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一项有关日本不良贷款证券化问题的解决方案【外文翻译】

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外文翻译A Proposal for The Japanese Non-Performing Loans Problem：Securitization as a SolutionMaterial Source: Journal of Property Investment & FinanceAuthor:Kay Ellen Herr Goe Miyazaki Japanese banks continue to suffer from the aggressive loans made during the“bubble” era.Despite the fact that a large proportion of these loans has turned into non-performing loans,many Japanese banks have been delaying the recognition of such non-performing loans until recently.Unlike the U.S.banks,which quickly wrote-off their non-performing loans in the early 1980s,none of the Japanese banks wrote off their non-performing loans until Sumitomo Bank took the lead in March 1995.Since then,top Japanese banks have begun to write off non-performing loans, voluntarily following Sumitomo,albeit with strong pressure from the investment community.The main reasons for the Japanese banks’hesitance to write-off non-performing loans can be attributed to the following:(a)The Ministry of Finance’s indecisiveness in recognizing and addressing the non-performing loan problem.(b) The Japanese tax system does not permit tax deductions for write-offs.(c) Insufficient capital for banks to write-off the loans.In order to address the second issue,many academics as well as industry participants have been lobbying to change the tax laws to permit tax-deductions for write-offs.The Bank of Japan addressed the third point in 1995 by increasing the nation’s money supply in order to lower interest rates,a move that increases the net interest income of Japanese banks due to larger spreads on loans(see Exhibit A–the Japanese Interest Rate Level and Exhibit B–Net Interest Income of Japanese Banks).In this environment,many banks were able to generate sufficient profits to write off non-performing loans(Exhibit C–Provisions for Doubtful Debt and Exhibit D–Operating Profits of Japanese banks).Despite this favorable operating environment for the banks,the quality of Japanese banks’assets continued to deteriorate and the international cap ital markets started to charge a “Japan premium”on inter-bank loans.In addition,the depreciation of the Japanese yen made it increasingly difficult for Japanese banks to comply with the Bank of International Settlement’s capital-adequacy ratio as the depreciation ofthe yen increased the value of their overseas assets and liabilities.This also increased their reluctance to provide loans to small and medium-sized companies that were fully dependent on financing from their main bank.The increasing number of bankruptcies,as well as the collapse of Hokkaido Takushoku Bank in November 1997, illustrated the seriousness of the non-performing loan problem,which is currently estimated to exceed$1 trillion.Over the past 12 months,the Japanese government has enacted laws to use public funds to purchase preferred stock of Japanese banks in order provide the banks with the much-needed capital to write off additional non-performing loans.The Resolution and Collection Corporation(“RCC”), an agent established to purchase loan assets and to collect the debt,has been expanded to purchase non-performing assets from Japanese banks.However,we believe that securitization is the most efficient way to ease the non-performing loan problems in Japan.Benefits of SecuritizationSecuritization is an attractive option for Japanese banks and non-bank finance companies. For Japanese banks plagued by non-performing loans,securitization,or specifically collateralized loan obligations(CLOs),represents an opportunity to reduce bad loans on the balance sheets,enabling them to meet the Bank of International Settlements capital-adequacy ratio.When loans are held and not securitized,Japanese banks must retain capital equal to 8%of the portfolio.However,by removing loans from the banks’balance sheets through CLOs,the capital requirement falls to the level of equity retained by the bank.For example,if the bank retains a 3%equity stake in the CLO,then the capital requirement is only 3%(100%of the 3% equity stake)instead of the 8%required by BIS standards.For non-bank finance companies, many of which have been squeezed by the banks’lowered appetite for risk,securitization offers the opportunity to obtain necessary financing.With the appropriate structure,securitized deals can obtain higher ratings than the originator’s rating,resulting in lower funding costs (see Exhibit F–Japanese Bank Ratings). Furthermore,securitization transfers the risk of catastrophic loss from the originator to the investors,limiting the potential loss of the originator to the retained interest or credit enhancements.As a result,securitization of assets,from loans to credit card receivables,has been booming in Japan.A Tokyo-based lawyer recently remarked that“There are three growth industries in Japan:funerals,insolvency and securitiz ation.”Restrictions in JapanDespite its attractiveness,especially for banks and non-bank finance companies, securitization remains an underutilized tool in Japan.Although foreign investment banks have established departments to promote securitization,and banks such as Fuji Bank and Sumitomo have set aggressive targets for reducing balance sheet assets through securitization,the number of deals actually completed remains relatively small.This is undoubtedly due to the significant legal,tax,and cultural restrictions and limitations existing in Japan;we discuss each of these in the following sections.LegalWithin the last year,the Japanese legal system has become increasingly encouraging for securitization.The 1998 repeal of the Susshi-ho law,which had prevented non-bank finance companies from securitizing loans,increased demand for securitization in Japan.The Ministry of Finance enacted the SPC Law in March 1998,which facilitated securitization by reducing the capital requirement necessary to establish a company from Y10 million to Y3 million and by waiving the 50%corporation tax.This law facilitates the formation of onshore Special Purpose Companies(“SPC”)for securitization.The Law Relating to the Regulation of Business Concerning Specified Claims,Etc.(the MITI Law),a 1993 law issued by the Ministry of International Trade and Industry(MITI)was introduced to facilitate securitization in Japan.This law,which applies to“specified claims,” including lease receivables,credit card receivables,receivables under installment sales contracts, and auto receivables,allows the use of public notice to perfect an assignment of receivables, allowing ABS to be issued as small-lot claims to investors.However,such asset-backed bonds and commercial paper were not defined as securities, resulting in illiquidity.As a result,despite the legality of such transactions,little demand materialized.To resolve this,legislation in April 1996 defined asset-backed bonds and commercial paper as securities,allowing their issuance in the domestic market and facilitating the trading of these issues.The first securitization capitalizing on the law was not done until August 1997 when ING Barings brought a deal for Jumbo Asset Finance,a Cayman Islands SPC.Despite the legality of securitization and the steps toward creating liquidity,significant barriers remain.Due to the relatively low credit ratings of banks such as Dai-Ichi Kangyo,Fuji, Sakura,and Sumitomo,securitization without true sale is impracticable if not impossible. However,due to Japanese legal restrictions,which require the notification of obligors for loan assignments,true sale is cumbersome,asJapanese banks hesitate to notify the debtor of the assignment due to relationship purposes.TaxCritical tax issues associated with cross-border securitizations include ensuring that securities issued in securitizations constitute bonds and not loans.Under Income Tax Law articles 161 and 212,bonds will be treated as loans if only a few investors hold them or a few investors hold a substantial amount of the principal;in this case,any interest paid to foreign investors will be subject to Japanese withholding tax.A critical issue for both tax and accounting purposes is ensuring that the transfer of assets from the originator to an independent third party is treated as a sale.To ensure this treatment, the following conditions must be met:(a)Intent,of both the originator and the SPC.(b)Perfection,which must comply with Japanese law.(c)Pricing.Consideration given to the SPC must represent fair market value of the assets transferred.(d)Repurchase.Extensive rights of repurchase may result in the classification of the transfer as a secured borrowing instead of a sale.The Ministry of Finance adopted favorable tax changes to the SPC Laws,effective September 1,1998,which promoted the formation of SPCs.These included reductions of real property,registration,and acquisition taxes imposed on property transfers to SPCs,reductions in registration and license taxes for SPC establishment,and a deduction for divi dends paid if at least 90%of the SPC’s earnings are distributed to the SPC’s shareholders.The creation of REITs would also improve the non-performing loan problem and create much needed liquidity in the real estate sector.However,under Japanese tax law,REITs would be subject to double taxation.Investors in Securitized LoansRecent articles in the popular press indicate that demand for Japanese distressed loans exists.U.S.finance companies such as Goldman,Sachs&Co.,Morgan Stanley Dean Witter& Co,and GE Capital Corp.have been purchasing distressed loans for the past few years.More recently,however,hedge funds have entered the market.Cerberus Capital Management,with approximately$4 billion under management,is attempting to raise$1 billion for funds that will target distressed loans in Japan.According to a recent Wall Street Journal article,Cerberus is buyingcommercial and industrial loans at 5 to 10 cents on the dollar.Proposed Structure for JapanAn advantage of a Brady type structure for Japan would be a reduction in cost.Since the rating agencies rate Brady Bonds at the sovereign ceiling,the bailout of the Japanese banks would be financed at the borrowing rate for Japan,not the higher borrowing rates required in private sector securitizations.Similar to the Brady Program,the Japanese plan should include mandatory structural adjustments to the banks,such as those currently required for banks that accept public funds as capital infusions.The Optimal PlanDespite the restrictions imposed on the banks that accept funds,the infusion of public funds is essentially a direct subsidy to the banks.The decision to use public funds to purchase the preferred stocks of Japanese banks faced strong opposition among politicians,leaders of various economic organizations,and the Japanese people as it was the second time in a short period of time that public funds were used to“bail out”Japanese banks.In 1995,jusen(the Housing Loan Corporation,a non-government entity)was liquidated using public funds.Despite the government’s reluctance to use public funds to rescue banks again,the Kinyu Kino Soki- kenzenka-Ho law was passed in October 1998 to encourage bank lending to small and medium- size companies to prevent the Japanese economy from sinking further into a recession.The benefits of this scheme are that it:(a) Enables banks to remove the Loans from their balance sheet;(b) Provides banks a tax benefit(simply writing off the Loans does not provide a tax benefit);(c) Relieves the government from using public funds to subsidize the banks,and thus avoids the accusation that the government is giving too much preferential treatment to banks.ConclusionOur scheme is certainly feasible.The largest benefit is that it enables the banks to remove the non-performing loans from their balance sheet.The removal will relieve the capital used as reserve for the potential loss of the non-performing loans.The next benefit is the tax- benefits for the banks,which are not available by simply writing off the loans.Our scheme does not require additional capital to be raised from the government through the issuance of preferred stocks;thus,the bankswill be less restricted by the guidelines imposed by the Financial Supervisory Authority.Finally,it avoids an immediate sale of real estate properties,thus,it would minimize the downward pressure on the Japanese real estate market.Private sector securitizations such as Sumitomo Bank’s Aurora Funding have been completed,despite the obstacles.We expect banks that can securitize their assets on their own to continue to do so.Our scheme,on the other hand,is targeted more towards those banks that have not yet securitized their assets–either by choice or due to lack of ability,and select regional banks that are in need of such program.We propose pooling the Loans in order to diversify the risk and thus,decrease the cost of such a transaction.The main obstacle to our scheme is leadership.It is unlikely that any major bank will lead such a scheme beyond their corporate group(Keiretsu).On the other hand,it is unlikely that the Ministry of Finance will initiate such coordinated efforts for fear of appearing to be giving preferential treatment to banks. Therefore,we suggest involving politicians who can influence both individual banks as well as the bureaucrats at the Ministry of Finance to consider our scheme.一项有关日本不良贷款证券化问题的解决方案资料来源:财产投资理财期刊作者：凯艾伦先生，宫崎骏日本银行继续遭受在“泡沫”时代所取得的积极贷款。

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资产证券化【外文翻译】

资产证券化【外文翻译】

外文翻译原文Securitization of Financial Assets: Approximationin Theory and PracticeMaterial Source:http: Computational Optimization and Applications，2004Auther: Renata Mansini and Ulrich Pferschy1. Introducing ABS and amortization variantsAsset-Backed Securitization (ABS) is a financial tool which allows financial institutions (usually commercial banks) to move unmarketable assets (e.g. lease assets, mortgage assets or commercial papers) from their balance sheets in exchange for a long term loan which can be ploughed back into more profitable investments.More precisely, the financial assets are converted into bonds (so called notes) and the proceeds of their market issuance become a long term loan for the assets owner (the originator). We will look at the ABS operation mainly from the point of view of this financial institution.Our analysis will concentrate on the critical phase of the ABS operation avoiding to describe in detail the role of some of the participating operators, such as banks and insurance companies, which provide the credit protection (risk hedging) of the operation. It should be noted that the issue of credit protection is an interesting research topic in itself. However, the corresponding features such as credit guarantees and cash flow riskiness are beyond the scope of this paper.In an ABS, the assets are sold by the originator to a special purpose vehicle (SPV), an institution created solely for that purpose. The SPV funds the purchase through issuing debt securities—the notes—which are collateralized by the assets. Note that the assets transfer is a true sale. Thus, if the originator becomes insolvent or is involved in bankruptcy the transferred financial assets will not be part of the bankruptcy assets. This makes the notes an interesting investment opportunity. In a pass through payment scheme the final investors who buy these notes receive periodic inflows (interests on their investments). These are directly related to the periodic installments paid by the holders of the assets (e.g. lessees or mortgage holders) to the originator (e.g. the lessor). Using the ABS structure the originatorbypasses the problem of an impossible outright sale of its assets and thus reduces its overall exposure to them. For instance, lease or mortgage contracts which tie up the capital of leasing companies can be moved into notes. This replacement of illiquid assets improves the return on equity (ROE).From the point of view of the originator, an ABS allows the achievement of three mainfinancial objectives:1. Replacement of the assets in the balance sheet, thereby improving ROE and allowing (if the originator is a bank) a more flexible keeping of the asset/liability composition constraints imposed by the control authorities (i.e. the Central Bank).2. Diversification of fund sources. Although the originator may be low rated, its notes usually get a higher rating (e.g. AAA) due to the presence of banks and insurance companies which guarantee the whole operation. This implies that such notes can be dealt on the main financial markets allowing the originator to reach markets whichwould otherwise be unaccessible for him since attended only by more established companies.3. Higher rated notes are more reliable investments and thus are allowed to pay lower interest rates to holders. If the cost to get a higher rating is lower than the saving obtained by issuing notes with higher rating, then the global cost to acquire funds decreases. Let us assume that an institution with a BB rating can get money at a rate such as Libor (London interbank offering rate) plus 150 basis points. Such an institution, as originator,may decide to pay an additional 100 basis points to get credit warranties1 and be able to issue notes with rating AAA at the cost of Libor plus 10 basis points. In this case an ABS will produce a saving on interest rates of 40 basis points. This situation applies in practice, since there is no efficient market for the underlying assets.The interest in this financial operation drastically increased in the last years all over Europe. In Italy, one of the most recent and relevant ABS has been performed by the public institutionin charge of the management of the social security system, i.e. the Istituto Nazionale della Previdenza Sociale (INPS). This operation has allowed INPS to move delinquent contributions from its balance sheet. Other transactions of this type took place in the area of public housing agencies.Many papers dealing with ABS from a modelling point of view have appeared in the last few years. Since an extensive review is beyond the scope of this paper we will only mention the papers by Kang and Zenios [6, 7] and by Mansini andSperanza [12, 13] and refer to the references given therein. For a better insight in the complex problem of securitization we suggest the textbooks [3, 5, 15].In particular, motivated by the analysis of a real-world case, Mansini in [11] and then Mansini and Speranza in [12] have studied the problem of optimally selecting the assets to refund the loan. In their case only lease assets are considered, although many other types of assets have the same basic characteristics. In their paper the outstanding principal of the assets is computed based on constant general installments (the so called French amortization). The resulting problem of selecting assets at a unique date can be modeled as a d-dimensional knapsack problem, which is hardly tractable by exact algorithms but is typically solved by constructive heuristics (see e.g. [1, 16]) or metaheuristics (see e.g. [2, 4]). The authors also show that in the special case where all lease assets share the same financial characteristics (amortization rule, internal interest rate and term) all but one constraint turn out to be redundant and hence the model reduces to a classical 0–1 knapsack problem (KP), which is relatively easy to handle (cf. [8, 9, 14]). See [10] for a general introduction to knapsack problems. Their work does not take into account the occurrence of a different rule for the asset amortization. In many practical applications (both for lease and mortgage contracts) the customers receiving the assets choose to pay back their debt by constant periodic principal installments (the rule is known as Italian amortization). Up to now this common rule has been totally ignored in models formalization.The objective of this paper is twofold. First of all we innovate with respect to previous modeling approaches by introducing a general model to select financial assets at multiple dates. The motivation derives from the practical need of finding alternative and possibly more effective formulations for the problem of asset selection in ABS to achieve a better utilization of the long term loan. Secondly, we analyze the frequently encountered practical case in which the assets (lease or mortgage contracts) are paid back by constant periodic principal installments (Italian amortization rule). In this way the paper aims to provide the analysis of an alternative amortization rule available in practice as well as the development of better tools for the institutions responsible for the planning and management of ABSs.Before defining the newmodel we should give a more detailed sketch of the ABS process.To help the reader in visualizing and better understanding the structure of an ABS process the following description is summarized in figure 1. The SPVissues notes on the financial market receiving funds from institutional investors who purchase the notes and hold them until maturity subject to the availability of acceptable short-term financing. The proceeds obtained by the notes’ issuance are used by the SPV to make revolving purchases of the unrated assets from the originator. The latter receives a long term loan which is payable solely by assets. In particular, the originator has to select the assets to be handed over for the loan reimbursement. These assets are “converted into” the notes issued by the SPV.The assets which are included in an ABS process have to be selected in a way such that the sum of their outstanding principals never exceeds the outstanding principal of the received loan (from now on simply the main outstanding principal) at any point in time.Now in order to maximize the financial gain of the operation the critical problem for theoriginator consists of minimizing the gap between the main outstanding principal and theoutstanding principal of the selected assets over all points in time. This gap constitutes aloss of profit due to missing more profitable investments with higher yields.Actually, the area of the main outstanding principal covered by the sum of outstandingprincipals of the handed-over assets yields a return for the originator (e.g. the lessor)depending on the difference between the percent interest rate per year (say α) that the originatorgot from its customers (e.g. the lessees) and the lower percent interest rate (say β)paid to the note holders. If the sum of the outstanding principals of the selected assets has aglobal reimbursement profile which decreases more rapidly than that of the main outstandingprincipal, then the originator gets funds from its customers in advance with respect tothe deadline at which it should pay the capital installment to the SPV. Such funds have to bereinvested in some predefined type of investments indicated in the ABS agreement. Theseinvestments last for a brief period (from the date in which they are available to the followingdate of reimbursement for the main loan) and usually yield a very low interest rate (say γ> 0). Given the rate βpayed for the notes it frequently happens that γ−βis close tozero and may also be negative involving a loss for the originator. This justifies the interestin minimizing the gap between the two profiles and stresses the importance of studyingalternative shapes for the outstanding principals which allow the sum of the outstandingprincipals of the assets to better fit the main outstanding principal.Another important aspect in an ABS process is the risk of assets prepayment (cf. Schwartzand Torous [18]). A decline in interest rates may cause an earlierrepayment of the outstandingprincipal to the originator by some of the lessees. Clearly, such a prepayment decreasesthe sum of the outstanding principals of the assets and hence has a negative effect onthe value of the objective function over time since the gap towards the main outstandingprincipal increases.译文资产证券化资料来源: Computational Optimization and Applications，2004作者：Renata Mansini and Ulrich Pferschy资产证券化（ABS）是一种金融工具，它允许金融机构（通常是商业银行）交易不动资产（如租赁资产，资产抵押或商业票据），以换取他们的资产负债表的长期贷款，可以得到更有利可图的投资。

不良资产证券化理论研究外文文献翻译

不良资产证券化理论研究外文文献翻译

外文文献翻译原文+译文文献出处作者：Chacko G期刊：International Journal of Applied Financial Management Perspectives2016年，第2卷，第3期，31-39.原文The theory study of Non-performing assets securitizationChacko GAbstractThe securities and exchange commission (SEC) defines asset securitization as a new financing techniques: the lack of liquidity of assets, in most cases) are combined and translated into a more freely in the capital market financing tool to issue and sell. In general, asset securitization is the lack of liquidity but has the stable future cash flow of assets as a basis, through restructuring and credit enhancement, available for investment capital market securities issued a way of financing.Key words: Non-performing assets; Securitization; Characteristic; Theory study1 IntroductionSince the 1970 s, asset securitization as an important financial innovation, in a mature financial market development for many years, the United States, Europe, Japan and some mature financial markets have the asset securitization as an important financial tool, its essence is the issuer will be of the future cash flow of earnings of the securitization of financial assets transferred to investors, asset securitization brings the benefits of western developed countries are increasingly aware of the importance of asset securitization. In the process of the implementation of asset securitization, with the western developed countries continuously to the deepening of the research and practice, such as housing mortgage loan securitization, Banks non-performing assets securitization is accompanied with the further development of asset securitization. In the late 1980 s, to solve the problem of bank a lot of bad assets, the first has been successfully used in the securitization of non-performing assets in the United States, very successful. Asset securitization as a means of financing with the advantages of low cost, intensive attention by countries with alarge number of non-performing assets, in the full market economy countries, solve the problem of non-performing assets, asset securitization become one of the first method. It can accelerate the assets turnover, thus speeding up the liquidity of assets, sped up the asset disposal efficiency, to deepen the reform of the capital market provides a strong support. In addition, the securitization of non-performing assets from the bank, the development of the internal cause, the banking system since the date of birth, there are two internal structural contradictions: one is the liquidity structure contradiction. Another is the information of asymmetric information structure contradiction. Two inherent structural contradictions, make the banking industry has been under double pressures of credit risk and liquidity risk. With economy virtualization degree deepening, the financial impact on the real economy strength increasing, credit card receivables securitization within the banking system, car loan securitization, etc all kinds of forms of asset securitization have started to use, the us savings and loan crisis the problem of structural contradictions increasingly sharp and complicated, financial and even the entire national economy security hidden trouble. East Asian financial crisis, the Russian financial crisis and the financial crisis of South America have been warning to people. Therefore, asset securitization as solving the problem of non-performing bank assets and an important way to reduce the incidence of the financial crisis, more and more highlights its advantages.2 Literature reviewAsset securitization development since the last century to now, for the influence of the worlds financial increasingly significant, for a country's financial stability plays a more and more important role, but different countries have different standards, the definition of to him is not unified. In many related literature about the concept of asset securitization has certain differences in its connotation. Trace the source of the asset securitization is a word, it is the American banker Lewis Rainer in a conversation first, then the word more and more popular. Asset securitization is the meaning of the original, enterprises supported by their own all or part of the assets in the process of capital market financing. It is a replace of financing bank as intermediary. It includes enterprise supported by all of its assets to issue shares, issuing bonds, and other financing way. Later with the development of asset securitization, it is divided into physical assets securitization asset securitization (level) and securitization of financial assets (secondary asset securitization), financial asset securitization, refers to the lack of liquidity, but it is predictable and stable cashflow income assets together, converted into circulation in the capital market securities a way of financing.For asset securitization research mainly concentrated in the following aspects: first, asset securitization is helpful to reduce risk, Benefits and Berger (1987) with risk allocation model prove that securitization will help dissolve the enterprise risk. Second, asset securitization is an effective method for optimization of corporate capital structure. Skarabot (2002), the company model is verified through the establishment of a more assets securitization is an effective method for optimization of corporate capital structure. Third, the relationship between information asymmetry and asset securitization, such as Greenbaum and Thakor (1987) established signal model results show that there is information asymmetry and no government intervention, bank will high-quality assets securitization.3 The basic theory3.1 The conceptNon-performing bank asset securitization is a set of bad assets loans or less liquid assets, through asset integration processing, in the future has a predictable and stable cash flow income, after insurance institutions of credit guarantee at the same time, improve the reliability of assets after converted into circulation in the capital market securities a way of financing.3.2 FeaturesNon-performing bank asset securitization is a kind of important financial innovation of the 20th century tool, compared with other financing way has its own characteristics.Firstly, the selectivity of assetsTo set up asset pool, the core of asset securitization, namely to the asset pool of assets to choose, not debt enterprise all the assets or the issuer can enter pool, especially full of bad credit, hollow is resolute can't into the pool of assets, only those who are predictable, can produce stable future cash flow of assets can enter pool, investors' investment in the future, namely the full amount of principal and interest back to provide security, to ensure the normal operation of non-performing bank asset securitization, and otherwise, if the poor quality assets into the pool, interruption, cannot maintain regular payments to investors, the operation of non-performing bank asset securitization will be hindered, unsustainable. So assets choice of non-performing bank asset securitization operation has a crucial effect, the stand or fall of asset selection directly determinesthe success or failure of securitization, it is the core element of the asset securitization.Secondly, assets source dispersionThe source of the pooling of assets has the characteristics of scattered, it is not like or all of the listed companies are the assets of the enterprise itself, and asset securitization into the pool of assets can be a part of the enterprise property, can also is the enterprise of all assets. At the same time into the pool of assets can be dispersed in a place, can also be scattered in multiple regions, also can be at home, also can be assets abroad. Dispersive of the assets, can avoid the risk of regional, such doing can prevent overall bad assets, such as a place of bad assets does not affect other parts of the quality of assets, if the proportion of assets again small, there is little influence on the overall assets. Issuers will come from different parts of assets integration, filtering and elaborate filter, and homogenous assets to bundle and package, through these assets as collateral to support the issuing bank non-performing assets securitization products. Asset source dispersion is the objective requirement of non-performing assets securitization, only to do so is likely to form a certain scale of many kinds of similar assets to support the issue of securities.Thirdly, the division of assetsAssets of segmentation is one of the important characteristics of non-performing bank asset securitization, the division of assets is the pooling of assets with the original debt assets to be isolated, reach the legal recognition of the actual sales, after the debt enterprises even bankruptcy liquidation to participate in the securitization of assets has no recourse. In order to achieve the smooth progress of non-performing bank asset securitization, there must be the introduction of a special agency to exercise the function, the establishment of the SPV (special purpose vehicle) just to satisfy the functional requirements, it is an operating assets securitization independent agency, is an independent corporate body, not participate in the business of has nothing to do with the asset securitization, SPV such intervention is essentially have the effect of the firewall, investors can focus on into the pool of assets quality, don't have to be careful debt enterprise management situation and the bankruptcy liquidation. Only into the pool of assets to take risks, and at the same time its revenues. Asset isolation played a real debt companies and investors of the division of rights and interests, promote the smooth progress of non-performing bank asset securitization, it is the necessary link of bank non-performing assets securitization.Fourth, the reliability of the assetsBanks non-performing assets securitization of the ultimate goal is to sell non-performing bank asset securitization products, so it must be to accurately assess the risk of product, determine the expected default rates, and evaluate comprehensive market conditions and other factors, to determine the accurate pricing, at the same time, the determination of price and meet the demand of the stability of the investor benefits, in order to achieve this goal, you must first through the credit guarantee institutions for product guarantee, the stability of the products to strengthen, namely each issue for investors to the stability of the principal and interest on time full specified amount pays to strengthen, in order to attract buyers investment in the Banks non-performing assets securitization, credit enhancement with internal credit enhancement and external credit enhancement in two ways, including assigning priorities within level classification and so on, the external includes third-party guarantees and other ways such as obligation.4 The basic principles of asset securitization4.1 Principle of asset reorganizationAssets reorganization principle is the re-engineering of assets and match, returns to split, the process of asset securitization to reach equilibrium. Portfolio has three characteristics: first, the assets are scattered. Reorganization of assets can be a all the assets of the business can also be a part of the property, it can also be multiple enterprise with capital assets, the distribution of the assets can also be in different areas, such doing can avoid certain regional economic risks. Second, composed of assets must be stable cash flow income in the future. It is advantageous to the issuing bank non-performing assets securitization products, to finance. Third, the participation subject interest balance. Asset restructuring must take care of the interests of all aspects, to promote the development of asset securitization.4.2 Risk isolation principleRisk isolation principle is refers to in the process of asset securitization, use the special purpose vehicle will restructure assets and enterprise assets to the risk of isolation, reach the legal recognition of the "true sale" is the original enterprise bankruptcy and liquidation even happen in the future also have no right of recourse, the reorganization of the assets in essence to form the property rights of isolation and risk of break up, so as to achieve the goal of real sales. Investors can focus on assets in the pool. There is no need to care about the risk of the original enterprise. Risk isolation is the most critical step asset securitization.4.3 Credit enhancement principleCredit enhancement principle is the steps necessary to asset securitization product distribution, it mainly refers to the issue of securitized products through the credit guarantee institutions guarantee to improve the reliability of the principal and interest paid to investors. Credit enhancement is to guard against the risk of asset securitization is quite useful measures. Credit enhancement can spread risk, and distributed to investors willing to take risks, to take risks at the same time, also can let investors enjoy greater investment returns. Overall, participants for credit enhancement can get higher returns. Usually use most internal credit enhancement and credit enhancement techniques have external credit enhancement.译文不良资产证券化理论研究Chacko G摘要美国证券交易委员会（ＳＥＣ）将资产证券化定义为一种新的融资技术：即将缺乏流动性的资产（大多数情况）进行组合并转化为一种更自由地在资本市场上发行和出售的融资工具。

不良贷款管理中英文对照外文翻译文献

不良贷款管理中英文对照外文翻译文献

不良贷款管理中英文对照外文翻译文献(文档含英文原文和中文翻译)Non-performing Loans Management and RecoveryWilliam J. Bauman and Alan S. BlinderAbstractWith the deepening of China's economic system reform development and continuous improvement of the system of the market economy, banks ' lending business becomes completely open to individuals, personal loans of business growing, continues to expand the scope of business, especially the development of individual housing loan more quickly. Personal housing loan business in China at the time of its development, there are bad credit risks as well as the competitive situation is not optimistic, to a certain extent, hamper the development of individual housing loans, to sustainable development, research management must be strengthened on a number of issues. This article from the current development status of individual housing loan business to start, pointed out that because of the existing problems as well as problems and focus on how to develop personal housing loan bad credit risk reduction, foreign experiences and lessons learned, and thoughts and countermeasures for management, to promote the healthy and rapid development of the business.Key words:Housing loans to individuals; Bad credit risks; present situation; problem; Countermeasure1. IntroductionUnder the five-category loan classification, substandard, doubtful and loss loans are defined as non-performing loans. Because the reasons behind non-performing loans formation are different, credit associates must take effective measures to manage, recover and dispose of these parts of asset according to their different characteristics. The bank should first find out the responsibilities of the guarantor and dispose of the security in time. Only when they confirm that the guarantor has lost the guarantee abilities and the security is not sufficient to pay off the loan, can they begin to dispose of the non-performing loans.2. ReasonsThere are many reasons why banks have poorly performing loan portfolios. Irrespective of these causes, banks have an obligation to shareholders, depositors and creditors to maximize cash flow from assets, the most troublesome aspect of which has been the poor record of banks in recovering loans. It is this factor that has contributed the most to bank insolvency, and liquidity constraints.There are several complementary options available to banks to restructure problem loans and portfolios, including:•Exercise of collateral (liens against property, inventories) through judicial or extra-judicial means.•Out-of-court settlement that may focus exclusively on debt negotiation, restructuring and repayment, or lead to the financial, physical and operational restructuring of the enterprise.•Bankruptcy/liquidation procedures through formal court proceedings. This may involve liquidation, reorganization or privatization of an enterprise to enforce partial or total loan repayment.(Besides the bank itself, sometimes government also leads a restructuring program to help the bank to solve the problem of NPL in order to stabilize the banking industry or the whole economy, for example, Asset Management Company (AMC), a special purpose company, buys or exchanges NPL from bank and disposes of them).3. Work-Out UnitWith aggregate loan portfolios universally troubled by delinquencies and defaults, some banks have opted to develop work-out units to improve loan portfolio quality. When work-out units are established, they are usually set up to deal with most of a bank's problem loans, effectively sectioning off non-performing loans from the broader bank portfolio of performing loans. The benefits expected from work-out units include;•Concentrated focus on the recovery of problem loans;•More developed banking expertise and credit risk evaluation skills;•Improved internal bank system (early warning systems, collateral requirements, credit information needs).Work-out units can make a significant difference in restructuring loan portfolios, particularly when supported by effective technical assistance.4.Loan Restructuring and Loan "Rollover"Case-by-case loan restructuring is common in market-oriented economies, particularlywhen borrowers are unable to meet the original terms of the loan agreement due to external factors. These restructuring invariably changes in the amount, terms and /or schedule of interest rates, principal repayment, and collateral values. Loan covenants ( ratios, report requirements) often change to facilitate compliance. In some cases, radical measures such as replacing management are involved.This approach is similar to what work-out units attempt to do: recover portions of loan portfolios which have deteriorated and are non-performing. However, workout units are often organized on the basis of sector, location or bank exposure. Case-by-case loan restructuring is conducted on an individualized basis. The benefits of individual case-by-case loan restructurings include:•Reinforcement of the bank-client relationship.•Retention of the loan by the bank on its balance sheet, even if provisions are made for possible losses.•Preservation of the firm's relations with other parties (trade creditors, other banks, buyers, employees), thereby maintaining its reputation without embarrassing and costly bankruptcy / liquidation procedures.As with debt-equity swaps, the risk to the bank is that it is overly optimistic about prospects, and that additional resources are committed to the borrower adding to bank losses and reduced loan able funds at a future date. This has occurred frequently in transition economies (such as China, East European countries, former Soviet Union).In transition economy banks, the closest approximation to the Western loan restructuring has been the loan "rollover" which has been a common practice. Rollovers generally involve the following two techniques:•Simple rollover of principal on/before the due date, with the enterprise meeting interest obligations.•Rollover of principal on/before due date, with interest added back to the principal amount (“interest capitalization").The first technique is legitimate and rational unless the enterprise is unable to repay principal, and likely to remain impaired in the future. The second technique often reflects a troubled loan and enterprise, and has been typically practiced in transition economy banking systems. Further more, the latter technique has been accompanied by accounting treatment which mistakenly recognizes these assets as performing loans, artificially inflating income statements and balance sheet book values.5. Debt-equity Swaps and Loan Sales / Asset SwapDebt-equity swap results in bank ownership of enterprises occur with differing frequencies in different countries. In some countries, bank ownership of enterprises is common (German interlocking directorates), while in other countries it is strictly regulated (USA) or strictly prohibited (In China, debt-equity swap is done through asset management company). By swapping NPL for equity, banks can exercise more directcontrol/supervision over enterprise management while the enterprise benefits from increased debt capacity. The risk to bank is excess exposure to a risky investment which may jeopardize deposit safety and bank capital, and demand scarce management time and resources.Debt-equity swap represents nascent venture capital operation. Perhaps only one in 10 of these investments may succeed, but this should be sufficient to cover the risk of the other nine losing investment. Given existing low book values and the currently thin market that is likely to improve in the coming years, banks are prudent to allocate a small percentage of assets to enterprises they believe will generate significant profit at a later date. At that point, banks can sell their shares, and reap significant profit to bolster capital. All of this makes more sense given the current downside risk, which is limited, as most of these transactions are paper transactions that do not further impair bank liquidity.But bank equity swap may be indicative of the failure of banks in some countries to properly define bank's roles as financial intermediaries, streamline their operations, specialize in a few key areas within the limit of their current managerial and staffing capabilities, write down their assets to more accurate values, and progress toward a more stable and prudently managed system devoid of excess risk. Investment in losing enterprises raises the risk of future liquidity being drained to prop up these enterprises in the hope of eventual profitability, which puts depositors and shareholders at risk.In addition to debt-equity swaps, loan sales swaps are an option that could be used to restructure bank balance sheets. However, this option has not been commonly found in transition economy due to absence of secondary market development.6. Securitization of Non-performing LoanNon-performing loan securitization is a pooling of non-performing loans packaged and issued as securities to investors through arrangements of legal structure, cash flow, and credit rating mechanisms. Non-performing Loans are also known as bad loans, overdue loans, receivables under collection, and loans still under normal payment statuses, but with circulating bonds rated lower than CCC level. During the securitization period, the originator (seller) will select the most ideal portfolio based on a set of eligibility criteria, such as debtors' locations, credit period, currency, and overdue ratings from all available non-performing loans.After the screening process, bank will proceed with the risk assessment, cash flow simulation and credit tranche. The securities are then offered to investors after confirmation from credit rating agencies and regulatory approval obtained. The asset management agency is particularly important to a non-performing loan securitization since the asset management agency's expertise is instrumental to increasing collection rates of these non-performing loans. Investors' risks are minimized through credit enhancement techniques; default risks, prepayment risks, etc. are also emphasized to evaluate the risk profile of non-performing loans.7. In-court Bankruptcy / Liquidation ProceedingsResorting to legal procedures to collect the repayment of non-performing loans is the last defense line. In practice, banks should grasp the timing of litigation. Because blind lawsuits will involve banks' time, energy, money and people. In addition, they could have negative impact on the relationship between banks and their clients.Firstly, before litigation, banks should investigate the borrowers' income resources and asset categories and prevent them from hiding or transferring asset in this period of time. Banks can apply to the court for asset preservation. Secondly, banks should try best to correct the deficiencies of credit documents and win themselves advantageous conditions in litigation. Thirdly, banks should also prepare themselves for the results of reconciliation or failure.Bankruptcy/liquidation is an effective complement to out-of-cnurt approaches, and serves as a last stage of debt collection, providing creditors with control over debtors in financial distress and prompting their restructuring. For this reason, many countries (transition economies) have developed and are seeking to expand the use of formal bankruptcy to broaden the array of dispute resolution mechanisms, provide banks with long needed recourse, and instill greater financial discipline on enterprises.8. Exercise of CollateralWhen a debt matures or is going to mature and the debtor has encountered serious operation difficulties, the debtor cannot repay the loan in cash and the guarantor cannot repay the loan in cash either. Maybe after negotiation, the two parties (the bank and the borrower) or three parties (the bank, the borrower and the guarantor) can reach a consensus. In line with the consensus or the ruling by the court, the debtor or the guarantor can make in-kind repayment of debts, which is one of the important means to dispose of non-performing loans.9. Writing-off Bad LoansIn accordance with relevant state rules and regulation, if the principal of a loan is identified as unrecoverable, the bad loan can be written off. Writing-off of bad loans is the internal activity of a bank. So the bank still enjoys the recourse right and should continue to demand the repayment of the fund.10. ConclusionWere analyzed by the non-performing loans management recycling. Bad credit risk management, there are still many problems to be solved, how the lending business in the international financial place needs to be further research and continue to explore. In short,the management of non-performing loans of China's economic development has made a significant contribution, but there are still shortcomings in their own system, the external competitive environment in the development of the personal loan there are many adverse, which requires countries to fully understand individual housing loans an important role on the basis of, for the banks internal management and external risk management and reasonable planning to ongoing development. Personal loans also have to recognize their own position and where to adopt appropriate strategies and market positioning, innovation, adjustment, reform, focusing on risk management in order to more rapidly grow.ReferencesSteven Husted,Michael Melvin, International Economics [M], (the fifth edition), Higher Education Press, 2002Beck, T., Demirguc-Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to growth: Does firm size matter? The Journal of Finance, 60, 137–177.Peng, Y. (2004). Kinship networks and entrepreneurs in China's transitional economy. American Journal of Sociology, 109,1045–1074Qian, Y. (2000). The process of China’s market transition (1978–1998):The evolutionary, historical, and comparative perspectives. Journal of Institutional and Theoretical Economics, 156, 151–171.Shane, S., & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management Science, 48, 364–381.Newton, K. (2001). Trust, social capital, civil society, and democracy.International Political Science Review, 22, 201–214.Liu, Z. (2003). The economic impact and determinants of investment in human and political capital in China. Economic Development and Cultural Change, 51, 823–850. Birner, R., & Witter, H. (2003). Using social capital to create politicalcapital. In The commons in the New Millennium: Challenges andadaptation (pp. 291–334). Cambridge and London: MIT Press.不良贷款的管理和回收威廉J鲍姆，阿伦S布林德摘要随着我国金融体系建设的进一步发展和市场体制的迅速完善，银行的贷款业务逐渐向个人完全展开，个人贷款的业务种类不断增多，业务范围持续扩大，特别是个人住房贷款业务的发展更为迅猛。

《商业银行不良资产证券化定价问题研究》范文

《商业银行不良资产证券化定价问题研究》范文

《商业银行不良资产证券化定价问题研究》篇一一、引言随着中国金融市场的持续发展，商业银行不良资产问题逐渐凸显，并已成为威胁银行健康发展和金融系统稳定的关键因素。

为了缓解这一问题，不良资产证券化（Non-Performing Loans Securitization，简称NPLs Securitization）作为一种有效的处置手段，逐渐成为银行业内关注的焦点。

然而，在实施过程中，定价问题成为制约其发展的关键因素之一。

本文旨在研究商业银行不良资产证券化的定价问题，分析其影响因素及定价模型，以期为银行业提供有益的参考。

二、商业银行不良资产概述商业银行不良资产主要包括逾期贷款、呆账贷款、坏账贷款等无法按期或无法收回的贷款。

这些不良资产的形成原因复杂多样，如宏观经济环境变化、企业经营管理不善等。

随着不良资产规模的扩大，对银行资产质量和盈利能力产生严重影响，因此，有效处置不良资产成为商业银行亟待解决的问题。

三、不良资产证券化定价的重要性不良资产证券化是一种将不良资产进行结构化重组、并通过发行证券进行融资的过程。

在这一过程中，定价的准确性直接影响到证券的发行、交易以及市场的稳定性。

若定价过高，可能导致投资者望而却步，影响证券的发行；若定价过低，则可能损害银行的利益，甚至导致市场对银行的风险评估产生误判。

因此，研究不良资产证券化的定价问题具有重要意义。

四、影响不良资产证券化定价的因素不良资产证券化的定价受到多种因素的影响，主要包括以下几个方面：1. 资产质量：资产质量是决定证券化定价的基础。

不良资产的回收率、违约率等因素直接影响到证券的预期收益和风险。

2. 市场环境：市场环境对证券的发行和交易具有重要影响。

利率水平、市场流动性等因素都会对证券的定价产生影响。

3. 银行内部因素：银行的资本状况、风险承受能力等内部因素也会对证券的定价产生影响。

4. 投资者偏好：投资者的风险偏好、投资目标等因素会影响他们对证券的接受程度和价格预期。