融資與證券【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：FinancingSecuritiesI.TraditionalFinancingTraditionallyrealestatefinancinghasbeenprovidedbytheGermanbankingsystemthroughuniversalmtgagebanks.Thebanksbasicallyofferunstructuredfinancinginthefmof“univers

2、alloans“.Thisloanisbasedonthecurrentmarketvaluewhichisdeterminedbyanexpert.Themarketvaluefmsthebasisfthelendingvalue.Afirstmtgageisgrantedf60%ofthepropertyslendingvalueenteredinthelregisterasafirstrankingmtgage.Theremain

3、ingamountupto80%ofthelendingvalueisgrantedinthefmofapersonalloananyamountexceedingthisasanopencredit.Insomecasesthepropertyisevenfinancedentirelywithbrowedcapital.Theloansarelongterm.Thedebtisservicedthroughcurrentpaymen

4、tsofinterestprincipalwhichgraduallyreducesthefinancingbanksrisk.Thelocationqualityofthepropertythereliabilitysolvencyofthebrowertheamountofcapitalthebrowerisputtinguphimselfanyrighttousegrantedtothirdpartiesarethemaincri

5、teriafthegrantingofloans.FurthermetherearerefinancingpossibilitiesfbanksespeciallyfmtgagebondbankswhichmayinaccdancewiththeGermanMtgageBondActissuemtgagebondssellthemonthecapitalmarketindertorefinancetheloansgranted.Mtga

6、gebondsaresecuritiesbackedbymtgages.Therefeonlymtgageswhichprovidesecurityfloansuptoanamountof60%ofthelendingvaluemaybeconsidered.TheassessmentismadeonthebasisoftheRegulationontheAssessmentofLendingValueswhichcameintoeff

7、ectatthebeginningofAugust2006.Thisisthefirstregulationtolaydownstardtransparentrequirementsonvaluationmethodsthequalificationsofexpertsfallbondissuers.II.FmsofFinancingwiththeinstalmentloanwhereacertainfixedptionofthecap

8、italisrepaidineachinstalmentinterestisgedontheoutstingbrowedcapital.Thismeansthattheinstalmentpaymentsdecreaseoverthetermoftheloanastheinteresttobepaiddecreases.Finallythereistheinterestonlyloanwhereonlyinterestispaidove

9、rthetermtheentireiginalloanamountispaidonmaturity.Interestonlyloansareoftentakenoutinconjunctionwithalifeinsurancepolicy.Inthiscasetheprincipalisrepaidattheendoftheloantermwiththemoneypaidoutwhentheinsurancepolicymatures

10、.Withthisfmoffinancingthebrowerhastopayboththeinterestontheloantheinsurancepremiums.2.PropertyLeasinga)FundamentalsLeasingfinancingisofgreatimptanceffinancialengineering.SincethefirstleasingcompanieswereestablishedinGerm

11、anyin1962theimptanceofleasinghasgrownconsiderably.Leasingfinancingiscontinuingtogrowrapidlyfromyeartoyear.Inprincipleleasingisalsoanattractivealternativeffinancingrealestate.Thelesseeconserveshisownfundsfreesupthebalance

12、sheetthusalsoimproveshisownequityratio.Ontheotherhtheleasingpaymentsaredeductedfromthecurrentearningsofthelessee.Thebasicphilosophyofleasingisfromaneconomicpointofviewnottoownthecommodityleasedi.e.therealestatebutrathert

13、ouseit.Thelesseecanobtainuseoftheleasedpropertywithoutinvestinganycapitalatleastconsiderablyreducinghiscapitalinvestment.Therearenostatutyregulationsonleasingcontracts.Thecontentsofleasingcontractsarelargelydeterminedbyt

14、heextensivecourtrulingsprovisionsundertaxlaw.Leasingcontractscantherefeberegardedaslongtermrentalagreementswithspecialacteristics.Thebasisofleasingisalongtermcontractbetweenalesseealeasingcompany(less)whichcannotbetermin

15、atedduringtheprimaryleasingperiod.Thelessacquiresthecommodity(frequentlyalsofromthelessee–saleleaseback)makesitavailabletothelesseefusefacontractuallyfixedperiod(primaryleasingperiod).Thecontracttermisbetween40%90%oftheu