百花齊放的中國證券化市場
An ancient Chinese poem, famously quoted by Mao Zedong, calls for diversity: Let 100 flowers bloom; let 100 schools of thought contend.
當年毛澤東曾出名地引用一句老話百花齊放、百家爭鳴來鼓勵多元化觀點。
China’s securitisation market has blossomed this year as authorities embrace financial innovation, with bankers packaging an eclectic mix of assets from dance ticket revenues to bridge tolls.
今年，隨着當局支持金融創新，中國證券化市場也出現了百花齊放的局面。從歌舞表演門票營收到過橋費，銀行業人士打包的資產無所不有。
Beijing approved the country’s first securitisation deals in 2005,
北京方面批准首批證券化交易是在2005年。
But the programme was halted in 2008 after regulators observed the damage wrought by risky mortgage securities in the US.
但在監管機構發現美國高風險抵押貸款證券釀成了巨大損失之後，該計劃在2008年被停止實施。
The programme was revived in 2012, starting primarily with vanilla assets such as corporate loans, home mortgages and auto loans.
它在2012年重啓，一開始主要是圍繞企業貸款、房貸和車貸等簡單資產。
This year, activity has shifted to corporate receivables, and issuance has soared.
今年，證券化活動的重心轉向企業應收賬款，發行規模出現激增。
Banks and non-financial companies together completed 384 securitisation deals in the first nine months of 2016, up from 327 deals for all of 2015, according to Wind Information.
根據萬得資訊(Wind Information)的數據，2016年頭九個月銀行和非金融公司總共完成了384宗證券化交易，超過了2015年全年的327宗交易。
Non-bank deals have accounted for 284 of this year's total.
在今年的全部交易中，非銀行交易佔了284宗。
In value terms, deals totalled Rmb584bn ($86bn) through the end of September, close to 2015's full-year total of Rmb615bn.
從交易價值來看，到9月底交易總規模達5840億元人民幣（合860億美元），接近2015年全年6150億元人民幣的總規模。
Almost every conceivable asset from anyone can be securitised.
跟蹤研究該行業的網站——中國資產證券化分析(China Securitization Analytics)的首席執行官龐陽表示：來自任何人的幾乎所有想得到的資產都可能被證券化。
This makes the market far more diverse than in the US and Europe, says Pang Yang, chief executive of China Securitization Analytics, a website that tracks the industry.
這讓中國市場的多元化程度大大超過了歐美。
For many companies, this is the only way they can raise capital at the moment.
對許多企業來說，這是眼下籌集資本金的唯一途徑。
In May, the operator of Manting Park, an eco-tourism destination in southwest China’s Yunnan province that celebrates the traditional culture of the Dai ethnic minority, sold Rmb770m in securities.
今年5月，曼聽公園(Manting Park)運營商銷售了7.7億元人民幣的證券。
The notes were backed by ticket-sale revenues from its Mekong River Campfire Song and Dance Evening, performance.
曼聽公園是中國西南雲南省一個生態旅遊目的地，以傣族傳統文化爲特色。
Sliced into nine tranches, the product offered maturities from one to seven years and yields of up to 6.8 per cent.
這批證券以湄公河之夜歌舞篝火晚會(Mekong River Campfire Song and Dance Evening)的演出門票收入爲抵押，被分爲9類，提供從一年到7年的不同期限，收益率最高爲6.8%。
Last year, , one of China’s leading ecommerce platforms, securitised Rmb800m worth of consumer credit it had expanded to online shoppers buying items such as appliances and furniture.
去年，中國領先的電子商務平臺之一京東()將發放給購買電器和傢俱的網購者、價值8億元人民幣的消費者信貸做了證券化處理。
Ant Financial, the finance affiliate of Alibaba Group, has also sold off consumer and small-business loans, which it aims at consumers and merchants on its Taobao and Tmall online marketplaces.
阿里巴巴集團(Alibaba Group)旗下金融關聯公司螞蟻金服(Ant Financial)也曾銷售消費者和小企業貸款，這些貸款發放給阿里巴巴在線市場淘寶(Taobao)和天貓(Tmall)上的客戶和商家。
Foreign participation is also increasing.
境外機構的參與程度也在上升。
The auto-finance units of General Motors, Ford, Mercedes-Benz, and Volkswagen have all issued asset-backed notes in the interbank market this year.
今年，通用汽車(General Motors)、福特(Ford)、梅塞德斯-奔馳(Mercedes-Benz)和大衆(Volkswagen)的購車融資部門都在中國銀行間市場發行了以資產爲抵押的票據。
The recent landmark opening of China’s interbank bond market to foreign investors in February also allows foreign investors unprecedented access to Chinese securitised assets.
今年2月，中國對境外投資者開放了銀行間債券市場。這一里程碑式的事件也令境外投資者獲得了投資中國證券化資產的前所未有的渠道。
In terms of risk, China’s securitisation market appears tame.
在風險方面，中國的證券化市場顯得十分溫和。
Senior and mezzanine tranches are typically rated AAA and AA+, and primarily by domestic ratings agencies.
優先級證券和中間級證券通常會被評級爲AAA級和AA+級，這些評級主要由中國國內的評級機構給出。
The equity tranche, which carries the highest risk, is typically kept on the originator’s own balance sheet.
風險最高的股權級證券通常會留在發起方自己的資產負債表上。
But some analysts warns that these ratings do not fully reflect risks.
不過，部分分析師警告稱，這些評級並未完全反映其中的風險。
The credit-quality spread in China is not well discerned, as rating agencies tend to be less scrutinising than their global peers.
交銀國際(Bocom International)在香港的研究主管洪灝表示：由於評級機構的審覈往往沒有其國際同行到位，中國的信用品質差距區分不夠好。
Fortunately, the assets that get to be securitised first tend to be better quality to set an example for the later batches, which could be of lesser quality, says Hong Hao, head of research at Bocom International in Hong Kong.
幸運的是，最先被證券化的資產往往品質更好一些，以便爲之後品質較差的證券建立榜樣。
Lower-quality assets are already beginning to come to market.
較低品質的資產已開始進入市場。
Earlier this year, the banking regulator restarted a pilot programme for the securitisation of non-performing loans, in a bid to help banks in offloading troubled assets.
今年早些時候，中國銀行業監管機構重啓了不良貸款證券化的試點項目，以求幫助銀行清理困境資產。
Bank of China and China Merchants Bank completed the first deals in May.
中國銀行(BoC)及招商銀行(China Merchants Bank)在今年5月完成了首批交易。
The deals priced the underlying NPLs at steep discounts to face value and consisted of loans that, while impaired, were still producing some cash flow.
這些交易對不良貸款的定價相對其面值有較大折扣，並由儘管受損但仍在產生一定現金流的貸款組成。
While companies use securitisation to seek up-front cash in place of drawn-out revenue streams, the main motivation for banks is meeting tough new capital adequacy standards under the global Basel III regime.
企業使用證券化是爲了用長期收入來源換取預支現金，而銀行使用證券化手段的主要動機，則是爲了滿足全球《巴塞爾協議III》(Basel III)規定下新的十分嚴格的資本充足率標準。
Small banks are facing the strongest capital pressure because their assets are growing the fastest, even as they face higher hurdles to raising fresh equity.
小銀行面臨的資本金壓力最大，這是因爲它們的資產增長速度最快，在籌集新股本時卻面臨較高障礙。
But much like the wider mainland bond market, China’s securitisation market still suffers from the lack of a diversified investor base.
但是，就像中國內地的整體債券市場，中國證券化市場仍然受到缺乏多元化投資者基礎的困擾。
Commercial banks are by far the dominant players.
商業銀行佔據了絕對的主導地位。
Insurance companies, pension funds, and alternative asset managers — which are major investors in US securitisation deals — play only bit parts.
保險公司、養老基金及另類資產管理公司（這些是美國證券化交易中的主力投資者）則只佔很小份額。
This means that securitisation is largely a tool for smoothing out imbalances within the banking system.
這意味着，證券化在很大程度上是用來消除中國銀行體系內部失衡的工具。
Lenders short on capital or liquidity but well supplied with borrower clients can offload assets to those with excess funding but few attractive lending opportunities.
缺乏資本金或流動性、但不缺乏貸款客戶的銀行，可以把資產轉手給擁有充裕資金、但缺乏有吸引力的放貸機會的銀行。
Securitisation allows assets that were static to become dynamic and liquid.
上海開源證券(Kaiyuan Securities)非銀行金融機構分析師夏正洲表示：證券化把靜態資產變成了動態流動性資產。
It gives banks the flexibility to slow asset growth without sacrificing their borrower relationships, says Xia Zhengzhou, non-bank financials analyst at Kaiyuan Securities in Shanghai.
它讓銀行獲得了靈活性，可以在不犧牲與借款方關係的情況下延緩資產增長。
For now, regulators are content to promote diverse forms of securitisation.
就目前而言，監管機構很願意促進證券化的多元化形式。
But just as Mao’s 100 Flowers Movement initially encouraged intellectuals to express diverse ideological opinions then later crushed them for doing so, regulators are likely to pull back on the reins on securitised products if widespread defaults occur.
不過，就像毛澤東的百花齊放、百家爭鳴最初鼓勵知識分子表達多元化的意識形態觀點，之後卻因爲他們這麼做而打壓他們，一旦發生大面積違約，監管機構可能也會再度收緊對證券化產品的約束。
