【正文】 的加權(quán)平均價(jià)格 ? Unadjusted estimated Price E ($/m178。 ? 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，導(dǎo)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(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)。)? 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。 ? Depending on the jurisdiction, different collateral may have different rules for perfection根據(jù)權(quán)限，不同的抵押物有不同的完善規(guī)則 ? Perfection upon attachment alone單獨(dú)附加的完善 ? Temporary perfection in certain collateral特定抵押物的暫時(shí)完善 ? Perfection by pledge or possessory security interest通過抵押或擁有擔(dān)保利益來完善 ? Perfection by filing (registration)歸檔（登記）完善 ? Perfection where filing is required under a special law特定法律規(guī)定需要通過歸檔來完善 ? Perfection by public notice (example: news paper advertisement)通過公告來完善（例：報(bào)紙廣告） *Based on: Law in a Nutshell: Secured transactions, Richard B. Hagedorn, Thomson West, 2023, p123 6. Collateral Management 抵押品管理 Collateral Management 抵押品管理 ? Collateral Management抵押品管理 ? Collateral management includes two risk management concepts: 抵押品管理包括兩項(xiàng)風(fēng)險(xiǎn)管理概念 ? (1) Collateral management for credit risk management信貸風(fēng)險(xiǎn)管理的抵押品管理 ? (2) Safeguarding the enforceability強(qiáng)制行使權(quán)的保護(hù) Collateral Management 抵押品管理 Collateral Management for CRM 抵押品管理 Safeguarding the Enforceability 保護(hù)強(qiáng)制行使權(quán) Safe Custody/ Collateral Book 保管 /抵押品登記冊(cè) Credit File 信貸檔案 ? Record Keeping檔案記錄 ? Revaluation/Reappraisal against credit exposure 根據(jù)信用風(fēng)險(xiǎn)再評(píng)估 /再評(píng)價(jià) ? Numbering/Tagging編號(hào) /標(biāo)簽 ? Maturity Management到期管理 ? Renewal of security interest 更新?lián)＠? ? Periodical check of inventory 定期實(shí)物檢查 Credit File信用檔案 I ? Record Keeping檔案管理 ? Appraiser’s name, the effective date of the evaluation, and signature and address (when the evaluation is outsourced)鑒定人名稱，評(píng)估的有效日期，千字和地址（當(dāng)評(píng)估是由外部人員完成的） ? Description of the collateral抵押品描述 ? Real estate: ownership, location, shape, condition, developments, pictures, maps, neighborhood, usage, a copy of construction approval, attached easement, ：所有者，位置，形狀，環(huán)境，發(fā)展?fàn)顩r，照片，地圖，附近情況，用途，建筑批準(zhǔn)書復(fù)印件，附屬物，等 ? Goods: location of the goods, quantity, species/variety, measure/weight, value per unit, quality, condition, schedule 商品：物品所在地，數(shù)量，種類 /品種，尺寸 /重量，單價(jià)，質(zhì)量，情況，時(shí)間表 ? Intangibles: pledgor, amount, quantity, third party obligor, attached security interest, ：抵押人，金額，數(shù)量，第三方債務(wù)人，附加擔(dān)保利益，等 ? Description of the evaluation method employed對(duì)所用評(píng)估方法的描述 ? Description of the source information used in the evaluation評(píng)估中信息來源的描述 ? An estimated value of the collateral and the opinion of the loan officer on the evaluation抵押品的估計(jì)價(jià)值，以及貸款主管的對(duì)評(píng)估的意見 Source: Interagency Appraisal and Evaluation Guidelines, FDIC, 1994 Credit File信用檔案 II ? Reappraisal重新評(píng)估 ? Collateral should be regularly revalued depending on the collateral ? Collateral value should be constantly monitored against credit ? Frequency of reappraisal depends on the market condition重新評(píng)估的頻率應(yīng)該根據(jù)市場情況決定 ? Real estate (revaluation): every 6 months or 12 months 房地產(chǎn)（重新評(píng)估）：每 6或 12個(gè)月 ? Real estate (onsite survey): every month or 3 months 房地產(chǎn)（實(shí)地調(diào)查）：每 1或 3個(gè)月 ? Farm product: every week or month depending on the market 農(nóng)產(chǎn)品：根據(jù)市場情況每周或月 ? Inventory: depending on the market 存貨：根據(jù)市場 ? Mobile vehicle: every 3 month or 6 month 機(jī)動(dòng)車：每 3或 6個(gè)月 ? Intangibles: daily basis if marktomarket is required (depending on the type of transaction) 無形資產(chǎn)：如果必須按市價(jià)調(diào)整，則每天進(jìn)行（根據(jù)業(yè)務(wù)種類） Credit File: Example信用檔案：舉例 Type of loan 貸款種類 Original amount or credit line金額 /信用額度 Loan proceeds outstanding 剩余借款 Loan cred