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 Perspectives 2016年，第2卷，第3期，31-39. 原文

The theory study of Non-performing assets securitization

Chacko G

Abstract

The 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 study

1 Introduction

Since 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 a

large 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 review

Asset 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 cash

flow 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 theory 3.1 The concept

Non-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 Features

Non-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 assets

To 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 determines

the success or failure of securitization, it is the core element of the asset securitization.

Secondly, assets source dispersion

The 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 assets

Assets 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 assets

Banks 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 securitization 4.1 Principle of asset reorganization

Assets 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 principle

Risk 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 \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.

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