商业银行不良贷款证券化外文文献翻译

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原文

The study on the securitization of non-performance loans of commercial banks

Ahmad W

Abstract

Commercial Banks non-performing assets is to point to in a good operating state, not normal brings to the commercial bank interest income in time even can't take back the principal bank assets in a timely manner. The essence of the non-performing assets is an additional commercial Banks operating costs. The seriousness of the problem, however, far from it, because the bank in the special position in social economic life and the important role of non-performing assets in which could lead to an increase in commercial Banks operating costs at the same time, also implies a higher social costs. Throughout the history of the world, all previous banking crises, financial crisis and the outbreak of the global economic crisis, with Banks non-performing assets. Unwind the bad assets, and eliminate the root causes of bad assets are imperative. Keywords: Non-performing loans; Asset securitization; Commercial Banks

1 Introduction

Non-performing assets disposal of the most common method is operated Banks, specific include: collection, debt restructuring, on the basis of repay the principal reduction, litigation and court execution, loan interest cancel after verification, etc. Among them, the collection, a debt restructuring and reduction method of interest is the premise of the borrower has certain repayment sincerity and reimbursement ability. Action to perform, loans verification method is suitable for borrowing the lack of sincerity reimbursement or reimbursement ability. Many reasons for the formation of non-performing assets of commercial Banks, credit conditions are an important reason. Credit system is imperfect, bilk not directly caused a large number of enterprises also phenomenon. Many private enterprises and unable to repay bank loans, its legal representative or the shareholders itself will not be affected by any; moreover, they can through the prior registered a new company to continue to run their business. It is because of bad credit environment, led to made the borrower's subjective repayment

willingness is not strong, lack of credit consciousness, so the collection way to deal with the effect of bad assets always is not very good, a lot of the time can only play the role of interrupt litigation efficiency., with some success, of course, but generally this borrowing has full mortgage or guarantee. Debt restructuring, breaks the interest is the bank to the borrower has certain repayment willingness, but a kind of measures taken by the reimbursement ability is insufficient. Such treatment clause contains both the preferential policies of the bank to the borrower, and the limitation of the bank. Debt restructuring is mainly for the duration of the loan, mortgage, guarantee, loan, make changes to form new loans, to reduce risk. Reduction of interest by a certain amount of relief, recover all loan principal. These two approaches in the bank received a lot of use. Litigation and court execution way has always been one of the important ways of bad assets disposal, bad credit environment, concentrated in many borrowers bilk not also, the bank must take compulsory means of recovery of the loans. As Banks and borrowers are format contract signed, the guarantor, so the problem of loans made to basically guaranteed. But the problem is the execution phase, if the lack of sufficient assets available for execution, the loans are still hard to fully recover, sometimes even the action to perform advancements cannot take back. Even so, as a result of litigation compulsory execution, these ways of disposal gradually become one of the most main way. Finally, on the premise of any loan, it will not be repaid, Banks into bad debt verification procedures. Visible, the non-performing assets of commercial Banks have formed a set of business process, according to the customer's specific repayment willingness and repayment capacity, formulate the corresponding disposal measures, and the process is in the process of improving.

2 The affect factors of the non-performing loan recovery

2.1 Loan time

In theory, the loan last failed to repay the longer, may also produce bad debt loss, the greater the non-performing loans of borrowing the earlier time, time will be long overdue, and recovery rate is generally low. Countries to borrow after transfer, a large number of non-performing loans to appear, but state-owned enterprises did not return

the bank loans as a must, the idea has not changed, also think that is a country in support, and the commercial bank reform has not yet started, have to bear the certain function of finance. Appear in this phase of the non-performing loan is a big difficulty, in their evaluations, to especially pay attention to this stage of the lent loans, in has been calculated based on the assessment of the value should be lowered accordingly.

2.2 Loan sector

Different industry development direction, development potential, payment is also different. But more important is the nature of industry difference also means different organic composition, the different proportion of tangible and intangible assets, can be used for the assets of a mortgage. Enterprises of different industries in the face of the repayment pressure or liquidation, creditors can perform an asset and its degree, and thus to creditors have different ability of guarantee. The real estate, construction even if there will be a lot of bad debts occur to pay off the building and construction materials, realizable ability, such as financial services when bad debts occur or bankruptcy is available to sell anything.

2.3 The enterprise ownership

Non-performing loan ratio highest is state-owned enterprises and collective enterprises, and foreign enterprises and individual enterprises is generally lower. According to incomplete statistics of non-performing loans of state-owned enterprises and collective enterprises accounted for the big four Banks non-performing loans is about 75% of the total. For a long time, the main commercial Banks is a state of absolute holding, so its loan direction mainly in the face of state-owned enterprises and collective enterprises, in the process of loan, sometimes under the intervention of the government, the bank will be for some, redundant construction, low management level of the product unsalable make loans to the state-owned enterprises, such loans are usually difficult to recover. And many of the state-owned enterprises in the business at the same time also in bear the heavy burden on society, such companies can once cannot reimbursement is not bankruptcy liquidation, because it will affect the stability of the local society to a certain extent. The state-owned enterprises and local government relations are complex, is likely to encounter in the process of

recovery of loans the government. So we can expect, state-owned enterprises non-performing loan recovery rate is relatively low.

2.4 Loan purposes

The purpose of the enterprise loans directly affect the loans become non-performing loans after its recovery, loans for infrastructure construction such as highway, hydropower station, even out of business, but has invested assets can still corresponding cash. As for working capital turnover or to repay debt, once enterprises shut down at this moment, it will be difficult to get a loan.

2.5 Enterprise operating conditions

Enterprise only keep operating, will speed up the turnover of assets and value-added, its assets only in continuous operation at the same time, will be to the value of its future cash flow measurement. If the enterprise is unable to maintain normal operation, under the period of shut down or even bankruptcy, on the one hand, the source of enterprises to raise funds dried up, room for turnover decreases, and on the other hand, itself can no longer produce inflows, on the degree of guarantee creditors will decline.

3 Theory of asset securitization and the process

3.1 Definitions

Of future earnings of the asset securitization is simply the assets transferred to investors in the form of securities issuance, its low cost, high rate of financing characteristics have drawn the attention of the governments and financial institutions. Since the United States created the beginning of asset securitization, in just a few decades the development has begun to take shape, more developed in many areas, asset securitization has become a of non-performing assets of Banks and other financial institutions to solve the important means. Law fare that asset securitization is savers and borrowers by financial markets to some or all of the matching process and tools, under the arrangement, the development of the market credit replaced by Banks or other financial institutions to provide closed market credibility. American Yale set professor argues that "asset securitization can be broadly defined as a process, through this process will have a common characteristic of loans, consumer installment

contracts, leases, accounts receivable and other illiquid assets into market-oriented investment characteristics of interest-bearing securities. "Visible, the meaning of asset securitization, which consists of a series of financial asset through restructuring, the construction of asset pool, in order to get more stable cash flow, and then through a variety of credit enhancement, in order to achieve the standard of securities issuance, so as to issue securities, and based on the payment of securities of the asset pool cash flow.

3.2 The theory analysis

Basic operation principle of asset securitization together is the securitizations of assets, the restructuring its cash flow and handed it to investors. Because our country banking non-performing loans is not completely get rid of the constraint, staying in more than two system, formed the situation of non-performing loans is basically equivalent to default loans. Therefore, for single non-performing loans, because the borrower has defaulted, difficult to timely recovery of the loans in the future through the normal way, so its cash flow is uncertain, extreme without any occurrence of cash flow is possible. So, expect the cash flow of non-performing assets of Banks is a very difficult thing, this factor has become a part of the opposition of non-performing assets securitization of scholars is a major reason.

But, in fact, for a group of loans, even though the cash flow is the combination of the combination of each loan sum of cash flows, but because of the role of the law of large Numbers, the combination of the cash flow may present a certain regularity, the premise is the number of borrowers in loan portfolio enough, correlation between small enough, industry and region, the loan scale widely enough and so on. So the individual loans often large deviation, but can the whole portfolio cash flow has credible estimates. On this basis, it can be bad assets together, structural reorganization, and divided the resale market for securities investors. Bad assets the damage to the financial sector and the whole regional economy is self-evident, bad assets for the financial system is always a great safety hidden trouble, while asset securitization is the most common especially in some developed areas in the world of the methods to solve the problem of non-performing assets. This section is to analyze

the necessity and feasibility of securitization of non-performing assets.

文献出处：Ahmad W. The study on the securitization of non-performance loans of commercial banks [J]. Journal f Basic and Applied Scientific Research, 2016, 4(3): 241-250.

译文

商业银行不良贷款证券化研究

Ahmad W

摘要

商业银行不良资产是指处于非良好经营状态，不能及时给商业银行带来正常利息收入甚至不能及时收回本金的银行资产。不良资产的本质是商业银行经营成本的一种追加。然而，问题的严重性远非如此，由于银行在社会经济生活中的特殊地位和重要作用，不良资产在导致商业银行经营成本增加的同时，还隐含着较高的社会成本.综观世界历史，历次银行危机、金融危机乃至世界性经济危机的爆发都与银行不良资产相关，释放不良资产，并消除不良资产产生的根源已刻不容缓。

关键字：不良贷款；资产证券化；商业银行

1 引言

不良资产处置最普通的方法，就是银行自行经营，具体方式包括：催收、债务重组、在偿还本金的基础上减免利息、诉讼和法院执行、贷款核销等方式。其中，催收、债务重组、减免利息等方法的前提是借款人具有一定的还款诚意以及还款能力；诉讼执行、贷款核销等方式则适用于借款缺乏还款诚意或者还款能力。商业银行不良资产的形成原因众多，其中信用环境恶劣是一个重要的原因。信用体系的不完善，直接造成了大量企业赖帐不还的现象。许多民营企业在无力偿还银行贷款后，其法定代表人或股东本身并不会受到任何影响，况且他们仍然可以通过另行注册新的公司继续经营原有的业务。正是由于信用环境的恶劣，导致了许了借款人的主观还款意愿并不强烈，缺乏信用意识，所以催收方式处理不良资产的效果始终不是很好，很多时候只能起到中断诉讼实效的作用。当然也不乏成

功的案例，但一般这样的借款都具有足额的抵押或者保证。债务重组、减免利息等方式是银行对借款人具有一定还款意愿，但还款能力不足时采取的一种措施。这类处置条款既包含了银行对借款人的优惠政策，又明确了银行的限制条件。债务重组主要是对贷款的期限、抵质押、保证、借款主体等要素进行变更，形成新的贷款，降低风险；减免利息则是通过减免一定金额的利息，收回全部贷款本金。这两种方式目前在银行都得到了大量的运用。诉讼和法院执行方式一直是不良资产处置的重要方式之一，信用环境的恶劣，集中表现在许多借款人赖帐不还，银行必须采取强制性的手段收回贷款。由于银行和借款人、保证人签定的都是格式合同，所以贷款确权的问题基本上可以得到保障。但问题在于执行阶段，如果企业缺乏足够的资产可供执行，那么贷款仍然难以足额收回，有时候甚至连诉讼执行的垫付费用也无法收回。虽然如此，由于诉讼执行的强制性，这种处置方式逐渐成为最主要的方式之一。最后，在无法收回任何贷款的前提下，银行进入呆账核销程序。可见，商业银行对经营不良资产已经形成了一套业务流程，根据客户的具体偿还意愿和偿还能力，制定相应的处置措施，并且流程还在不断完善的过程中。

2影响不良贷款回收的因素

2.1贷款时间

理论上来讲，贷款持续未获清偿的时间越长，发生坏帐损失的可能也越大，不良贷款的借款时间越早，逾期时间也就越长，回收率一般也比较低。国家实行贷转拨后，大量的不良贷款才出现，但国有企业并没有把银行的贷款视为必须要还的，观念还没有转变，还认为是国家在支持，而且当时的银行商业改革还没有起步，不得不承担原来财政的某些职能。出现在这个阶段的不良贷款收回难度是很大的，在进行评估时，要对这一阶段贷出的贷款尤其重视，在已算出的评估值基础上应相应的下调。

2.2所属行业

不同的行业发展方向、发展潜力不同因此还款也不同。但是更为重要的是行业性质的差异也意味其有机构成不同、有形和无形资产的比例不同、可以用于抵押的资产不同。不同行业的企业在面临还贷压力或者破产清盘时，债权人可执行的资产及其变现程度不同，（完整译文请到百度文库）从而对债权人会有不同的