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1、外文翻译原文juicingreceivablesMaterialSource:EBSCOAuthor:MARINECOLETherecentcreditcrisisstigmatizedsecuritization,thepracticewidelyassociatedwiththenowinfamoussubprimemortgagesanddefaultsofasset-backedsecurities.Butthemarketforthesecuritizationoftradeaccountreceivablesis
2、aliveandwell,andcontinuestoprovidecompanieswithlow-costandlow-riskfinancingoptions.Despitetheheavycriticismofsecuritization,anecdotalevidenceshowsthatcompanieshavemaintainedinterestinsecuritizingreceivables.Evenarecentchangeintheaccountingtreatmentofsecuritizationf
3、acilitiestoachievemoretransparencywon’tcurbthatinterest,accordingtoexperts.Ascreditmarketscollapsedin2007andfrozein2008,consistentsourcesoffundingforcorporationsallbutdisappeared.Receivablessecuritization,however,notonlysurvivedbutbegantothrive.“Thecreditbubbleperi
4、odwasdifficult,”saysAdrianKatz,CEOofFinacityCorp.,aNewYorkCityfirmthathelpscompaniessecuritizereceivables.“Wewouldcallatreasurerandveryoftenthereactionwas,‘That’sveryinteresting,butatthemomentIdon’tneedthemoney.’”Nowthatcreditmarketsarelessliquidandbanklendinglimit
5、ed,companiesaremuchmorewillingtoconsidertheoption,Katzsays,“becausetheiralternativesarenotgood,particularlyfornoninvestment-gradesellers.”Companiestypicallysecuritizereceivablestoacceleratecashcollection.“It’salmostlikeacheckingaccountoralineofcredit,”saysMarkZeffi
6、ro,CFOofTriMasCorp.“Itistheleastexpensiveformofdebtwehaveandprovidesuswithadditionalflexibility.”TriMasoperatesinindustriesincludingpackaging,energy,andaerospaceanddefense.Thesecuritizationprocessstartswhencompaniestransferreceivablestoaspecial-purposeentity,orSPE,
7、whichcanalsobecalledaconduit.TheSPEthenissuescommercialpaperbackedbythereceivables,andpassestheproceedsbackto6thecompany.Whencompaniessecuritizereceivables,theymostoftencontinuetoservicethem.ManySPEs,especiallythosebackedbymortgagesandotherlonger-datedassets,wereun
8、abletofindbuyersfortheircommercialpaperin2008.“Theasset-backedcommercialpapermarketwasafocalpointinthecreditcrisis,primarilythevehiclesmostvulner
