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《供应链金融资产证券化问题研究的文献综述6000字》

供应链金融资产证券化问题研究的国内外文献综述目录供应链金融资产证券化问题研究的国内外文献综述 (1)一、供应链金融资产证券化研究 (1)（一）供应链金融 (1)（二）供应链金融资产证券化 (2)二、资产证券化定价方法研究 (3)（一）现金流折现法 (3)（二）回归分析法 (4)三、资产证券化定价影响因素研究 (5)四、文献述评 (6)参考文献 (6)一、供应链金融资产证券化研究（一）供应链金融Timme（2000）认为供应链金融是由核心企业、中小企业以及金融服务机构共同参与而形成的一种合作关系，这种合作关系的目的在于降低整个供应链的成本 [1]。

Hofmann（2005）将供应链金融定义为供应链中的多个主体合作，通过计划、组织和控制等一系列活动促使金融资源在供应链中流动，最终实现共同创造价值的目标[2]。

Peterson（1994）指出供应链金融不仅能使企业获得低成本的融资，还有利于加强企业与供应链系统中其他企业的联系，其本质是一种关系型融资[3]。

丁汀、李雪梅（2009）分析了供应链金融保兑仓模式、应收账款模式和融通仓模式的具体流程[4]。

沈敏（2015）则按主导特征不同划分为应收类融资、预付类融资和存货类融资三种模式进行分析[5]。

夏芳（2013）认为基于应收账款融资的保理业务可以缓解企业的资金周转困难的问题，而商业保理可以更好地解决中小微企业的融资难问题 [6]。

于宏新（2010）分析了供应链金融的风险来源和表现形式，并提出了具体的防范对策[7]。

熊熊（2009）在考虑主体评级和债项评级的基础上使用主成分分析和Logistic回归构建了信用风险评价模型[8]。

胡海青（2012）提出中小企业信用风险评估指标体系需要将核心企业资信与供应链关系因素考虑在内，并对比了支持向量机和BP神经网络算法在构建信用风险评估模型时的有效性[9]。

（二）供应链金融资产证券化美国证券交易委员将资产证券化定义为把弱流通性资产出售给特设目的载体并进一步设计为具有流通性的金融产品的融资方式[10]。

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。

金融体系中英文对照外文翻译文献

金融体系中英文对照外文翻译文献(文档含英文原文和中文翻译)Comparative Financial Systems1 What is a Financial System?The purpose of a ﬁnancial system is to channel funds from agents with surpluses to agents with deﬁcits. In the traditional literature there have be en two approaches to analyzing this process. The ﬁrst is to consider how agents interact through ﬁnancial markets. The second looks at the operation ofﬁnancial intermediaries such as banks and insurance companies. Fifty years ago, the ﬁnancial system co uld be neatly bifurcated in this way. Rich house-holds and large ﬁrms used the equity and bond markets,while less wealthy house-holds and medium and small ﬁrms used banks, insurance companies and other ﬁnancial institutions. Table 1, for example, shows the ownership of corporate equities in 1950. Households owned over 90 percent. By 2000 it can be seen that the situation had changed dramatically.By then households held less than 40 percent, nonbank intermediaries, primarily pension funds and mutual funds, held over 40 percent. This change illustrates why it is no longer possible to consider the role of ﬁnancial markets and ﬁnancial institutions separately. Rather than intermediating directly between households and ﬁrms, ﬁnancial institutions have increasingly come to intermediate between households and markets, on the one hand, and between ﬁrms and markets,on the other. This makes it necessary to consider the ﬁnancial system as anirreducible whole.The notion that a ﬁnancial system transfers resources between households and ﬁrms is, of course, a simpliﬁcation. Governments usually play a significant role in the ﬁnancial system. They are major borrowers, particularlyduring times of war, recession, or when large infrastructure projects are being undertaken. They sometimes also save signiﬁcant amounts of funds. For example, when countries such as Norway and many Middle Eastern States have access to large amounts of natural resources (oil), the government may acquire large trust funds on behalf of the population.In addition to their roles as borrowers or savers, governments usually playa number of other important roles. Central banks typically issue ﬁat money and are extensively involved in the payments system. Financial systems with unregulated markets and intermediaries, such as the US in the late nineteenth century, often experience ﬁnancial crises.The desire to eliminate these crises led many governments to intervene in a signiﬁcant way in the ﬁnancial system. Central banks or some other regulatory authority are charged with regulating the banking system and other intermediaries, such as insurance companies. So in most countries governments play an important role in the operation of ﬁnancialsystems. This intervention means that the political system, which determines the government and its policies, is also relevant for the ﬁnancial system.There are some historical instances where ﬁnancial markets and institutions have operated in the absence of a well-deﬁned legal system, relyinginstead on reputation and other im plicit mechanisms. However, in most ﬁnancial systems the law plays an important role. It determines what kinds ofcontracts are feasible, what kinds of governance mechanisms can be used for corporations, the restrictions that can be placed on securities and so forth. Hence, the legal system is an important component of a ﬁnancial system.A ﬁnancial system is much more than all of this, however. An important pre-requisite of the ability to write contracts and enforce rights of various kinds is a system of accounting. In addition to allowing contracts to be written, an accounting system allows investors to value a company more easily and to assess how much it would be prudent to lend to it. Accounting information is only one type of information (albeit the most important) required by ﬁnancial systems. The incentives to generate and disseminate information are crucial features of a ﬁnancial system.Without signiﬁcant amounts of human capital it will not be possible for any of these components of a ﬁnancial system to operate eﬀectively. Well-trained lawyers, accountants and ﬁnancial professionals such as bankers are crucial for an eﬀective ﬁnancial system, as the experience of Eastern Europe demonstrates.The literature on comparative ﬁnancial systems is at an early stage. Our survey builds on previous overviews by Allen (1993), Allen and Gale (1995) and Thakor (1996). These overviews have focused on two sets of issues.(1)Normative: How eﬀective are diﬀerent types of ﬁnancial system atvarious functions?(2) Positive: What drives the evolution of the ﬁnancial system?The ﬁrst set of issues is considered in Sections 2-6, which focus on issues of investment and saving, growth, risk sharing, information provision and corporate governance, respectively. Section 7 consider s the inﬂuence of law and politics on the ﬁnancial system while Section 8 looks at the role ﬁnancial crises have had in shaping the ﬁnancial system. Section 9 contains concludingremarks.2 Investment and SavingOne of the primary purposes of the ﬁnancial system is to allow savings to be invested in ﬁrms. In a series of important papers, Mayer (1988, 1990) documents how ﬁrms obtained funds and ﬁnanced investment in a number of diﬀerent countries. Table 2 shows the results from the most recent set of studies, based on data from 1970-1989, using Mayer’s methodology. The ﬁgures use data obtained from sources-and-uses-of-funds statements. For France, the data are from Bertero (1994), while for the US, UK, Japan and Germany they are from Corbett and Jenkinson (1996). It can be seen that internal ﬁnance is by far the most important source of funds in all countries.Bank ﬁnance is moderately important in most countries and particularly important in Japan and France. Bond ﬁnance is only important in the US and equity ﬁnance is either unimportant or negative (i.e., shares are being repurchased in aggregate) in all countries. Mayer’s studies and those using his methodology have had an important impact because they have raised the question of how important ﬁnancial marke ts are in terms of providing funds for investment. It seems that, at least in the aggregate, equity markets are unimportant while bond markets are important only in the US. These ﬁndings contrast strongly with theemphasis on equity and bond markets in the traditional ﬁnance literature. Bank ﬁnance is important in all countries,but not as important as internal ﬁnance.Another perspective on how the ﬁnancial system operates is obtained by looking at savings and the holding of ﬁnancial assets. Table 3 shows t he relative importance of banks and markets in the US, UK, Japan, France and Germany. It can be seen that the US is at one extreme and Germany at the other. In the US, banks are relatively unimportant: the ratio of assets to GDP is only 53%, about a third the German ratio of 152%. On the other hand, the US ratio of equity market capitalization to GDP is 82%, three times the German ratio of 24%. Japan and the UK are interesting intermediate cases where banks and markets are both important. In France, banks are important and markets less so. The US and UK are often referred to as market-based systems while Germany, Japan and France are often referred to as bank-based systems. Table 4 shows the total portfolio allocation of assets ultimately owned by the household sector. In the US and UK, equity is a much more important component of household assets than in Japan,Germany and France. For cash and cash equivalents (which includes bank accounts), the reverse is true. Tables 3 and 4 provide an interesting contrast to Table 2. One would expect that, in the long run, household portfolios would reﬂect the ﬁnancing patterns of ﬁrms. Since internal ﬁnance accrues to equity holders, one might expect that equity would be much more important in Japan, France and Germany. There are, of course, diﬀerences in the data sets underlying the diﬀerent tables. For example, household portfolios consist of ﬁnancial assets and exclude privately held ﬁrms, whereas the sources-and-uses-of-funds data include all ﬁrms. Nevertheless, it seem s unlikely that these diﬀerences could cause such huge discrepancies. It is puzzling that these diﬀerent ways of viewing the ﬁnancial system produce such radically diﬀerent results.Another puzzle concerning internal versus external ﬁnance is the diﬀerence between the developed world and emerging countries. Although it is true for the US, UK, Japan, France, Germany and for most other developed countries that internal ﬁnance dominates external ﬁnance, this is not the case for emerging countries. Singh and Hamid (1992) and Singh (1995) show that, for a range of emerging economies, external ﬁnance is more important than internal ﬁnance. Moreover, equity is the most important ﬁnancing instrument and dominates debt. This diﬀerence between the industrialized nations and the emerging countries has so far received little attention. There is a large theoretical literature on the operation of and rationale for internal capital markets. Internal capital markets diﬀer from external capital markets because of asymmetric information, investment incentives, asset speciﬁcity, control rights, transaction costs or incomplete markets There has also been considerable debate on the relationship between liquidity and investment (see, for example, Fazzari, Hubbard and Petersen(1988), Hoshi, Kashyap and Scharfstein (1991))that the lender will not carry out the threat in practice, the incentive eﬀect disappears. Although the lender’s behavior is now ex post optimal, both parties may be worse oﬀ ex ante.The time inconsistency of commitments that are optimal ex ante and suboptimal ex post is typical in contracting problems. The contract commits one to certain courses of action in order to inﬂuence the behavior of the other party. Then once that party’s behavior has been determined, the beneﬁt of the commitment disappears and there is now an incentive to depart from it.Whatever agreements have been entered into are subject to revision because both parties can typically be made better oﬀby “renegotiating” the original agreement. The possibility of renegotiation puts additional restrictions on the kind of contract or agreement that is feasible (we are referring here to the contract or agreement as executed, ratherthan the contract as originally written or conceived) and, to that extent, tends to reduce the welfare of both parties ex ante. Anything that gives the parties a greater power to commit themselves to the terms of the contract will, conversely, be welfare-enhancing.Dewatripont and Maskin (1995) (included as a chapter in this section) have suggested that ﬁnancial markets have an advantage over ﬁnancial intermediaries in maintaining commitments to refuse further funding. If the ﬁrm obtains its funding from the bond market, th en, in the event that it needs additional investment, it will have to go back to the bond market. Because the bonds are widely held, however, the ﬁrm will ﬁnd it diﬃcult to renegotiate with the bond holders. Apart from the transaction costs involved in negotiating with a large number of bond holders, there is a free-rider problem. Each bond holder would like to maintain his original claim over the returns to the project, while allowing the others to renegotiate their claims in order to ﬁnance the additional investment. The free-rider problem, which is often thought of as the curse of cooperative enterprises, turns out to be a virtue in disguise when it comes to maintaining commitments.From a theoretical point of view, there are many ways of maintaining a commitment. Financial institutions may develop a valuable reputation for maintaining commitments. In any one case, it is worth incurring the small cost of a sub-optimal action in order to maintain the value of the reputation. Incomplete information about the borrower’s type may lead to a similar outcome. If default causes the institution to change its beliefs about the defaulter’s type, then it may be optimal to refuse to deal with a ﬁrm after it has defaulted. Institutional strategies such as delegating decisions to agents who are given no discretion to renegotiate may also be an eﬀective commitment device.Several authors have argued that, under certain circumstances, renegotiation is welfare-improving. In that case, the Dewatripont-Maskin argument is turned on its head. Intermediaries that establish long-term relationships with clients may have an advantage over ﬁnancial markets precisely because it is easier for them to renegotiate contracts.The crucial assumption is that contracts are incomplete. Because of the high transaction costs of writing complete contracts, some potentially Pareto-improving contingencies are left out of contracts and securities. This incompleteness of contracts may make renegotiation desirable. The missing contingencies can be replaced by contract adjustments that are negotiated by the parties ex post, after they observe the realization of variables on which the contingencies would have been based. The incomplete contract determines the status quo for the ex post bargaining game (i.e., renegotiation)that determines the ﬁnal outcome.An import ant question in this whole area is “How important are these relationships empirically?” Here there does not seem to be a lot of evidence.As far as the importance of renegotiation in the sense of Dewatripont and Maskin (1995), the work of Asquith, Gertner and Scharfstein (1994) suggests that little renegotiation occurs in the case of ﬁnancially distressed ﬁrms.Conventional wisdom holds that banks are so well secured that they can and do “pull the plug” as soon as a borrower becomes distressed, leaving theunsecured creditors and other claimants holding the bag.Petersen and Rajan (1994) suggest that ﬁrms that have a longer relationship with a bank do have greater access to credit, controlling for a number of features of the borrowers’ history. It is not clea r from their work exactly what lies behind the value of the relationship. For example, the increased access to credit could be an incentive device or it could be the result ofgreater information or the relationship itself could make the borrower more credit worthy. Berger and Udell (1992) ﬁnd that banks smooth loan rates in response to interest rate shocks. Petersen and Rajan (1995) and Berlin and Mester (1997) ﬁnd that smoothing occurs as a ﬁrm’s credit risk changes.Berlin and Mester (1998) ﬁnd that loan rate smoothing is associated with lower bank proﬁts. They argue that this suggests the smoothing does not arise as part of an optimal relationship.This section has pointed to a number of issues for future research.• What is the relationship between th e sources of funds for investment,as revealed by Mayer (1988, 1990), and the portfolio choices of investorsand institutions? The answer to this question may shed some light onthe relative importance of external and internal finance.• Why are financing patterns so different in developing and developedeconomies?• What is the empirical importance of long-term relationships? Is renegotiationimportant is it a good thing or a bad thing?• Do long-term relationships constitute an important advantage of bankbasedsystems over market-based systems?金融体系的比较1、什么是金融体系？一个金融系统的目的（作用）是将资金从盈余者（机构）向短缺者（机构）转移（输送）。

资产证券化文献综述

资产证券化文献综述作者：李玉梅来源：《商情》2017年第11期（西南财经大学，四川成都 610000）【摘要】资产证券化于20世纪70年代末起源于美国，首先被用于住房抵押贷款问题的解决，经过40多年的发展，资产支持证券已经成为一种应用广泛的金融创新工具，学术和理论界也对此进行了大量研究。

【关键词】资产证券化；理论；实践；风险1国外研究成果综述国外从20世纪70年代开始对资产证券化进行研究，主要从资产证券化定义、动因、风险、定价及收益等角度进行分析，对资产证券化结构设计已深入到利用计量模型进行实证分析的层面，理论研究相当成熟。

1.1资产证券化的定义美国投资银行家 Lewis S.Ranier（1977）首先提出“资产证券化”（Asset Securitization）这个概念。

James A.Rosenthal & Juan M.Ocampo（1988）认为，广义的证券化是指一切以证券为媒介的一般化现象。

“证券化之父”Frank J.Fabzzi教授认为资产证券化可被视为一个过程，通过该过程将具有同类性质的贷款、租赁合约、应收账款、分期付款合同以及其它缺乏流动性的资产打包成可在市场流通的带息证券。

1.2资产证券化的动因上个世纪50年代，Anrrowand Debreu 运用数理统计分析方法，证明了经济主体可以利用有价证券来防范金融风险，从而为金融资产证券化的理论动因提供了依据。

Steven L.Schwarcz （1994）将资产证券化视为一种“炼金术”，即通过资产证券化的运作原理与机制，企业可以通过SPV从资本市场上筹得资金，从而降低融资成本。

Claire A.Hill（1996）认为资产证券化过程中的风险隔离机制可以有效降低信息成本。

上述相关理论主要是按实践进程发展延伸的，相对集中于论述证券化某一单一方面的社会经济功能。

与此同时，很多国外学者从综合性角度对资产证券化的积极效应进行了考证。

资产证券化论文参考文献范例

资产证券化论文参考文献一、资产证券化论文期刊参考文献[1].基于层次分析法的不良资产证券化风险评价.《哈尔滨工业大学学报》.被中信所《中国科技期刊引证报告》收录ISTIC.被EI收录EI.被北京大学《中文核心期刊要目总览》收录PKU.2007年12期.李鹏雁.刘刚.[2].美国次级贷款危机:根源、走势、影响.《中国人民大学学报》.被北京大学《中文核心期刊要目总览》收录PKU.被南京大学《核心期刊目录》收录CSSCI.2008年1期.杜厚文.初春莉.[3]."影子银行体系"信贷危机的金融分析.《江海学刊》.被北京大学《中文核心期刊要目总览》收录PKU.被南京大学《核心期刊目录》收录CSSCI.2009年3期.易宪容.[4].我国资产证券化的现实思考与路径选择.《财经研究》.被北京大学《中文核心期刊要目总览》收录PKU.被南京大学《核心期刊目录》收录CSSCI.2001年9期.孙奉军.[5].科技成果收益权资产证券化法律问题研究.《科技进步与对策》.被中信所《中国科技期刊引证报告》收录ISTIC.被北京大学《中文核心期刊要目总览》收录PKU.被南京大学《核心期刊目录》收录CSSCI.2013年24期.黄勇.[6].企业资产证券化融资的财富效应——基于浦东建设资产证券化研究. 《财经理论与实践》.被北京大学《中文核心期刊要目总览》收录PKU.被南京大学《核心期刊目录》收录CSSCI.2013年2期.邱成梅.赵如.[7].论我国资产证券化中特殊目的机构的法律构建.《武汉大学学报《生产力研究》.被北京大学《中文核心期刊要目总览》收录PKU.被南京大学《核心期刊目录》收录CSSCI.2004年2期.陈晓东.[10].中国新一轮资产证券化的缘起、进展及前景分析.《人文杂志》.被北京大学《中文核心期刊要目总览》收录PKU.被南京大学《核心期刊目录》收录CSSCI.2014年1期.胡海峰.陈世金.二、资产证券化论文参考文献学位论文类[1].资产证券化若干法律问题比较研究.被引次数：62作者：洪艳蓉.国际法学厦门大学2002（学位年度）[2].协同视角下资产证券化流动性研究.被引次数：2作者：倪伟康.管理科学与工程东华大学2011（学位年度）[3].融资租赁资产证券化法律规制研究——风险社会中的激励性进路.作者：刘中杰.西南政法大学2014（学位年度）[4].信贷资产证券化对货币供给和货币政策传导渠道的影响分析.被引次数：3作者：姚昶.金融学山东大学2013（学位年度）[5].我国商业银行资产证券化风险管理研究.被引次数：1作者：徐艺颖.金融学内蒙古大学2014（学位年度）[6].中国资产证券化发展对策研究.被引次数：2作者：李龙龙.金融学云南财经大学2014（学位年度）[7].基于灰色系统理论的中国资产证券化风险评价及防范研究.被引次数：2作者：杨斌.会计学太原理工大学2013（学位年度）[8].证券公司企业资产证券化业务发展研究.被引次数：2作者：许登月.工商管理河南大学2014（学位年度）[9].中国资产证券化研究:基于资产证券化产品的分析.作者：杨淳.金融学对外经济贸易大学2013（学位年度）[10].中小企业资产证券化业务模式研究——基于中小企业融资问题探讨. 作者：郑灵怡.应用经济学(金融学)对外经济贸易大学2014（学位年度）三、相关资产证券化论文外文参考文献[1]Someissuesindisintermediationandsecuritization.NwoguguM《Appliedmathematicsandcomputation》,被EI收录EI.被SCI收录SCI.20072[2]BaselIIIandAssetSecuritization.M.MpunduM.A.PetersenJ.MukuddemPetersenF.Gideon 《Discretedynamicsinnatureandsociety》,被SCI收录SCI.2013Pt.3[3]Amultidimensionalknapsackmodelforassetbackedsecuritization. MansiniR.SperanzaMG.《TheJournaloftheOperationalResearchSociety》,被EI收录EI.被SCI收录SCI.20028[4]AssetbackedSecuritization―aNewFinancingChannelfortheTelecomIn dustry.WUHong《ThejournalofChinaUniversitiesofPostsandTelecommunications》,被EI收录EI.20032[5]DiscussionontheChineseModelofManagementAssetSecuritization. Zhangrao2010[6]DeterminantOfSecuritizationAssetPricingInMalaysia.Bakri,M.HAli.RIsmail,SSufian.FA.HBaharom2014[7]DiscussiononassetbackedsecuritizationofPVpowerplants. YifengWang2014[8]DevelopmentalObstaclesandCountermeasureforAssetSecuritizationi nChina.ChaoqiongYang2012[9]StudyonChina'sAssetSecuritization. SONGJianboZHANGZhiqianWANGZhi2011[10]ResearchonChineseCreditCardAssetSecuritizationPricing. ZhehuaWangRongzhuChenMiaomiaoJiang2012四、资产证券化论文专著参考文献[1]基于Shapley值模型资产证券化利益相关者的利益分配研究.江燕.孔德成.侯光明，20132013InternationalConferenceonBusinessAnalyticsandManagementScienc e[2]对资产证券化过程中各交易主体的税收思考.王伟，2012中国税收筹划研究会第六届年会暨企业依法纳税平安经营与高校税收专业社会实践与教学研讨会[3]BT项目资产证券化可行性与关键问题分析.郭亮.王青娥.谈雨婷，20132013中国工程管理论坛[4]后危机时代美国资产证券化监管改革的启示.赵静，20112011年中国法学会银行法学研究会年会[5]杭绍台高速公路资产证券化融资模式探讨.孙振华，2012全国城市公路学会第二十一次学术年会[6]军工企业资产证券化路径:基于军民融合的战略视角.刘建昌.任丽明.王曲，2011中国工程科技论坛第123场——2011国防科技工业科学发展论坛[7]资产证券化在飞机融资租赁中的应用探讨.陈昊晔，2012上海市科学技术协会第十届学术年会暨上海市航空学会2012年学术年会[8]国有资产证券化发展的障碍及对策分析.秦捷.陈静，20112011世界华商管理大会、第15届世界管理论坛暨东方管理论坛[9]后金融危机下的资产证券化业务构想.张龙清.孙碧，2009第三届亚太经济与金融论坛[10]我国金融资产证券化法律监管体系的构建基于金融危机的反思与启示. 赵超，2009稳定与创新:后危机下的金融司法论坛。

证券市场行为金融中英文对照外文翻译文献

中英文对照外文翻译文献中英文对照外文翻译文献(文档含英文原文和中文翻译)外文翻译：Behavioral Finance1. IntroductionBehavioral finance is the paradigm where financial markets are studied using models that are less narrow than those based on Von Neumann–Morgenstern expected utility theory and arbitrage assumptions. Specifically, behavioral finance has two building blocks: cognitive psychology and the limits to arbitrage. Cognitive refers to how people think. There is a huge psychology literature documenting that people make systematic errors in the way that they think: They are overconfident, they put too much weight on recent experience, etc. Their preferences may also create distortions. Behavioral finance uses this body of knowledge rather than taking the arrogant approach that it should be ignored. Limits to arbitrage refers to predicting in what circumstances arbitrage forces will be effective, and when they will not be.Behavioral finance uses models in which some agents are not fully rational, either because of preferences or because of mistaken beliefs. An example of an assumption about preferences is that people are loss averse—a $2 gain might make people feel better by as much as a $1 loss makes them feel worse. Mistaken beliefs arise because people are bad Bayesians. Modern finance has as a building block the Efficient Markets Hypothesis (EMH). The EMH argues that competition between investors seeking abnormal profits drives prices to their “correct” value. The EMH does not assume that all investors are rational, but it does assume that markets are rational. The EMH does not assume that markets can foresee the future, but it does assume that markets make unbiased forecasts of the future. In contrast, behavioral finance assumes that, in some circumstances, financial markets are informationally inefficient.Not all misvaluations are caused by psychological biases, however. Some are just due to temporary supply and demand imbalances. For example, the tyranny of indexing can lead to demand shifts that are unrelated to the future cash flows of the firm. When Yahoo was added to the S&P 500 in December 1999, index fund managers had to buy the stock even though it had a limited public float. This extra demand drove up the price by over 50% in a week and over 100% in a month. Eighteen months later, the stock price was down by over 90% from where it was shortly after being added to the S&P.If it is easy to take positions (shorting overvalued stocks or buying undervalued stocks) and these misvaluations are certain to be corrected over a short period, then “arbitrageurs” will take positions and eliminate these mispricings before they become large. However, if it is difficult to take these positions, due to short sales constraints, for instance, or if there is no guarantee that the mispricing will be corrected within a reasonable timeframe, then arbitrage will fail to correct themispricing.1 Indeed, arbitrageurs may even choose to avoid the markets where the mispricing is most severe, because the risks are too great. This is especially true when one is dealing with a large market, such as the Japanese stock market in the late 1980s or the US market for technology stocks in the late 1990s. Arbitrageurs that attempted to short Japanese stocks in mid-1987 and hedge by going long in US stocks were right in the long run, but they lost huge amounts of money in October 1987 when the US market crashed by more than the Japanese market (because of Japanese government intervention). If the arbitrageurs have limited funds, they would be forced to cover their positions just when the relative misvaluations were greatest, resulting in additional buying pressure for Japanese stocks just when they were most overvalued!5. ConclusionsThis brief introduction to behavioral finance has only touched on a few points. More extensive analysis can be found in Barberis and Thaler (2003), Hirshleifer (2001), Shefrin (2000), and Shiller (2000).It is very difficult to find trading strategies that reliably make money. This does not imply that financial markets are informationally efficient, however. Low-frequency misvaluations may be large, without presenting any opportunity to reliably make money. As an example, individuals or institutions who shorted Japanese stocks in 1987–1988 when they were substantially overvalued, or Taiwanese stocks in early 1989 when they were substantially overvalued, or TMT stocks in the US, Europe, and Hong Kong in early 1999 when they were substantially overvalued, all lost enormous amounts of money as these stocks became even more overvalued. Most of these shortsellers, who were right in the long run, were wiped out before the misvaluations started to disappear. Thus, the forces of arbitrage, which work well for high-frequency events, work very poorly for low-frequency eventsBehavioral finance is, relatively speaking, in its infancy. It is not a separate discipline, but instead will increasingly be part of mainstream finance.行为金融1.引言行为金融学就是用来研究金融市场的一种新型的模型。

资产证券化与信用风险

资产证券化与信用风险

经验预测与研究设计
我们集中对银行控股公司的资产证券化进行研究，因为它们是主要的资产证券化机构，并且数据容易获得（总资产超过1.5亿美元的所有银行控股公司必须在联邦储蓄银行监管数据库中登录备案）我们利用类似于Chen, Liu, and Ryan (2008) 的研究设计，检验信用市场参与者是否将证券化资产相关的风险视为银行的信用风险。尤其是，我们估计信用风险的衡量与证券化资产，银行的保留权益，以及控制变量之间的关系。我们利用两种方法来衡量信用风险：银行的信用评级与银行债券的利率价差对信用评级和资产证券化关联性的检验是一种联合检验，既检验了信用风险与资产证券化之间的关系，又检验了是否是一种公正、及时的信用评级（自身动机影响）；对债券利差和资产证券化关联性的检验是对信用风险与资产证券化以及债券市场效率的一种联合检验

资产证券化与信用风险

经验预测与研究设计
信用评级（证券化与信用评级之间关系）

因变量
Rating
Spread

标准普尔评级，变化范围从1到21，值越高对应的性用信用评级越低，风险越大年度的企业证券收益率减去无风险利率。如果公司有多种债券，以债券价格作为权重求平均值
实验变量
Securitized Retained 证券化资产，作为调整后总资产（=财务状况报表中报告的总资产减去保留权益）的一部分证券化交易中保留的权益，作为调整后总资产的一小部分
资产证券化与信用风险

控制变量
Maturity Coupon Size Volatility ROA Leverage LiquidAssets Loans CreditDeriv IntDeriv SecInc

金融资产证券化中英文对照外文翻译文献

金融资产证券化中英文对照外文翻译文献(文档含英文原文和中文翻译)Securitization of Financial assetsAsset-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 mainlyfrom 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 the transferred financial assets will not be part of the bankruptcy assets. This makes the notes an interesting investment opportunity .In apass through payment scheme the final investors who buy these notes receive periodic inflows (interests on their investments). These are directly relatedto 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 originator bypasses 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, therebyimproving ROE and allowing ( if the originator is a bank)a more flexible keeping of the asset/liability compositionconstraints imposed by the control authorities (i.e. the Central Bank).2.Diversification of fund sources. Althrough the originatormay be low rated, its notes usually get a higher rating(e.g. AAA) due to the presence of banks and insurancecompanies which guarantee the whole operation .This implies that such notes can be dealt on the main financialmarkets allowing the originator to reach markets which would otherwise be unaccessible for him since attended only by more established companies.3.Higher rated notes are more reliable investments and thusare 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 which 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 pay an additional 100 basis points to get credit warranties 1 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 pulic institution in charge of the management of the social security system, i.e. the Istituto Nazionale dellaPrevidenza 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.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 institution in 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 con-tributions 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 modeling 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 and Speranza [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-worldcase, Mansini in [11] and then Mansini and Speranza in [12] have studied the problem of optimally selecting the assets to refund the loan. In other 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 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) thecustomers 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 for 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 aim to provide analysis of an alternative amortization rule available in practices as well as the development of better tools for the institutions responsible for the planning and management of ABS.Before defining the new model we should give a more detailed sketch of the ABS process. To help the reader invisualizing and better understanding the structure of an ABS process. The SPV issues 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 the originator consists of minimizing the gap between the main outstanding principal and the outstanding principal of the selected assets over all points in time. This gap constitutes a loss of profit due to missing moreprofitable investments with higher yields.Actually the area of the main outstanding principal covered by the sum of outstanding principals 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 that the originator got from its customers (e.g. the lessees) and the lower percent interest rate paid to the note holders. If the sum of the outstanding principals of the selected assets has a global reimbursement profile which decreases more rapidly than that of the main outstanding principal, then the originator gets funds from its customers in advance with respect to the deadline at which it should pay the capital installment to the SPV. Such funds have to be reinvested in some predefined type of investments indicated in the ABS agreement. These investments last for a brief period (from the date in which they are available to the following date of reimbursement for the main loan) and usually yield a very low interest rate. Given the rate B payed for the notes it frequently happens that B is close to zero and may also be negative involving a loss for the originator. This justifies the interest in minimizing thegap between the two profiles and stresses the importance of studying alternative shapes for the outstanding principals.Another important aspect in an ABS process is the risk of assets prepayment (cf.Schwartz and Torous [18]).A decline in interest rates may cause an earlier repayment of the outstanding principals of the assets and hence has a negative effect on the value of the objective function over time since the gap towards the main outstanding principal increases.For some types of assets such as auto loans or credit card receivables this prepayment is unusual. However, leasing-like assets do face the risk of interest-rate based prepayment. Since prepayment events are non-predictable they cannot be taken explicitly into account in a deterministic off-line optimization model. Implicitly, it is assumed that all assets have the same probability of prepayment. In all cases where the risk of early paybacks is particularly high, a re-optimization of the whole ABS process at a later point in time is strongly recommended.Concerning the time line, in our case the assets arehanded over by the originator and purchased by the SPV starting at a closing date (initial date for the loan) and on a Fixed basis thereafter during the so called revolving period.. Each date at which a purchase takes place is called settlement date. The assets handed over by the originator at the closing date and thereafter at the settlement dates are collectively referred to as the initial and subsequent portfolios, respectively. Issued notes yield an interest payable on periodic bases (usually quarterly) and are redeemed at different final maturity dates. For this reason, notes are divided into tranches characterized by different deadlines.The reimbursement to the holders of the principals of a tranche of notes corresponds to a reimbursement installment of the main outstanding principal. Hence, the outline of the outstanding principal of the loan has as many installments (steps)as the number of notes with different maturity issued on the market.The main source of payment of interest and principal on notes are recoveries arising out of the assets. In particular, the cash-flow deriving from assets is used by the SPV to satisfy its obligations to the holders of notes.Naturally, the outstanding principal of an asset depends on the rule used for amortization.As mentioned above, two different rules mainly appear in practice, In the first rule, usually known as French amortization, the general periodic installment (sum of periodic interests and principal installment) is constant over time. In this case the customers who hold assets (mortgage or lease contracts) have to pay the same geometrically over time .In this case the customers who hold assets (mortgage or lease contracts) have to pay the same constant amount at each deadline. Since the principal installments increase geometrically over time (see figure 2(b) ), the outstanding principal can be approximated by a concave piece-wise linear function.Source: D. Bertsimas and R. Demir. Securitization of Financial Assets: Approximation in Theory and Practice. Computational Optimization and Applications, 2008(29), P147-171翻译:金融资产证券化资产证券化(ABS)是一种金融工具,它可以让金融机构(通常是商业银行)的流动资产(如租赁资产滞销,抵押资产或商业证件)在他们的资产负债表中转换为长期贷款。

证券市场发展与经济增长外文文献翻译中英文2020

证券市场发展与经济增长外文文献翻译中英文2020英文The relationship of renewable energy consumption to stock marketdevelopment and economic growth in IranSeyedeh Razmi，Bahareh Bajgiran，etcAbstractThis paper investigates the relationship of two types of renewable energy consumption (total hydropower, wind, solar and nuclear energies, and total combustible renewable and waste) to stock market value and economic growth in Iran. An autoregressive distributive lag (ARDL) model was used for data from 1990 to 2014 and results show that stock market value affects both groups of renewable energies in the long run. Growth rate significantly affects total hydropower, wind, solar, and nuclear energies in both the short and long run, although it is only significant in the short run for combustible renewable and waste energies. Neither type of renewable energy consumption affects growth in either the short or long run.Keywords：Renewable energy consumption，Stock market，Growth，ARDLSustainable development, as one of the main goals of every economy, encourages policymakers to use energy sources that emit the fewest pollutants to the environment. Today, renewable energy resources havebecome increasingly more important due to the fact that they have fewer negative impacts on the environment than other sources of energies and the growing limitations of fossil fuels. Most developed countries that are in agreement with the International Atomic Energy Agency and the Kyoto Protocol have established a framework to encourage greater usage of renewable energy sources Maji. Consequently, countries that are rich in non-renewable energies should consider ways to offset the economic slowdown that would be caused due to the loss of demand from developed countries. Apart from environmental issues, substituting domestic renewable energies also protects countries against external economic crises. As countries reduce fuel imports, their economies become less vulnerable to external crises. The importance of economic growth as the main objective of all economies has led a lot of studies towards finding the impact of renewable energies on economic growth. For example, one study using the ARDL method discovered that renewable energy and economic growth have a negative relationship in the long run in Nigeria, although an insignificant relationship exists in the short run. A negative impact of renewable energy on economic growth was also found in Turkey, South Africa, and Mexico by Ocal and Aslan. However, Destek found a positive relationship between the two variables was discovered for India. Aïssa et al tried to discover the relationship among renewable energy, output, and trade by using panel cointegrationof 11 African countries. They did not find any causality between renewable energy with output and trade in the short run. However, in the long run, Jebli and Youssef discovered the impact of renewable energy on output.Apergis and Payne employed panel cointegration for investigating the casual relationship between renewable energy consumption and economic growth for OECD countries. They found bidirectional causality between variables both in the short and long run. Similar results were discovered for Central American countries by Apergis and Payne. Using panel data, Chang et al found bidirectional causality between economic growth and renewable energy for G7 countries. However, these results were not approved for individual countries. Tugcu et al also discovered similar results for G7 countries. Using the panel cointegration method, Pao et al investigated the causal effect of clean and non-clean energies on economic growth for Mexico, Indonesia, South Korea, and Turkey. They found one-way causality running from renewable energy to economic growth in the long-run and two-way causality in short-run.Apart from economic growth, financial market development indexes are among the variables of interest to economists in energy studies. Financial market development can affect energy demand by influencing economic growth as well as reducing households’ constraints. Financial markets affect economic growth by transferring funds, determiningcapital prices, facilitating transactions, as well as distributing risk management. Facilitating consumer lending is another impact of financial markets on energy consumption, as easier access to financing for energy purchases increases consumer demand for energy. In other words, financial market development may increase energy consumption by reducing financial risk and lending costs and increasing access to financial investments and advanced technologies. Financial market development can also reduce the risks to consumers and businesses and thereby become an important factor in generating wealth in the economy. Therefore, the existence of financial market development is considered as a reliable lever for consumers and businesses which increases economic activity and energy demand.Kakar et al considered the relationship between financial market development, economic growth, and energy consumption in Pakistan in the 1980s. Using Johansen cointegration and Granger causality, the results showed the long-run effects of the financial market development on energy consumption, however its impact in the short run was negligible. Several studies have confirmed the relationship between financial development, energy consumption and economic growth. Stock market developments also play an important role in allocating funds for clean energy projects. Sadorsky stated that stock market developments would increase the demand for energy in emerging economies, whileChang indicated that the development of market capitalism in emerging countries would stimulate investment and energy consumption. This study investigates the relationship between renewable energy consumption, the stock market value,1 and GDP growth in Iran. It must be noted that, to the best knowledge of the authors, there have not been any studies on financial market development and renewable energies thus far; therefore, this research has referred to studies on total energy consumption and financial market development.Renewable energies can play an important role in reducing emissions of pollutants, such as carbon dioxide and other greenhouse gases. Features such as environmental compatibility, fewer pollutive effects, renewability, and global reliability have led these types of energies to play an important role in the world's energy supply system on a day-to-day basis. Nowadays, Iran is suffering from air pollution, and the impact on public health is a well-known problem. Therefore, consuming renewable energies can be effective in both achieving clean air and increasing the overall health and well-being of the society. According to recent changes in Iran's energy consumption laws, governmental units such as the Ministry of Energy and the Ministry of Oil have been obliged to support clean energy consumption.Iran has many capacities in which to use hydro, wind, solar and other kinds of renewable energies due to its geographic environment.Despite its high potential for employing renewable resources, renewable energies have not yet been properly exploited. Renewable energy consumption in Iran is still less than 4% of total energy consumption. Therefore, Iran needs to devote particular attention to the various aspects of renewable energies to maintain its position as an energy supplier. Regarding foreign sanctions that have reduced the speed of foreign investment in non-renewable energy, the Iranian government also needs to increase its support to the private sector to attract more investment in renewable energies. This research helps policymakers in Iran and other countries meet their goals for using renewable energies by investigating the relationships of the three aforementioned variables.This study differs from other research on this issue as most papers in this field study economic growth, non-renewable energy consumption, and pollution (CO2) by panel data models. For our research objective, we make three key contributions. First, financial markets, especially the stock market, can help developing industries to raise and circulate capital within the broader economic system. While many studies have examined the relationship between financial development and economic growth with non-renewable energies, there is a gap in research pertaining to renewable energies. The study covers this gap by focusing on of renewable energy that have largely been ignored in prior research. Second, in contrast to the studies applying cross-country panel causality testing,especially in developed countries, we apply an ARDL model as a robust methodology for Iran's economy. Third, studies on renewable energies typically use one type of renewable energy source, while this study compares two groups of renewable energies: total hydropower, wind, solar, and nuclear energies and combustible renewable and waste energies. We examine the effect of economic growth on the two types of renewable energy consumption and conversely, the effect of the two types of renewable energy consumption on economic growth. This type of analysis has the potential to support future policy recommendations.For our estimation model we have carried out the following steps. First, after a thorough review of theoretical and empirical studies, we have selected our models. Next, we have verified the unit roots and integration tests for long-run relationships. Subsequently, we have applied two models for each of the long-run and short-run analyses. In each model, the dependent variables are: economic growth and renewable energy type. Finally, we have conducted diagnostic tests to confirm the reliability of the results.This paper examines the relationship between two types of renewable energy consumption, including consumption of hydro, solar, wind and nuclear energies as well as that of combustible renewables and waste energies, stock market value, and economic growth in Iran over the period 1990–2014 using the ARDL method. Such a study on Iran is verynecessary, as studies in this area are rare, and only small steps have been taken towards using renewable energies. The use of renewable energy in Iran is still less than 4% of the total energy consumption in the country. Therefore, more robust studies must be done regarding renewable energies. Results show the existence of short- and long-run relationships between variables in two models where the dependent variables are re (consumption of water, solar, wind and nuclear energies), gr (economic growth rate), and rec (consumption of combustible renewable and waste energies).The coefficient of st (stock market value) is insignificant for both re and rec as dependent variables in the short run, meaning that in the short run, financial markets have no effect on renewable energy consumption; however, it is positively significant in the long run for both groups. Therefore, the stock market value is an important positive factor affecting renewable energies in the long run. Growth rate significantly affects re in both the short and long run, although it is only significant in the short run for rec as a dependent variable. Neither type of renewable energy affects growth in the short run and long run. This result is similar to Dogan that found little effect of renewable energy consumption on economic growth in Turkey. Destek found negative effect of renewable energy consumption for South Africa and Mexico. However, Adams et al discovered positive effect of renewable energy consumption on economicgrowth in 30 Sub-Saharan African (SSA) countries.By examining the relationship among two groups of renewable energy consumption, stock market value, and economic growth, the results of this study highlight a few points for policymakers in Iran who are looking for ways to improve public health by using clean energies. First, stock market development in Iran has led to an increase in renewable energy consumption for total hydropower, wind, solar, and nuclear energies, while has not affected the consumption of combustible renewable and waste energies. The positive effect of stock market value on long-run economic growth shows that stock market development can increase renewable energy consumption in the long run. Second, economic growth can also lead to an increase in renewable energy consumption of the first group so policies towards increasing economic growth also lead to renewable energy consumption of first group. Third, given Iran's recent investments in the development and use of renewable energy technologies, the results of this research show that the country should continue to develop its renewable energy infrastructure in order to reap the full benefits.Responses to the following questions can be a guide for policymakers to achieve sustainable development and to increase the health and well-being of the society.•Do renewable energies have a positive effect on economic growth?•Does the value of the stock market have a positive effect on economic growth?•Does the value of the stock market have a positive effect on renewable energy?If the value of the stock market affects both economic growth and renewable energy consumption, it can serve as a stimulus for using renewable energy and achieving sustainable development. Economic policymakers can increase renewable energy consumption by better understanding the nuances of the effects of stock market value and economic growth on each group of renewable energy and use this knowledge to facilitate the development of the applicable renewable energies for the improvement and spread of clean air.中文证券市场发展和经济增长的关系伊朗可再生能源消费Seyedeh Razmi，Bahareh Bajgiran等摘要本文研究了伊朗两类可再生能源消耗（水电，风能，太阳能和核能总量以及可燃可再生和废物总量）与证券市场价值和经济增长之间的关系。

金融资产证券化中英文对照外文翻译文献

金融资产证券化中英文对照外文翻译文献Financial Asset nAsset-Backed n (ABS) ___ ns。

typically commercial banks。

to remove unmarketable assets。

such as lease assets。

mortgage assets。

or commercial papers。

from their balance sheets in exchange for a long-term loan that can be ___。

the financial assets are transformed into bonds。

known as notes。

and the proceeds from their market issuance e a long-term loan for the asset owner。

also known as the originator。

This article will primarily focus on the n of ABS.ABS nThe ABS ___:1.___ a pool of financial assets that it intends to securitize.2.___ of the assets to a special purpose vehicle (SPV)。

which is created for the sole purpose of holding the assets and issuing the notes.3.The SPV issues the notes。

which are backed by the cash flows generated by the underlying assets.4.The notes are sold to investors in the capital markets。

资产证券化的研究——一个文献综述精编版

河北经贸大学硕士课程论文资产证券化的研究：一个文献综述姓名：杨鹏展学院及专业：财税学院财政学课程名称：货币金融理论专题学号：201401370006指导老师：李文哲二〇一五年六月二十四日摘要:随着金融技术的迅猛发展和全球经济一体化的到来，世界经济的白热化竞争和对金融创新的强烈需求，使得世界各国政府面临着前所未有的巨大压力，而同时也带来了空前的发展机遇和巨大挑战。

其中，作为金融创新领域的重要手段之一的资产证券化，受到世界各国的普遍关注，并成为当代国际金融、资本市场领域研究的重要问题。

资产证券化(Asset Securitization)是指针对流动性较差的资产，通过一定的结构设计、信用增级、信用评级等手段转换为可以自由买卖的证券的过程，使之具有流动性。

资产证券化作为近年来出现的金融创新思想和方法，为各国有效管理经济和金融风险，发挥金融市场投融资功能并促进经济稳定发展提供了新的思路。

资产证券化产品是成熟资本市场的重要品种，无论是从政府的管理视角和金融创新规律来看，还是从银行、企业和广大社会投资者的不断变化和增加的需求来看，资产证券化理论研究及其创新应用的构筑等都是十分必要的，同时也是金融管理现代化的必然选择。

关键词：资产证券化;次贷危机；资本市场；信用评级一、国外相关研究文献综述首先，美国对资产证券化的研究最早也最为全面，而且大量的研究依据实践经验的基础上而得以相互支持。

在2008年的次货危机以后，大量的研究更多的开始涌现。

其次，Theodor Baums, E. Wymeersch（1996）对欧洲各主要国家如奥地利、比利时、丹麦、芬兰、英法德、西班牙等国的资产支持证券化进行了深度的研究与论述，介绍了资产证券化的起源与发展、产品与市场等，认为资产证券化在欧盟各国起到了重要的作用，作者较全面的，并着重探讨了在资产证券化相关的法律和监管框架以及税务等方面的问题，指出立法在资产证券化中扮演了重要的角色。

金融资产证券化外文文献

金融资产证券化外文文献Securitization of Financial assetsAsset-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) fromtheir 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 thatpurpose .The SPV funds the purchase through issuing debt securities-the notes-which are collateralized by the assets. Note that the assetstransfer is a true sale. Thus , if the originator becomes insolvent oris involved in bankruptcythe transferred financial assets will not be part of the bankruptcy the transferred financial assets will not be part of the bankruptcy assets. This makes the notes an interesting investment opportunity .In apass 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 originator bypasses 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 improvingROE and allowing ( if the originator is a bank) a more flexiblekeeping of the asset/liability composition constraints imposed by the control authorities (i.e. the Central Bank).2. Diversification of fund sources. Althrough the originator may below rated, its notes usually get a higher rating (e.g. AAA) due to thepresence 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 which would 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 which 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 pay an additional 100 basis points to get credit warranties 1 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 pulic institution in charge of the management of the social security system, i.e. theIstituto Nazionale della Previdenza Sociale (INPS).This operation has allowed INPS tomove delinquent contributions from its balance sheet. Other transactions of this type took place in the area of public housing agencies.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 institution in 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 con-tributions 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 modeling 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 and Speranza [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 theloan. In other 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). Theresulting problem of selecting assets at unique date can be modeled as ad-dimensional knapsack problem, which is hardly tractable by exact algorithms but is typically solved by constructive heuristics (seee.g.[1,16]) or metaheuristics (see e.g.[2,4]. The authors also show thatin 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 relativelyeasy to handle (cf.[8,9,14]). See [10] for a general introduction to knapsack problems. Their work does not take into account the occurrenceof 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). Upto now this common rule has been totally ignored in models formalization.The objective of this paper is twofold .First of all we innovatewith 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 selectionin ABS to achieve a better utilization for 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 periodicprincipal installments ( Italian amortization rule). In this way thepaper aim to provide analysis of an alternative amortization rule available in practices as well as the development of better tools for the institutions responsible for the planning and management of ABS.Before defining the new model 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 SPV issues 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 bythe 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 the originator consists of minimizing the gap between the main outstanding principal and the outstanding principal of the selected assets over all points in time. This gap constitutes a loss of profit due to missing more profitable investments with higher yields.Actually the area of the main outstanding principal covered by the sum of outstanding principals 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 that the originator got from its customers (e.g. the lessees) and the lower percent interest rate paid to the note holders. If the sum of the outstanding principals of the selected assets has a global reimbursement profile which decreases more rapidly than that of the main outstanding principal, then the originator gets funds from its customers in advance with respect to the deadline at which it should pay the capital installment to the SPV. Such funds have tobe reinvested in some predefined type of investments indicated inthe ABS agreement. These investments last for a brief period (from the date in which they are available to the following date of reimbursement for the main loan) and usually yield a very low interest rate. Given the rate B payed for the notes it frequently happens that B is close to zero and may also be negative involving a loss for the originator. This justifies the interest in minimizing the gap between the two profiles and stresses the importance of studying alternative shapes for the outstanding principals. Another important aspect in an ABS process is the risk of assets prepayment (cf.Schwartz and Torous [18]).A decline in interest rates may cause an earlier repayment of the outstanding principals of the assets and hence has a negative effect on the value ofthe objective function over time since the gap towards the main outstanding principal increases.For some types of assets such as auto loans or credit card receivables this prepayment is unusual. However, leasing-like assets do face the risk of interest-rate based prepayment. Since prepayment events are non-predictable they cannot be taken explicitly into account in a deterministic off-line optimization model. Implicitly, it is assumedthat all assets have the same probability of prepayment. In all cases where the risk of earlypaybacks is particularly high, a re-optimization of the whole ABS process at a later point in time is strongly recommended. Concerning the time line, in our case the assets are handed over by the originator and purchased by the SPV starting at a closing date (initial date for the loan) and on a Fixed basis thereafter during the so called revolving period.. Each date at which a purchase takes place is called settlement date. The assets handed over by the originator at the closing date and thereafter at the settlement dates are collectively referred to as the initial and subsequent portfolios, respectively. Issued notes yield an interest payable on periodic bases (usually quarterly) and are redeemed at different final maturity dates. For this reason, notes are divided into tranches characterized by different deadlines.The reimbursement to the holders of the principals of a tranche of notes corresponds to a reimbursement installment of the main outstanding principal. Hence, the outline of the outstanding principal of the loanhas as many installments (steps)as the number of notes with different maturity issued on the market.The main source of payment of interest and principal on notes are recoveries arising out of the assets. In particular, the cash-flow deriving from assets is used by the SPV to satisfy its obligations to the holders of notes. Naturally, the outstanding principal of an asset depends on the rule used for amortization.As mentioned above, two different rules mainly appear in practice,In the first rule, usually known as French amortization, the general periodic installment (sum of periodic interests and principal installment) is constant over time. In this case the customers who hold assets (mortgage or lease contracts) have to pay the same geometrically over time .In this case the customers who hold assets (mortgage or lease contracts) have to pay the same constant amount at each deadline. Since the principal installments increase geometrically over time (see figure 2(b) ), the outstanding principal can be approximated by a concavepiece-wise linear function.Source: D. Bertsimas and R. Demir. Securitization of Financial Assets: Approximation in Theory and Practice. Computational Optimization and Applications, 2008(29), P147-171。

《商业银行资产证券化业务发展研究国内外文献综述2300字》

商业银行资产证券化业务发展研究国内外文献综述（一）国外文献综述关于资产证券化对商业银行风险的影响：国外相关研究显示，在经营风险方面，资产证券化对商业银行的确有影响。

资产证券化对于商业银行风险程度的影响存在“证券化-稳定”与“证券化-不稳定”两种不同观点。

Jiangli.w(2008)的“证券化-稳定”理论认为，资产证券化过程中建立特殊spv能把风险转移并隔离，风险转移过程中商业银行相当于为经济中的逆向选择和道德风险购买了保险。

2008年次贷危机之后，更多的研究支持了“证券化-不稳定”的理论。

Allen和Carletti（2006）Acharya等（2013）认为资产证券化强化了金融机构的关联性，增强了风险的溢出性和感染性，诱发了整个银行体系的崩溃。

关于城商行的研究：在国外，银行被划分为大银行和中小银行，但是国外并没有城市商业银行的说法。

由于从本质上来看，城市商业银行本质上属于中小型商业银行，所以，在发展过程中，国外关于商业银行发展方面的研究成果和发展经验可以给我国城市商业银行的发展提供有益的借鉴和启发。

Brickley和James(2003)认为，地方政府的介入对商业银行的发展有着重要的促进作用。

在日本，大多数地方银行的总部都设在地方城市，而这些地方银行无例外地与当地政府、企业以及公共团体有着紧密的联系。

由此他们得出：得到政府的大力支持，能够促进商业银行的发展，从而刺激地方经济的增长。

2007年，Allen N.Bergel9在对美国的社区银行的发展历史的基础，进一步研究了各家银行不同的发展模式和路径。

总之，国外商业银行有关的发展研究比较多。

从研究主体上看，有学术专家，还有新闻报刊、研究机构、知名信用评级机构等 ;从研究主题上看，主要有对城市商业银行发展现状、趋势的研究，对城市商业银行跨区域经营的研究，对银行上市的研究等等。

国外的研究成果不仅对于探讨我国城市商业银行发展提供了不可或缺的理论支撑，同时，从现实意义而言，国外的发展经验对S城市商业银行的发展提供了借鉴和启发。

金融资产证券化【外文翻译】

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证券市场发展与经济增长外文文献翻译中英文2020

资产证券化的基本操作原理论文

资产证券化的基本操作原理论文资产证券化（Asset Securitization）是一种金融工具，通过将特定的资产转换成可以交易的证券，从而实现风险分散、融资和投资目的的一种金融创新。

资产证券化的基本操作原理包括资产的选择和池化、证券化结构设计、信用增级和流通安排等。

首先，资产证券化的过程始于资产选择和池化。

资产是指具有经济价值和收益潜力的权益或现金流，包括抵押贷款、消费信贷、债务债权等。

在进行资产证券化时，首先需要选择合适的资产作为证券化对象，然后对这些资产进行池化，即将它们集中在一起形成一个资产池。

资产池通常是多样化的，以降低投资者面临的风险，提高投资品种的流动性和吸引力。

其次，资产证券化需要进行证券化结构设计。

证券化结构是指将资产池分割为不同的证券层次，以满足不同投资者的需求和风险偏好。

常用的证券化结构包括头寸证券（Tranches）、优先级证券（Senior）、次级证券（Subordinated）、残余证券（Residual）等。

头寸证券按照优先级分为不同级别，每个级别享有不同的权益和风险分担。

这种结构化设计能够分散风险，提高证券的流动性和定价效率。

第三，资产证券化涉及信用增级。

信用增级是指通过引入额外的信用参与方，提高投资品种的信用质量和吸引力。

常见的信用增级手段包括担保、保险、信用增级证券等。

担保是指由第三方提供担保或保证，以保证资产的还款能力。

保险是指采用保险产品对投资品种进行保险，一旦投资品种违约，保险公司将赔付相应的损失。

信用增级证券则是通过发行具有不同优先级的证券，使高级证券享有优先受偿的权益，降低投资风险。

最后，资产证券化还涉及流通安排。

流通安排是指将经过证券化和信用增级的证券进行发行和交易的安排。

一般而言，资产证券化后的证券可以在证券交易所上市交易，投资者可以通过购买这些证券来参与资产证券化所代表的资产。

此外，资产证券化还可以通过私募交易进行，以满足特定投资者的需求。

综上所述，资产证券化的基本操作原理包括资产选择和池化、证券化结构设计、信用增级和流通安排等。

商业银行不良贷款证券化外文文献翻译

商业银行不良贷款证券化外文文献翻译外文文献翻译原文+译文原文The study on the securitization of non-performance loans of commercial banksAhmad WAbstractCommercial Banks non-performing assets is to point to in a good operating state, not normal brings to the commercial bank interest income in time even can't take back the principal bank assets in a timely manner. The essence of the non-performing assets is an additional commercial Banks operating costs. The seriousness of the problem, however, far from it, because the bank in the special position in social economic life and the important role of non-performing assets in which could lead to an increase in commercial Banks operating costs at the same time, also implies a higher social costs. Throughout the history of the world, all previous banking crises, financial crisis and the outbreak of the global economic crisis, with Banks non-performing assets. Unwind the bad assets, and eliminate the root causes of bad assets are imperative. Keywords: Non-performing loans; Asset securitization; Commercial Banks1 IntroductionNon-performing assets disposal of the most common method is operated Banks, specific include: collection, debt restructuring, on the basis of repay the principal reduction, litigation and court execution, loan interest cancel after verification, etc. Among them, the collection, a debt restructuring and reduction method of interest is the premise of the borrowerhas certain repayment sincerity and reimbursement ability. Action to perform, loans verification method is suitable for borrowing the lack of sincerity reimbursement or reimbursement ability. Many reasons for the formation of non-performing assets of commercial Banks, credit conditions are an important reason. Credit system is imperfect, bilk not directly caused a large number of enterprises also phenomenon. Many private enterprises and unable to repay bank loans, its legal representative or the shareholders itself will not be affected by any; moreover, they can through the prior registered a new company to continue to run their business. It is because of bad credit environment, led to made the borrower's subjective repaymentwillingness is not strong, lack of credit consciousness, so the collection way to deal with the effect of bad assets always is not very good, a lot of the time can only play the role of interrupt litigation efficiency., with some success, of course, but generally this borrowing has full mortgage or guarantee. Debt restructuring, breaks the interest is the bank to the borrower has certain repayment willingness, but a kind of measures taken by the reimbursement ability is insufficient. Such treatment clause contains both the preferential policies of the bank to the borrower, and the limitation of the bank. Debt restructuring is mainly for the duration of the loan, mortgage, guarantee, loan, make changes to form new loans, to reduce risk. Reduction of interest by a certain amount of relief, recover all loan principal. These two approaches in the bank received a lot of use. Litigation and court execution way has always been one of the important ways of bad assets disposal, bad credit environment, concentrated in many borrowers bilk not also, the bank must takecompulsory means of recovery of the loans. As Banks and borrowers are format contract signed, the guarantor, so the problem of loans made to basically guaranteed. But the problem is the execution phase, if the lack of sufficient assets available for execution, the loans are still hard to fully recover, sometimes even the action to perform advancements cannot take back. Even so, as a result of litigation compulsory execution, these ways of disposal gradually become one of the most main way. Finally, on the premise of any loan, it will not be repaid, Banks into bad debt verification procedures. Visible, the non-performing assets of commercial Banks have formed a set of business process, according to the customer's specific repayment willingness and repayment capacity, formulate the corresponding disposal measures, and the process is in the process of improving.2 The affect factors of the non-performing loan recovery2.1 Loan timeIn theory, the loan last failed to repay the longer, may also produce bad debt loss, the greater the non-performing loans of borrowing the earlier time, time will be long overdue, and recovery rate is generally low. Countries to borrow after transfer, a large number of non-performing loans to appear, but state-owned enterprises did not returnthe bank loans as a must, the idea has not changed, also think that is a country in support, and the commercial bank reform has not yet started, have to bear the certain function of finance. Appear in this phase of the non-performing loan is a big difficulty, in their evaluations, to especially pay attention to this stage of the lent loans, in has been calculated based on the assessment of the value should be lowered accordingly.2.2 Loan sectorDifferent industry development direction, development potential, payment is also different. But more important is the nature of industry difference also means different organic composition, the different proportion of tangible and intangible assets, can be used for the assets of a mortgage. Enterprises of different industries in the face of the repayment pressure or liquidation, creditors can perform an asset and its degree, and thus to creditors have different ability of guarantee. The real estate, construction even if there will be a lot of bad debts occur to pay off the building and construction materials, realizable ability, such as financial services when bad debts occur or bankruptcy is available to sell anything.2.3 The enterprise ownershipNon-performing loan ratio highest is state-owned enterprises and collective enterprises, and foreign enterprises and individual enterprises is generally lower. According to incomplete statistics of non-performing loans of state-owned enterprises and collective enterprises accounted for the big four Banks non-performing loans is about 75% of the total. For a long time, the main commercial Banks is a state of absolute holding, so its loan direction mainly in the face of state-owned enterprises and collective enterprises, in the process of loan, sometimes under the intervention of the government, the bank will be for some, redundant construction, low management level of the product unsalable make loans to the state-owned enterprises, such loans are usually difficult to recover. And many of the state-owned enterprises in the business at the same time also in bear the heavy burden on society, such companies can once cannot reimbursement is not bankruptcy liquidation, because it will affect the stability of the local society to a certain extent. Thestate-owned enterprises and local government relations are complex, is likely to encounter in the process ofrecovery of loans the government. So we can expect, state-owned enterprises non-performing loan recovery rate is relatively low.2.4 Loan purposesThe purpose of the enterprise loans directly affect the loans become non-performing loans after its recovery, loans for infrastructure construction such as highway, hydropower station, even out of business, but has invested assets can still corresponding cash. As for working capital turnover or to repay debt, once enterprises shut down at this moment, it will be difficult to get a loan.2.5 Enterprise operating conditionsEnterprise only keep operating, will speed up the turnover of assets and value-added, its assets only in continuous operation at the same time, will be to the value of its future cash flow measurement. If the enterprise is unable to maintain normal operation, under the period of shut down or even bankruptcy, on the one hand, the source of enterprises to raise funds dried up, room for turnover decreases, and on the other hand, itself can no longer produce inflows, on the degree of guarantee creditors will decline.3 Theory of asset securitization and the process3.1 DefinitionsOf future earnings of the asset securitization is simply the assets transferred to investors in the form of securities issuance, its low cost, high rate of financing characteristics have drawn the attention of the governments and financial institutions. Since the United States created the beginning of asset securitization, in justa few decades the development has begun to take shape, more developed in many areas, asset securitization has become a of non-performing assets of Banks and other financial institutions to solve the important means. Law fare that asset securitization is savers and borrowers by financial markets to some or all of the matching process and tools, under the arrangement, the development of the market credit replaced by Banks or other financial institutions to provide closed market credibility. American Yale set professor argues that "asset securitization can be broadly defined as a process, through this process will have a common characteristic of loans, consumer installment contracts, leases, accounts receivable and other illiquid assets into market-oriented investment characteristics of interest-bearing securities. "Visible, the meaning of asset securitization, which consists of a series of financial asset through restructuring, the construction of asset pool, in order to get more stable cash flow, and then through a variety of credit enhancement, in order to achieve the standard of securities issuance, so as to issue securities, and based on the payment of securities of the asset pool cash flow.3.2 The theory analysisBasic operation principle of asset securitization together is the securitizations of assets, the restructuring its cash flow and handed it to investors. Because our country banking non-performing loans is not completely get rid of the constraint, staying in more than two system, formed the situation of non-performing loans is basically equivalent to default loans. Therefore, for single non-performing loans, because the borrower has defaulted, difficult to timely recovery of the loans in the future through the normal way, so its cash flow is uncertain,extreme without any occurrence of cash flow is possible. So, expect the cash flow of non-performing assets of Banks is a very difficult thing, this factor has become a part of the opposition of non-performing assets securitization of scholars is a major reason.But, in fact, for a group of loans, even though the cash flow is the combination of the combination of each loan sum of cash flows, but because of the role of the law of large Numbers, the combination of the cash flow may present a certain regularity, the premise is the number of borrowers in loan portfolio enough, correlation between small enough, industry and region, the loan scale widely enough and so on. So the individual loans often large deviation, but can the whole portfolio cash flow has credible estimates. On this basis, it can be bad assets together, structural reorganization, and divided the resale market for securities investors. Bad assets the damage to the financial sector and the whole regional economy is self-evident, bad assets for the financial system is always a great safety hidden trouble, while asset securitization is the most common especially in some developed areas in the world of the methods to solve the problem of non-performing assets. This section is to analyze the necessity and feasibility of securitization of non-performing assets.文献出处：Ahmad W. The study on the securitization of non-performance loans of commercial banks [J]. Journal f Basic and Applied Scientific Research, 2016, 4(3): 241-250.译文商业银行不良贷款证券化研究Ahmad W摘要商业银行不良资产是指处于非良好经营状态，不能及时给商业银行带来正常利息收入甚至不能及时收回本金的银行资产。

意大利的资产证券化活动【外文翻译】

外文翻译原文：The Asset Securitization Activity in Italy The main object of this chapter is to analyze the basic characteristics and the market structure of the securitization activity, especially with reference to the Italian securitization market, which has rapidly developed in recent years.In particular, this chapter intends to answer the following questions:1. What is meant by securitization?2. How is the transaction structured?3. What is the role of financial intermediaries within the securitization process,especially in Italy?4. What are the main characteristics of the Italian securitization activity?At this purpose, we will first explain the basic components of a securitization transaction, describing the typical structure and the main players involved. Secondly, we will analyze the Italian securitization market, emphasizing its peculiarities through an international comparative analysis.Generally speaking, the aim of securitization is to transform illiquid assets into securities. For the purpose of this chapter, the term securitization is used to represent the process whereby assets are pooled together, with their cash flows, and converted into negotiable securities to be placed into the market. These securities are backed or secured by the original underlying assets and are generally defined as Asset Baked Securities (ABS).Theoretically, any financial assets producing cash flows (receivables, residential and commercial mortgages, credit card receivables, and other consumer and commercial loans) can be securitized.The concept of asset securitization was introduced in the US financial system in the 1970s, when the Government National Mortgage Association issued securities backed by a pool of loans, represented by residential mortgages.During the last decade, it has rapidly developed within Europe, especially in the UK. Recently, theItalian securitization market has rapidly expanded thanks to the introduction of a specific regulation (Law 130/99).Two main types of securitization transactions exist:1. Cash flow based (CFB) securitization. The transaction is structured as a sale of assets by a company (Originator) to a special entity (Special Purpose Vehicle, SPV), which then issues securities backed by the underlying assets. The CFB securitization is also defined as Funded Securitization, because the Originator can raise money through the asset sale, diversifying its financing sources;2. Synthetic securitization. It is a transaction through which the credit risk, associated with a pool of assets, is transferred to a separate entity (SPV). It is not a sale of assets, so the Originator does not receive any cash flow. The SPV in this case is not the owner of a pool of assets, but only the entity that carries the associated credit risk. It is realized through the use of derivatives instruments (total return swaps and credit derivatives).-asset backed securities (ABS), which represent securities backed by specific assets (auto loans, credit card receivables, student loans, equipment leases). This definition does not include mortgages loans or corporate bond loans; -mortgage backed security (MBS), which are securities backed by specific mortgage loans.Securitization is a financial instrument aimed at transforming a pool of assets into marketable securities, which are secured by the cash flow stream related to the underlying assets (Asset Backed Securities – ABS).It is realized through a transfer of assets by a company (Originator) to a separate firm (Special Purpose Vehicle –SPV), which then issues securities, in the form of debt instruments, to be placed into the market through a private or public offering.In order to analyze the basic structure of a securitization transaction, let us consider the following example. The Originator is a bank, willing to raise money by liquidating a specific pool of loans through securitization. Two basic deals are involved: 1. Asset sale; 2. Issuance of Asset Backed Securities.- Asset Sale. The first deal is represented by a sale of assets between two parties:1. One party is the seller of the assets and is known as the “Originator”. In ourexample it is represented by a bank;2. The other party is a separate entity, established for the purpose of buying the assets and transforming them into negotiable securities to be placed into the capital market. This entity serves only as securitization vehicle and so it is often defined as “Special Purpose Vehicle” (SPV) or “Special Purpose Company” (SPC). It may take the organizational form of corporation or limited partnership.- Issuance of Asset Backed Securities. In order to finance the asset purchase, the SPV issues securities (usually debt obligation instruments), which are backed by the acquired assets (Asset Backed Securities–ABS).The cash flows originated by the acquired pool of assets are then used to pay the principal and interest on the securities sold to the final investors (holders of ABS securities).3. The issuance of Asset Backed Securities contributes to satisfy different investors’ needs and to develop primary financial markets, allowing a transfer of certain risks to the final investors.The risks carried by the investors depend mainly on the quality of the underlying assets, rather than the creditworthiness of the issuer or the Originator. A careful evaluation of the assets’ characteristics is then essential before performing any securitization transaction. The quality of the assets in fact will affect:1. The creditworthiness of the related ABS, which is usually represented by a rating assigned by specialized agencies;2. The type and the amount of credit enhancement mechanisms, which might be necessary to lower the associated risk of the Asset Backed Securities and improve their rating.A securitization differs from a traditional equity or debt financing for at least two reasons. First, it is not a loan. It implies an asset sale by the Originator to the SPV. Second, the buyers of Asset Backed Securities rely primarily on the cash flows generated by the underlying pool of assets, rather than the cash flows generated by the business activity of the issuer.Two important aspects of securitization needs to be emphasized. First, securitization is realized through a true sale of assets by the Originator to a separatecompany (SPV), which issues securities backed by those assets. The true sale mechanism allows a company to isolate a group of financial assets, separating the risk of the firm as a whole from the risk associated with the securitized assets. Second, the SPV representsa critical actor within the securitization process: it servers as a vehicle to accomplish a securitization transaction. Under the Italian Law, a rating is required only if the securities are sold to nonprofessional investors. The expected return to investors depends mainly on the risk associated with the cash flows guaranteed by the securitized assets, rather than the default risk of the Originator.In order to understand the crucial role played by the SPV, let us consider the following scenario. Imagine that the Originator could directly issue securities backed by a pool of assets, without selling it to an intermediate vehicle. In this scenario,the investors interested in buying the Asset Backed Securities would carry both the default risk connected to the entire business activity of the Originator and the risk related to the securities. In reality, in a securitization transaction investors are willing to assume only the risk related to the pool of assets they are investing in. In order to protect final investors against the bankruptcy risk of the Originator, it is crucial to isolate the securitized assets from its business activity and its creditors. To guarantee this asset isolation, it is necessary to structure the transaction as a “true sale” of assets between the Origi nator and a third independent entity, the SPV, which is established exclusively for the purpose of facilitating the financing.The SPV involvement provides an investor with greater protection against the credit risk of the Originator and the default risk of the issuer, for at least two reasons. In the first place, the SPV is a separate company which is intended to generate an isolation of assets. In principle, once a pool of assets is transferred to a special independent vehicle, it is no longer available to the Originator or to its creditors. The subject assets are then “isolated” from the Originator activity and can only be used by the SPV to make payments to the final investors, willing to hold the Asset Backed Securities. In the second place, the SPV activity is strictly limited in order to increase the protection of the investors’ rights. The vehicle can only hold specific assets and issue in turn securities backed by these assets. The SPV is not allowed to begin otherbusiness activities and to assume new obligations. By restricting its activity, then the operational and business risk can be minimized. This is why the vehicle is also called a “bankruptcy remote entity”.Different credit enhancement strategies can be necessary to improve the credit rating of the marketable securities and to reduce the risks that is transferred to investors. These procedures aim at creating specific mechanisms to absorb potential losses.Credit enhancement can be either internally determined within the transaction structure (internal enhancement) or externally provided by a third party (external enhancement).Typical examples of internal credit enhancement provisions are the following:1.Over collateralization of the offer. In this case, the value of the underlying assets acquired by the SPV is greater than the total face value of the issued securities. Excess cash flows will then be used to cover potential losses;2.Spread accounts. The spread is represented by the positive difference between: the yield generated by the underlying assets and the yield associated to the related securities,issued by the SPV. This spread is retained by the SPV in order to absorb potential losses;3. Reserve Funds. A cash reserve fund might be created in order to cover potential underpayments from the original borrowers;4.Senior/subordinated debt structure. With this provision, the SPV sells different types of securities (senior, subordinated)with different risk/return characteristics. In particular, the securities have different payment priority. Senior securities are characterized by a lower risk, higher rating and lower return. Conversely, junior securities are more risky. As a consequence, they are associated with: lower rating and higher expected return. In the worst-case scenario, senior securities give the holder the right to receive the related payments before the subordinated securities ones. Consequently, cash flows will be used to pay the senior securities and eventually, only if sufficient capital is left, to satisfy the subordinated securities.External credit enhancement examples are the following:1.Letter of credits by a bank or insurance company, to guarantee the security issuance;2. Insurance contracts;3. Special guarantees from a third party.As Figure shows, other two parties are involved into the securitization process: the Servicer and the Trustee. The Servicer is responsible for the collection of receivables and other payments on the assets acquired by the SPV. On the other hands, the Trustee is an independent third party (usually a bank) assumed to monitor the entire collection process and to make payments to the security-holders. Its aim is to protect the investors’interests, monitoring the regular payment-reports prepared by the Servicer. Usually the Originator acts as a Servicer. In Italy, this occurs when the Originator is represented by a financial institution. In this situation, the obligors continue to make payments to the Originator, which will forward the cash flows to the Trustee. Then, the Trustee will forward the cash flows collected by the Servicer to the final investors.Many steps are necessary to accomplish securitization transactions. The credits are first transferred by the Originator to a SPV, and then transformed into marketable securities to be sold to final investors. The payments on the receivables are then collected by a servicing institution (Servicer), usually represented by the Originator. The funds are forwarded to a third party (Trustee) which forwards them to the security holders.Regarding the future developments of the Italian securitization market, we can make at least two assumptions.1. If the market would have to continue the actual trend, then we expect the captive financial institutions, such as banks, leasing and factoring firms and personal lending institutions, to maintain a massive role within the Arranger activity. In order to increase their weight, they have to become primary dealers in the secondary market context, given the strong international competition in the primary market.2. A second alternative is that securitization would have to become an important financial instruments not only for financial institutions but also for corporate, especi-ally for medium/big size firms, which could use this technique to raise money outside the traditional lending channel. In order to realize the above scenario, the bank system would have to offer to the corporate system an economic “full” service within the primary and secondary market context, especially for the credit management activity (Servicer), which could be handled by domestic lending banks. Italian financial institutions would increase enormously their active role, in spite of international intermediaries.Source: Roberto Tasca and Simona Zambelli1. The Asset Securitization Activity in Italy: Current and Future Trends. Finance, 2003(4)：p17-20.译文：意大利的资产证券化活动本章的主要目的是分析资产证券化的基本特征和证券化市场的活动结构,特别是借鉴了意大利证券化市场最近几年迅速发展的经验。

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金融资产证券化外文文献资料及翻译（可编辑）金融资产证券化外文文献资料及翻译Securitization of Financial assetsAsset-Backed Securitization ABS is a financial tool which allows financial institutions usually commercial banks to move unmarketable assets //.se 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 initself .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 atrue sale. Thus , if the originator becomes insolvent or is involved inbankruptcy the transferred financial assets will not be part of the bankruptcy the transferred financial assets will not be part of the bankruptcy assets. This makes the notes an interesting investment opportunity .In apass 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 originator bypasses the problem of an impossible outright sale of its assets and thus reducesits 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: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.Diversification of fund sources. Althrough the originator may be low rated, its notes usually get a higher rating e.g. AAA due to the presenceof banks and insurance companies which guarantee the wholeoperation .This implies that such notes can be dealt on the main financial markets allowing the originator to reach markets which wouldotherwise be unaccessible for him since attended only by more established companies.Higher rated notes are more reliable investments and thus areallowed to pay lower interest rates to holders. If the cost to get a higher rating is lower than the saving obtained by issuing notes which 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 pay an additional 100 basis points to get credit warranties 1 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 pulic institution in charge of the management of the social security system, i.e. theIstituto 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 The interest in this financialoperation 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 institution in charge of the management of the socialsecurity system, i.e. the Istituto Nazionale della Previdenza Sociale INPS. This operation has allowed INPS to move delinquent con-tributions 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 modeling 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 and Speranza [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 other 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 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 authorsalso 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 isrelatively easy to handle cf.[8,9,14]. See [10] for a generalintroduction 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 ofall 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 alternativeand possibly more effective formulations for the problem of asset selection in ABS to achieve a better utilization for the long term loan. Secondly, we analyze the frequently encountered practical case in which the assets lease or mortgage contracts are paid back by constantperiodic principal installments Italian amortization rule. In this way the paper aim to provide analysis of an alternative amortization rule available in practices as well as the development of better tools forthe institutions responsible for the planning and management of ABSBeforedefining the new model 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 SPV issues notes on the financial market receiving funds from institutional investors who purchase thenotes and hold them until maturity subject to the availability of acceptable short-term financing. The procee ds 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 whichis 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 imize the financial gain of the operation the critical problem for the originator consists of minimizing the gap between the main outstanding principal and the outstanding principal of the selected assets over all points in time. This gap constitutes a loss of profit due to missing more profitable investments with higher yields.Actually the area of the main outstanding principal covered by the sum of outstanding principals 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 that the originator got from its customers e.g. the lessees and the lower percent interest rate paid to the note holders. If the sum of the outstanding principals of the selected assets has a global reimbursement profile which decreases more rapidly than that of the main outstanding principal, then the originatorgets funds from its customers in advance with respect to the deadline at which it should pay the capital installment to the SPV. Such funds haveto be reinvested in some predefined type of investments indicated in the ABS agreement. These investments last for a brief period from the datein which they are available to the following date of reimbursement forthe main loan and usually yield a very low interest rate. Given the rateB payed for the notes it frequently happens that B is close to zero and may also be negative involving a loss for the originator. This justifies the interest in minimizing the gap between the two profiles and stresses the importance of studying alternative shapes for the outstanding principals.Another important aspect in an ABS process is the risk of assets prepayment cf.Schwartz and Torous [18].A decline in interest rates may cause an earlier repayment of the outstanding principals of the assetsand hence has a negative effect on the value of the objective function over time since the gap towards the main outstanding principal increases.For some types of assets such as auto loans or credit cardreceivables this prepayment is unusual. However, leasing-like assetsdo face the risk of interest-rate based prepayment. Since prepayment events are non-predictable they cannot be taken explicitly into accountin a deterministic off-line optimization model. Implicitly, it is assumed that all assets have the same probability of prepayment. In all cases where the risk of early paybacks is particularly high, a re-optimization of the whole ABS process at a later point in time is strongly recommended.Concerning the time line, in our case the assets are handed over by the originator and purchased by the SPV starting at a closing date initial date for the loan and on a Fixed basis thereafter during the so called revolving periodEach date at which a purchase takes place is called settlement date. The assets handed over by the originator at the closing date and thereafter at the settlement dates are collectively referred to as the initial and subsequent portfolios, respectively. Issued notes yield an interest payable on periodic bases usually quarterly and are redeemed at different final maturity dates. For this reason, notes are divided into tranches characterized by different deadlines The reimbursement to the holders of the principals of a tranche of notes corresponds to a reimbursement installment of the main outstanding principalHence, the outline of the outstanding principal of the loan has as many installments stepsas the number of notes with different maturity issued on the market The main source of payment of interest and principalon notes are recoveries arising out of the assets. In particular, the cash-flow deriving from assets is used by the SPV to satisfy its obligations to the holders of notes. Naturally, the outstanding principal of an asset depends on the rule used for amortization As mentioned above, two different rules mainly appear in practice, In the first rule, usually known as French amortization, the general periodicinstallment sum of periodic interests and principal installment is constant over time. In this case the customers who hold assets mortgage or lease contracts have to pay the same geometrically over time .In this case the customers who hold assets mortgage or lease contracts have to pay the same constant amount at each deadline. Since the principal installments increase geometrically over time see figure 2b , the outstanding principal can be approximated by a concave piece-wise linear function Source: D. Bertsimas and R. Demir. Securitization of Financial Assets: Approximation in Theory and Practice. Computational Optimization and Applications, 200829, P147-171附录B:中文翻译金融资产证券化资产证券化ABS是一种金融工具,它可以让金融机构通常是商业银行的流动资产如租赁资产滞销,抵押资产或商业证件在他们的资产负债表中转换为长期贷款。