阿杰 發問時間: 藝術與人文詩詞與文學 · 10 年前

[英文]緊急幫我翻譯下列金融英文文章

• Lower‐cost financing—it is possible that firms with relatively poor credit histories can acquire assets (receivables, loans, leases, etc.) that are of high quality. If the financial markets are unable to discern the quality of these assets when combined with the firm’s other investments, then it may be possible to obtain better financing terms through a securitization than as part of a corporate financing. Specifically, by securitizing the firm’s assets they are separated from the originating firm, thereby making the quality of the asset‐backed security issued in the securitization independent of the creditworthiness of the originator. This argument would suggest that firms that securitize would tend to have weaker credit quality than comparable firms that do not securitize their assets.3

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On the negative side, securitization may lead to a severe principal agent problem where the firm that originates the credits that will ultimately be sold and securitized, retains little or no interest in the pool of securitized assets. If bad loans can be passed on through the securitization process, the loan originator does not have the same incentive to pay attention to the credit worthiness of its customers as would be the case where the loan is not passed on for securitization. In fact, many now attribute much (if not most) of the blame for the collapse of the securitized mortgage market to the low quality of subprime mortgage originated in the waning years before the market"s collapse. The notion that securitization reduces the incentive to monitor the screening process has gained a lot of support as an important contributor to the collapse of the subprime mortgage market.4

1 個解答

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  • life
    Lv 5
    10 年前
    最佳解答

    •降低融資成本,它有可能與相對較差的企業信用記錄能取得資產(應收款,貸款,租賃等),這是高質量的。如果金融市場是無法辨別的質量相結合時,這些資產與公司的其他投資,那麼它可能會獲得更好的融資條件,通過證券化不是作為一個企業融資的一部分。具體來說,通過證券化公司的資產,他們是脫離原公司,從而使質量的資產支持證券發行的證券的信用獨立的發端。這一論點建議,企業的證券化將有較弱的傾向比同類企業信用質量不證券化的assets.3

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    在消極的一面,證券可能會導致嚴重的問題,其中主要代理公司,起源於信貸最終將被出售,證券化,保留很少或根本沒有興趣在泳池中的證券資產。如果能夠通過不良貸款通過證券化的過程中,貸款發端並不具有相同的誘因,重視信用作為其客戶的情況下將貸款未獲通過了有關的證券化。事實上,許多人現在很多屬性(如果不是大多數)的責怪崩潰的證券化抵押貸款市場的低質量次級按揭起源於幾年前減弱,市場“的崩潰。證券化的概念,即降低了激勵監督檢查過程中已積累了很多的支持作為一項重要貢獻者,崩潰的次級抵押貸款 market.4

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