【正文】 Collateral Evaluation and Credit Risk Management 抵押品評估與信用風險管理 .... . 1. Why is Collateral Evaluation Important? 為什么抵押品評估重要 2. Types of Collateral and Regulatory Pitfalls 抵押品種類和法規(guī)缺陷 3. Evaluation of Collateral (Real Estate) 抵押品評估（房產(chǎn)） 4. Evaluation of Collateral (Other Assets) 抵押品評估（其他資產(chǎn)） 5. Protection of Collateral 抵押品保護 Creation of Security Interest 擔保利益的創(chuàng)立 Perfection of Security Interest 擔保利益的完善 6. Collateral Management 抵押品管理 Collateral Management for Credit Risk Management 信用風險管理中的抵押品管理 Safeguarding the Enforcement 維護強制執(zhí)行 7. Enforcement of Collateral 抵押品的強制執(zhí)行 8. Extinguishing Security Interest in Collateral 抵押品利益的終止 Contents目錄 1. Why is Collateral Evaluation Important? 為什么抵押品評估很重要？ Why is Collateral Evaluation Important? 為什么抵押品評估很重要？ ? The more accurate the evaluation, the more enhanced credit risk management in place. 對抵押品的評估越是準確，信貸風險的管理的準確性就越高 ? Large actual loan loss exceeding the estimated LGD could lead to a serious depletion of bank’s equity capital. 實際貸款損失如果大大超過預計的違約損失率會導致銀行的自有資本嚴重損耗。 Funding Cost資金成本 Operating Cost運營成本 Expected Loss (PD LGD) 預計損失 Unexpected Loss非預期損失 (Required Return Allocated Economic Capital) Value Added價值增加 MARGIN利潤 價格PRICE By reducing loss given default, the bank can reduce the margin without reducing value added. 通過降低違約損失，銀行可以降低 利潤而不降低價值增加部分。 EL: Expected Loss預計損失 PD: Probability of Default違約概率 LGD: Loss Given Default違約損失率 UL: Unexpected Loss非預期損失 Why is Collateral Evaluation Important? 為什么抵押品評估很重要 ? LGD is estimated from defaultweighted average loss rate during a certain time period. 違約損失率可以通過一段時間內(nèi)的加權(quán)平均違約損失率估計出來 ? Loss rate is given by: 損失率計算方法 ? To reduce average loss rate, banks need to collect on the default exposure as much as and as fast as ，銀行應該盡快收回盡量多的資產(chǎn)。 ? If a bank does not properly estimate collateral values, the collection upon default would bee smaller and take a longer period of time, leading to a depletion of capital and lower 價值，違約后能夠收回的價值就降低了，所需要的時間也更長，導致資本損耗了利潤降低。 1 PV at the default date of recoveries + PV of costs associated with collecting 回收物在違約日的現(xiàn)值 +會收的相關(guān)成本的現(xiàn)值 EAD (Exposure at default)違約風險暴露 Wrong Collateral Evaluation 錯誤的抵押品評估 Higher Wrightoffs 更高的壞帳核銷 Capital Waste 資本浪費 Higher LGD Estimation 增高違約損失率 Higher Provision 更高的壞賬損失 Lower Profits 利潤更低 PV: Present value現(xiàn)值 Role of Collateral in Financial Intermediation I 抵押品在金融中介活動中的作用 I ? Collateral stabilizes financial intermediation抵押品穩(wěn)定金融中介活動 ? Collateral better aligns interests of the lender and borrower because:抵押品更好的使出借方和借用方的利益達成一致 ? The lender can maximize the safety of repayment出借方可以使收回借款的可能性最大化 ? The borrower will minimize the risk taking借用方可以使承擔的風險最小化 ? Without collateral如果沒有抵押品 : ? The lender will solely rely on borrower’s cashflow generated by the project (business) for the （營業(yè)）產(chǎn)生的現(xiàn)金流來償債 ? The borrower tends to take more risks in the project (business), which may cause instability in generating （營業(yè)）更大的風險，這會導致無法生產(chǎn)足夠的現(xiàn)金流 ? There will be more vulnerable banks and more risky businesses in the economy, otherwise, resulting in shallow financial 境中會產(chǎn)生更危險的銀行和更有風險的行業(yè)，這樣也會縮減金融中介活動。 Role of Collateral in Financial Intermediation II 抵押品在金融中介活動中的作用 II ? Lender 出借方 (specifically) ? Encourage willingness of payment to reduce ? Substitute the repayments to reduce ? Protects against borrower’s ? Borrower 借用方 (specifically) ? Access to credit: let borrowers moize their illiquid assets to raise funds獲得融資：借用方可以抵押他們的非現(xiàn)金資產(chǎn)來獲取資金 ? Cost of Credit: potentially reduce funding costs for the lower EL calculated by the lender融資成本：潛在的降低了融資成本，因為出借方計算出的預計損失較低 ? Overing asymmetric information problems: access to funds even in a financially difficult time, or even without audited financial reports解決了信息不對稱問題：即是財務困難時期，或者沒有審計后的財務報表，也可以獲得融資 EL: Expected Loss 預計損失 PD: Probability of Default 違約概率 LGD: Loss Given Default 違約損失率 UL: Unexpected Loss 非預期損失 2. Types of Collateral and Regulatory Pitfalls 抵押品種類和法規(guī)缺陷 What is Collateral? 什么是抵押品 ? Under modern collateral law systems, collateral can be any asset which produces future cash flow directly or indirectly, and can be created by any lender and borrower, in any present or future assets and in all transactions, to substitute payments for a part or the entire outstanding debt upon default. 在現(xiàn)代擔保法體系中，抵押品可以是任何直接或間接產(chǎn)生現(xiàn)金流的資產(chǎn)，也可以是由任何出借方和借用方創(chuàng)造出來的，在違約時用現(xiàn)有或?qū)淼馁Y產(chǎn)以及交易中代替償還部分或全部借款 ? Under unreformed collateral law systems, there would be various constraints on asset types eligible for collateral, on persons or legal persons qualified to collateral agreements, or on the enforceability of some collateral, due to the lack of efficacy and integrity of the system. 在創(chuàng)新性的擔保法體系中，由于系統(tǒng)缺乏有效性和不統(tǒng)一，其中有很多對抵押品資產(chǎn)形式，可以簽署擔保合同的個人和法人，或者是對抵押品的強制性實權(quán)的限制條件 Collateral Laws and Collateral Types 擔保法和抵押品種類 ? Collateral Law擔保法 ? Independent and prehensive ―collateral law‖ is rare: generally collateral law is a system which is constituted by several relevant laws and 少見：通常擔保法由一些相關(guān)法律和法規(guī)組成 ? Extent of collateral抵押品范圍 ? Afteracquired property事后取得的財產(chǎn) ? Proceeds收益 ? Supporting obligation相關(guān)義務 ? Unmovable Collateral不動抵押物 ? Real Property: Land and Building房地產(chǎn)：土地和建筑物 ? Plant and Equipment車間和設(shè)備 ? Natural Reserves自然資源 ? Timber to be cut待采伐的木材 ?