دانلود مقاله ISI انگلیسی شماره 48677
عنوان فارسی مقاله

تامین مالی دارایی با ریسک اعتباری

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
48677 2013 17 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Asset financing with credit risk
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Banking & Finance, Volume 37, Issue 1, January 2013, Pages 43–59

کلمات کلیدی
ریسک اعتباری - پشتوانه دارایی مالی - امور مالی و تجهیزات - لیزینگ - قانون ورشکستگی
پیش نمایش مقاله
پیش نمایش مقاله تامین مالی دارایی با ریسک اعتباری

چکیده انگلیسی

This paper develops a model for the unified valuation of all forms of real asset financing, such as bank loans, leases, securitization vehicles, and credit guarantees, secured by assets that generate a stochastic service flow to the operator, or a rental stream to the lessor, and depreciate over a finite economic life to their scrap value. Examples include mobile equipment, such as aircraft, railroad equipment, ships, trucks and trailers, as well as energy generation assets, heavy factory equipment and construction equipment. In the event of obligor default, after a repossession delay and incurring costs of repossession, maintenance, re-marketing and re-deployment, the lender repossesses the asset and sells it on the secondary market and is, thus, subject to the risk of decline in the market value of the asset. The model we develop in this paper treats all forms of asset financing in a unified fashion as contingent claims on the collateral asset and the credit of the borrower. As an application, we estimate the collateral asset model on historical secondary market data for aircraft values and calibrate the financing model to the Enhanced Equipment Trust Certificates (EETCs) issued in 2007 by Continental Airlines and secured by a fleet of new aircraft. We then apply the calibrated model to value private market financing, including bank loans, leases, and credit guarantees, consistently with the capital market financing, and assess the impact of repossession delays on credit spreads. This analysis leads to a policy insight suggesting that bankruptcy laws limiting asset repossession delays lead to lower costs of asset financing.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.