抵押品評(píng)估與信用風(fēng)險(xiǎn)管理

CollateralEvaluationand

CreditRiskManagement

抵押品評(píng)估與信用風(fēng)險(xiǎn)管理1.WhyisCollateralEvaluationImportant?為什么抵押品評(píng)估重要2.TypesofCollateralandRegulatoryPitfalls抵押品種類和法規(guī)缺陷3.EvaluationofCollateral(RealEstate)抵押品評(píng)估（房產(chǎn)）4.EvaluationofCollateral(OtherAssets)抵押品評(píng)估（其他資產(chǎn)）5.ProtectionofCollateral抵押品保護(hù)CreationofSecurityInterest擔(dān)保利益的創(chuàng)立PerfectionofSecurityInterest擔(dān)保利益的完善6.CollateralManagement抵押品管理CollateralManagementforCreditRiskManagement信用風(fēng)險(xiǎn)管理中的抵押品管理SafeguardingtheEnforcement維護(hù)強(qiáng)制執(zhí)行7.EnforcementofCollateral抵押品的強(qiáng)制執(zhí)行8.ExtinguishingSecurityInterestinCollateral抵押品利益的終止Contents目錄WhyisCollateralEvaluationImportant?

為什么抵押品評(píng)估很重要？

WhyisCollateralEvaluationImportant?

為什么抵押品評(píng)估很重要？Themoreaccuratetheevaluation,themoreenhancedcreditriskmanagementinplace.對(duì)抵押品的評(píng)估越是準(zhǔn)確，信貸風(fēng)險(xiǎn)的管理的準(zhǔn)確性就越高

LargeactualloanlossexceedingtheestimatedLGDcouldleadtoaseriousdepletionofbank’sequitycapital.實(shí)際貸款損失如果大大超過預(yù)計(jì)的違約損失率會(huì)導(dǎo)致銀行的自有資本嚴(yán)重?fù)p耗。FundingCost資金成本OperatingCost運(yùn)營(yíng)成本ExpectedLoss(PD×LGD)預(yù)計(jì)損失UnexpectedLoss非預(yù)期損失(RequiredReturn×AllocatedEconomicCapital)ValueAdded價(jià)值增加MARGIN利潤(rùn)價(jià)格PRICEByreducinglossgivendefault,thebankcanreducethemarginwithoutreducingvalueadded.通過降低違約損失，銀行可以降低利潤(rùn)而不降低價(jià)值增加部分。EL:ExpectedLoss預(yù)計(jì)損失PD:ProbabilityofDefault違約概率LGD:LossGivenDefault違約損失率UL:UnexpectedLoss非預(yù)期損失WhyisCollateralEvaluationImportant?

為什么抵押品評(píng)估很重要LGDisestimatedfromdefault-weightedaveragelossrateduringacertaintimeperiod.違約損失率可以通過一段時(shí)間內(nèi)的加權(quán)平均違約損失率估計(jì)出來Lossrateisgivenby:損失率計(jì)算方法Toreduceaveragelossrate,banksneedtocollectonthedefaultexposureasmuchasandasfastaspossible.為了降低平均損失率，銀行應(yīng)該盡快收回盡量多的資產(chǎn)。Ifabankdoesnotproperlyestimatecollateralvalues,thecollectionupondefaultwouldbecomesmallerandtakealongerperiodoftime,leadingtoadepletionofcapitalandlowerprofits.如果銀行不能準(zhǔn)確估計(jì)抵押品價(jià)值，違約后能夠收回的價(jià)值就降低了，所需要的時(shí)間也更長(zhǎng)，導(dǎo)致資本損耗了利潤(rùn)降低。1-PVatthedefaultdateofrecoveries

+PVofcostsassociatedwithcollecting回收物在違約日的現(xiàn)值+會(huì)收的相關(guān)成本的現(xiàn)值EAD(Exposureatdefault)違約風(fēng)險(xiǎn)暴露WrongCollateralEvaluation錯(cuò)誤的抵押品評(píng)估HigherWright-offs更高的壞帳核銷CapitalWaste資本浪費(fèi)HigherLGDEstimation增高違約損失率HigherProvision更高的壞賬損失LowerProfits利潤(rùn)更低PV:Presentvalue現(xiàn)值RoleofCollateralinFinancialIntermediationI

抵押品在金融中介活動(dòng)中的作用ICollateralstabilizesfinancialintermediation抵押品穩(wěn)定金融中介活動(dòng)Collateralbetteralignsinterestsofthelenderandborrowerbecause:抵押品更好的使出借方和借用方的利益達(dá)成一致Thelendercanmaximizethesafetyofrepayment出借方可以使收回借款的可能性最大化Theborrowerwillminimizetherisktaking借用方可以使承擔(dān)的風(fēng)險(xiǎn)最小化Withoutcollateral如果沒有抵押品:Thelenderwillsolelyrelyonborrower’scash-flowgeneratedbytheproject(business)fortherepayment.出借方只能依靠借用方項(xiàng)目（營(yíng)業(yè)）產(chǎn)生的現(xiàn)金流來償債Theborrowertendstotakemorerisksintheproject(business),whichmaycauseinstabilityingeneratingcash-flow.借用方會(huì)承擔(dān)項(xiàng)目（營(yíng)業(yè)）更大的風(fēng)險(xiǎn)，這會(huì)導(dǎo)致無法生產(chǎn)足夠的現(xiàn)金流Therewillbemorevulnerablebanksandmoreriskybusinessesintheeconomy,otherwise,resultinginshallowfinancialintermediation.經(jīng)濟(jì)環(huán)境中會(huì)產(chǎn)生更危險(xiǎn)的銀行和更有風(fēng)險(xiǎn)的行業(yè)，這樣也會(huì)縮減金融中介活動(dòng)。RoleofCollateralinFinancialIntermediationII

抵押品在金融中介活動(dòng)中的作用IILender出借方(specifically)EncouragewillingnessofpaymenttoreducePL.鼓勵(lì)出借方進(jìn)行借款降低損失SubstitutetherepaymentstoreduceLGD.代替還款降低違約損失率Protectsagainstborrower’sover-borrowing.保護(hù)出借方不至于過度借債Borrower借用方(specifically)Accesstocredit:letborrowersmonetizetheirilliquidassetstoraisefunds獲得融資：借用方可以抵押他們的非現(xiàn)金資產(chǎn)來獲取資金CostofCredit:potentiallyreducefundingcostsforthelowerELcalculatedbythelender融資成本：潛在的降低了融資成本，因?yàn)槌鼋璺接?jì)算出的預(yù)計(jì)損失較低Overcomingasymmetricinformationproblems:accesstofundseveninafinanciallydifficulttime,orevenwithoutauditedfinancialreports解決了信息不對(duì)稱問題：即是財(cái)務(wù)困難時(shí)期，或者沒有審計(jì)后的財(cái)務(wù)報(bào)表，也可以獲得融資EL:ExpectedLoss預(yù)計(jì)損失PD:ProbabilityofDefault違約概率LGD:LossGivenDefault違約損失率UL:UnexpectedLoss非預(yù)期損失2.TypesofCollateralandRegulatoryPitfalls

抵押品種類和法規(guī)缺陷

WhatisCollateral?

什么是抵押品Undermoderncollaterallawsystems,collateralcanbeanyassetwhichproducesfuturecashflowdirectlyorindirectly,andcanbecreatedbyanylenderandborrower,inanypresentorfutureassetsandinalltransactions,tosubstitutepaymentsforapartortheentireoutstandingdebtupondefault.在現(xiàn)代擔(dān)保法體系中，抵押品可以是任何直接或間接產(chǎn)生現(xiàn)金流的資產(chǎn)，也可以是由任何出借方和借用方創(chuàng)造出來的，在違約時(shí)用現(xiàn)有或?qū)淼馁Y產(chǎn)以及交易中代替償還部分或全部借款Underunreformedcollaterallawsystems,therewouldbevariousconstraintsonassettypeseligibleforcollateral,onpersonsorlegalpersonsqualifiedtocollateralagreements,orontheenforceabilityofsomecollateral,duetothelackofefficacyandintegrityofthesystem.在創(chuàng)新性的擔(dān)保法體系中，由于系統(tǒng)缺乏有效性和不統(tǒng)一，其中有很多對(duì)抵押品資產(chǎn)形式，可以簽署擔(dān)保合同的個(gè)人和法人，或者是對(duì)抵押品的強(qiáng)制性實(shí)權(quán)的限制條件CollateralLawsandCollateralTypes

擔(dān)保法和抵押品種類CollateralLaw擔(dān)保法Independentandcomprehensive“collaterallaw”israre:generallycollaterallawisasystemwhichisconstitutedbyseveralrelevantlawsandregulations.獨(dú)立和綜合的擔(dān)保法很少見：通常擔(dān)保法由一些相關(guān)法律和法規(guī)組成Extentofcollateral抵押品范圍After-acquiredproperty事后取得的財(cái)產(chǎn)Proceeds收益Supportingobligation相關(guān)義務(wù)UnmovableCollateral不動(dòng)抵押物RealProperty:LandandBuilding房地產(chǎn)：土地和建筑物PlantandEquipment車間和設(shè)備NaturalReserves自然資源Timbertobecut待采伐的木材Goods物品Consumergoods消費(fèi)品Farmproducts農(nóng)產(chǎn)品Inventory存貨Equipment設(shè)備Fixtures固定設(shè)備Accessions添加物Intangibles無形資產(chǎn)Negotiableinstrument流通票據(jù)Documentoftitle物權(quán)憑證Investmentproperty投資財(cái)產(chǎn)Account(bookdebt）應(yīng)收款GeneralIntangibles一般無形資產(chǎn)Otherkindsofcollateral其他抵押品Depositaccounts存款帳戶Lifeinsurancepolicy/health-careinsurancereceivable人生保險(xiǎn)/應(yīng)收健康保險(xiǎn)金Source:Collateral,CollateralLawandCollateralSubstitutes,B.BalkenholandH.Schutte,SocialFinanceProgramme,WorkingPaperNo.26,p17來源：抵押品，擔(dān)保法和擔(dān)保替代品3.EvaluationofCollateral(RealEstate)抵押品品評(píng)估估（不不動(dòng)產(chǎn)產(chǎn)）PrinciplesofCollateralEvaluation抵押品品評(píng)估估原則則Collateralevaluationisnottofindanaccurate,uniqueprice,buttofindapriceandlogicwhicharerealistic,practical,andacceptablebyordinarymarketparticipants.抵押品品評(píng)估估并不不是為為了尋尋找一一種精精確的的，唯唯一的的價(jià)格格，而而是找找到一一個(gè)合合理的的、實(shí)實(shí)際的的、能能夠被被普通通的市市場(chǎng)參參與者者接受受的價(jià)價(jià)格和和方法法。Evaluatecollateralonthebasisofthemarketvalueratherthanbookvalue.抵押品品的評(píng)評(píng)估是是依據(jù)據(jù)市場(chǎng)場(chǎng)價(jià)值值而非非帳面面價(jià)值值A(chǔ)pplythemostconservativeevaluationmethod.采取最最保守守的評(píng)評(píng)估方方法Ifpossible,collateralpropertyshouldbelocatedwithinadistancebankofficerscantakefrequentvisits.如果可可能，，擔(dān)保保資產(chǎn)產(chǎn)應(yīng)該該放在在銀行行人員員可以以經(jīng)常?？吹玫玫降牡牡胤椒絎atchthemarketpriceifit’’srisingfast:apricebubblemaybedeveloping.如果市市場(chǎng)價(jià)價(jià)格增增長(zhǎng)很很快，，那么么小心心市場(chǎng)場(chǎng)價(jià)格格，可可能存存在價(jià)價(jià)格泡泡沫。。BasicsofLandCollateralEvaluation土地抵抵押品品評(píng)估估基礎(chǔ)礎(chǔ)Step1:Estimateapriceparsquaremeter/feeteitherby:估計(jì)每每平方方米/英尺價(jià)價(jià)格方方法：：(1)Thesalescomparisonapproach市場(chǎng)比比較法法(2)Theincomecapitalizationapproach(mainlyforleaseproperties)收益還還原法法（主主要用用于出出租場(chǎng)場(chǎng)地））(3)Thecostapproach(incaseofhousesandbuildings)成本法法（用用于房房屋和和建筑筑物））Step2:Adjustthepricebyfactorsuniquetotherealestate用房地地產(chǎn)業(yè)業(yè)獨(dú)有有的因因素來來調(diào)節(jié)節(jié)價(jià)格格(1)Usageoftheproperty房地產(chǎn)產(chǎn)的用用途(2)Trendsofrealestateprice房地地產(chǎn)產(chǎn)價(jià)價(jià)格格趨趨勢(shì)勢(shì)(3)Conditionsoftheproperty/natureofthesurroundingarea房地地產(chǎn)產(chǎn)的的環(huán)環(huán)境境/附近近地地區(qū)區(qū)的的自自然然狀狀況況(4)Legalissues法律律問問題題SalesComparisonApproach市場(chǎng)場(chǎng)比比較較法法Ifrecenttransactionsorsellspricesforthesimilarrealestateareavailableinthecity,townorvillage,thesalescomparisonapproachprovidesgoodestimates.如果果可可以以獲獲得得所所在在城城市市、、城城鎮(zhèn)鎮(zhèn)或或鄉(xiāng)鄉(xiāng)村村最最近近同同類類房房地地產(chǎn)產(chǎn)的的交交易易或或銷銷售售價(jià)價(jià)格格，，那那么么市市場(chǎng)場(chǎng)比比較較法法可可以以提提供供很很好好的的預(yù)預(yù)測(cè)測(cè)。。PriceB(2,450$/m22)PriceA(2,000$/m22)PriceC(1,900$/m22)Weighted-averageofAandB(PriceD)A和B的加加權(quán)權(quán)平平均均價(jià)價(jià)格格UnadjustedestimatedPriceE($/m22)?調(diào)整整前前價(jià)價(jià)格格Note:Eachpricepointsshouldnotbeseparatedbyamajorstreetorriver,whichaffectthepricedifferences注：：每每個(gè)個(gè)價(jià)價(jià)格格點(diǎn)點(diǎn)不不能能被被主主要要街街道道或或河河流流分分割割，，這這會(huì)會(huì)影影響響價(jià)價(jià)格格150m50m70m30m(PriceA×30)+(PriceB×70)(PriceD×150)+(PriceC×50)SalesComparisonApproach:Example市場(chǎng)場(chǎng)比比較較法法：：舉舉例例EvaluatethelandpriceE.估計(jì)計(jì)土土地地E價(jià)格格ThreerecentrealestatetransactionsaroundE.最近近E的附附近近有有三三個(gè)個(gè)交交易易A:$2,000,B:$2,450,andC:$1,900Onthemap,locatepriceDbetweenAandB在地地圖圖上上找找到到A和B之間間的的價(jià)價(jià)格格DDistancesbetweenthesepointsare:這些些地地點(diǎn)點(diǎn)的的距距離離A-D:70m,D-B:30m,D-E:50m,andC-E150m.ThendollarpriceparsquaremeterofEwillbe:E的每每平平方方米米價(jià)價(jià)格格是是PriceD=70+30PriceE=50+150=2,315($/m22)=2,211($/m22)IncomeCapitalization收益益還還原原法法IFindageographicallyweighted-averagerentpriceperunitoflandinthesamewaybefore.和市市場(chǎng)場(chǎng)比比較較法法一一樣樣，，找找到到每每單單位位土土地地的的加加權(quán)權(quán)平平均均出出租租價(jià)價(jià)格格RentpriceB(320$/month)RentpriceA(350$/month)RentpriceC(360$/month)Weighted-averageofAandB(priceD)A和B加權(quán)權(quán)平平均均價(jià)價(jià)格格EstimatedrentpriceE估計(jì)計(jì)E出租租價(jià)價(jià)($/month?)Note:Eachpricepointsshouldnotbeseparatedbyamajorstreetorriver,whichaffectthepricedifferences每個(gè)個(gè)價(jià)價(jià)格格不不能能被被主主要要街街道道或或河河流流分分割割，，這這會(huì)會(huì)影影響響價(jià)價(jià)格格40m10m30m15mCalculatethepresentvalueoftherentincomeforthecertainfutureperiod.計(jì)算算將將來來一一短短時(shí)時(shí)間間內(nèi)內(nèi)的的租租金金收收入入的的現(xiàn)現(xiàn)值值Incomecapitalizationapproachusingrentsmaybeusedinasituationwherealoanofficerknowsthepropertyconcernedhasacertainvalueforthemarket,butthereisnowaytoreasonablyestimateandexplainthevalueduetothelackoftransaction.使用收益益還原法法時(shí)，貸貸款主管管知道土土地的市市場(chǎng)價(jià)格格，不過過如果沒沒有類似似交易的的時(shí)候，，就沒有有辦法合合理估計(jì)計(jì)和解釋釋價(jià)值了了。Theestimatedvaluemaybemuchlowerthanapotentialmarketvalue(additionalmarginforvaluationuncertainty).估計(jì)的價(jià)價(jià)值可能能遠(yuǎn)低于于潛在的的市場(chǎng)價(jià)價(jià)格（由由于價(jià)格格的不確確定性而而需要附附加利差差）Itdependsonbank’’sloanpolicy,buttimehorizonshouldbelimitedto10to12years.這取決于于銀行的的貸款政政策，不不過一般般的時(shí)間間跨度應(yīng)應(yīng)該在10-12年以內(nèi)IncomeCapitalizationII收益還原原法Annualrent––(maintenancecost+propertytaxes)年租金-（維護(hù)成成本+房產(chǎn)稅））PV=Σ(1+r)nPV:Presentvalue現(xiàn)值A(chǔ)nnualrent年租金(336×12)–(maintenancecost維護(hù)成本本300)(PriceD×40)+(PriceC×10)(PriceA×15)+(PriceB×30)IncomeCapitalizationApproach:Example收益還原原法：舉舉例PV=Σ(1+0.08)tEvaluatethelandpriceE.估計(jì)土地地E的價(jià)格Monthlyrentsofthethreeleasingpropertiesare三個(gè)出租租場(chǎng)地的的月租金金分別為為:A:$350,B:$320,andC:$360DistancesbetweenthesepropertiesareE到這三個(gè)個(gè)場(chǎng)地的的距離分分別是:A-D:30m,D-B:15m,D-E:10m,andC-E40m.Usingtheaboveinformation,estimatedrentpriceEwillbe使用上述述信息，，估計(jì)E的出租價(jià)價(jià)格是:Assumetheannualmaintenancecostincludingpropertytaxesis$300,interestrateis8%,andyoucalculateupto10years,thenestimatedcollateralvalueis:假設(shè)包括括房產(chǎn)稅稅的年維維護(hù)成本本是$300,利率*%，計(jì)算10年的估計(jì)計(jì)擔(dān)保價(jià)價(jià)值是RentD=30+15RentE=10+40=330($/month)=336($/month)t=110=25,042($)PV:Presentvalue現(xiàn)值IncomeCapitalizationApproachIII收益還原原法Basicconceptofthecapitalizationrate收益還原原法的基基本概念念“Thecapitalizationrateitselfisafunctionoftheinvestor’sdesiredreturnandacombinationofthecostsofdebtandequityemployedinmakingtheinvestment.”(Bower2001)還原率是是投資者者希望獲獲得的收收益率，，和借款款和股權(quán)權(quán)投資的的成本。。Factorsaffectinginvestors’’desiredreturnonrealestates影響投資資者對(duì)房房地產(chǎn)期期望收益益的因素素Culture,economictrends,otherinvestmentpropertytype,otherinvestmentopportunities,etc.文化、經(jīng)經(jīng)濟(jì)趨勢(shì)勢(shì)，其他他投資財(cái)財(cái)產(chǎn)，其其他投資資機(jī)會(huì)等等Inpractice在實(shí)踐中中Themostsimplifiedwayistouseavailableloaninterestratesforsuchaninvestmentasacapitalizationrate.最簡(jiǎn)單的的方法是是使用類類似投資資的借款款利率作作為還原原率Wheninterestratesareusedasacapitalizationrate,loanofficersmustbeawarethattheinterestratedoesnotincludenecessaryreturnsfortakingrisksinherenttotheinvestment,hence,theoutcomeovervaluestherealestate.如果利率率為用作作還原率率，借款款主管必必須知道道利率中中沒有包包括這項(xiàng)項(xiàng)投資所所承擔(dān)風(fēng)風(fēng)險(xiǎn)所對(duì)對(duì)應(yīng)的回回報(bào)，計(jì)計(jì)算結(jié)果果會(huì)高估估價(jià)值。。Source:Understandingrealestatevaluesinarisingmarket—BriefArticle,GeraldA.Bower,2001/p/articles/mi_m3601/is_29_47/ai_71565185PriceAdjustmentI價(jià)格調(diào)整整Usageoftheproperty房產(chǎn)用途途Own-useresidentialproperty自用住宅宅Mostuseful最有用的的Own-usefarmandforestland/factoryandwarehouse自用農(nóng)場(chǎng)和林林地/工廠和倉庫Theincomecapitalizationapproach收入還原法Residential/businesspropertyforlease出租用住宅/商用房產(chǎn)物業(yè)業(yè)Incomecapitalizationapproach收入還原法Rentpricesintheneighborhood附近社區(qū)的出出租價(jià)格Futureoccupancyrateestimation未來占用率預(yù)預(yù)計(jì)Residentialleasingpropertyandbusinessleasingproperty出租住宅物業(yè)業(yè)和商用出租租物業(yè)Forsale出售Speculativeinnature投機(jī)性PriceAdjustmentII價(jià)格調(diào)整Trendsofrealestateprice房地產(chǎn)價(jià)格趨趨勢(shì)Salesandtransactionprices銷售和交易價(jià)價(jià)格Informationfromneighbors鄰近地區(qū)的信信息Informationfromexperts,brokers,salesregistries,andmortgageregistries專家，經(jīng)紀(jì)人人，銷售登記記和抵押登記記機(jī)構(gòu)的信息息Incomelevelofthearea該地區(qū)的收入入水平Demandandsupplyconditionsofthemarket市場(chǎng)的供求情情況Publishedlandpricesandtaxrates公布的土地價(jià)價(jià)格和稅率Regionaldevelopmentplan地區(qū)發(fā)展計(jì)劃劃Availabilityofmortgageloan/foreignlandownership是否存在抵押押借款和外國(guó)國(guó)土地所有權(quán)權(quán)PriceAdjustmentIII價(jià)格調(diào)整Conditionsoftheproperty/natureofthesurroundingarea周邊地區(qū)的房房產(chǎn)/自然情況Geographicconditions,suchas,closetothecoast,river,cliffs,orlocatedontiltedland,inadip,ontheweakstratum地理情況，例例如，靠近海海灘，河流，，懸崖或者位位于傾斜的土土地上，地層層不牢固。Sizeoftherealestate房地產(chǎn)的規(guī)模模Shapeoftherealestate房地產(chǎn)的形狀狀Locationoftherealestateintheblock房地產(chǎn)在街區(qū)區(qū)的具體位置置Accessibilitytothepublicroads是否可以方便便地到達(dá)公共共道路Accessibilitytopublicandcommercialfacilities是否可以方便便的到達(dá)公共共和商業(yè)設(shè)施施Existenceofunfavorablefacilities是否存在不良良設(shè)施Municipalservicesavailable是否有市政服服務(wù)PriceAdjustmentIV價(jià)格調(diào)整Legalissues法律問題Easements:restrictions,encumbrances,leases,reservations,covenants,contracts,declarations,specialassessments,ordinances,orotheritemsofasimilarnature.地役權(quán)：限制制，妨礙，租租賃，保留，，限制性條款款，合同申明明，特別估價(jià)價(jià)，法令或者者其他類似性性質(zhì)“Eminentdomain””:incommonlawcountries,thegovernmentmayhavetherightstobuyrealpropertywithouttheowner’sconsentforthepurposesofpublicusage,suchaspublicutilities,highway,airport,andrailroads.征用權(quán)：在普普通法系國(guó)家家，政府有權(quán)權(quán)力不經(jīng)過所所有者的同意意購買房地產(chǎn)產(chǎn)用于公共用用途，例如公公共設(shè)施，高高速公路，機(jī)機(jī)場(chǎng)和鐵路。。Legitimacyofbuildings(illegalconstruction/usage)建筑物的合法法性（非法建建筑/使用）Whatarethemostmajormethodstoevaluaterealestatecollateralinyourcountry?你們國(guó)家最主主要的房產(chǎn)抵抵押評(píng)估方法法是什么？Note:Whentheabovelegalissuesareinvolved,thepriceofthepropertycoulddropsubstantially.注意：當(dāng)涉及及到以上法律律問題時(shí)，房房地產(chǎn)的價(jià)格格可能會(huì)大幅幅降低4.EvaluationofCollateral

(OtherAssets)抵押品評(píng)估（（其他資產(chǎn)））CollateralEvaluationI抵押品評(píng)估FarmProduct/Inventory農(nóng)產(chǎn)品/存貨Marketpricebasis依據(jù)市場(chǎng)價(jià)格格Interviewwithmajorbuyers采訪主要買家家Marketliquidity市場(chǎng)流動(dòng)性Marketsize市場(chǎng)規(guī)模Marketvolatility市場(chǎng)波動(dòng)幅度度Perishableproducts容易腐爛變質(zhì)質(zhì)的產(chǎn)品Dealerlistings,marketsalesreports經(jīng)銷商清單，，市場(chǎng)銷售報(bào)報(bào)告Locationofthestorage存儲(chǔ)場(chǎng)地CollateralEvaluationII抵押品評(píng)估MobileVehicle機(jī)動(dòng)車Secondhandcarmarketpricebasis二手車市場(chǎng)價(jià)價(jià)格Interviewwithexpertsanddealers采訪專家和經(jīng)經(jīng)銷商Maker,type,popularity,market,incaseofinventory如果是存貨：：制造商，種種類，普及程程度，市場(chǎng)Age,depreciationschedule,unpaidtaxes,priorlien,incaseofequipment設(shè)備：使用年年限，折舊時(shí)時(shí)間，未交納納的稅款，之之前的留置權(quán)權(quán)Government’’simporttaxpolicyorotherpoliciesaffectingmarket政府的進(jìn)口稅稅政策和其他他影響市場(chǎng)的的政策CollateralEvaluationIII抵押品評(píng)估Intangibles無形資產(chǎn)Negotiableinstrument:validityoftheinstrument,obligor,creditrating,maturity,typeoftransaction:collateral/repurchaseagreement/discount流通票據(jù)：票票據(jù)的有效性性，債務(wù)人，，信用等級(jí)，，交易類型：：擔(dān)保/回購合同，折折扣Documentoftitle:billoflading:validityofthedocument,locationoftheproperty,quantity,species/variety,measure/weight,valueperunit,quality,condition,schedule,aswellasmarketabilityandmarketprice.物權(quán)憑證：提提單：?jiǎn)螕?jù)的的有效性，財(cái)財(cái)產(chǎn)所在地，，數(shù)量，種類類/品種，尺寸/重量，單位價(jià)價(jià)值，質(zhì)量，，條件，時(shí)間間表以及可銷銷售性和市場(chǎng)場(chǎng)價(jià)格InvestmentProperty:issuer,creditrating,marketprice,marketvolatility,(maturity),OTC/exchange投資財(cái)產(chǎn)：發(fā)發(fā)行者，信用用等級(jí)，市場(chǎng)場(chǎng)價(jià)格，市場(chǎng)場(chǎng)頗動(dòng)幅度（（到期日），，場(chǎng)外交易/交易方式Account(bookdebt):obligors,theextentofdiversification,thelengthofterms,agingschedule,thepastdefaultrate應(yīng)收款：債務(wù)務(wù)人，多元化化程度，期限限長(zhǎng)度，帳齡齡時(shí)間，過去去的違約情況況Generalintangible:variabilityoftheright(document),termsandconditions,restrictionscontainedinthedocument,marketability,etc.一般無形資產(chǎn)產(chǎn)：所有權(quán)（（單據(jù)）的可可變性，條款款和條件，文文件中的限制制條件，可銷銷售性，等5.ProtectionofCollateral抵押品保護(hù)CreationofSecurityInterest擔(dān)保利益的產(chǎn)產(chǎn)生Elementstocreatevalidsecurityinterest:擔(dān)保利益產(chǎn)生生的要素Thedebtorhasrightsinthecollateral*債務(wù)人對(duì)抵押押品有所有權(quán)權(quán)Asecurityagreementmustbeauthenticatedbythedebtor擔(dān)保合同必須須由債務(wù)人Asecurityagreementmustcontainadescriptionofthecollateral擔(dān)保合同中必必須包含對(duì)抵抵押品的描述述Asecurityinterestcannotattachunless““value”isgiven*除非給定“價(jià)價(jià)值”否則不不能附加擔(dān)保保利益“Avalue”insecurityagreement擔(dān)保合同中的的“價(jià)值”Avalueissetinaccordancewithanamountintendedtocoverexistingorfuturecreditoutstandinginpartorintotal.價(jià)值要能夠達(dá)達(dá)到現(xiàn)有或?qū)淼牟糠只蚧蛉抠J款額額OtherIssues其他問題Inter-creditoragreement貸款機(jī)構(gòu)間協(xié)協(xié)議Pari-passucharge比例平等抵押押Creationofsecurityinterestalonecannotpreservecreditor’’spriorityoverliencreditorsandothersecuredpartieswithaninterestinthesamecollateral.僅僅使用擔(dān)保保利益不能保保證債權(quán)人可可以優(yōu)先于留留置債權(quán)人和和其他對(duì)抵押押品有權(quán)力的的債權(quán)人*Basedon:LawinaNutshell:Securedtransactions,RichardB.Hagedorn,ThomsonWest,2007,p57,92,95PerfectionofSecurityInterest擔(dān)保利益的完完善Afterperfectionthesecuredpartyisprotectedagainstothercreditorsandtransfereesofthedebtorandinparticular,againstanyrepresentativeofcreditorsininsolvencyproceedingsinstitutedbyoragainstthedebtor.*在完善擔(dān)保利利益之后，被被擔(dān)保方的利利益對(duì)其他債債權(quán)人和債務(wù)務(wù)人的轉(zhuǎn)讓方方是被保護(hù)的的，特別是在在債務(wù)人破產(chǎn)產(chǎn)時(shí)，對(duì)其他他債權(quán)人代表表而言。Dependingonthejurisdiction,differentcollateralmayhavedifferentrulesforperfection根據(jù)權(quán)限，不不同的抵押物物有不同的完完善規(guī)則Perfectionuponattachmentalone單獨(dú)附加的完完善Temporaryperfectionincertaincollateral特定抵押物的的暫時(shí)完善Perfectionbypledgeorpossessorysecurityinterest通過抵押或擁擁有擔(dān)保利益益來完善Perfectionbyfiling(registration)歸檔（登記））完善Perfectionwherefilingisrequiredunderaspeciallaw特定法律規(guī)定定需要通過歸歸檔來完善Perfectionbypublicnotice(example:newspaperadvertisement)通過公告來完完善（例：報(bào)報(bào)紙廣告）*Basedon:LawinaNutshell:Securedtransactions,RichardB.Hagedorn,ThomsonWest,2007,p1236.CollateralManagement抵押品管理CollateralManagement抵押品管理CollateralManagement抵押品管理Collateralmanagementincludestworiskmanagementconcepts:抵押押品品管管理理包包括括兩兩項(xiàng)項(xiàng)風(fēng)風(fēng)險(xiǎn)險(xiǎn)管管理理概概念念(1)Collateralmanagementforcreditriskmanagement信貸貸風(fēng)風(fēng)險(xiǎn)險(xiǎn)管管理理的的抵抵押押品品管管理理(2)Safeguardingtheenforceability強(qiáng)制制行行使使權(quán)權(quán)的的保保護(hù)護(hù)CollateralManagement抵押押品品管管理理CollateralManagementforCRM抵押押品品管管理理SafeguardingtheEnforceability保護(hù)護(hù)強(qiáng)強(qiáng)制制行行使使權(quán)權(quán)SafeCustody/CollateralBook保管管/抵押押品品登登記記冊(cè)冊(cè)CreditFile信貸貸檔檔案案RecordKeeping檔案案記記錄錄Revaluation/Reappraisalagainstcreditexposure根據(jù)據(jù)信信用用風(fēng)風(fēng)險(xiǎn)險(xiǎn)再再評(píng)評(píng)估估/再評(píng)評(píng)價(jià)價(jià)Numbering/Tagging編號(hào)號(hào)/標(biāo)簽簽MaturityManagement到期期管管理理Renewalofsecurityinterest更新新?lián)鷵?dān)保保利利益益Periodicalcheckofinventory定期期實(shí)實(shí)物物檢檢查查CreditFile信用用檔檔案案IRecordKeeping檔案案管管理理Appraiser’’sname,theeffectivedateoftheevaluation,andsignatureandaddress(whentheevaluationisoutsourced)鑒定人名名稱，評(píng)評(píng)估的有有效日期期，千字字和地址址（當(dāng)評(píng)評(píng)估是由由外部人人員完成成的）Descriptionofthecollateral抵押品描描述Realestate:ownership,location,shape,condition,developments,pictures,maps,neighborhood,usage,acopyofconstructionapproval,attachedeasement,etc.房地產(chǎn)：：所有者者，位置置，形狀狀，環(huán)境境，發(fā)展展?fàn)顩r，，照片，，地圖，，附近情情況，用用途，建建筑批準(zhǔn)準(zhǔn)書復(fù)印印件，附附屬物，，等Goods:locationofthegoods,quantity,species/variety,measure/weight,valueperunit,quality,condition,schedule商品：物物品所在在地，數(shù)數(shù)量，種種類/品種，尺尺寸/重量，單單價(jià)，質(zhì)質(zhì)量，情情況，時(shí)時(shí)間表Intangibles:pledgor,amount,quantity,thirdpartyobligor,attachedsecurityinterest,etc.無形資產(chǎn)產(chǎn)：抵押押人，金金額，數(shù)數(shù)量，第第三方債債務(wù)人，，附加擔(dān)擔(dān)保利益益，等Descriptionoftheevaluationmethodemployed對(duì)所用評(píng)評(píng)估方法法的描述述Descriptionofthesourceinformationusedintheevaluation評(píng)估中信信息來源源的描述述Anestimatedvalueofthecollateralandtheopinionoftheloanofficerontheevaluation抵押品的的估計(jì)價(jià)價(jià)值，以以及貸款款主管的的對(duì)評(píng)估估的意見見Source:InteragencyAppraisalandEvaluationGuidelines,FDIC,1994CreditFile信用檔案案IIReappraisal重新評(píng)估估Collateralshouldberegularlyrevalueddependingonthecollateraltype.抵押品應(yīng)應(yīng)該根據(jù)據(jù)擔(dān)保種種類有規(guī)規(guī)律的進(jìn)進(jìn)行重新新評(píng)估Collateralvalueshouldbeconstantlymonitoredagainstcreditoutstanding.抵押品價(jià)價(jià)值應(yīng)該該經(jīng)常與與未還貸貸款進(jìn)行行比對(duì)Frequencyofreappraisaldependsonthemarketcondition重新評(píng)估估的頻率率應(yīng)該根根據(jù)市場(chǎng)場(chǎng)情況決決定Realestate(revaluation):every6monthsor12months房地產(chǎn)（（重新評(píng)評(píng)估）：：每6或12個(gè)月Realestate(on-sitesurvey):everymonthor3months房地產(chǎn)（（實(shí)地調(diào)調(diào)查）：：每1或3個(gè)月Farmproduct:everyweekormonthdependingonthemarket農(nóng)產(chǎn)品品：根根據(jù)市市場(chǎng)情情況每每周或或月Inventory:dependingonthemarket存貨：：根據(jù)據(jù)市場(chǎng)場(chǎng)Mobilevehicle:every3monthor6month機(jī)動(dòng)車車：每每3或6個(gè)月Intangibles:dailybasisifmark-to-marketisrequired(dependingonthetypeoftransaction)無形資資產(chǎn)：：如果果必須須按市市價(jià)調(diào)調(diào)整，，則每每天進(jìn)進(jìn)行（（根據(jù)據(jù)業(yè)務(wù)務(wù)種類類）CreditFile:Example信用檔檔案：：舉例例Typeofloan貸款種類Originalamountorcreditline金額/信用額度Loanproceedsoutstanding剩余借款Loancreditoutstanding剩余信用額度Typeofcollateral抵押品種類OriginalCollateralEvaluation出示抵押品評(píng)估LatestCollateralEvaluation最近抵押品評(píng)估Haircut折扣CollateralValue抵押品價(jià)值TermloanATermloanBRevolvingline循環(huán)貸款額度501203010950109530Land土地Building建筑物Receivable應(yīng)收款PublicGuarantee公共擔(dān)保Timedeposits定期存款1105040109040401012401002500540301012Total105(A)135Total(B)106UnsecuredBalance不安全余額(A)-(B)29Borrower:ABCTradingCo.InternalCreditScore:4BExternal:n/aAsof:Mar08借款方方：ABC貿(mào)易公公司，，內(nèi)內(nèi)部編編號(hào)：：4B，外部部：不不適用用，日日期：：3月8日Thousand$Afterevaluationoflandandbuildingthefollowingcredit/collateralbalancetableisupdated.Howdoyouinterpretthetableandwhatshouldbedone?在評(píng)估估了土土地和和建筑筑物之之后，，更新新貸款款/擔(dān)保余余額表表，你你怎樣樣理解解這張張表和和需要要做什什么SafeCustody/CollateralBookI保管/抵押品品登記記冊(cè)SafeCustody保管Inordertosafeguardandprotecttheenforceabilityofsecurityinterest,(1)collateralagreementand(2)pledgedgoodsanddocumentsshouldbeputinasafecustody.為了保保管和和保護(hù)護(hù)擔(dān)保保利益益的強(qiáng)強(qiáng)制行行使權(quán)權(quán)，必必須安安全保保管(1)擔(dān)保合合同(2)抵押品品和文文件Collateralagreement(togetherwithotherrelevantlegaldocuments,recordofregistry,fireinsurancepolicyforcollateralizedbuildings*,etc.)maybekeptinorderbyborrowername擔(dān)保合合同（（和其其他相相關(guān)法法律文文件，，登記記檔案案，擔(dān)擔(dān)保建建筑物物的火火災(zāi)保保險(xiǎn)書書）可可以按按照借借款方方名字字有序序保管管Pledgedgoodsanddocumentsmaybekeptbytype抵押品品和文文件按按種類類保管管Collateralsforwhichlimitationperiodormaturitydateiscriticalshouldbekeptinorderbysuchdate.有期限限或到到期日日臨近近的抵抵押品品應(yīng)該該按照照日期期排放放Limitedaccesstothesafecustody應(yīng)該限限制人人員接接近保保管場(chǎng)場(chǎng)所Protectionfromnaturaldisaster避免自自然災(zāi)災(zāi)害Note:Fireinsurancepolicyforcollateralizedbuildingmaybekeptseparatelyinorderbyexpirationdatebecauseoftheimportanceoftheexpirationdatemanagement.注意：：擔(dān)保保建筑筑物的的火災(zāi)災(zāi)保險(xiǎn)險(xiǎn)書應(yīng)應(yīng)該按按照期期滿日日單獨(dú)獨(dú)排列列，因因?yàn)楣芄芾肀１ｋU(xiǎn)到到期日日很重重要。。SafeCustody/CollateralBookII保管/抵押品登記記冊(cè)CollateralBook抵押品登記記冊(cè)Roleofcollateralbookincludes(1)administratingthecollateralinventory,and(2)managingtheexpirationoflimitationperiodandthematuritydateforcertaintypesofcollateral.抵押品登記記冊(cè)的作用用包括：(1)管理擔(dān)保存存貨(2)管理部分有有有效期限限和到期日日的抵押品品Collateralbookshouldbecreatedseparatelyforeachtypeofcollateral.每種類型的的抵押品應(yīng)應(yīng)該有單獨(dú)獨(dú)的登記冊(cè)冊(cè)Collateralbookshouldassignanumberforeachpledgedgoodsanddocumentsfortheadministratingpurpose.出于管理的的需要，抵抵押品登記記冊(cè)應(yīng)該分分配給每個(gè)個(gè)抵押物和和文件一個(gè)個(gè)號(hào)碼Pledgedgoodsshouldbesturdilytaggedwithanoteindicatingnameofpledgor,borrowernumber,date,collateralnumber,etc.抵押物應(yīng)該該牢固的粘粘上標(biāo)簽，，上面寫明明名字，借借款人號(hào)碼碼，日期，，抵押品代代碼，等Collateralbookshouldbemanagedbyseniormanager.抵押品登記記冊(cè)應(yīng)由高高級(jí)經(jīng)理進(jìn)進(jìn)行管理Inventoryofcollateralshouldbecheckedagainstthecollateralbookperiodically(onceinamonth)擔(dān)保實(shí)物應(yīng)應(yīng)該與登記記冊(cè)進(jìn)行定定期核對(duì)（（每月一次次）Addingandremovingofpledgedgoodsfromthecustodyshouldberegisteredintheappropriatecollateralbook*.保管場(chǎng)所增增加或者轉(zhuǎn)轉(zhuǎn)移抵押物物都應(yīng)該在在對(duì)應(yīng)的登登記冊(cè)上登登記Note:Whenacceptingandreturningcollateral,receiptshouldbeissuedtoandreceivedfromtheborrowerbythebank,whichshouldindicateconcernedgoodsanddocumentsindetail:type,number/quantity,date,withsignature.注意：當(dāng)接接受和歸還還抵押品時(shí)時(shí)，應(yīng)該交交給和收回回借款方收收條，收條條上應(yīng)該寫寫明相關(guān)物物品和文件件的明細(xì)：：種類，數(shù)數(shù)字/數(shù)量，日期期，簽名SafeCustody/CollateralBookIII保管/抵押品登記記冊(cè)Maturityforcertaintypesofcollateral部分抵押品品的到期Negotiableinstrumentssuchasdraft,certificateofdeposit,andpromissorynotehavematuritydate.有到期日的流流通票據(jù)，，例如：支支票，定期期存款，期期票Inaccordancewiththecollateralagreement,suchnegotiableinstrumentsneedtobesettledwithoutdelay.根據(jù)擔(dān)保合合同，流通通票據(jù)應(yīng)該該立刻兌現(xiàn)現(xiàn)Expirationforcertaintypesofsecurityinterest擔(dān)保利益的的到期Dependingonjurisdictionandontypeofcollateral,aperfectionofsecurityinterestmayexpireaft