcomefromdifferentpartsofassetsintegration,filteringandelaboratefilter,andhomogenousassetstobundleandpackage,throughtheseassetsascollateraltosupporttheissuingbanknon-performingassetssecuritizationproducts.Assetsourcedispersionistheobjectiverequirementofnon-performingassetssecuritization,onlytodosoislikelytoformacertainscaleofmanykindsofsimilarassetstosupporttheissueofsecurities.
Thirdly,thedivisionofassets
Assetsofsegmentationisoneoftheimportantcharacteristicsofnon-performingbankassetsecuritization,thedivisionofassetsisthepoolingofassetswiththeoriginaldebtassetstobeisolated,reachthelegalrecognitionoftheactualsales,afterthedebtenterprisesevenbankruptcyliquidationtoparticipateinthesecuritizationofassetshasnorecourse.Inordertoachievethesmoothprogressofnon-performingbankassetsecuritization,theremustbetheintroductionofaspecialagencytoexercisethefunction,theestablishmentoftheSPV(specialpurposevehicle)justtosatisfythefunctionalrequirements,itisanoperatingassetssecuritizationindependentagency,isanindependentcorporatebody,notparticipateinthebusinessofhasnothingtodowiththeassetsecuritization,SPVsuchinterventionisessentiallyhavetheeffectofthefirewall,investorscanfocusonintothepoolofassetsquality,don'
thavetobecarefuldebtenterprisemanagementsituationandthebankruptcyliquidation.Onlyintothepoolofassetstotakerisks,andatthesametimeitsrevenues.Assetisolationplayedarealdebtcompaniesandinvestorsofthedivisionofrightsandinterests,promotethesmoothprogressofnon-performingbankassetsecuritization,itisthenecessarylinkofbanknon-performingassetssecuritization.
Fourth,thereliabilityoftheassets
Banksno
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