Structural effects of asset-backed securitization

This paper analyses the potential changes in the operational structure of deposit-taking financial institutions that securitize assets. Findings indicate that banks can create an asset securitization pipeline structure that enables them to increase their return on capital. In other words, through securitization banks can expand their loan provision business without increasing their liabilities or their capital levels. Using a contingent claims model, four factors that impact on the bank's decision to securitize are highlighted and analysed: (i) the level of deposit insurance; (ii) capital adequacy requirements; (iii) insolvency risk; and, (iv) the risk of credit enhancements. Furthermore, we identify key accounting and regulatory challenges that emerge for banks from the process of asset backed securitization.     

城市公用事业改革取向:融资制度创新

本文认为缺乏维持、发展公用事业所需资金是当前公用事业改革的最重要原因之一。传统的融资模式由于各种缺陷无法解决这一问题。目前普遍采用的特许经营是一种特殊的融资模式,但其以出让公用事业的经营权为代价,会引发社会福利损失问题,而以资产证券化为突破口进行融资制度创新是当前公用事业改革的现实选择方向。     

我国房地产证券化问题浅析

本文分析了我国推行房地产证券化的意义和可行性,并针对当前推行所面临的障碍提出相应的对策。     

住房抵押贷款证券化中的宏观收益分析

本文对我国政府在住房抵押贷款证券化中的宏观社会收益和成本进行分析和比较,并对政府在制度创新中的地位与作用进行了研究与探讨。     

美国房地产投资信托基金(REITs)分析

美国房地产投资信托基金(REITs)在房地产实现证券化过程中发挥着重要的作用,对美国房地产业的发展十分重要。本文介绍了美国房地产投资信托基金定义和发展历史,阐述了REITs金融分析的主要指标、对REITs经营活动的规定,并分析了REITs对美国房地产业发展的意义。     

试论我国资产证券化的模式选择

资产证券化作为一项重要的金融创新，在我国有其特殊的现实意义。文章首先对资产证券化的运作机理进行了阐述，随后回顾了资产证券化在我国的实践，并针对我国的具体情况，分析了我国资产证券化应选择的模式及存在问题，最后提出对策建议。     

利用信托模式作为国内发展资产证券化突破模式的可行性

资产证券化运作机制的本质在于破产风险的隔离机制,而信托财产的独立性正好符合资产证券化的本质要求,从而得出结论:在我国现有的法律制度背景下,信托模式可以作为我国资产证券化发展的突破模式之一.首先论述了资产证券化的运作原理,分析了目前制约信托在资产证券化应用的因素,并提出对策建议.     

保险资金运用的条件约束与策略选择探讨

保险资金的负债性、返还性和社会性等特点决定了保险资金运用受安全性、流动性和收益性等条件约束,本文在分析这些条件约束的基础上,深入研究了保险资金运用的策略选择.     

我国推行知识产权证券化制度问题研究

知识产权证券化是以知识产权为基础资产发行证券进行融资的方式,是现代技术创新发展到技术金融一体化阶段的重要表现.这一融资形式在美、日、欧等西方国家已经实践中开始应用.目前,我国经济发展正在进入转型期,由过去的资源消耗型经济向可循环、可持续发展的知识经济道路转型.走新经济道路要求必需加强知识产权的创造与应用,引进知识产权证券化制度对于促进我国知识产权的产业化应用具有非常重要的作用.     

The agency costs of tranching: Evidence from RMBS

This paper documents the agency costs resulting from the deeper tranching of subprime residential mortgage pools. Mortgage servicers are less likely to renegotiate delinquent loans collateralizing a greater number and variety of tranches. We find that an interquartile increase in tranching reduces mortgage servicers’ probability of loan renegotiation by 14% relative to the mean. This effect is concentrated in mortgages with greater ambiguity surrounding the loan value maximizing action. Overall, our results support the notion that tranching worsens agency frictions by increasing coordination costs among investors and impeding their monitoring of the agent.