抵押品评估和信用风险管理

CollateralEvaluationandCreditRiskManagement抵押品评估和信用风险管理1.WhyisCollateralEvaluationImportant?为什么抵押品评估重要2.TypesofCollateralandRegulatoryPitfalls抵押品种类和法规缺陷3.EvaluationofCollateral(RealEstate)抵押品评估（房产）4.EvaluationofCollateral(OtherAssets)抵押品评估（其他资产）5.ProtectionofCollateral抵押品保护CreationofSecurityInterest担保利益的创立PerfectionofSecurityInterest担保利益的完善6.CollateralManagement抵押品管理CollateralManagementforCreditRiskManagement信用风险管理中的抵押品管理SafeguardingtheEnforcement维护强制执行7.EnforcementofCollateral抵押品的强制执行8.ExtinguishingSecurityInterestinCollateral抵押品利益的终止Contents目录为什么抵押品评估很重要？WhyisCollateralEvaluationImportant?为什么抵押品评估很重要？Themoreaccuratetheevaluation,themoreenhancedcreditriskmanagementinplace.对抵押品的评估越是准确，信贷风险的管理的准确性就越高LargeactualloanlossexceedingtheestimatedLGDcouldleadtoaseriousdepletionofbank’sequitycapital.实际贷款损失如果大大超过预计的违约损失率会导致银行的自有资本严重损耗。FundingCost资金成本OperatingCost运营成本ExpectedLoss(PD×LGD)预计损失UnexpectedLoss非预期损失(RequiredReturn×AllocatedEconomicCapital)ValueAdded价值增加MARGIN利润价格PRICEByreducinglossgivendefault,thebankcanreducethemarginwithoutreducingvalueadded.通过降低违约损失，银行可以降低利润而不降低价值增加部分。EL:ExpectedLoss预计损失PD:ProbabilityofDefault违约概率LGD:LossGivenDefault违约损失率UL:UnexpectedLoss非预期损失WhyisCollateralEvaluationImportant?为什么抵押品评估很重要LGDisestimatedfromdefault-weightedaveragelossrateduringacertaintimeperiod.违约损失率可以通过一段时间内的加权平均违约损失率估计出来Lossrateisgivenby:损失率计算方法Toreduceaveragelossrate,banksneedtocollectonthedefaultexposureasmuchasandasfastaspossible.为了降低平均损失率，银行应该尽快收回尽量多的资产。Ifabankdoesnotproperlyestimatecollateralvalues,thecollectionupondefaultwouldbecomesmallerandtakealongerperiodoftime,leadingtoadepletionofcapitalandlowerprofits.如果银行不能准确估计抵押品价值，违约后能够收回的价值就降低了，所需要的时间也更长，导致资本损耗了利润降低。1-PVatthedefaultdateofrecoveries+PVofcostsassociatedwithcollecting回收物在违约日的现值+会收的相关成本的现值EAD(Exposureatdefault)违约风险暴露WrongCollateralEvaluation错误的抵押品评估HigherWright-offs更高的坏帐核销CapitalWaste资本浪费HigherLGDEstimation增高违约损失率HigherProvision更高的坏账损失LowerProfits利润更低PV:Presentvalue现值RoleofCollateralinFinancialIntermediationI抵押品在金融中介活动中的作用ICollateralstabilizesfinancialintermediation抵押品稳定金融中介活动Collateralbetteralignsinterestsofthelenderandborrowerbecause:抵押品更好的使出借方和借用方的利益达成一致Thelendercanmaximizethesafetyofrepayment出借方可以使收回借款的可能性最大化Theborrowerwillminimizetherisktaking借用方可以使承担的风险最小化Withoutcollateral如果没有抵押品:Thelenderwillsolelyrelyonborrower’scash-flowgeneratedbytheproject(business)fortherepayment.出借方只能依靠借用方项目（营业）产生的现金流来偿债Theborrowertendstotakemorerisksintheproject(business),whichmaycauseinstabilityingeneratingcash-flow.借用方会承担项目（营业）更大的风险，这会导致无法生产足够的现金流Therewillbemorevulnerablebanksandmoreriskybusinessesintheeconomy,otherwise,resultinginshallowfinancialintermediation.经济环境中会产生更危险的银行和更有风险的行业，这样也会缩减金融中介活动。RoleofCollateralinFinancialIntermediationII抵押品在金融中介活动中的作用IILender出借方(specifically)EncouragewillingnessofpaymenttoreducePL.鼓励出借方进行借款降低损失SubstitutetherepaymentstoreduceLGD.代替还款降低违约损失率Protectsagainstborrower’sover-borrowing.保护出借方不至于过度借债Borrower借用方(specifically)Accesstocredit:letborrowersmonetizetheirilliquidassetstoraisefunds获得融资：借用方可以抵押他们的非现金资产来获取资金CostofCredit:potentiallyreducefundingcostsforthelowerELcalculatedbythelender融资成本：潜在的降低了融资成本，因为出借方计算出的预计损失较低Overcomingasymmetricinformationproblems:accesstofundseveninafinanciallydifficulttime,orevenwithoutauditedfinancialreports解决了信息不对称问题：即是财务困难时期，或者没有审计后的财务报表，也可以获得融资EL:ExpectedLoss预计损失PD:ProbabilityofDefault违约概率LGD:LossGivenDefault违约损失率UL:UnexpectedLoss非预期损失2.TypesofCollateralandRegulatoryPitfalls抵押品种类和法规缺陷WhatisCollateral?什么是抵押品Undermoderncollaterallawsystems,collateralcanbeanyassetwhichproducesfuturecashflowdirectlyorindirectly,andcanbecreatedbyanylenderandborrower,inanypresentorfutureassetsandinalltransactions,tosubstitutepaymentsforapartortheentireoutstandingdebtupondefault.在现代担保法体系中，抵押品可以是任何直接或间接产生现金流的资产，也可以是由任何出借方和借用方创造出来的，在违约时用现有或将来的资产以及交易中代替偿还部分或全部借款Underunreformedcollaterallawsystems,therewouldbevariousconstraintsonassettypeseligibleforcollateral,onpersonsorlegalpersonsqualifiedtocollateralagreements,orontheenforceabilityofsomecollateral,duetothelackofefficacyandintegrityofthesystem.在创新性的担保法体系中，由于系统缺乏有效性和不统一，其中有很多对抵押品资产形式，可以签署担保合同的个人和法人，或者是对抵押品的强制性实权的限制条件CollateralLawsandCollateralTypes担保法和抵押品种类CollateralLaw担保法Independentandcomprehensive“collaterallaw”israre:generallycollaterallawisasystemwhichisconstitutedbyseveralrelevantlawsandregulations.独立和综合的担保法很少见：通常担保法由一些相关法律和法规组成Extentofcollateral抵押品范围After-acquiredproperty事后取得的财产Proceeds收益Supportingobligation相关义务UnmovableCollateral不动抵押物RealProperty:LandandBuilding房地产：土地和建筑物PlantandEquipment车间和设备NaturalReserves自然资源Timbertobecut待采伐的木材Goods物品Consumergoods消费品Farmproducts农产品Inventory存货Equipment设备Fixtures固定设备Accessions添加物Intangibles无形资产Negotiableinstrument流通票据Documentoftitle物权凭证Investmentproperty投资财产Account(bookdebt）应收款GeneralIntangibles一般无形资产Otherkindsofcollateral其他抵押品Depositaccounts存款帐户Lifeinsurancepolicy/health-careinsurancereceivable人生保险/应收健康保险金Source:Collateral,CollateralLawandCollatera