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留学生作业代写:Securitization of assets

2017-09-18 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- Securitization of assets,供大家参考学习,这篇论文讨论了资产证券化。资产证券化,指的是某一资产或资产组合采取证券资产这一价值形态的资产运营方式。信贷资产证券化产品和保险公司的资产证券化产品性质相同,因此彼此之间具有竞争性,但保险公司的资产证券化产品的期限较银行信贷资产证券化产品周期长。这样会弥补信贷资产证券化债券不足的一面,有利于吸引长期投资者参与,因而有利于证券市场的稳定。

Securitization,asset,essay代写,paper代写,美国作业代写

The securities industry and the insurance industry are two pillar industries in the financial field, and they have cooperation in many aspects. From the angle of asset securitization, this paper expounds the relationship between the two, and promotes each other, and the asset securitization broadens the investment channel of insurance funds, which is beneficial to the steady operation of the insurance company. The participation of insurance companies provides the precondition and guarantee for the implementation of asset securitization, and the securitization of insurance assets is beneficial to the healthy development of the securities market.

At present, the investment channel of our country's insurance funds is still relatively narrow. According to article 80th of the Regulations on the management of insurance companies as amended June 15, 2004, the use of insurance funds is limited to: bank deposits, trading of government bonds, trading of financial bonds, trading in corporate bonds, trading in securities investment funds, and other funds used by the State Council. Insurance companies to use insurance funds to invest in specific ways, the proportion of specific varieties and the minimum rating should be in line with the relevant provisions of the CIRC. Due to strict regulatory requirements and the limit of investment ratio, China's insurance funds mainly invested in bank deposits and national debt, the two 1999-2007 years in total $number around, but the proportion of year down. The investment channel of insurance funds is less, especially the main investment variety market interest rate is lower, which leads to the low return rate of insurance funds in our country. According to statistics since 1999, China's insurance industry, the use of funds in the yield of almost yearly decline, 1999 is 4.66%, 2004 to the lowest 2.4%. In contrast with the low efficiency of domestic insurance funds, the investment return rate of foreign insurance in the same period is generally higher. In 1996-1999 years, the United States, Canada, the United Kingdom, France, Italy, the insurance investment yield reached 7%, 8.3%, 9%, 5.8% and 7.8%. Foreign insurance funds have a wide range of investment channels, insurance funds not only to invest in various types of bonds, but also investment in domestic and foreign securities market.

China's insurance funds investment channels are less, on the one hand because of prudential requirements, strict supervision, on the other hand because the securities market is lack of innovation, the lack of suitable insurance funds investment risk of moderate investment varieties. In recent years, China's insurance regulatory departments have relaxed the investment channels of insurance funds, allowing insurance funds to invest directly in the securities market. According to statistics, by the end of March 2007, China's insurance funds to use the amount of 2.04 trillion yuan, compared to the beginning of the increase of 266 billion yuan. Among them, the bank deposits 634.41 billion yuan, accounting for 31%, bond investment 991.02 billion yuan, accounted for 48.5%. Stock Investment and Securities investment fund 373.26 billion yuan, accounted for 18.3%. It can be seen that the investment scope is greatly broadened and the investment variety increased.

The liberalization of the investment channel of insurance funds makes the yield of insurance funds increase greatly. According to statistics, China's insurance funds in 2005, the yield of 3.5%, completely reversed the insurance funds since 1999 decline in the rate of return. The large proportion of insurance funds invested in the securities market, especially the direct investment in the stock market brings huge profits, it must bring huge risks. 2005 stock market is relatively good, relatively high risk of low income. But after all, the stock is a high-risk investment variety, insurance funds are not suitable for excessive proportion of investment. The domestic and foreign practice has proved that the excessive proportion of stock investment is easy to form systemic risk, which leads to the decrease of the investment yield of insurance funds, which leads to the bankruptcy of insurance companies. 2004 China's PICC investment in the listed and unlisted securities net loss of nearly 948 million yuan, of which only the fund floating losses amounted to 740 million yuan, coupled with the Chinese life, Ping An insurance, the three major insurance companies have lost more than 2.5 billion yuan in investment.

This is also the case in foreign countries. Japan's stock market in the 80 's sharp rise in the market, resulting in Japanese insurance investment began to shift to the stock market. For 1988-1990 years, Japanese insurers were in the final frenzy of the Japanese stock market when they held more than 20% of their shares, but then the bubble burst, the Nikkei index fell from 45,000 to below 10,000, and Japanese insurers had to cut back on equity investments. And because of the bursting of Japan's domestic bubble, the economy hit and interest rates continued to fall, the insurance companies opted for relatively high and stable domestic government bonds and corporate bond markets and foreign securities markets in order to chase profits without repeating the mistakes of the stock market. The investment of British insurance companies is not only a high proportion of common stock, but also a big change. In the 90 's bull market, The proportion of British insurers ' investment in equities rose from 40.09% in 1990 to 48.13% in 1999, after 2000, when stock markets fell continuously and insurers continued to lose money, so they contracted quickly, and the proportion of investment in common stock was reduced to 32.86% in 2002.

Looking for a relatively small risk, high yield and stability, suitable for long-term investment is imminent. The property securitization products have this characteristic, especially the House mortgage securitization product, the risk is smaller, its risk is lower than the national debt, is higher than the enterprise Bond, belongs to "the silver margin bond" the income is higher, and the duration is long, this also conforms to the insurance fund especially the life insurance term characteristic. The risk of insurance companies is mainly by optimizing the term structure of their assets and liabilities, especially the life insurance liability period of 20-30 years, but the demand for return is high and stable. This requires insurance funds investment cycle long, High-yield products. As mentioned earlier, foreign insurance funds are keen to invest in real estate, various types of mortgages and longer-term securitization products. From table 1, we see that US insurance funds are mainly invested in medium and long term corporate bonds for more than 1 years, from 2000-2004 years to more than 1 years of medium-and long-term bond investment over 90%. Among them, more than 5 years of long-term bonds accounted for more than 60%, 1-5-year medium-term debt accounted for about 30%.

Investment in asset securitization products is beneficial to the steady operation of insurance companies, not only embodied in the asset securitization products have low risk, high profit advantage, but also in the insurance companies through the insurance asset securitization of the risk of decentralized underwriting, and asset securitization to increase the business scope of insurance companies, but also conducive to the steady operation and development of insurance companies.

Several key links in the process of asset securitization are inseparable from the guarantee and insurance provided by the insurance institution.

First of all, in the primary market, insurance institutions to insure and guarantee credit assets is the precondition of securitization of credit assets. Not all credit assets can be securitised, and securitization assets must be of high quality and should conform to the standards and characteristics of securitised assets, the most critical of which is the predictable and stable flow of cash. Only such high-quality assets can be packaged and sold in the two-tier market to build the asset pool of a special purpose carrier (SPV) on the two-tier market. This can be verified from the development of asset securitization. The initial asset securitization in the United States is the beginning of the securitization of residential mortgage loans, which is provided by the Federal Housing Authority to insure the mortgage-compliant residential mortgages provided by the depository institutions and commercial banks. The Veterans Administration also began to insure eligible mortgages in 1944. In addition to the overt and implicit insurance and guarantees provided by government agencies for residential mortgages, large private insurers are also beginning to provide mortgage-backed insurance to banks, which now form the Federal Housing Authority, the Veterans ' administration and the 8 major private insurers to provide residential mortgage insurance and guarantee systems together.

Secondly, in the two-level market, the insurance institution provides the guarantee of the asset pool through various ways, thus realizes the credit increment of the asset pool. In the two market, insurance companies can take a variety of ways to provide protection to the asset pool, in order to improve the credit rating of the asset pool. Under the internal increment approach, insurance companies can purchase subordinated securities to provide security for priority securities. In the external increase mode, insurance companies can provide the SPV with insurance, guarantee, Cash account and Standby

The letter of credit and other means provide security for securitization assets. From the practical experience of the United States, in the two market, the government-funded National Housing Mortgage Loan Association (GNMA) and two governments have initiated and enjoyed a wide range of policy concessions by private securitisation companies: The Federal National Housing Mortgage Association (FNMA) and the Federal Housing Mortgage Corporation (FLHMC) Responsible for acquiring and securitization of housing mortgage loans. Because the government's National Housing Mortgage Loan Association (GNMA) is a typical government agency, it has funding from Congress. A securitised product purchased and implemented by it and secured by it. The credit rating of this kind of government credit is relatively high, so it is called "Silver Margin Bond". Early Gnma only guarantees the collateral provided by the Federal Housing Authority, the Veterans Administration and the Rural Housing Credit Authority for insurance and guarantees. In fact, even if the government does not provide security, but because of its government property, the real risk, the government will not sit idly by, so it is still regarded as the government to provide implicit guarantee. The FNMA and FLHMC issued by the two major institutions with government background are also regarded as the implicit guarantee by the government. Private financial institutions without government background have since the 1980s entered the mortgage two market, specializing in the securitization of unconventional housing mortgages, such as Raymond Bros., Salomon Brothers and Merrill Lynch. The asset securitization products issued by them are often referred to as non institutional mortgage-backed securities (MBS). These must be rated by credit rating agencies, not enough investment-grade assets to be credit-augmented. There are four ways to improve the credit of mortgage-backed securities: Company guarantee, insurance combination of mortgage insurance company, bank letter of credit and priority/sub interest. In the case of a company providing security, the issuer of a traditional transfer of securities usually uses its own credit rating to guarantee the securities. For companies that need to look for an outside increase, their credit rating is often not high enough, at least not as high as the level of securities they need to issue, so companies often need to look for outside companies to vouch for them. An insurance company can be a guarantee. Bank letters of credit increase in the manner of little use, mainly because of the willingness to provide credit guarantees of commercial establishments, resulting in a high cost of L/C. Under the priority/secondary structure approach, insurance companies can purchase subordinated securities to act as external growth agents. In our country, 2005―1 Kaiyuan products are sold to external institutional investors. The insurance combination of the mortgage insurance company belongs to the typical insurance business. It can be seen that insurance companies play a fundamental role in the issuance of mortgage-backed securities.

With the further expansion of the scope of asset securitization, securitization assets are expanding and modern asset securitization is no longer a traditional asset securitization. In the traditional sense, the assets must be the solid quality assets of the mortgage, so the traditional asset securitization mainly concentrates on real estate and so on. Now, the future cash flow becomes collateral for securitised products, such as credit cards and various future receivables, as long as assets that generate cash flow can be securitised. This asset securitization product is now collectively referred to as asset-backed securities (ABS). In view of the absence of any kind of warranty, all asset-backed securities must be increased in credit to reach the investment grade. ABS credit increment is divided into two kinds, namely internal increment and external increment. There are three ways to increase external levels: corporate guarantees, bank letters of credit and bond insurance. This is similar to the same incremental approach in MBS, where insurers can play a more important role. There are also three ways to increase internal levels: reserves, excess mortgages and priority/secondary structures. There are two forms of reserves: The cash reserve and the excess operating balance account. The cash reserve is the direct cash deposit generated from the insurance income, which is usually used in conjunction with the external increase level. The most common way is the priority/secondary structure. This is similar to the priority/secondary structure of MBS, where insurers can provide security for priority securities by buying subprime securities. It can be seen that all kinds of insurance and guarantee play an important role in the smooth production of asset securitization. With the increasing of the virtualization of the securitization assets, it is necessary and important to guarantee the securitization of the asset pool to insure and guarantee the credit, so that the future can produce stable cash flow.

It can be said that through the insurance institutions to the proposed securitization assets of the credit increase, to ensure that the virtual securitization assets become a reality. In theory, any asset can be securitised. In reality, it depends on two aspects: the cost of credit increment and the comparison of the return of the securitization and the motives of the assets held by the original asset holders. As long as the return of the original assets is greater than the various costs of the securitization process, including the credit increment cost, the asset securitization can be carried out. This, of course, is a different story if the original asset holder's motives are based on a one-off value overflow, if the original asset holder has an incentive to hold assets.

Insurance company Asset securitization refers to a series of use, quality, repayment period of the same or similar, and can produce large-scale cash flow of the policy, through the restructuring of the structure and the concentration of the quantity on the basis of the asset issued securities for the process of financing. Its essence is to convert the cash flow of insurance companies into tradable financial securities. The asset securitization of insurance company includes two parts: part is the asset securitization of insurance company, the other part is the liability securitization of insurance company. The asset securitization of the insurance company and the bank's credit asset securitization are similar, which is that the insurance companies use the premium income or the assets invested by their own funds to carry out the securitization, which is not suitable for our country to carry out, because the channel of the insurance funds utilization is still comparatively limited, mainly concentrates on the bank There is also a small amount of portfolio investment. These investments are either in the form of cash assets, such as bank deposits, or in the form of securities with particularly strong liquidity, such as equities. Neither of these assets is securitisation. In addition, long term bonds are in line with the long term matching characteristics of insurance companies ' assets and liabilities management, which is the part that insurance companies need to strengthen and not securitization. Securitization is only needed when regulators allow insurers to invest in industrial assets. This can be done in relation to asset-backed securities (ABS) programs. At present, insurance companies have access to infrastructure investment qualifications, such as Port construction, highway construction and other national infrastructure projects. Generally speaking, the insurance company Asset securitization refers to the insurance company's liability securitization. Debt securitization and asset securitization are the same principle, but the object of securitization, that is, the subject matter of securitization is different. The former is a liability, and the latter is an asset. When the liability of the insurance company is securitization, the subject matter of the proposed securitization is mainly the insurance company's various policies, which are the risks insured by each policy, such as life insurance policy, Enterprise annuity policy, auto loan insurance, housing loan insurance, policy pledge loan and various catastrophe insurance.

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