\u4eca\u5e74\u5e74\u521d\uff0c\u5404\u5927\u623f\u4ea7\u5206\u6790\u5e08\u9646\u7eed\u53d1\u8868\u5206\u6790\u62a5\u544a\uff0c\u7edd\u5927\u90e8\u5206\u8ba4\u4e3a\uff0c\u65b0\u52a0\u5761\u623f\u5730\u4ea7\u7684\u4ef7\u683c\u5c06\u4f1a\u57282012\u5e74\u4e0b\u8c035\uff05\u81f320 \uff05\u4e0d\u7b49\uff0c\u4f46\u300a\u65f6\u4ee3\u8d22\u667a\u300b\u5f53\u65f6\u53d1\u8868\u4e13\u9898\u6df1\u5165\u5256\u6790\u623f\u4ea7\u5e02\u573a\u5e76\u9884\u6d4b\u8bf4\uff0c\u65b0\u52a0\u5761\u623f\u4ef7\u57282012\u5e74\u4e0d\u4f46\u4e0d\u4f1a\u8d70\u8f6f\uff0c\u53cd\u800c\u4f1a\u8d70\u9ad85\uff05\u5de6\u53f3\u3002<\/p>\n
\u773c\u4e0b\uff0c2012\u5e74\u5373\u5c06\u7ed3\u675f\uff0c\u867d\u7136\u6574\u4f53\u623f\u4ef7\u6570\u636e\u8fd8\u672a\u51fa\u7089\uff0c\u4f46\u623f\u4ea7\u4ef7\u683c\u5e76\u6ca1\u6709\u5982\u5404\u5927\u623f\u4ea7\u5206\u6790\u5e08\u5148\u524d\u6240\u9884\u6d4b\u7684\u8d70\u4f4e\u3002\u76f8\u53cd\u7684\uff0c\u5927\u4f17\u5e02\u573a\u7684\u79c1\u4eba\u4f4f\u5b85\u4ef7\u683c\u4fdd\u6301\u76f8\u5f53\u5e73\u7a33\uff0c\u800c\u4e14\u8fd8\u6709\u4e0a\u5347\u7684\u8d8b\u52bf\u3002<\/p>\n
\u518d\u8005\uff0c\u5373\u4f7f\u662f\u9ad8\u7aef\u79c1\u5b85\u5e02\u573a\uff0c\u867d\u7136\u4e00\u4e9b\u4e2a\u522b\u9879\u76ee\u5728\u4eca\u5e74\u4e0a\u534a\u5e74\u51fa\u73b0\u7a0d\u5fae\u8f6f\u5316\u7684\u8ff9\u8c61\uff0c\u4e0d\u8fc7\u5230\u4e86\u4e0b\u534a\u5e74\uff0c\u8fd9\u4e9b\u8868\u73b0\u8f83\u4e3a\u4e0d\u7406\u60f3\u7684\u9879\u76ee\uff0c\u5176\u5355\u4f4d\u8f6c\u552e\u4ef7\u683c\u4e5f\u5f00\u59cb\u7f13\u7f13\u56de\u5347\u3002<\/p>\n
\u8fd9\u8bf4\u660e\u4e86\uff0c\u300a\u65f6\u4ee3\u8d22\u667a\u300b\u7684\u5256\u6790\u662f\u76f8\u5f53\u51c6\u786e\u7684\u3002<\/p>\n
\u623f\u5e02\u6d47\u4e0d\u706d\uff0c\u65b0\u964d\u6e29\u63aa\u65bd\u51fa\u53f0<\/strong><\/p>\n \u7531\u4e8e\u623f\u4ef7\u5c45\u9ad8\u4e0d\u4e0b\uff0c\u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40\u521a\u572810\u6708\u521d\u518d\u6b21\u51fa\u53f0\u65b0\u623f\u5e02\u964d\u6e29\u63aa\u65bd\uff1a\u5728\u65b0\u501f\u8d37\u6761\u4f8b\u4e0b\uff0c\u6240\u6709\u5e74\u9f84\u8d85\u8fc735\u5c81\u7684\u6f5c\u5728\u623f\u5c4b\u4e70\u5bb6\u76f8\u4fe1\u90fd\u4f1a\u53d7\u5230\u91d1\u7ba1\u5c40\u6700\u65b0\u5ba3\u5e03\u7684\u501f\u8d37\u6761\u4f8b\u5f71\u54cd\u3002<\/p>\n \u5728\u65b0\u6761\u4f8b\u4e0b\uff0c\u8d2d\u5c4b\u8005\u5411\u94f6\u884c\u501f\u94b1\u65f6\uff0c\u5982\u679c\u501f\u8d37\u671f\u8d85\u8fc730\u5e74\uff0c\u53c8\u6216\u8005\u623f\u8d37\u8981\u8fc7\u4e8665\u5c81\u7684\u9000\u4f11\u5e74\u9f84\u624d\u80fd\u7f34\u6e05\uff0c\u6240\u80fd\u501f\u8d37\u7684\u6bd4\u7387\u5c06\u8fdb\u4e00\u6b65\u964d\u4f4e\u81f360\uff05\uff08\u7b2c\u4e00\u95f4\u623f\u5b50\uff09\u621640\uff05\uff08\u7b2c\u4e8c\u95f4\u623f\u5b50\u6216\u4ee5\u4e0a\uff09\u3002<\/p>\n \u4e3e\u4f8b\u8bf4\uff0c\u4e00\u540d35\u5c81\u7684\u4e70\u5bb6\u5982\u679c\u8981\u4e70\u7b2c\u4e00\u5957\u623f\uff0c\u5982\u679c\u53ea\u8ddf\u94f6\u884c\u8d37\u6b3e30\u5e74\uff0c\u624d\u53ef\u4ee5\u8ddf\u94f6\u884c\u501f\u5230\u623f\u4ef7\u768480\uff05\uff1b\u5982\u679c\u8ddf\u94f6\u884c\u8d37\u6b3e\u8d85\u8fc730\u5e74\uff0c\u5c31\u53ea\u80fd\u63a5\u53d760\uff05\u7684\u623f\u5c4b\u8d37\u6b3e\u4e0e\u4ef7\u503c\u6bd4\u7387\uff08Loan-to-Value\uff09\u3002<\/p>\n \u5982\u679c\u4e00\u540d40\u5c81\u7684\u4e70\u5bb6\u60f3\u8981\u4e70\u7b2c\u4e8c\u5957\u623f\uff0c\u5982\u679c\u53ea\u8ddf\u94f6\u884c\u8d37\u6b3e25\u5e74\uff0c\u5c31\u53ef\u4ee5\u8ddf\u94f6\u884c\u501f\u5230\u623f\u4ef7\u768460\uff05\uff1b\u5982\u679c\u8ddf\u94f6\u884c\u8d37\u6b3e\u8d85\u8fc725\u5e74\uff0c\u53ea\u80fd\u63a5\u523040\uff05\u3002<\/p>\n \u65b0\u6761\u4f8b\u4e00\u51fa\uff0c\u5e02\u573a\u4e70\u6c14\u4f3c\u4e4e\u5e76\u6ca1\u6709\u53d7\u5230\u663e\u8457\u7684\u5f71\u54cd\uff0c\u5468\u672b\u7684\u793a\u8303\u5355\u4f4d\u4eba\u6f6e\u4f9d\u7136\u662f\u4eba\u5c71\u4eba\u6d77\uff0c\u6bd5\u7adf\u8ddf\u94f6\u884c\u501f\u8d37\u8d85\u8fc735\u5e74\u7684\u8d2d\u5c4b\u8005\u539f\u672c\u5c31\u4e0d\u591a\uff1b\u8fd9\u9879\u65b0\u964d\u6e29\u63aa\u65bd\uff0c\u7a76\u7adf\u80fd\u5426\u6709\u6548\u5730\u6291\u5236\u623f\u4ef7\u8fdb\u4e00\u6b65\u6500\u9ad8\u5462\uff1f<\/p>\n \u53e6\u4e00\u65b9\u9762\uff0c\u7f8e\u56fd\u57289\u6708\u4efd\u5ba3\u5e03\u5168\u9762\u8fdb\u884c\u7b2c\u4e09\u8f6e\u91cf\u5316\u5bbd\u677e\uff08QE3\uff09\u653f\u7b56\u540e\uff0c\u5e02\u573a\u7acb\u5373\u6ce8\u5165\u66f4\u591a\u6d41\u52a8\u6027\uff0c\u5168\u7403\u80a1\u5e02\u4e0a\u626c\uff0c\u63a8\u52a8\u623f\u4ea7\u4e70\u6c14\uff0c\u4eca\u5e74\u7684\u79c1\u5b85\u9500\u552e\u91cf\u4e0d\u4f46\u4f1a\u8d85\u8d8a2010\u5e74\u76841\u4e076292\u4e2a\u5355\u4f4d\u7684\u6700\u9ad8\u7eaa\u5f55\uff0c\u4e00\u822c\u76f8\u4fe1\u968f\u7740\u7b2c\u56db\u5b63\u65b0\u5355\u4f4d\u7684\u63a8\u51fa\uff0c\u6574\u4f53\u9500\u552e\u91cf\u6709\u53ef\u80fd\u4f1a\u8d85\u8fc72\u4e07\u4e2a\u5355\u4f4d\u3002<\/p>\n \u90a3\u4e48\uff0c\u4e3a\u4ec0\u4e48\u591a\u6570\u5206\u6790\u5e08\u5728\u4eca\u5e74\u5e74\u521d\u4f1a\u770b\u8d70\u773c\u3001\u9884\u6d4b\u4ef7\u683c\u4f1a\u8d70\u8f6f\uff1f\u300a\u65f6\u4ee3\u8d22\u667a\u300b\u9488\u5bf9\u591a\u6570\u5206\u6790\u5e08\u5728\u4eca\u5e74\u5e74\u521d\u6240\u63d0\u51fa\u7684\u4ee5\u4e0b\u4e09\u5927\u5173\u952e\u56e0\u7d20\u505a\u5256\u6790\uff0c\u5e76\u4e0e\u73b0\u5b9e\u60c5\u51b5\u505a\u6bd4\u8f83\u3002<\/p>\n \u5206\u6790\u5e08\u54ea\u91cc\u63a8\u65ad\u4e0d\u51c6\uff1f<\/strong><\/p>\n \u5f53\u65f6\uff0c\u5206\u6790\u5e08\u666e\u904d\u8ba4\u4e3a\uff0c\u65b0\u52a0\u5761\u623f\u5730\u4ea7\u4f9b\u5e94\u4ecd\u7136\u6301\u7a33\uff0c\u800c\u4e14\u5728\u653f\u5e9c\u7684\u63a8\u52a8\u4e0b\u6301\u7eed\u589e\u52a0\uff0c\u52a0\u4e0a\u8fd1\u6765\u571f\u5730\u7684\u6295\u6807\u4ef7\u4e5f\u4e0d\u9ad8\uff0c\u53d1\u5c55\u5546\u63a5\u4e0b\u6765\u5728\u5b9a\u4ef7\u65b9\u9762\u56e0\u6b64\u4e0d\u4f1a\u90a3\u4e48\u9ad8\u3002<\/p>\n \u7ed3\u679c\u662f\uff0c\u8bb8\u591a\u5927\u578b\u623f\u5730\u4ea7\u53d1\u5c55\u5546\u56e0\u4e3a\u6709\u96c4\u539a\u7684\u8d22\u529b\uff0c\u56e0\u6b64\u5728\u63a8\u51fa\u65b0\u5355\u4f4d\u65f6\u5b81\u613f\u8ba9\u9500\u552e\u91cf\u4e0b\u8dcc\uff0c\u9009\u62e9\u4e0d\u8981100%\u5356\u5b8c\u5355\u4f4d\uff0c\u4e5f\u4e0d\u613f\u610f\u964d\u4ef7\uff0c\u4fc3\u4f7f\u4ef7\u683c\u4e00\u76f4\u7ef4\u6301\u5728\u76f8\u5f53\u9ad8\u7684\u6c34\u5e73\u3002<\/p>\n \u7b2c\u4e8c\uff0c\u5206\u6790\u5e08\u5f53\u65f6\u8ba4\u4e3a\uff0c\u5168\u7403\u7ecf\u6d4e\u4e0d\u660e\u6717\uff0c\u623f\u5c4b\u5e02\u573a\u53c8\u6709\u6f5c\u5728\u4f9b\u5e94\uff0c\u56e0\u6b64\u6295\u8d44\u8005\u6ca1\u6709\u5fc5\u8981\u6025\u7740\u8fdb\u573a\uff0c\u800c\u4e14\u5982\u679c\u6b27\u5143\u533a\u7684\u60c5\u51b5\u53d1\u751f\u6076\u52a3\u53d8\u5316\u4e43\u81f3\u5bf9\u5168\u7403\u7ecf\u6d4e\u9020\u6210\u8fd1\u4e00\u6b65\u51b2\u51fb\uff0c\u72ee\u57ce\u7684\u623f\u4ef7\u8fd8\u6709\u66f4\u5927\u7684\u4e0b\u8dcc\u7a7a\u95f4\u3002<\/p>\n \u5f53\u65f6\uff0c\u6807\u51c6\u666e\u5c14(Standard & Poor) \u7684\u4e00\u540d\u5206\u6790\u5e08\u8fd8\u8bf4\uff0c5\uff05\u81f310\uff05\u7684\u4e0b\u8c03\u662f\u6839\u636e\u6807\u666e\u7684\u201c\u4e00\u822c\u60c5\u5883\u201d\uff08baseline scenario\uff09\u5b9a\u51fa\u7684\u3002\u800cCIMB\u7814\u7a76\u673a\u6784\u5219\u8c03\u4f4e\u65b0\u52a0\u5761\u623f\u5730\u4ea7\u53d1\u5c55\u9886\u57df\u7684\u524d\u666f\uff0c\u4e5f\u9884\u671f\u79c1\u5b85\u9700\u6c42\u53ca\u529e\u516c\u5ba4\u79df\u91d1\u4f1a\u4e0b\u6ed1\uff0c\u4e24\u8005\u57282012\u5e74\u7684\u8d44\u672c\u503c\u6599\u5c06\u4e0b\u8dcc\u8d85\u8fc720%\u3002<\/p>\n \u8bb8\u591a\u7ecf\u6d4e\u5206\u6790\u5e08\u5f53\u65f6\u4e5f\u8ba4\u4e3a\uff0c\u56fd\u9645\u4e0a\u7684\u51e0\u4e2a\u91cd\u5927\u4e8b\u4ef6\u4e0d\u65ad\u5728\u6f14\u53d8\uff0c\u56e0\u6b64\u96be\u4ee5\u8bc4\u4f30\u5b83\u4eec\u4f1a\u5bf9\u56fd\u9645\u5c40\u52bf\u548c\u65b0\u52a0\u5761\u7ecf\u6d4e\u5e26\u6765\u4ec0\u4e48\u6837\u7684\u5f71\u54cd\u3002\u4f46\u662f\uff0c\u6709\u4e00\u70b9\u662f\u5927\u5bb6\u90fd\u4e00\u81f4\u8ba4\u540c\u7684\uff0c\u53732012\u5e74\uff0c\u65b0\u52a0\u5761\u7ecf\u6d4e\u5c06\u660e\u663e\u653e\u7f13\u3002<\/p>\n \u7ed3\u679c\u662f\uff0c\u65b0\u52a0\u5761\u7ecf\u6d4e\u786e\u5b9e\u6b63\u5728\u8d70\u8f6f\uff0c\u4e0d\u8fc7\u5e45\u5ea6\u4e0d\u5927\uff0c\u4e5f\u4e0d\u81f3\u4e8e\u4ee4\u80a1\u5e02\u6216\u623f\u5730\u4ea7\u5e02\u573a\u51fa\u73b0\u60b2\u5929\u60af\u4eba\u7684\u60c5\u666f\u3002\u81f3\u4e8e\u5168\u7403\u7ecf\u6d4e\uff0c\u867d\u7136\u4ecd\u4e0d\u660e\u6717\uff0c\u4e5f\u6ca1\u6709\u83b7\u5f97\u663e\u8457\u7684\u6539\u53d8\uff0c\u4f46\u662f\u6b27\u5143\u533a\u7684\u60c5\u51b5\u5374\u6709\u6240\u7f13\u89e3\uff0c\u867d\u7136\u6ca1\u6709\u5f97\u5230\u6839\u6cbb\uff0c\u4f46\u57fa\u672c\u4e0a\u5df2\u7ecf\u6682\u65f6\u88ab\u538b\u5236\u4e0b\u6765\uff1b\u7f8e\u56fd\u6700\u65b0\u516c\u5e03\u7684\u7b2c\u4e09\u8f6e\u91cf\u5316\u5bbd\u677e\uff08QE3\uff09\u653f\u7b56\u51fa\u53f0\u540e\uff0c\u77ed\u671f\u5185\u6d41\u52a8\u8d44\u91d1\u4e5f\u5c06\u7ee7\u7eed\u5145\u88d5\uff0c\u6574\u4f53\u7ecf\u6d4e\u60c5\u51b5\uff0c\u867d\u7136\u6ca1\u6709\u5927\u597d\u6216\u5927\u574f\uff0c\u4f46\u4e5f\u6ca1\u6709\u8ba9\u4eba\u63aa\u624b\u4e0d\u53ca\u3002<\/p>\n \u7b2c\u4e09\uff0c\u5206\u6790\u5e08\u5f53\u65f6\u8ba4\u4e3a\uff0c\u94f6\u884c\u4e1a\u53ef\u80fd\u4f1a\u51fa\u73b0\u4fe1\u8d37\u7f29\u7d27\u7684\u5c40\u9762\uff0c\u6709\u53ef\u80fd\u51fa\u73b0\u50cf2008\u5e74\u96f7\u66fc\u5144\u5f1f\u5012\u53f0\u540e\u7684\u5386\u53f2\u91cd\u6f14\uff1b\u94f6\u884c\u95f4\u4e92\u4e0d\u4fe1\u4efb\uff0c\u4e0d\u80af\u501f\u8d37\uff0c\u800c\u623f\u4ea7\u5e02\u573a\u4f1a\u56e0\u800c\u8d70\u4f4e\uff0c\u751a\u81f3\u57282012\u5e74\u8d70\u5230\u4e00\u4e2a\u6ce1\u6cab\u5316\u5730\u6b65\u3002<\/p>\n 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