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《金融資產(chǎn)證券化【外文翻譯】》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫(kù)。
1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：SecuritizationofFinancialAssetsAsset-BackedSecuritization(ABS)isafinancialtoolwhichallowsfinancialinstitutions(usuallycommercialbanks)tomoveunmarketableassets(e.g.leaseassets,mortgageassetsorcommercialpapers)fromtheirbalancesheetsinex
2、changeforalongtermloanwhichcanbeploughedbackintomoreprofitableinvestments.Moreprecisely,thefinancialassetsareconvertedintobonds(socallednotes)andtheproceedsoftheirmarketissuancebecomealongtermloanfortheassetsowner(theoriginator).WewilllookattheABSoper
3、ationmainlyfromthepointofviewofthisfinancialinstitution.OuranalysiswillconcentrateonthecriticalphaseoftheABSoperationavoidingtodescribeindetailtheroleofsomeoftheparticipatingoperators,suchasbanksandinsurancecompanies,whichprovidethecreditprotection(ri
4、skhedging)oftheoperation.Itshouldbenotedthattheissueofcreditprotectionisaninterestingresearchtopicinitself.However,thecorrespondingfeaturessuchascreditguaranteesandcashflowriskinessarebeyondthescopeofthispaper.InanABS,theassetsaresoldbytheoriginatorto
5、aspecialpurposevehicle(SPV),aninstitutioncreatedsolelyforthatpurpose.TheSPVfundsthepurchasethroughissuingdebtsecurities—thenotes—whicharecollateralizedbytheassets.Notethattheassetstransferisatruesale.Thus,iftheoriginatorbecomesinsolventorisinvolvedinb
6、ankruptcythetransferredfinancialassetswillnotbepartofthebankruptcyassets.Thismakesthenotesaninterestinginvestmentopportunity.Inapassthroughpaymentschemethefinalinvestorswhobuythesenotesreceiveperiodicinflows(interestsontheirinvestments).Thesearedirect
7、lyrelatedtotheperiodicinstallmentspaidbytheholdersoftheassets(e.g.lesseesormortgageholders)totheoriginator(e.g.thelessor).UsingtheABSstructuretheoriginatorbypassestheproblemofanimpossibleoutrightsaleofitsassetsandthusreducesitsoverallexposuretothem.Fo
8、rinstance,leaseormortgagecontractswhichtieupthecapitalofleasingcompaniescanbemovedintonotes.Thisreplacementofilliquidassetsimprovesthereturnonequity(ROE).Fromthepointofviewoftheoriginator,anABSallowstheachievementofthreemainfinancialobjectives
