留学生Dissertation范文节选-Review Literature文献综述部分参考。Review Literature一般作为留学生Dissertation中的Chapter Two，在Dissertation中是比较重要的部分，作者需要通过文献检索和整理，并且结合Dissertation的研究主题进行综述，通过已有的研究理论来支持自己的研究问题，小编节选了一篇Dissertation的Review Literature部分共各位参考。下面就一起来看一下具体内容。
留学生Dissertation
Background 背景
信用风险和证券化对于资本市场上的任何一个商人来说都不是一个新的团队。网上和图书馆都有大量的文章、书籍、研究论文和规章制度。我从许多文章和书籍中得到帮助，写了一篇关于信用风险和证券化的论文。我的工作分为两个部分：选择文章和总结结果。为了清楚地了解信贷风险和证券化，我阅读了世界各地不同作者的135多篇文章、书籍和研究论文。我的文献搜索从电子全文数据库和经济论文开始，在标题或关键词中使用搜索词“信用风险和证券化”。
Credit risk and securitization is not new team for any businessman in the capital market. A lot of the articles, books, research papers and regulations are available in internet and library. I get help from a lot of articles and books for writing a thesis of credit risk and securitization. My work is distribution into two elements: selecting articles and summarizing results. I have read 135 plus articles, books, and research papers of different authors of all over the world for clear understanding of credit risk and securitizations. My literature search starts with electronic full-text databases and Economic Papers, using searching term “credit risk and securitization” in the title or keywords.
Literature 文献
信用风险发生在资产证券化的发行人，通常是一个特殊目的的工具，可能违约的选择权。由于特殊目的工具通常被控制为除了持有证券化资产之外没有其他资产或业务，因此主要关注点是资产本身的现金流。要考虑的最重要的选择是潜在借款人的违约，例如汽车贷款证券化中的车主。虽然贷款损失率很小，但预期是可控的，但评级机构必须深入分析违约率和犯罪率的差异，并计算出可能引发违约增长的任何因素。
Credit risk occurs from the option that the issuer of an asset back securitization, generally a special purpose vehicle, may default on its liabilities. Since the special purpose vehicle is usually controlled to have no assets or business other than holding the securitized assets, the main focal point is on the cash flow from the assets themselves. The most significant option to be considered is default by the underlying borrowers, such as the car owners in the case of automobile loan securitization. While a small but expected loan loss ratio is controllable, the rating agencies must deeply analyze the difference in default and crimes rates and calculates any factors that might activate a growth in defaults.
信贷风险和证券化市场的可能控制的增长在很大程度上取决于为投资者提供足够安全的授权和监管框架。金融机构、投资者、银行和开发公司都有兴趣进行证券化以控制信用风险。因此，关于开发公司当前和未来应收款的不同协议已通过资产证券化在该国不同的业务部门，即租赁部门、石油部门、建筑领域、电信部门和公共部门履行。
The growth of a possible control of credit risk and securitization market is very dependent upon the authorized and regulatory framework that is position provides sufficient security for investors. The financial organizations, investors, banks and development companies were attractive to perform the securitization for control credit risk. It is therefore, different agreement concerning the current and future receivables of the development companies have been performed through asset backed securitization in different business sectors of the country i.e. leasing sector, oil sector, construction areas, telecom sector, and public sector.
Credit risk identification信用风险识别
有价值的信用风险识别始于个人信用度量。金融机构一般要对个人客户的信用价值进行评级。一些金融机构可能关注相对评级。一些按信用证或交易种类的利率。有些公司同时采用相对评级和按信用或交易种类评级。风险评级也应适用于表外交易。评级过程应该是一个共同的传递过程，以便及时调整信用质量。这将有助于管理层修订政策，并在适当的时间内密切监测不良贷款。
Valuable credit risk identification starts with inpidual credit measurement. Financial organizations should rate credit value of inpidual customer commonly. Some financial organizations may concern relative rating. Some rate by kind of credits or transactions. Some apply both relative rating and rating by kind of credits or transactions. Risk rating should also be practical to off-balance sheet transactions. The rating process should be transmission commonly so that adjusts in credit quality will be agreed in time. Such will help the management in revising the policy as well as closely monitor the non-performing loans within a suitable time period.
除风险评级外，还应对每个部分进行评估和分析，并进行总体选择，以确保接受风险评级。应将发展分析、风险水平变化和加权平均风险水平与其他信息（如逾期趋势、信贷增长和政策例外程度）结合起来，以帮助分析资产质量和信贷风险。
In addition to risk rating, there should be a assessment and analysis of every section and the overall selection to ensure the accepted risk rating. Development analysis, change in risk level and weighted average risk level should be incorporated with other information such as past due trend, credit growth, and the extent of policy exception to help in the analysis of asset quality and credit risk.
有价值风险管理的原则是通过对产品和交易中信用风险要素的详细审查，识别产品和交易中所有可能的信用风险。
The principle of valuable risk management is identifying all possible credit risks in the products and transactions through a detailed review of credit risk element in the products and transactions.
在新产品规划过程中，应该对可能产生风险的新产品给予极大的关注。应进行密切和仔细的监测，以确保风险得到识别和适当管理。在计划或引入新产品和交易之前，应规定适当的指导方针和控制程序。此外，新产品和新交易应获得董事会或其他合适委员会的批准。
New products that can incur risk should be given much interest in the new product planning process. Close and careful monitoring should be carried out to ensure that the risks are identified and appropriately managed. Adequate guidelines and control procedures should be specified before the new products and transactions are projected or introduced. Moreover, the new products and transactions should be approved by the board of directors or other suitable committee.
Credit risk measurement 信用风险度量
金融机构应当有一套正确可靠的体系，根据信用或业务的质量、退款能力和种类，对个别客户的信用风险进行计量，表内、表外信用交易和银行账户交易同等计量。这样就可以正确地测量、监测和控制风险水平。为了进行有价值的风险计量，财务组织应进行以下工作：
Financial organizations should have a correct and dependable system to measure credit risk of inpidual customer in accord with the quality, refund ability and kind of credits or businesses, equally on- and off-balance sheet credit transactions and bank account transactions. This is so that level of risk can be correctly measured, monitored and controlled. To have valuable risk measurement, financial organization should carry on as follows:
Formulate a policy and strategy in risk measurement and the impact on financial organizations. 在风险度量和对金融组织的影响方面制定政策和策略。
Formulate risk measurement processess which is working in high level management which is relative to measuring credit risk. 制定与信用风险计量相关的风险计量流程，在高层管理中发挥作用。
Clear customer segmentation and regular assessment of credit application. 明确客户细分，定期评估信贷申请。
根据信用风险评估贷款损失准备金的当前水平。也就是说，即使金融机构的风险水平很高；充足的拨备有助于降低整体信贷风险。金融机构应使用适当的比率来测试贷款损失拨备水平是否可行。比率分析可以了解贷款损失准备与不良资产、正常贷款、逾期贷款等不同因素之间的关系趋势，停止增加债务、信贷和或有负债。
Assess the current level of loan loss provisioning against credit risk. That is, even when financial organizations have high level of risk; sufficient amount of provisioning can help reduce against the overall credit risk. Financial organizations should use suitable ratios to test whether the level of loan loss provisioning is practical. Ratio analysis will make known the trend of relationship between loan loss provision with different factors such as non-performing assets and normal loans pass due loans, and stop increased debts, credits and contingent liabilities.
Credit risk Monitoring and controlling 信用风险监控
For reducing credit risk on account of such off balance sheet contacts, financial organizations may accept a multiplicity of measures some of which are showed below:
Financial organization must make sure that the security, which is obtainable to the funded lines, also covers the latter of credit lines and the guarantee facilities. On some events, it will be suitable to take a charge over the fixed assets as well, particularly in the case of long-term guarantees.
In the case of guarantees covering agreement, financial organization must make sure that the regulars have the necessary technical skills and experience to perform the agreements. The value of the agreements must be definite on a case-by-case basis, and break up limits should be set up for every one agreement. The growth about physical and economic displays should be monitored on a regular basis, and any slippages should be highlighted in the credit review.
The policy to authorize non-finance facilities with an observation to increase earnings should be suitably balanced about the risk concerned and comprehensive only after a careful assessment of credit risk is undertaken.
Feature of Securitization 证券化的特征
A securitized tool, as compared to a direct maintain on the issuer, will normally have the following features:
Marketability 适销性
The very important principle of securitization is to make sure marketability to economic claims. Hence, the tool is prepared so as to be marketable. This is one of the most important features of a securitized device, and the others that follow are mostly significant only to make sure this one. The conception of marketability involves two hypothesizes:
(a) The authorized and general option of marketing the instrument;
(b) The reality of a market for the instrument.
Securitization is a misleading notion unless the securitized product is marketable. The very reason of securitization will be defeated if the device is full on to a few expert investors without any chance of having a liquid market therein. Liquidity to a securitized device is given either by launching it into an organized market or by one or more agencies acting as market makers in it, that is, approving to buy and sell the tool at either fixed or market-determined prices.
Merchantable Quality 商品质量
To be market-tolerable, a securitized product has to have a merchantable quality in capital market. The idea of merchantable quality in case of physical produce is something which is suitable to merchants in regular trade.
When applied to economic products, it would mean the economic obligations embodied in the tools are secured to the investors’ approval. “To the investors’ approval” is a qualified term, and therefore, the originator of the securitized device secures the device based on the needs of the investors. The universal rule is: the broader the base of the investors, the less is the investors’ ability to attract the risk, and hence, the more the need to securities.
For generally distributed securitized tools, estimation of the quality, and its qualifications by an independent expert. The rating provides for the advantage of the position investor, who is otherwise not projected to be in a position to review the degree of risk involved.
In securitization of receivables, the idea of quality experience drastic change making rating is a general requirement for securitizations. Hence, the quality of the maintain of the debtors believes significance, which at times enables to investors to rely simply on the credit-rating of debtors and so, create the device totally independent of the originators’ personal rating.
Wide distribution 广泛分布
The necessary principle of securitization is to distribute the product. The level of distribution which the originator would like to realize is based on a relative analysis of the costs and the benefits achieved thereby. Wider distribution guides to a cost-benefit in the common sense that the issuer is able to market the product with minor return, and hence, minor financial cost to him. But wide investor base involves costs of distribution and servicing. In observe, securitization issues are still hard for retail investors to recognize. Hence, most securitizations have been secretly placed with expert investors. However, it is possible that in to come, retail investors could be involved into securitized products.
In case the securitization needs any asset or claim which needs to be included and separate, that is, unless it is a shortest and unsecured claim on the issuer, the issuer will want an agent agency to act as a storage area of the asset or claim which is being securitized. Let us take the easiest example of a secured debenture, in concentrate, a secured loan from some investors. Here, security charge over the issuer’s some assets needs to be incorporated, and later broken down into marketable lots. For this purpose, the issuer will bring in an agent agency whose necessary job is to hold the security charge on behalf of the investors, and then issue documentations to the investors of valuable interest in the charge held by the intermediary. So, whereas the charge continues to be held by the intermediary, valuable interest therein becomes a marketable security.
The same process is concerned in securitization of receivables, where the special purpose agent holds the receivables with it, and issues valuable interest documentation to the investors.
Assets that can be securitized 可证券化的资产
In essence, all assets which produce a cash flow can be securitized e.g. housing loans mortgage loans, credit card receivables, automobile loans, consumer loans, trade receivables, lease finance, etc. a perfectly and usual financial asset is usually securitized. A difference is generally made between asset securitization and mortgage securitization. Asset securitization is sheltered from a pool of loans and receivables though the mortgage backed securities are sheltered by residential or commercial mortgage loans however mortgage backed securities is a particular kind of asset backed securities.
Process of securitization 证券化进程
The process of creating asset backed securities is talk about in the following points:
The Company sells its products and services on credit and this becomes the trade receivables or account receivables in the balance sheet of the company.
Out of these receivables, the originator pools definite receivables jointly on the base of maturity and risk structures and sells these to a securitization company identified as Special Purpose Vehicle or Special Purpose Entity.
The securitization company makes payment to the originator for the receivables purchased.
These receivables are improved into a pool of securities by the securitization company for the reason of issuing Pass Through or Pay through Certificates.
These Pay Through or Pass through Certificates are then charged by Credit Rating Agencies e.g. Pakistan Credit Rating Agencies (PACRA).
The Pay Through or Pass through Certificates are sold to inpidual investors or Qualified Institutional Buyers.
The gathering of receivables from debtors is obtained by Company itself in case of Pass through Certificates and by Securitization Company in case of Pay through Certificates. If gathering is made by the Company then it is under commitment to pass on the money to the securitization company.
The securitization company after that makes payment to the investors.
Why do issuers need securitization?
These explanations the investors favor to invest in asset-backed securities:
Securitization makes tools with reverse maturities, risks, vouchers, which is attractive to investors. Securitization is a prepared financial device i.e. customized to the risk-return and maturity needs of investors, rather than a trouble-free claim against an entity or asset.
Asset-Backed Securitization offers and defer higher than devices with similar risk. This is appropriate to the credit value of the tools (generally AAA rated) and the credit development features.
Asset-Backed Securitization offers a expected cash-flow. Investors purchase Asset-Backed Securities with self-belief that payments will take place at particular dates in the future.
Asset-Backed Securities are protected by the fundamental assets; therefore they offer important security against lower by rating agencies to the issuer.
It gives a chance to the investors to spread their investment collection by investing in these asset backed securities.
Impact of securitization on the capital market 证券化对资本市场的影响
The impact of securitization on capital market can be analyzed in the following points:
Securitization decreases transaction costs in the capital market by generating a market for financial claims, which otherwise, would have continued illiquid, i.e. limited trading.
Dissertation节选的Review Literature中很明显的体现了作者个人观点，如提到 证券化通过为金融债权创造一个市场来降低资本市场的交易成本，否则，金融债权将继续缺乏流动性，即有限的交易。Dissertation的每一部分都要尽量贴合研究主题，这样可以提到研究的可靠性，同时也保持了Dissertation整体的写作逻辑，本站提供各国Dissertation写作指导服务，如有需要可咨询本平台。