【正文】 是 : ? Assume the annual maintenance cost including property taxes is $300, interest rate is 8%, and you calculate up to 10 years, then estimated collateral value is: 假設(shè)包括房產(chǎn)稅的年維護(hù)成本是 $300,利率 *%，計(jì)算 10年的估計(jì)擔(dān)保價(jià)值是 Rent D = 30 + 15 Rent E = 10 + 40 = 330 ($/month) = 336 ($/month) t=1 10 = 25,042 ($) PV: Present value現(xiàn)值 Ine Capitalization Approach III 收益還原法 ? Basic concept of the capitalization rate收益還原法的基本概念 ? ―The capitalization rate itself is a function of the investor’s desired return and a bination of the costs of debt and equity employed in making the investment.‖ (Bower 2023)還原率是投資者希望獲得的收益率，和借款和股權(quán)投資的成本。) ? Weightedaverage of A and B (Price D) A和 B的加權(quán)平均價(jià)格 ? Unadjusted estimated Price E ($/m178。 Basics of Land Collateral Evaluation 土地抵押品評(píng)估基礎(chǔ) ? Step 1: Estimate a price par square meter/feet either by:估計(jì)每平方米 /英尺價(jià)格方法： (1) The sales parison approach 市場(chǎng)比較法 (2) The ine capitalization approach (mainly for lease properties) 收益還原法（主要用于出租場(chǎng)地） (3) The cost approach (in case of houses and buildings) 成本法（用于房屋和建筑物） ? Step 2: Adjust the price by factors unique to the real estate 用房地產(chǎn)業(yè)獨(dú)有的因素來調(diào)節(jié)價(jià)格 (1) Usage of the property房地產(chǎn)的用途 (2) Trends of real estate price房地產(chǎn)價(jià)格趨勢(shì) (3) Conditions of the property/nature of the surrounding area房地產(chǎn)的環(huán)境 /附近地區(qū)的自然狀況 (4) Legal issues法律問題 Sales Comparison Approach 市場(chǎng)比較法 ? If recent transactions or sells prices for the similar real estate are available in the city, town or village, the sales parison approach provides good 、城鎮(zhèn)或鄉(xiāng)村最近同類房地產(chǎn)的交易或銷售價(jià)格，那么市場(chǎng)比較法可以提供很好的預(yù)測(cè)。 ? 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(jià)值，違約后能夠收回的價(jià)值就降低了，所需要的時(shí)間也更長(zhǎng)，導(dǎo)致資本損耗了利潤降低。Collateral Evaluation and Credit Risk Management 抵押品評(píng)估與信用風(fēng)險(xiǎn)管理 1. Why is Collateral Evaluation Important? 為什么抵押品評(píng)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(píng)估（房產(chǎn)） 4. Evaluation of Collateral (Other Assets) 抵押品評(píng)估（其他資產(chǎn)） 5. Protection of Collateral 抵押品保護(hù) Creation of Security Interest 擔(dān)保利益的創(chuàng)立 Perfection of Security Interest 擔(dān)保利益的完善 6. Collateral Management 抵押品管理 Collateral Management for Credit Risk Management 信用風(fēng)險(xiǎn)管理中的抵押品管理 Safeguarding the Enforcement 維護(hù)強(qiáng)制執(zhí)行 7. Enforcement of Collateral 抵押品的強(qiáng)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(píng)估很重要？ Why is Collateral Evaluation Important? 為什么抵押品評(píng)估很重要？ ? The more accurate the evaluation, the more enhanced credit risk management in place. 對(duì)抵押品的評(píng)估越是準(zhǔn)確，信貸風(fēng)險(xiǎn)的管理的準(zhǔn)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(shí)際貸款損失如果大大超過預(yù)計(jì)的違約損失率會(huì)導(dǎo)致銀行的自有資本嚴(yán)重?fù)p耗。 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(huì)收的相關(guān)成本的現(xiàn)值 EAD (Exposure at default)違約風(fēng)險(xiǎn)暴露 Wrong Collateral Evaluation 錯(cuò)誤的抵押品評(píng)估 Higher Wrightoffs 更高的壞帳核銷 Capital Waste 資本浪費(fèi) 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(dòng)中的作用 I ? Collateral stabilizes financial intermediation抵押品穩(wěn)定金融中介活動(dòng) ? 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(dá)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(dān)的風(fēng)險(xiǎn)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(fēng)險(xiǎn)，這會(huì)導(dǎo)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(huì)產(chǎn)生更危險(xiǎn)的銀行和更有風(fēng)險(xiǎn)的行業(yè)，這樣也會(huì)縮減金融中介活動(dòng)。 ? ? ? Price B (2,450$/m178。)? 調(diào)整前價(jià)格 Note: Each price points should not be separated by a major street or river, which affect the price differences 注：每個(gè)價(jià)格點(diǎn)不能被主要街道或河流分割，這會(huì)影響價(jià)格 150m 50m 70m 30m (Price A 30) + (Price B 70) (Price D 150) + (Price C 50) Sales Comparison Approach: Example 市場(chǎng)比較法：舉例 ? Evaluate the land price E價(jià)格 ? Three recent real estate transactions around E的附近有三個(gè)交易 ? A: $2,000, B: $2,450, and C: $1,900 ? On the map, locate price D between A and B在地圖上找到 A和 B之間的價(jià)格 D ? Distances between these points are:這些地點(diǎn)的距離 ? AD: 70m, DB: 30m, DE: 50m, and CE 150m. ? Then dollar price par square meter of E will be: E的每平方米價(jià)格是 Price D = 70 + 30 Price E = 50 + 150 = 2,315 ($/m178。 ? Factors affecting investors’ desired return on real estates影響投資者對(duì)房地產(chǎn)期望收益的因素 ? Culture, economic trends, other investment property type, other investment opportunities, 、經(jīng)濟(jì)趨勢(shì)，其他投資財(cái)產(chǎn)，其他投資機(jī)會(huì)等 ? In practice在實(shí)踐中 ? The most simplified way is to use available loan interest rates for such an investment as a capitalization 作為還原率 ? When interest rates are used as a capitalization rate, loan officers must be aware that the interest rate does not include necessary returns for taking risks inherent to the investment, hence, the oute overvalues the real ，借款主管必須知道利率中沒有包括這項(xiàng)投資所承擔(dān)風(fēng)險(xiǎn)所對(duì)應(yīng)的回報(bào)，計(jì)算結(jié)果會(huì)高估價(jià)值。 ? Depending on the jurisdiction, different collateral