应收账款证券化【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：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