1、Collateral Evaluation and Credit Risk Management抵押品评估与信用风险管理1. Why is Collateral Evaluation Important? 为什么抵押品评估重要2. Types of Collateral and Regulatory Pitfalls 抵押品种类和法规缺陷3. Evaluation of Collateral (Real Estate) 抵押品评估（房产）4. Evaluation of Collateral (Other Assets) 抵押品评估（其他资产）5. Protection of Collater
2、al 抵押品保护Creation of Security Interest 担保利益的创立Perfection of Security Interest 担保利益的完善6. Collateral Management 抵押品管理Collateral Management for Credit Risk Management 信用风险管理中的抵押品管理Safeguarding the Enforcement 维护强制执行7. Enforcement of Collateral 抵押品的强制执行8. Extinguishing Security Interest in Collateral 抵押品
3、利益的终止Contents目录1.Why is Collateral Evaluation Important?为什么抵押品评估很重要？Why is Collateral Evaluation Important?为什么抵押品评估很重要？n The more accurate the evaluation, the more enhanced credit risk management in place. 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 n Large actual loan loss exceeding the estimated LGD could lead to
4、a serious depletion of banks equity capital. 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。Funding Cost资金成本Operating Cost运营成本Expected Loss (PD LGD) 预计损失Unexpected Loss非预期损失 (Required Return Allocated Economic Capital)Value Added价值增加MARGIN利润价格PRICEBy reducing lossgiven default, thebank can reducethe margin with
5、out reducing value added. 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: Expected Loss预计损失PD: Probability of Default违约概率LGD: Loss Given Default违约损失率UL: Unexpected Loss非预期损失Why is Collateral Evaluation Important?为什么抵押品评估很重要n LGD is estimated from default-weighted average loss rate during a certain time period. 违约损失
6、率可以通过一段时间内的加权平均违约损失率估计出来n Loss rate is given by: 损失率计算方法n To reduce average loss rate, banks need to collect on the default exposure as much as and as fast as possible.为了降低平均损失率，银行应该尽快收回尽量多的资产。n If a bank does not properly estimate collateral values, the collection upon default would become smaller
7、and take a longer period of time, leading to a depletion of capital and lower profits.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 - PV at the default date of recoveries + PV of costs associated with collecting回收物在违约日的现值 +会收的相关成本的现值 EAD (Exposure at default)违约风险暴露WrongCollateralEvaluation错
8、误的抵押品评估HigherWright-offs更高的坏帐核销Capital Waste资本浪费Higher LGDEstimation增高违约损失率HigherProvision更高的坏账损失Lower Profits利润更低PV: Present value现值Role of Collateral in Financial Intermediation I抵押品在金融中介活动中的作用 In Collateral stabilizes financial intermediation抵押品稳定金融中介活动n Collateral better aligns interests of the
9、lender and borrower because:抵押品更好的使出借方和借用方的利益达成一致n 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n The borrower will minimize the risk taking借用方可以使承担的风险最小化n Without collateral如果没有抵押品 :n The lender will solely rely on borrowers cash-flow generated by the project (business) for the r
10、epayment.出借方只能依靠借用方项目（营业）产生的现金流来偿债n The borrower tends to take more risks in the project (business), which may cause instability in generating cash-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n There will be more vulnerable banks and more risky businesses in the economy, otherwise, resulting in shallow fin
11、ancial intermediation.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。Role of Collateral in Financial Intermediation II抵押品在金融中介活动中的作用 IIn Lender 出借方 (specifically)n Encourage willingness of payment to reduce PL.鼓励出借方进行借款降低损失n Substitute the repayments to reduce LGD.代替还款降低违约损失率n Protects against borrowers over-b
12、orrowing.保护出借方不至于过度借债n Borrower 借用方 (specifically)n Access to credit: let borrowers monetize their illiquid assets to raise funds获得融资：借用方可以抵押他们的非现金资产来获取资金n Cost of Credit: potentially reduce funding costs for the lower EL calculated by the lender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n Overcoming asymmetric
13、 information problems: access to funds even in a financially difficult time, or even without audited financial reports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: Expected Loss 预计损失PD: Probability of Default 违约概率LGD: Loss Given Default 违约损失率UL: Unexpected Loss 非预期损失2. Types of Collateral and Regulato
14、ry Pitfalls抵押品种类和法规缺陷What is Collateral?什么是抵押品q Under modern collateral law systems, collateral can be any asset which produces future cash flow directly or indirectly, and can be created by any lender and borrower, in any present or future assets and in all transactions, to substitute payments for
15、a part or the entire outstanding debt upon default. 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q Under unreformed collateral law systems, there would be various constraints on asset types eligible for collateral, on persons or legal persons qualified to collater
16、al agreements, or on the enforceability of some collateral, due to the lack of efficacy and integrity of the system. 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Collateral Laws and Collateral Types担保法和抵押品种类n Collateral Law担保法n Independent and comprehensive “collateral la
17、w” is rare: generally collateral law is a system which is constituted by several relevant laws and regulations.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n Extent of collateral抵押品范围n After-acquired property事后取得的财产n Proceeds收益n Supporting obligation相关义务n Unmovable Collateral不动抵押物n Real Property: Land and Building
18、房地产：土地和建筑物n Plant and Equipment车间和设备n Natural Reserves自然资源n Timber to be cut待采伐的木材n Goods物品n Consumer goods消费品n Farm products农产品n Inventory存货n Equipment设备n Fixtures固定设备n Accessions添加物n Intangibles无形资产n Negotiable instrument流通票据n Document of title物权凭证n Investment property投资财产n Account (book debt）应收款n
19、 General Intangibles一般无形资产n Other kinds of collateral其他抵押品n Deposit accounts存款帐户n Life insurance policy/health-care insurance receivable人生保险 /应收健康保险金Source: Collateral, Collateral Law and Collateral Substitutes, B. Balkenhol and H. Schutte,Social Finance Programme, Working Paper No. 26, p17来源：抵押品，担保法和担保替代品
