【正文】 基本流程 ? SPV再將全部應(yīng)收賬款出售給 TAPCO公司，該公司是國(guó)際票據(jù)市場(chǎng)上享有良好聲譽(yù)的資產(chǎn)購(gòu)買公司，其大資金池匯集的幾千億美元的資產(chǎn)，皆為經(jīng)過(guò)嚴(yán)格評(píng)級(jí)的優(yōu)良資產(chǎn)，由 TAPCO在 CP市場(chǎng)上向投資者發(fā)行 CP，獲得資金后支付給SPV， SPV再將資金付至中集集團(tuán)設(shè)于國(guó)家外管局批準(zhǔn)的專用賬戶，項(xiàng)目完成后，中集集團(tuán)只需兩周的時(shí)間，就可以獲得本應(yīng) 138天左右才能收回的應(yīng)收賬款，而作為服務(wù)方的荷蘭銀行則可收取 200萬(wàn)美元的服務(wù)費(fèi)用。 基本流程 ? 中集集團(tuán)向所有客戶說(shuō)明 ABCP ( asset backed mercial paper) 融資方式和付款要求，令其應(yīng)付款項(xiàng)在某一日付至海外 SPV賬戶。在此期間，荷蘭銀行將發(fā)行票據(jù)所得資金支付給中集集團(tuán)，中集集團(tuán)的債務(wù)人則將應(yīng)付款項(xiàng)交給指定的信托人，由該信托人履行收款人職責(zé)，而商業(yè)票據(jù)的投資者可以獲得高出倫敦同業(yè)拆借市場(chǎng)利息率1%的利息。 案例 ? 2022年 3月，深圳中集集團(tuán)與荷蘭銀行簽署了總金額為8000萬(wàn)美元的應(yīng)收賬款證券化項(xiàng)目協(xié)議，有效期為 3年。后兩個(gè)方面的問(wèn)題正是資產(chǎn)證券化的關(guān)鍵之所在。 ? 即資產(chǎn)的所有者必須將資產(chǎn)出售給 SPV，通過(guò)建立一種風(fēng)險(xiǎn)隔離機(jī)制，在該資產(chǎn)與發(fā)行人之間筑起一道防火墻，即使其破產(chǎn)，也不影響支持債券的資產(chǎn)，即實(shí)現(xiàn)破產(chǎn)隔離。 ? 一次完整的證券化融資的基本流程是：發(fā)起人將證券化資產(chǎn)出售給一家特殊目的機(jī)構(gòu) (Special Purpose Vehicle, SPV) ，或者由 SPV 主動(dòng)購(gòu)買可證券化的資產(chǎn)，然后 SPV 將這些資產(chǎn)匯集成資產(chǎn)池（ Assets Pool ），再以該資產(chǎn)池所產(chǎn)生的現(xiàn)金流為支撐在金融市場(chǎng)上發(fā)行有價(jià)證券融資，最后用資產(chǎn)池產(chǎn)生的現(xiàn)金流來(lái)清償所發(fā)行的有價(jià)證券。發(fā)起人將持有的各種流動(dòng)性較差的金融資產(chǎn)，如住房抵押貸款、信用卡應(yīng)收款等，分類整理為一批資產(chǎn)組合，出售給特定的交易組織，即金融資產(chǎn)的買方（主要是投資銀行），再由特定的交易組織以買下的金融資產(chǎn)為擔(dān)保發(fā)行資產(chǎn)支持證券，用于收回購(gòu)買資金。 Part Bank ? practice of Investment Bank ? (3) Asset securitization ? Asset securitization is the selling of securities backed by the cash flows from a pool of financial assets. It has revolutionized the way by which businesses are financed. It provides businesses with access to new sources of capital at lower costs. ? 資產(chǎn)證券化 是指經(jīng)過(guò)投資銀行把某公司的一定資產(chǎn)作為擔(dān)保而進(jìn)行的證券發(fā)行，是一種與傳統(tǒng)債券籌資十分不同的新型融資方式。投資銀行承銷的職權(quán)范圍很廣，包括本國(guó)中央政府、地方政府、政府機(jī)構(gòu)發(fā)行的債券、企業(yè)發(fā)行的股票和債券、外國(guó)政府和公司在本國(guó)和世界發(fā)行的證券、國(guó)際金融機(jī)構(gòu)發(fā)行的證券等。與并購(gòu)意義相關(guān)的另一個(gè)概念是合并（ Consolidation） ——是指兩個(gè)或兩個(gè)以上的企業(yè)合并成為一個(gè)新的企業(yè)，合并完成后，多個(gè)法人變成一個(gè)法人。指兩家或者更多的獨(dú)立企業(yè)，公司合并組成一家企業(yè)，通常由一家占優(yōu)勢(shì)的公司吸收一家或者多家公司。 ? 并購(gòu)的內(nèi)涵非常廣泛，一般是指兼并（ Merger）和收購(gòu)（ Acquisition）。在該產(chǎn)品中， B以支付信用違約互換的價(jià)格為代價(jià)規(guī)避了 A較低信用帶來(lái)的風(fēng)險(xiǎn)。該合約規(guī)定，如果 A發(fā)生違約，那么將由 C購(gòu)買下 A與 B的貸款合同，由 C向 B銀行支付 A的貸款金額。 ? 舉例來(lái)說(shuō)，信用級(jí)別較低的 A公司向 B銀行申請(qǐng)貸款， B銀行一方面希望完成該筆業(yè)務(wù)，但又擔(dān)心 A的較低信用所帶來(lái)的潛在的違約風(fēng)險(xiǎn)。其本身是為了對(duì)那些信用級(jí)別較低的公司違約起保險(xiǎn)作用，但是由于該產(chǎn)品的大量產(chǎn)生和過(guò)度集中，導(dǎo)致了拖累了一些原本較好信用的公司，并由此產(chǎn)生了連鎖反應(yīng)。在美國(guó)，投資銀行往往有兩個(gè)來(lái)源：一是由綜合性銀行分拆而來(lái)，典型的例子如摩根士丹利；二是由證券經(jīng)紀(jì)人發(fā)展而來(lái)，典型的例子如美林證券。 Part Bank (按揭貸款 ) mortgage loan A mortgage loan is a very mon type of debt instrument, used to purchase real estate. Under this arrangement, the money is used to purchase the property. Commercial banks, however, are given security a lien(留置權(quán) ,扣押權(quán) ) on the title to the house until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it. Part Bank ? is Investment Bank ? practice of Investment Bank professional terms ? 21． bought deal先買式交易（包銷） ? A bought deal occurs when an underwriter(承銷商 ), such as an investment bank or a syndicate, purchases securities from an issuer before a preliminary prospectus(初始招股說(shuō)明書(shū) ) is filed. The investment bank (or underwriter) acts as principal rather than agent . The bank negotiates a price with the issuer (usually at a discount to the current market price, if applicable). ? 指證券承銷商對(duì)發(fā)行人發(fā)行的股票、債券或其他有價(jià)證券全部或部分買入，再銷售給其他投資者的行為 Part Bank ? is Investment Bank? ? An investment bank is a financial institution that raises capitals, trades in securities and manages corporate mergers and acquisitions. ? 投資銀行是主要從事證券發(fā)行、承銷、交易、企業(yè)重組、兼并與收購(gòu)、投資分析、風(fēng)險(xiǎn)投資、項(xiàng)目融資等業(yè)務(wù)的非銀行金融機(jī)構(gòu)，是資本市場(chǎng)上的主要金融中介。 ? 在此過(guò)程中，體現(xiàn)了以下幾層關(guān)系：一是受托人是為受益人的利益 管理處理信托財(cái)產(chǎn)，而不是為自己或第三人；二是受托人必須恪盡職守，履行誠(chéng)實(shí)、信用、謹(jǐn)慎，有效管理的義務(wù)，為受益人的 最大利益 管理、處分信托財(cái)產(chǎn)；三是受托人因管理、處分信托財(cái)產(chǎn)而支出的 費(fèi)用 ，由信托財(cái)產(chǎn)承擔(dān)。 Part Bank 2. The functions of mercial banks (5) Trust Services The fiduciary(信托的 ,受信托的 ) field is a specialized function not directly related to ordinary mercial banking operations. —— Commercial bank trust departments ? 信托 (Trust)是一種特殊的財(cái)產(chǎn)管理制度和法律行為，同時(shí)又是一種金融制度，信托與銀行、保險(xiǎn)、證券一起構(gòu)成了現(xiàn)代金融體系。 Moary Policy （ 1） Open market operations ? Open market operations involve the buying and selling of government securities. ? The term open market means that the central bank doesn’t decide on its own which securities dealers it will do business with on a particular day. （ 1） Open market operations ? Rather, the choice emerges from an open market in which the various securities dealers that the central bank does business with—the primary dealers—pete on the basis of the price. ? Open market operations are flexible and thus, the most frequently used tool of moary policy. （ 1） Open market operations ? Through open market operations, a central bank influences the money supply in an economy directly. ? Each time it buys securities, exchanging money for the security, it raises the money supply. ? Conversely, selling of securities lowers the money supply. ? Buying of securities thus amounts to printing new money while lowering supply of the specific security. （ 1） Open market operations ? To enable open market operations, a central bank must hold foreign exchange reserves (usually in the form of government bonds) and official gold reserves. It will often have some influence over any official or mandated exchange rates: Some exchange rates are managed, some are market based (free float) and many are somewhere in between (managed float or dirty float). （ 2） Discount rate ? The discount rate is the interest rate charged by central banks to depository institutions on shortterm loans. （ 3） Reserve requirements ? Reserve requirements are the portions of deposits that banks must maintain either in their vaults or on deposit at a central bank. ? Such legal reserve requirements were introduced in the nieenth century to reduce the risk of banks overextending themselves and suffering from bank runs, as this could lead to knockon effects（ 骨牌效應(yīng) ） on other banks. （ 4） Capital requirements ? All banks are required to hold a certain percentage of their assets as capital, a rate which may be established by the central bank or the banking supervisor. （ 4） Capital requirements ? For international banks, incl