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ID:342620
大小:54.00 KB
页数:11页
时间:2017-07-25
《应收账款证券化【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、本科毕业论文(设计)外文翻译原文:SecuritizingAccountsReceivableAbstract.Thispaperprovidesanoptimalcontractingframeworktodeterminetheequilibriumstructureofreceivablessecuritizationinthepresenceofmoralhazard.Anincentivecompatiblecontractisdesignedwherethesellermonitorsatanefficientlevelandretainsanequityinterest
2、inaportionofthereceivabletobesold.Thesellerretainstheriskiertranchesandsellsthesaferones.Theequilibriumproportionofthereceivablesoldwillbeincreasingwiththeseller’scostofinternalfunding.Moreover,forsellerswithsufficientlyhighex-anteprobabilitiesofsolvency,theequilibriumproportionofthereceivables
3、oldwillbedecreasingwiththeseller’sprobabilityofsolvency.Althoughfirmshavebeenfactoringtheirindividualaccountsreceivableforovertwothousandyears,itisonlyrecentlythatfirmshavebeguntosecuritizeandselloffthecashflowsfromtheiraccountsreceivablepools.Thesecuritizationindustryandthefactoringindustrydif
4、ferintwoimportantways.First,receivablessecuritizationallowsfirmstosellaportionofthepayoffstoanygivenreceivable,whilefactoringtypicallyconstrainsfirmstoselltheentirereceivable.Second,thebuyerinareceivablessecuritizationarrangementcommonlydoesnothavethefacilitiestoperformon-goingmonitoringoftheun
5、derlyingreceivable,andinsteadmustrelyuponthesellertoperformthemonitoringfunctions.Incontrast,factoringcompanieshavehighlydevelopedcreditmanagementdepartmentsandmayoftenbebetterthantheselleratmonitoringtheunderlyingreceivablecreditquality.Sinceformanyfirms,suchashospitalsandcreditcardcompanies,t
6、hesecuritizationofaccountsreceivableshasbecomeanimportantfinancingtool,abetterunderstandingofthestructureofsecuritizationcontractsisimportant.Thispaperexaminesthedecisiontosecuritizeaccountsreceivableinasettingwherethereismoralhazard.Asdiscussedabove,inthetypicalreceivablessecuritizationcontrac
7、t,thebuyerusuallydoesnottheabilitytoperformongoingmonitoringofthepurchasedreceivable,andinsteadreliesuponthesellertoperformthemonitoringfunctions.Sincetheseller’smonitoringeffortsareunobservabletothebuyer,amoralhazardproblemcandev
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