金融资产证券化【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：SecuritizationofFinancialAssetsAsset-BackedSecuritization(ABS)isafinancialtoolwhichallowsfinancialinstitutions(usuallycommercialbanks)tomoveunmarketableassets(e.g.leaseassets,mortgageassetsorcommercialpapers)fromtheirbalancesheetsinexchangefo

2、ralongtermloanwhichcanbeploughedbackintomoreprofitableinvestments.Moreprecisely,thefinancialassetsareconvertedintobonds(socallednotes)andtheproceedsoftheirmarketissuancebecomealongtermloanfortheassetsowner(theoriginator).WewilllookattheABSoperationmainlyfromt

3、hepointofviewofthisfinancialinstitution.OuranalysiswillconcentrateonthecriticalphaseoftheABSoperationavoidingtodescribeindetailtheroleofsomeoftheparticipatingoperators,suchasbanksandinsurancecompanies,whichprovidethecreditprotection(riskhedging)oftheoperation

4、.Itshouldbenotedthattheissueofcreditprotectionisaninterestingresearchtopicinitself.However,thecorrespondingfeaturessuchascreditguaranteesandcashflowriskinessarebeyondthescopeofthispaper.InanABS,theassetsaresoldbytheoriginatortoaspecialpurposevehicle(SPV),anin

5、stitutioncreatedsolelyforthatpurpose.TheSPVfundsthepurchasethroughissuingdebtsecurities—thenotes—whicharecollateralizedbytheassets.Notethattheassetstransferisatruesale.Thus,iftheoriginatorbecomesinsolventorisinvolvedinbankruptcythetransferredfinancialassetswi

6、llnotbepartofthebankruptcyassets.Thismakesthenotesaninterestinginvestmentopportunity.Inapassthroughpaymentschemethefinalinvestorswhobuythesenotesreceiveperiodicinflows(interestsontheirinvestments).Thesearedirectlyrelatedtotheperiodicinstallmentspaidbytheholde

7、rsoftheassets(e.g.lesseesormortgageholders)totheoriginator(e.g.thelessor).UsingtheABSstructuretheoriginatorbypassestheproblemofanimpossibleoutrightsaleofitsassetsandthusreducesitsoverallexposuretothem.Forinstance,leaseormortgagecontractswhichtieupthecapitalof

8、leasingcompaniescanbemovedintonotes.Thisreplacementofilliquidassetsimprovesthereturnonequity(ROE).Fromthepointofviewoftheoriginator,anABSallowstheachievementofthreemainfinancialobjectives