Ⅰ 什麼是財會術語表
財會術語表 A Accelerated methods of depreciation 加速折舊法 Accounting equation 會計等式 Accounting period 會計期間 Accounts payable 應付賬款 Accounts payable turnover 應付賬款周轉 Accounts receivable 應收賬款 Accounts receivable turnover 應收賬款周轉 Accrual accounting 權責發生制會計 Accruals 應計項目 Accrued payables 應付款項 Accumulated depreciation 累計折舊 Activity method 作業方法 Activity ratios 作業比率 Actuary 精算師,精算 Additional paid-in capital 資本公積 Aging schele 賬齡分析表 Allowance method 備抵法 Amortization 攤銷 Analytic review 分析性復核 Annual report 年報 Annuity 年金 Appropriation of retained earnings 留存收益分配 Asset 資產 Asset depreciation range (ADR) 資產折舊范圍 Asset impairment 資產清理 Asset retirement 資產報廢 Asset turnover 資產周轉率 Audit 審計 Audit committee 審計委員會 Audit opinion 審計意見 Audit report 審計報告 Authorized shares 授權股本，注冊股份 Available-for-sale securities 短期投資 B Bad debts 壞賬 Balance sheet 資產負債表 Bank reconciliation 銀行對賬單 Basic earnings per share 基本每股盈利 Betterment 改良 "Big 5"五大會計師事務所 board of directors 董事會 bond 債券契約 bonds payable 應付債券 book gain/loss 賬面收益/損失 book value 賬面價值 borrowing capacity 融資能力 business acquisition 企業兼並 business combination 企業合並 business segment 企業內部責任單位 C Call provision 提前贖回條款 Capital 資產 Capital lease 資本租賃 Capital structure 資本結構 Capital structure leverage 資本結構杠桿 Capitalization ratios 資本比率 Capitalize 資本化 Cash discount 現金折扣 Cash equivalent 現金等價物 Cash flow 現金流 Cash flow accounting 現金流量法會計 Cash flow from financing 籌資產生的現金流量 Cash flow from investing 投資產生的現金流量 Cash flow from operations 經營產生的現金流量 Cash flow projection 現金項目 Cash management 現金管理 Certificate of deposit 存款單 Certified public accountant 注冊會計師 Classified balance sheet 分類資產負債閉 Clean audit opinion 無保留意見 Collateral 抵押品， 擔保品 Collection period 商業票據 Common earnings leverage 普通收入杠桿 Common stock 普通股 Common-size financial statements Compensating balance 抵銷余額 Conservatism 穩健 Consignment 寄銷品 Consistency 連續性 Consolidated financial statements 合並財務報表 Contingency 或有事項 Contingent liability 或有負債 Contra account 對銷賬戶 Contributed capital 實繳資本 Controlling interest 控股權益 Convertible bonds 可轉換債券 Copyright 版權 Corporation 公司 Cost 成本 Cost expiration 成本耗用 Cost method 成本法 Cost of capital 資金成本 Cost of goods sold 銷貨成本 Covenant 契約 CPA certified public accountant 注冊會計師 Credit quality 信用程度 Credit rating 信用評級 Credit terms 信用條件 Creditor 債權人 Cumulative preferred stock 累積優先股 Current assets 流動資產 Current cost 現行成本 Current liabilities 流動負債 Current maturity of long-term debts 即將到期的長期負債 Current ratio 流動比率 D Debenture 債券 Debt 債務 Debt covenant 債務契約 Debt investment 債權性投資 Debt ratio 負債比率 Debt redemptions 債務清償 Debt/equity ratio 負債/權益比率 Default 違約 Deferred cost 遞延成本 Deferred income 遞延收益 Deferred income taxes 遞延所得稅 Deferred revenue 遞延收入 Defined benefit pension plan 即定收益養老金方案 Defined contribution pension plan 即定供款養老金方案 Depletion 折耗 Depreciation 折舊 Depreciation base 折舊系數 Depreciation expense 折舊費用 Diluted earnings per share 攤薄後每股盈利 Dilution 攤薄 Dilutive securities 攤薄證券 Direct method 直線法 Direct write-off method 直接注銷法 Discount on bond payable 應付債券折價 Discount rate 貼現率，折扣率 Divestiture 風險 Dividend yield 股息率 Dividends 股息 Dividends in arrears 應付股利 Double taxation 雙重征稅 Double-declining-balance method 雙倍余額遞減法 DuPont Model 杜邦體系 E Earning power 盈利能力 Earnings 盈利 Earnings per share 每股利潤 Earning quality 收益質量 Economic entity assumption 經濟個體假定 Economic value added 經濟價值增加 Effective interest method 實際利息法 Effective interest rate 實際利率 Equity 所有者權益 Equity investment 權益投資 Equity issuance 發行股票 Equity method 權益法 Equity security 股本證券 Escrow 代管 Exchange rate 匯率 Expense 費用 External financing 外部融資 Extraordinary item 非經常項目 F Face value 面值 Fair market value 公允市價 Financial accounting 財務會計 Financial accounting standards 財務會計 Financial Accounting Standards Board 財務會計標准委員會 Financial condition 財務狀況 Financial flexibility 財務彈性 Financial performance 財務業績 Financial ratio analysis 財務比率分析 Financial statement analysis 財務報表分析 Financial statements 財務報表 Financing activities 融資活動 First-in, first-out 先進先出法 Fiscal period assumption 會計期假設 Fiscal year 會計年度 Fixed asset turnover 固定資產周轉 Fixed assets 固定資產 FOB destination 離岸貨價 FOB shipping point 起運點交貨 Footnotes 附註 Forward contract 期貨合同 Freight-in 運費已付 Frequent transactions 經常性交易 G Gain contingency 或有收益 Generally accepted accounting principles一般會計原則 Going concern 持續經營 Goods in transit 在途商品 Goodwill 商譽 Government accounting 政府會計 Gross margin 毛利，邊際貢獻 Gross profit 毛利 H Hedging 套期保值 Hidden reserves 秘密准備 Historical cost 歷史成本 Human capital 人力資源 Human resources 人力資源 Hurdle rate 利率下限 Hybrid security 混合證券 I Income 收益 Income statement 損益表 Independent auditor 獨立審計 Indirect method 間接法 Instry 行業 Inflation 通貨膨脹 Input market 投入市場 Installment obligation 分期付款 Intangible asset 無形資產 Interest 利息 Interest coverage ratio 利息保障比率 Interest-bearing obligation 附息債務 Internal control system 內部控制系統 Internal financing 內部籌資 Internal Revenue Code 國內稅收法規 Internal Revenue Service 國內稅收總署 Interperiod tax allocation 跨期稅款分攤 Intraperiod tax allocation 所得稅期內分攤 Inventory 存貨 Inventory turnover 存貨周轉 Investing activities 投資活動 L Land 土地，不動產 Last-in, first-out 後進先出 Lease 租賃 Leverage 杠桿效應 Liability 負債 Life of a bond 年金期間 LIFO conformity rule 後進先出法一致性規則 LIFO liquidation 後進先出法清算 LIFO reserve 後進先出法准備 Line of credit 信用限額 Liquidation 清算 Liquidity 流動性 Listed company 上市公司 Loan contract 貸款合同 Loan covenant 貸款契約 Long-lived assets 長期資產 Long-term loan 長期負債 Long-term debt ratio 長期債務率 Long-term investments 長期投資 Loss 虧損 Loss contingency 或有損失 Lower-of-cost-or-market rule 成本與市價孰低原則 M MACRS 加速成本回收法修正系統 Maintenance expenditure 維修費用 Management accounting 管理會計 Management discretion 管理決策 Management letter 管理建議書 Manufacturing company 製造公司 Margin 毛利 Mark-to-market accounting 按市場計價法會計 Markdown 減低標價 Market price 市場價格 Market share 市場份額 Market value 市價 Market-to-book ratio 市價與賬面值比率 Marketable securities 有價證券 Matching principle 配比原則 Materiality 重要性 Maturity date 到期日 Maturity value 到期值 Measurement theory 計量理論 Merchandise inventory 商品盤存 Merger 合並 Mortgage 抵押，按揭 Mortgage payable 應付抵押款 Multinational corporation 跨國公司 N Natural resource cost 自然資源成本 Net assets 凈資產 Net book value 凈賬面價值 Net credit sales 凈賒銷值 Net earnings 凈收益 Net income 凈收益 Net of tax 稅後凈額 Net operation income 凈營業收入 Net profit 凈收益 Net realizable value 可實現凈值 Net sales 銷售凈額 Net worth 資本凈值 nonoperating items 營業外項目 nonparticipating preferred stock 非參加優先股 nonprofit entity 非盈利實體 not-for-profit accounting 非盈利賬戶 notes payable 應付票據 notes receivable 應收票據 O Obsolescence 過時，陳舊 Off-balance-sheet financing 資產負債表外融資 Open account 未清賬戶 Operating activities 經營活動 Operating cycle 營業周期 Operating days 營業日 Operating expenses 營業費用 Operating income 營業收益 Operating lease 經營租賃 Operating margin 營業毛利 Operating performance 經營業績 Operating revenues 營業收入 Opinion letter 審計報告 Ordinary stock dividend 普通股股利 Organizational forms 組織形式 Original cost 原始成本 Other gains and losses 其它收益和虧損 Other revenues and expenses 其它收益和虧損 Output market 輸出市場 Outstanding shares 發行在外的股份 Overhead 管理費用 Owner\'s equity 所有者權益 P Paper profits 賬面利潤 Per value 面值 Parent company 母公司 Participating preferred stock 參與優先股 Partnership 合夥 Patent 專利 Payments in advance 預付款 Pension 養老金 Percentage-of-credit-sales approach 賒銷百分比法 Periodic method 定期法 Perpetual method 永續法 Physical obsolescence 實物陳舊 Portfolio 投資組合 Postacquisition expenditures 收購後費用 Postretirement costs 退休後成本 Preemptive right 優先股權 Premium on bonds payable應付債券溢價 Prepaid expenses 准備成本 Present value 現值 Price/earnings ratio 價格/收益比 Prime interest rate 優惠利率 Principal 本金當事人 Prior period adjustment 前期調整數 Private company 私人公司 Proceeds 收入 Proction capacity 生產能力 Proction efficiency 生產效率 Profit 利潤 Profit and loss statement 損益表 Profitability 獲利能力 Profitability ratios 獲利能力比率 Property 財產 Property, plan, and equipment 財產，車間和設備 Prospectus 招股說明書 Proxy statement 委託書 Public accounting firms 會計師事務所 Purchase method 購買法 Purchasing power 購買力 Q Qualified audit report 有保留意見的審計報告 Quick ratio 速動比率 R Rate of return 回報率 Realized gain or loss 已實現收益或損失 Recognized gain or loss 確認收益或損失 Redemption 贖回 Refinancing 再籌資 Related party transaction 關聯交易 Replacement cost 重置成本 Restrictive covenant 約束性規定 Restructuring charges 重組成本 Retail company 零售公司 Retained earnings 留存收益 Retirement 退休，退股 Return on assets 資產報酬率 Return on equity 凈資產收益率 Return on equity from financial leverage 融資杠桿凈資產收益率 Return on investment 投資回報率 Return on sales 銷售利潤率 Revaluation adjustment 重估調整 Revenue 收入 Revenue recognition 收入確認 Risk 風險 Risk premium 風險報酬 Risk-free return 無風險回報 S Sales 銷售 Sales growth 銷售增長 Sales returns 銷售退回 Salvage value 殘值 Secured note 有擔保票據 Securities and Exchange Commission 證券及期貨事務監察委員會 Security 證券 Service company 服務公司 Service revenue 服務收益 SG & A 銷售，一般和行政花費 short-term liability 短期負債 Short-term investment 短期投資 Sole proprietorship 獨資經營 Solvency 償債能力 Solvency ratios 償債比率 Specific identification 個體辨認 Standard audit report 標准審計報告 Stated interest rate 票面利率 Statement of cash flows 現金流量表 Statement of retained earning 留存收益表 Statement of stockholder\'s equity 股東權益表 Stock 股票 Stock dividend 股利 Stock market 股票市場 Stock opinions 股票價格 Stock split 股份拆細 Stock split in the form of a dividend 股票股利的股票拆分 Stockholders 股東 Stockholders\' equity 股東權益 Straight-line method 直線法 Subsidiary 子公司 Sum-of-the-years\'-digits method 年數總和法 Supplies inventory 物料盤存 T T-account analysis T形賬戶分析法 Takeover 收購 Taking a bath 沖銷 Tax accounting 稅務會計 Tax dectible 稅款抵扣 Taxable income 應稅收入 Technical default 技術性違約 Technical obsolescence 技術陳舊 Term loan 定期貸款 Times interest earned 利息保障倍數 Trade-in 以舊換新 Trademark or trade name 商號 Trading securities 交易證券 Transportation-in 在途運輸 Treasury notes 中期國庫券 Treasury stock 庫存股票 U Uncollectibles 壞賬 Unearned revenue 未獲收入 Uniformity 統一 Unqualified audit report 在編審計報告 Unrealized gain or loss 未實現收入或損失 Unsecured notes 無擔保票據 Useful life 使用年限 Usual transactions 普通交易 V Valuation base 計價基礎 W Warranty 認股權證 Window dressing 粉飾 Working capital 營運資金，周轉資金
Ⅱ 什麼是book rate of return阿
賬面收益率
會計英文詞彙
Ⅲ 財務英語翻譯
專業翻譯：
Responsible for the company's overall financial work, including dealing with day-to-day accounting, financial accounting. Income accounts and accounts receivable management; tax and invoice management. Familiar with the banks, instry and commerce, taxation work processes. Monthly tax returns to deal with banking issues. make funds deployment. invoicing. compiled from the billing, reconciliation between monthly statements. reminders to customers. quarter and in the preparation of annual financial statements. cost of the project's budget and accounting. skilled use of Kingdee K3ERP operating system. treatment day-to-day administrative and personnel work. examined the various documents and other changes to the handling. familiar with the workflow.
Ⅳ Collateral是什麼意思呢
同學你好，很高興為您解答！
您所說的這個詞語，是屬於期貨從業詞彙的一個，掌握好期貨從業詞彙可以讓您在期貨從業的學習中如魚得水，這個詞的翻譯及意義如下：作為貸款或其他信貸抵押的物業或資產。抵押品在違約時可被沒收
希望高頓網校的回答能幫助您解決問題，更多期貨從業問題歡迎提交給高頓企業知道。
高頓祝您生活愉快！
Ⅳ 什麼是抵押收益 collateral yield
是指在抵押物上產生的收益
Ⅵ 請教關於CDO
如果中英文皆可的話,我覺得英文的資料更權威和想盡:
Collateralized debt obligations (CDOs) are an unregulated type of asset-backed security and structured credit proct. CDOs are constructed from a portfolio of fixed-income assets. These assets are divided by the issuer into different tranches: senior tranches (rated AAA), mezzanine tranches (AA to BB), and equity tranches (unrated). Losses are applied in reverse order of seniority and so junior tranches offer higher coupons (interest rates) to compensate for the added default risk. Since 1987, CDOs have become an important funding vehicle for fixed-income assets.
Some news and media commentary blame the financial woes of the 2007-2008 credit crunch on the complexity of CDO procts, and the failure of risk and recovery models used by credit rating agencies to value these procts. Some institutions buying CDOs lacked the competency to monitor credit performance and/or estimate expected cash flows. On the other hand, some academics maintain that because the procts are not priced by an open market, the risk associated with the securities is not priced into its cost and is not indicative of the extent of the risk to potential purchasers.[1] As many CDO procts are held on a mark to market basis, the paralysis in the credit markets and the collapse of liquidity in these procts led to substantial write-downs in 2007. Major loss of confidence occurred in the validity of the process used by ratings agencies to assign credit ratings to CDO tranches and this loss of confidence persists into 2008.
Contents
[hide]
* 1 Market history and growth
* 2 Concept
* 3 Structures
* 4 Taxation of CDOs
* 5 Types of CDOs
* 6 Types of Collateral
* 7 Transaction Participants
o 7.1 Investors
o 7.2 Underwriter
o 7.3 The Asset Manager
o 7.4 The Trustee and Collateral Administrator
o 7.5 Accountants
o 7.6 Attorneys
* 8 Subprime mortgage crisis
* 9 See also
* 10 References
* 11 External links
[edit] Market history and growth
The first CDO was issued in 1987 by bankers at now-defunct Drexel Burnham Lambert Inc. for Imperial Savings Association, a savings institution that later became insolvent and was taken over by the Resolution Trust Corporation on June 22, 1990.[2][3][4] A decade later, CDOs emerged as the fastest growing sector of the asset-backed synthetic securities market. This growth may reflect the increasing appeal of CDOs for a growing number of asset managers and investors, which now include insurance companies, mutual fund companies, unit trusts, investment trusts, commercial banks, investment banks, pension fund managers, private banking organizations, other CDOs and structured investment vehicles.
CDOs offered returns that were sometimes 2-3 percentage points higher than corporate bonds with the same credit rating.
It may also reflect the greater profit margins that CDOs provide to their manufacturers.
A major factor in the growth of CDOs was the 2001 introction by David X. Li of Gaussian copula models, which allowed for the rapid pricing of CDOs. [5][6]
According to the Securities Instry and Financial Markets Association, aggregate global CDO issuance totaled US$ 157 billion in 2004, US$ 272 billion in 2005, US$ 552 billion in 2006 and US$ 503 billion in 2007.[7] Research firm Celent estimated the size of the CDO global market to close to $2 trillion by the end of 2006.[8]
[edit] Concept
CDOs vary in structure and underlying assets, but the basic principle is the same. Essentially a CDO is a corporate entity constructed to hold assets as collateral and to sell packages of cash flows to investors. A CDO is constructed as follows:
* A special purpose entity (SPV) acquires a portfolio of credit. Common assets held include mortgage-backed securities, Commercial Real Estate (CRE) debt, and high-yield corporate loans.
* The SPV issues different classes of bonds and equity and the proceeds are used to purchase the portfolio of credits. The bonds and equity are entitled to the cash flows from the portfolio of credits, in accordance with the Priority of Payments set forth in the transaction documents. The senior notes are paid from the cash flows before the junior notes and equity notes. In this way, losses are first borne by the equity notes, next by the junior notes, and finally by the senior notes. In this way, the senior notes, junior notes, and equity notes offer distinctly different combinations of risk and return, while each reference the same portfolio of debt securities.
A CDO investor takes a position in an entity that has defined risk and reward, not directly in the underlying assets. Therefore, the investment is dependent on the quality of the metrics and assumptions used for defining the risk and reward of the tranches.
The issuer of the CDO, typically an investment bank, earns a commission at time of issue and earns management fees ring the life of the CDO. An investment in a CDO is therefore an investment in the cash flows of the assets, and the promises and mathematical models of this intermediary, rather than a direct investment in the underlying collateral. This differentiates a CDO from a mortgage or a mortgage-backed security (MBS).
The loss of an investor's principal is applied in reverse order of seniority (i.e., highest credit risk tranches to lowest). The senior tranche is protected by the subordinated security structure; thus, it is the most highly rated tranche. The equity tranche (also known as the first-loss tranche or "toxic waste") is most vulnerable, and has to offer higher coupons to compensate for the higher risk.
Creating CDOs from other CDOs creates enormous problems for accounting, allowing large financial institutions to move debt off their books by pooling their debt with other financial institutions and then bringing these debts back on to their books calling it a Synthetic CDO asset. [9] This not only has allowed financial institutions to hide their losses, but has allowed them to inflate their earnings.[10] This has the unfortunate effect of doubling potential losses book-wise[11].
[edit] Structures
CDO is a broad term that can refer to several different types of procts. They can be categorized in several ways. The primary classifications are as follow:
Source of funds -- cash flow vs. market value
* Cash flow CDOs pay interest and principal to tranche holders using the cash flows proced by the CDO's assets. Cash flow CDOs focus primarily on managing the credit quality of the underlying portfolio.
* Market value CDOs attempt to enhance investor returns through the more frequent trading and profitable sale of collateral assets. The CDO asset manager seeks to realize capital gains on the assets in the CDO's portfolio. There is greater focus on the changes in market value of the CDO's assets. Market value CDOs are longer-established, but less common than cash flow CDOs.
Motivation -- arbitrage vs. balance sheet
* Arbitrage transactions (cash flow and market value) attempt to capture for equity investors the spread between the relatively high yielding assets and the lower yielding liabilities represented by the rated bonds. The majority, 86%, of CDOs are arbitrage-motivated[12].
* Balance sheet transactions, by contrast, are primarily motivated by the issuing institutions』 desire to remove loans and other assets from their balance sheets, to rece their regulatory capital requirements and improve their return on risk capital. A bank may wish to offload the credit risk in order to rece its balance sheet's credit risk.
Funding -- cash vs. synthetic
* Cash CDOs involve a portfolio of cash assets, such as loans, corporate bonds, asset-backed securities or mortgage-backed securities. Ownership of the assets is transferred to the legal entity (known as a special purpose vehicle) issuing the CDO's tranches. The risk of loss on the assets is divided among tranches in reverse order of seniority. Cash CDO issuance exceeded $400 billion in 2006.
* Synthetic CDOs do not own cash assets like bonds or loans. Instead, synthetic CDOs gain credit exposure to a portfolio of fixed income assets without owning those assets through the use of credit default swaps, a derivatives instrument. (Under such a swap, the credit protection seller, the CDO, receives periodic cash payments, called premiums, in exchange for agreeing to assume the risk of loss on a specific asset in the event that asset experiences a default or other credit event.) Like a cash CDO, the risk of loss on the CDO's portfolio is divided into tranches. Losses will first affect the equity tranche, next the mezzanine tranches, and finally the senior tranche. Each tranche receives a periodic payment (the swap premium), with the junior tranches offering higher premiums.
A synthetic CDO tranche may be either funded or unfunded. Under the swap agreements, the CDO could have to pay up to a certain amount of money in the event of a credit event on the reference obligations in the CDO's reference portfolio. Some of this credit exposure is funded at the time of investment by the investors in funded tranches. Typically, the junior tranches that face the greatest risk of experiencing a loss have to fund at closing. Until a credit event occurs, the proceeds provided by the funded tranches are often invested in high-quality, liquid assets or placed in a GIC (Guaranteed Investment Contract) account that offers a return that is a few basis points below LIBOR. The return from these investments plus the premium from the swap counterparty provide the cash flow stream to pay interest to the funded tranches. When a credit event occurs and a payout to the swap counterparty is required, the required payment is made from the GIC or reserve account that holds the liquid investments. In contrast, senior tranches are usually unfunded since the risk of loss is much lower. Unlike a cash CDO, investors in a senior tranche receive periodic payments but do not place any capital in the CDO when entering into the investment. Instead, the investors retain continuing funding exposure and may have to make a payment to the CDO in the event the portfolio's losses reach the senior tranche. Funded synthetic issuance exceeded $80 billion in 2006. From an issuance perspective, synthetic CDOs take less time to create. Cash assets do not have to be purchased and managed, and the CDO's tranches can be precisely structured.
* Hybrid CDOs are an intermediate instrument between cash CDOs and synthetic CDOs. The portfolio of a hybrid CDO includes both cash assets as well as swaps that give the CDO credit exposure to additional assets. A portion of the proceeds from the funded tranches is invested in cash assets and the remainder is held in reserve to cover payments that may be required under the credit default swaps. The CDO receives payments from three sources: the return from the cash assets, the GIC or reserve account investments, and the CDS premiums.
Single-tranche CDOs
The flexibility of credit default swaps is used to construct Single Tranche CDOs (bespoke CDOs) where the entire CDO is structured specifically for a single or small group of investors, and the remaining tranches are never sold but held by the dealer based on valuations from internal models. Resial risk is delta-hedged by the dealer.
Variants
Unlike CDOs, which are terminating structures that typically wind-down or refinance at the end of their financing term, Structured Operating Companies are permanently capitalized variants of CDOs, with an active management team and infrastructure. They often issue term notes, commercial paper, and/or auction rate securities, depending upon the structural and portfolio characteristics of the company. Credit Derivative Procts Companies (CDPC) and Structured Investment Vehicles (SIV) are examples, with CDPC taking risk synthetically and SIV with predominantly 'cash' exposure.
Ⅶ 什麼是cdo
擔保債務憑證，簡稱CDO，資產證券化家族中重要的組成部分。它的標的資產通常是信貸資產或債券。這也就衍生出了它按資產分類的重要的兩個分支：CLO(Collateralised Loan Obligation)和CBO(Collateralised Bond Obligation)。前者指的是信貸資產的證券化，後者指的是市場流通債券的再證券化。但是它們都統稱為CDO。
擔保債務憑證(Collateralized Debt Obligation, CDO)是一種固定收益證券，現金流量之可預測性較高，不僅提供投資人多元的投資管道以及增加投資收益，更強化了金融機構之資金運用效率，移轉不確定風險。凡具有現金流量的資產，都可以作為證券化的標的。通常創始銀行將擁有現金流量的資產匯集群組，然後作資產包裝及分割，轉給特殊目的載體（Special Purpose Vehicle），以私募或公開發行方式賣出固定收益證券或受益憑證。CDO背後的為一些債務工具，如高收益的債券、新興市場公司債或國家債券、銀行貸款或其它次順位證券。傳統的ABS其資產池可能為信用卡應收帳款、現金卡應收帳款、租賃租金、汽車貸款債權等，而CDO背後的支撐則是一些債務工具， 如高收益的債券( high - yield bonds)、新興市場公司債或國家債券(Emerging Market Corporate Debt、Sovereign)，亦可包含傳統的ABS（Assets Backed Securities）、住宅抵押貸款證券化(Residential Mortgage-Backed Securities, RMBS)及商用不動產抵押貸款證券化( Commercial Mortgage-Backed Securities, CMBS)等資產證券化商品。
Ⅷ Collateral是什麼意思
adj. 並行的；旁系的；附屬的
n. 抵押品；[法] 擔保品；旁系親屬
Ⅸ 幫忙翻譯一篇商務類文章，進來看一下，萬分感謝！！！
美國次級債危機正在被放大
The time class in the United States debt crisis is being enlarge
歐美股市進來連續大幅跳水，擔憂的起源來自美國次級貸款市場。
The Europe and America stock market come in continuous significant jump into water, misgiving of the origins come from the United States time class loan market.
次級抵押貸款危機會否戳破全球資產泡沫？
Would the time class collateral loan crisis deny Chuo to break a world property a foam?
文/梅新育
The text/plum is new to teach
次級抵押貸款變成了高懸美國金融市場頭頂的達摩克利斯之劍。
The time class collateral loan became Gao Xuan2 the Bodhidharma gram of financial market top of head in the United States the sword of the benefit Si.
鑒於次級抵押貸款規模龐大,美國公布的2005-2006年間美國累計發放次級抵押貸款統計數字是1.5萬億美元;
Owing to the time class collateral loan scale's being huge, the United States announce of 2005-2006 year, the United States total amount's issuing the time class collateral loan statistics be 1.5 USD;
且房地產業是本次美國經濟景氣期的最重要推動力量之一,近5年來美國新增GDP中有50%來自房地產業,居民消費增長的70%依賴於房地產增值的財富效應。
And the real estate instry be this time United States economy economic prosperity period of most importance push one of the strengths, about 5 in the last years the United States add to have 50% to come from a real estate instry in the GDP, residents consume growth of 70% dependence increase in value at the real estate of wealth effect.
房地產與金融業之間有著天然的緊密聯系。
The of real estate and financial instry has natural close contact.
從1980年代末到1990年代初的美國儲貸協會危機,到日本泡沫經濟破滅期間的金融機構不良資產危機,再到被1997年金融危機引爆的東亞經濟體房地產市場和金融部門不良資產危機,莫不如此。
From 1980's end to the beginning of 1990's of the United States banking association crisis, go to Japan the bubble economy fall through the financing institution in period bad property crisis, again go to is melted economy real estate market in the East Asia that the crisis set off by 1997 annuities and finance section bad property crisis, might it not be such.
人們曾經以為證券化技術的進步能夠消除這種危機,但截至目前,這場危機最明顯的表現仍然發生在金融機構之間,不少金融機構由於重倉投資與次級抵押貸款相關的衍生金融工具而蒙受重創:
People once thought the stock certificate turn the progress of technique can cancellation this kind of crisis, but up to currently, this crisis most obvious of performance still occurrence between the financing institution, not a few financing institution because of heavy camalig investment and time class the collateral loan relatedly develop finance tool but suffer serious wound:
6月,華爾街投資銀行貝爾斯登旗下的兩只基金,因大量投資於次級抵押貸款支持的復合證券而陷入困境。
June, the investment bank in Wall Street shell Er Si ascend two underneath fund, because of pump capital into collateral loan at the time class support of compound stock certificate but sink into a predicament.
7月下旬,與金融機構有關的壞消息接踵而來:次級抵押貸款放款公司American Home Mortgage Investment Corp.
July last ten days of month, have something to do with financing institution of bad news closely upon heels and since then:time class the collateral loan loan the company Mortgage Investment of the American Home Corp.
表示已無可供發放新貸款的新資金;
Mean to haven't can be provided to issue lately- lend money new funds;
貝爾斯登旗下又一對沖基金因次級抵押債務投資發生虧損,並宣布暫停贖回;
The shell Er Si ascend another underneath rightness blunt fund because of time class mortgage obligation investment occurrence loss in business, and declare pause to claim pawned article;
花旗集團估計次級抵押貸款債券價格下跌已使聯邦國民抵押貸款協會和聯邦住房貸款抵押公司所持此類證券價值縮水47億美元……
Flower ensign group estimate the time class collateral loan bond price slump have already make federal citizen collateral loan association and federal housing loan mortgage company hold this kind stock certificate value shrinkage USD 4,700,000,000 ……
風聲鶴唳之下,驚慌失措的市場參與者們正在拋售幾乎一切金融類股票,投機者們借機興風作浪,甚至並未捲入次級抵押貸款市場、或者捲入不多的金融機構也未能倖免:7月31日,並不直接投資於次級按揭抵押債務的澳大利亞最大投行麥格理銀行向投資者發出警告稱,美國次級抵押債務市場的憂慮使該機構的美國高收益企業債投資潛在損失最高可達25%;8月1日,德意志銀行雖然公布的業績出色,且表示次級抵押貸款危機並未殃及自身,但投資者的大舉拋售導致其在法蘭克福證交所上市的股票下跌2%以上;
Nervous atmosphere of war and turmoil under, the market be rattled the participants just mp almost the whole finance type stock, the speculators lend machine to stir up trouble, even not draw in time class collateral loan market, perhaps draw in not much of the financing institution can not also escape by luck: July 31 day, not direct investment at the time class according to Jie mortgage obligation of Australia is biggest hurl line wheat space reason bank to send out warning to call toward the investor, the United States time class mortgage obligation market of worried make that organization of the United States Gao income business enterprise debt investment latent loss tallest can reach to 25%;August a day, although the virtuous will bank announce of accomplishment is outstanding, and mean the time class collateral loan crisis not Yang and oneself, investor of distinctly mp cause its stock for appear on market in Frankfurt's stock exchange slump above 2%;
美林公司股價自今年初以來累計下跌22%左右;
The United States wood company stock price from the beginning of this year total amount slump 22% be or so;
花旗集團1月份以來累積跌幅達到16%;
Flower ensign group January accumulation the fall attain 16%;
雷曼兄弟股價累計下挫約22%。
The thunder Man brothers stock price total amount slip about 22%.
問題補充：
Problem complement:
其實,與美國經濟規模、美國金融市場的廣度和深度相比,有風險的次級抵押貸款不算特別多。
In fact, with the United States economy scale, the United States financial market of wide degree and depth compare and have the collateral loan of the time class of risk not calculate special much.
如上文,危機初起之時公布的2005-2006年間美國累計發放次級抵押貸款統計數字是1.5萬億美元,一般預計其中有大約15%(即2250億美元)可能在直至2008年底這段時間內發生風險。
As above text, crisis beginning it hour announce of 2005-2006 year, the United States total amount's issuing the time class collateral loan statistics be 1.5 USD, general anticipate to have about 15%(namely USD 225,000,000,000) among them may in until the end of 2008 this time occurrence risk.
問題是過度反應可能導致危機蔓延,進而導致市場參與者們的擔憂自我實現。
Problem is excessiveness the reaction may cause the crisis spread and then cause market the participants of misgiving ego realization.
過度反應一方面可能出現在實際的房地產市場,另一方面可能出現在金融市場。
Excessiveness reaction on the other hand possibility emergence at actual of real estate market, on the other hand possibility emergence in the financial market.
在第一個方面,喪失抵押品贖回權的次級抵押貸款借款人在2006年已達到40萬人次,2007年可能翻番,收回抵押品的貸款機構如果為了盡快脫身而低價在空置相當嚴重的市場上低價脫手,將可能形成一條完整的"死亡螺旋":喪失抵押品贖回權的借款人增多
At 1, lose the time class collateral loan that the collateral for loan claim pawned article power to borrow funds a person at 2006 already arrive 40, 2007 may turn over a time, take back collateral for loan of loan organization if for getting away as soon as possible but low price at empty place equal severity of on the market low price sell, will possibility the formation be an integrity of"death spiral":lose collateral for loan to claim pawned article borrow funds of power a person to increase
----房地產市場空置現象加劇----貸款機構低價脫手----- 房價進一步下跌----借款人信用問題進一步加劇----更多的抵押品無法贖回,1990年代初,美國加州和東北部的房地產危機就是這樣蔓延開來的,以至於最終成為席捲全國的經濟危機。。
-Real estate market empty place phenomenon to turn worse-loan organization low price sell- the building price be further slump-borrow funds a person a reputation problem further turn worse-more collateral for loan can't claim pawned article, the beginning of 1990's, the United States California and the northeast of real estate crisis be so spread to open come of, with as for end become roll up whole country of economy crisis..