外文翻譯---重新考慮資本的二次回路-全球化與美國房地產

1、<p>　　本科畢業(yè)論文（設計）</p><p>　　外 文 翻 譯</p><p><b>　　原文：</b></p><p>　　The Secondary Circuit of Capital Reconsidered: Globalization and the U.S.Real Estate</p>&l

2、t;p>　　Real estate is a unique commodity that is immoveable, relatively durable, costly, and that has its own market. Because commercial and residential real estate involves a relatively high-risk and sometimes longter

3、m investment, real estate itself is a “commodity in tension” that stands in sharp contrast to the “market ideal of an immediate-turnaround, highreturn investment” (Bartelt 1997, pp. 126, 128). Hommels (2000) andWeber (20

4、02) note that real estate has an obdurate quality that resists freque</p><p>　　In the real estate market ,multiple financial risks are associated with the buying and sellingof different types of real estate,

5、 including fluctuations in capital availability for financing, competition in the local real estate market, limited liability protection, and changing tax laws (for an overview, see Geltner,MacGregor, and Schwann 2003).R

6、eal estate is considered to be a superior hedge against inflation, real estate assets are an investment opportunity for corporations to diversify out of</p><p>　　In the U.S. mortgage market and the global se

7、curities market shifts the locus of credit risk away from local lenders and provides a conduit for linking home buyers with global finance. Before the expansion of the secondary mortgage market, investment in home mortga

8、ges was low because of the lack of standardization and uniformity in underwriting, appraisal,and legal documentation for conventional mortgages. In 1984, Congress passed the Secondary Mortgage Market Enhancement Act (SMM

9、EA) which remov</p><p>　　Both Fannie Mae and Freddie Mac have played a catalytic role in the growth of global financial markets and networks of housing finance. Since the 1960s, these two principle GSEs have

10、 been the main secondary market conduits providing funds for conventional mortgage lending in the United States. The purpose of the secondary mortgage market is to increase market liquidity and attract capital to finance

11、 housing. In the “primary” mortgage market, borrowers obtain loans from mortgage originators. In t</p><p>　　Over the last two decades, securitization has extended to other domains thereby transforming the in

12、stitutional structure through which funds flow to real estate. Securitization spread to collateral mortgage obligations(CMOs) in 1983, commercial mortgage debt in 1984, and real estate mortgage investment conduits (REMIC

13、s) in 1987. In the 1990s, securitization expanded to include asset-backed securities (ABSs) such as car loans,student loans, credit card debt, equipment leasing, and manufactured ho</p><p>　　Commercial mortg

14、age-backed securities are a form of debt security, what investors buy is a share in the value of the income flow due to the bank from the pooled set of commercial mortgages. In this process, the illiquid property is pool

15、ed with millions of others to become a mortgage bond,itself an abstract object but one that is capable of ready conversion into an understandable exchange value (Dinsmore 1998; Braithwaite and Drahos 2000, pp. 143–44, 15

16、4, 160, 172–73).</p><p>　　In 1991, the Resolution Trust Corporation (RTC) initiated its first residential securitization program to convert mortgage loans into securities. Over the next two years, the RTC es

17、tablished an infrastructure to securitize commercial mortgages. This infrastructure included the creation of a risk-rating system, and formal standards and uniform protocols for legal documentation, underwriting, and ser

18、vicing requirements within the commercial real estate market. </p><p>　　By the mid-1990s, institutional conditions were in place to enhance the liquidity of commercial mortgages thereby providing incentives

19、to domestic and foreign investors to put capital into commercial real estate.The initial regulatory actions taken by the RTC shaped the development of the CMBS market because they produced a “cultural template” (Fligstei

20、n1996, p. 661) that affected investor understandings and perceptions of how the market works and how they should act to control investment.The ag</p><p>　　Over the last decade, the CMBS market has developed

21、from a temporary measure to resolve the insolvent thrifts to an active means of accessing capital markets as a source of funding commercial property development. In 2002, CMBS insurers represented 16.7% of the $1.8 trill

22、ion commercial mortgage debt market in the United States, a market share surpassing that of insurance companies and second only to that of commercial banks (Lend Lease Real Estate Investments and PricewaterhouseCoopers 2

23、003).</p><p>　　Until recently, securitization was not common in the commercial mortgage market because of legislative and regulatory barriers imposed at the state level. The recent enactment of the Final Rec

24、ourse and Residual Interests Capital Markets Rule removes state government restrictions against the securitization of commercial mortgages and now allows banks to invest in the CMBS market. More broadly,securitization of

25、 commercial mortgages has quickly developed to become one of the most important financia</p><p>　　The liquidation of real estate capital through securitization has received added impetus in the 1990s with th

26、e growth of REITs. A REIT is a shareholding company that invests in different types of real estate including shopping centers, office buildings, apartments, and hotels (Block and McDavid 1998). </p><p>　　Sin

27、ce the early 1990s,REITs have transformed the commercial real estate market in several ways. First, REITs spread investor risk over a portfolio of different and diverse property investments through securitization. Invest

28、ors can diversify their assets by allocating investments in mixed portfolios of properties and geographic areas. Second, like mutual funds, REITs pool different investments and distribute taxable income as dividends to s

29、hareholders.Investors are able to invest in real estate p</p><p>　　Recent decades have witnessed much growth in the number of REITs and capital invested in REIT institutions. The total number of REITs increa

30、sed by more than four times from 1972 to 2003,reaching a peak of 226 in 1994. In the late 1990s, the total number of REITs declined while the annual market capitalization outstanding at year’s end increased. In the 1972,

31、 the market capitalization of the entire REIT industry was only $1.5 billion; in 2003, it was almost $195 billion. Since 1990, the market ca</p><p>　　and dilapidated hotels into luxury apartments. Currently,

32、 REITs operate in nearly every U.S. metropolitan area and in several international countries, including Great Britain, France, Belgium, and Japan (Zhu 2002). Thus, GE Capital Real Estate, a unit of General Electric, has

33、expanded into Europe and Asia in the 1980s and 1990s. What is important is that large REITs like GE Real Estate can tap a range of national and international capital markets to finance their activities and fund cross-bor

34、der</p><p>　　The growth of REITs have helped guide and harmonize investor perceptions so that they know enough about mortgages to be able to view them as transparent and liquid investments.Social transparenc

35、y and liquidity is contingent on generalized knowledge and information being traded among participants (Cetina and Bruegger 2002, p. 915). The fact that real estate assets are localized and heterogeneous undercuts liquid

36、ity. Specific organizational activities, legal regulations, and institutional conditio</p><p>　　successful is a political project. REITs seek to transform localized and opaque knowledge about specific real e

37、state markets and types of property into generalized and transparent knowledge. Pooling large numbers of heterogeneous mortgages is a process of standardization and homogenization that establishes predictability in the b

38、uying and selling of real estate, thereby enhancing exchangeability. If, as Karl Marx ([1867] 1977,p. 163) argued, a commodity is a “very strange thing, abounding in met</p><p>　　In short, we can not explain

39、 globalization in terms of market forces and technological change alone without addressing questions about the deeper institutional conditions that yield those circumstances.Much of the discussion of real estate and glob

40、alization that I have addressed is specific to the U.S. case. We need comparative research on how different political infrastructures, institutional forms, regulatory mechanisms, and national cultures facilitate and impe

41、de the development of securitiza</p><p>　　The issuance of MBSs and mortgage bonds has expanded in recent years, facilitating access to funds for housing and providing a mechanism for cross-border investment

42、in housing (Lea 1999). Legislation expanding the role and function of REITs has further contributed to the securitization of residential and commercial real estate markets and thereby enhanced the permeability of real es

43、tate for different types of domestic and foreign investors.</p><p>　　Source :Kevin Fox Gotham, 2006” The Secondary Circuit of Capital Reconsidered:</p><p>　　Globalization and the U.S.Real Estate

44、”.AJS,vol.112,no.1,July,pp.234-235;pp.248-249</p><p><b>　　譯文：</b></p><p>　　重新考慮資本的二次回路:全球化與美國房地產</p><p>　　房地產是一種獨特的商品，是不動產,相對耐用、昂貴,同時,它有它自己的市場。因為商業(yè)和住宅房地產業(yè)涉及相對高風險,有時也屬長期投

45、資，其本身就是一個“緊縮性的商品”。這與“高周轉、高回報的理想市場”形成鮮明對比(巴特爾特，1997，P126，P128)。霍默爾(2000)和韋伯(2002)注意到房地產有一個頑固的品性，就是抵制頻繁的價格變動，因此與機械和其他形式的固定資產相比，它對貶值敏感得多。它不像現金那樣,是流動且同質的,房地產業(yè)流動性差、形式多樣化、在銷售時需高交易成本并且缺乏透明度。若干個不同來源的資料用“非流動性”定義房地產這一商品。首先,房地產擁有各種

46、各樣的住宅使用價值。不同的人在房地產行業(yè)扮演不同的角色，如房地產代理人、開發(fā)商和建筑師、戶主和消費者，可以根據社會背景以各種不同的方式使用相同的一塊土地或房子。而有些人對價差收益和營業(yè)額感興趣(例如，投機者和建設者），他們投資房地產和住房，幾年后可以獲得收益。</p><p>　　在房地產市場，相關的復合財務風險存在于不同類型的房地產買賣中,包括融資取得的有效資金的波動、當地房地產市場的競爭、有限的債務保護、稅法

47、的改變(一個概況，見杰特尼.麥格雷戈，雪旺，2003)房地產被認為是一種優(yōu)越的保值手段，房地產資產是企業(yè)除了股票和債券以外的多樣化的投資機會,并且相比較于其他投資而言提供更優(yōu)惠的稅收政策。(海拉1991,1998，唐斯1986，派克 1994，凱克里1994)。</p><p>　　在美國,抵押貸款市場和全球證券市場將信用風險從本地借款人那里轉移，為買房者和國際金融連接融資渠道。次級抵押貸款市場發(fā)展以前,投資在房

48、屋貸款低的原因是缺乏統一規(guī)范化的認購、評估、承銷及傳統抵押貸款的法律文件。1984年,國會通過了第二按揭市場增強法案(SMMEA)，撤銷了被聯邦儲蓄所禁止的在私人MBS投資的法定限制，提供了穩(wěn)定的次級抵押貸款市場,提高了抵押投資的流動性,優(yōu)化了可用于住宅抵押貸款資本的空間分布，協助中低收入家庭完成住宅抵押貸款。使美國經濟活動的主體利用其他資本市場的杠桿進行房地產融資。</p><p>　　房利美及房地美兩家公司在

49、全球金融市場和房地產金融網絡化的發(fā)展中都起到了催化作用。自20世紀60年代開始,這兩家政府出資的公司成為美國次級市場中為普通抵押貸款提供資金的管道。次級抵押市場的目標是增加市場的流動性，吸引資金投入到住房融資。在初級抵押市場，借款人從抵押貸款發(fā)起人那里獲得借款。在次級抵押貸款市場,政府出資型公司重新分配抵押貸款，如抵押貸款支持證券或債券給機構投資者。房利美及房地美兩家公司從借款發(fā)起者手中大量購入住宅抵押貸款，轉而，在抵押貸款價值的基礎上

50、，他們出售債券，吸引各種各樣的投資者投入資本。</p><p>　　在過去的二十年里,資產證券化已經拓展到其它領域，因此通過資金流向房地產的方式，從而改變制度結構。證券化于1983年向抵押貸款(CMOs)發(fā)展，1984年向商業(yè)抵押債務發(fā)展，1987年成為房地產抵押貸款投資導管(REMICs)。資產證券化在20世紀90年代,擴展到資產支持債券（ABS），如汽車貸款、助學貸款、信用卡、設備租賃、自建房產。其中商業(yè)房地

51、產部門在過去20年最深刻的變化是公共債務的擴展，主要是以CMBS(商業(yè)抵押貸款支持證券)的形式。</p><p>　　商業(yè)抵押貸款支持證券是債券的一種形式, 投資者買的是一份銀行集中商用的貸款收入的現金價值。在這個過程中,非流動性財產成為數以萬計人的抵押債券,它本身就是一種抽象物,但是可以轉換成可被理解的交換價值(丁斯莫，1998，布雷斯威特，查豪斯，2000，P143-144，P154，P160，P172-17

52、3）。</p><p>　　在1991年,重組信托公司(RTC)啟動的第一個住宅證券化項目，將抵押貸款轉化為有價證券。在未來的兩年內RTC建立基礎設施以證券化商業(yè)抵押貸款。此基礎設施為法律文件，為證券包銷和商業(yè)房地產市場的服務需求創(chuàng)建一個風險率系統、正式標準和統一協議。</p><p>　　90年代中期的制度環(huán)境,適當增強了商業(yè)抵押貸款的流動性，為國內外投資者將資金投入商業(yè)房地產提供激勵機

53、制。RTC最初的調整促成了CMBS市場的發(fā)展,因為他們創(chuàng)立了“文化板"(弗利格斯頓1996，P661)，它影響投資者對市場的工作原理和如何控制投資的認識和看法。該機構的行為,為理解商業(yè)抵押貸款是許多可比資產中的一個提升了標準化的架構,頒布了一個正式的理解和范疇體系，通過該體系,商業(yè)抵押貸款變得更容易理解,更均勻、具有較少的異質性。在商業(yè)房地產地產市場,沒有中央計劃和政府資助的企業(yè)創(chuàng)造的流動資產。</p><

54、p>　　在過去的20年間,CMBS市場已經經歷了從臨時措施來解決破產的方法到進入資本市場的有效方式，成為商業(yè)房地產發(fā)展的資金來源。在2002年,CMBS保險公司的商業(yè)抵押債務占美國市場總計1.8萬億美元的16.7%,擁有市場份額超過保險公司，僅次于商業(yè)銀行(借租賃房地產投資和普華永道會計師事務所，2003)。</p><p>　　目前為止,資產證券化在商業(yè)抵押市場并不常見，原因是受限于國家法律規(guī)范的實施。近

55、期頒布的最后追索權和剩余利益資本市場的法規(guī)，消除了州政府對商業(yè)抵押貸款證券化的限制,并且現在允許銀行投資CMBS市場。更廣泛地,商業(yè)抵押貸款證券化迅速發(fā)展成為最重要的金融機制，它連接了地區(qū)、國家和全球資本市場。在美國，聚集現金流或風險，并將它們分散到可市場化的證券中(例如,將風險轉移到商品)這一理念已經被廣泛地應用，并且正蔓延到歐洲,亞洲和世界上的其他地方。</p><p>　　20世紀90年代，證券化的房地產資

56、本的清算由于房地產投資信托公司（REIT）的發(fā)展新增了動力。房地產投資信托公司是股份制公司,它投資于不同類型的房地產，包括商場、辦公樓、公寓、賓館(布拉克和邁克戴維 1998)。</p><p>　　20世紀90年代初期以來,房地產投資信托已經從多個方面改變了商業(yè)地產市場。首先,房地產投資信托公司通過多種資產證券化的投資組合分散投資者的風險。投資者可以將投資分配到混合的投資組合和各種地理區(qū)域，使資產多樣化。第二,

57、就像共同基金，房地產投資信托與不同投資公司聯營，股票持有者的分紅為應納稅所得額。投資者可以在沒有房地產所有者的期限和資金保證下投資房地產。房地產投資信托公司上市交易股票這一事實將其與傳統的房地產公司區(qū)分開來，傳統的通常是私有的企業(yè)。第三,通過獲得當地的必備知識進行風險評價，使投資過程抽離化，房地產投資信托有助于財產（固定資產）的金融流動性(克拉克和隆德 2000，P469)。這樣,房地產投資信托公司將房地產變成流動商品，使投資者可以隨時

58、購買和出售多樣化投資組合的收益。</p><p>　　近幾十年見證了REIT數量和房地產投資基金的快速增長。1972年到2003年，REIT總數量增加了四倍多,1994年數量達到了226這一顛峰。在20世紀90年代末期,REIT總數下降而年度市值總額在年末顯著增加。在1972年,REIT行業(yè)市值總額只有15億美元；在2003年，達到將近195億美元。1990年以來,REIT市值總額增長了超過16倍。隨著REIT市

59、值的增加和REIT數量的減少表明事態(tài)正朝著通過兼并和收購方式進行產業(yè)聯合，向全球擴張發(fā)展。在2004年1月,19個國家頒布法律或提出立法創(chuàng)造REIT機構(恩斯特和楊2003)。大型的房地產投資信托公司在現在看來是將破舊荒廢的賓館變成奢華公寓的主要因素。目前,REIT幾乎在美國每個大都市區(qū)域和許多國家運營,包括英國、法國、比利時以及日本(朱2002)。因此,GE財團房地產—美國通用電氣公司的一個單位,已經在20世紀80年代和90年代擴展到

60、歐洲和亞洲。重要的是,像GE房地產這種大型房地產投資信托公司可以在一定范圍內開發(fā)國內與國際資本市場，為他們的經營活動融資，資助跨境房地產交易。此外,大型房地產投資基金的金融中間人的可以通過評價資本市</p><p>　　房地產投資信托基金的發(fā)展幫助引導和協調投資者的認知，使他們懂得抵押貸款，把它們看成是透明和流動的投資。社會的透明度和流動性取決于交易參與者的廣義知識和信息（賽提娜和布魯吉爾2002，P915）。房

61、地產資產是局部且不均勻的這一事實削弱了它的流動性。特殊的組織活動、法律法規(guī)、制度環(huán)境可為創(chuàng)造流動商品提供可行的步驟。因此,流動性是制度化項目的結果，相當于發(fā)展一種藝術理念的控制形式,它允許投資者了解市場的組織，理解其他參與者的行為。在這種方式下,市場的流動性是一種社會建設。使法律和制度的項目成功是政治工程。房地產投資信托尋找方法將特殊房地產市場和財產類型的局部和不透明的信息轉為廣義和透明的信息。匯集大量的異構抵押貸款,是標準化和均質化的

62、一個步驟，可以建立可預見性的房地產買賣，從而提高房地產的可交換性。如果像卡爾?馬克思（[1867]1977年,P163)認為的那樣,商品是一個“非常奇怪的東西,富于形而上學的微妙和神學的細節(jié)”,因此房地產投資信托公司可以被看作是制度代理人,解釋和明確闡述“奇異的東西,“激勵投資者并形成他們的行動指導，為他們提供有效的行動理論。REIT的意義在于它們是一種金融工具</p><p>　　簡而言之,我們不能只依據市場力

63、量和技術變化解釋全球化的問題,而不質疑更深的制度環(huán)境。我所討論過的房地產全球化問題主要是針對美國這一例子。我們需要比較研究除美國以外的國家不同的政治基礎、制度形式、調節(jié)機制和民族文化怎樣阻礙證券化、房地產投資信托機構和次級抵押貸款市場的發(fā)展。抵押貸款支持證券和抵押債券的發(fā)行近年來已經擴大了,這樣便于住宅和國際住宅投資獲取資金，并且為它們提供一種機制(李 1999)。法案擴大了房地產信托公司的作用和功能，進一步促進居民和商業(yè)房地產市場證券