金融学英文文献翻译
金融学外文翻译---在中国银行和非银行机构对地方经济的影响
中文2850字原文：The Impact of Bank and Non-Bank Financial Institutionson LocalEconomic Growth in ChinaAbstract This paper provides evidence on the relationship between finance and growth in a fast growing country, such as China. Employing data of 27 Chinese provinces over the period 1995–2003, we study whether the financial development of two different types of financial institutions —banks and non-banks —have a (significantly different) impact on local economic growth. Our findings indicate that banking development shows a statistically significant and economically more pronounced impact on local economic growth.Key words Growth . Financial development . Chinese provinces . BanksJEL codes E44 . G211 IntroductionThe relation between finance and growth has been long under debate. Although some researchers have argued that finance only reacts to the expectation of growth, there has been overwhelming evidence that financial development plays an important role in promoting the growth of developed economies (see e.g. Levine (2004) for a survey). Evidence is rather mixed within developing countries. While finance seems to promote growth in some Latin American countries (Haber (1991, 1997)), researchers disagree on the role played by formal and informal finance in China, one of the most important developing countries in the world. Understanding the finance and growth issue in China is of particular importance. China’s case is not unique. Most transition countries, like China, suffer from relatively weak legal and financial systems. Therefore, the Chinese experience could be relevant for other countries with similar growth potential and similar legal and financial systems. In addition, with the increasing globalization of trade and international capital flows, the sustainability of China’s growth and the stability of its financial system matter not only for the country itself, but also for the rest of the world.Recent debate on finance and growth in China boils down to the question on howChinese firms are financed and monitored. One strand of literature reasons that the Chinese legal system and formal financial sector are too weak to enforce sound governance and thus the law, finance and growth nexus does not hold in China (e.g., Allen et al. (2005) and Boyreau-Debray (2003)). Chinese growth then stems from informal financing channels and institutions. The other strand reasons that formal finance in China contributes to growth, despite the relative weakness of the legal system (e.g. Hasan et al. (2006), Ayyagari et al. (2007), Rousseau and Xiao (2007), or (Demitriades et al. 2008)).1 Informal finance serves firms who cannot tap formal finance. However, informal finance cannot serve the needs of the higher end of the market since their monitoring and enforcement mechanisms are insufficiently developed (Ayyagari et al. (2007)). We find that banking development plays an important role in Chinese economic growth. Our evidence taken together with that from other recent papers (e.g. Hasan et al. (2006), Ayyagari et al. (2007), Rousseau and Xiao (2007), and Demetriades et al. (2008)), who also support the role of formal finance in China using different datasets and methods, show that the Allen et al. (2005) conjectures are becoming very much a minority view. Our paper therefore shifts the balance of evidence away from the view that formal finance played little role in financing Chinese economic growth.We contribute to the debate on formal and informal finance by using China’s publicly available macro data, employing a set of new perspectives. First, inspired by the classification in Ayyagari et al. (2007) and Allen et al. (2005), we study the impact of formal and informal finance on growth by exploiting heterogeneity between bank and non bank financial institutions. Ayyagari et al. (2007) separate bank finance which includes local commercial banks and foreign commercial banks, from informal finance which includes financing from informal sources such as non-bank financial institution.2 Allen etal. (2005) also distinguishes financing sources from two groups, bank finance and self fund raising, that includes all other sources such as retained earnings, informal sources, loans from family and friends, trade credit, investment funds, equity and the other category. In either way of classification, these two studies include the non-bank financial institutions as part of informal finance and thus argue that non-bank financial institutions are clearly different from formal sectors.3However, unlike their counterparts that are informal under common law, non-bank financial institutions under China’s law actually operate more as contractual arrangements. Moreover, like formal financial institutions such as banks, non bank financial institutions are also supervised by the Chinese central bank. These facts suggest that though Chinese non-bank financial institutions may belong to informal finance,they actually have characteristics from the formal sector and are in this respect comparable to banks. The uniqueness of China’s non-bank financial institutions therefore allows our study of the heterogeneity between those two types of financial institutions to gain further insights on whether the formal or the informal financial sector leads to growth in China, helping to shed light on the difference in results between Allen et al. (2005) and Ayyagari et al. (2007).Clearly distinguishing non-bank financial institutions from banks in our study has several other merits. First, we add to previous studies employing macro data often consider only banks, as they dominate the Chinese financial sector. Non-bank financial institutions such as rural and urban credit cooperatives, trust and investment companies, and financial companies have been installed as reactions to developments in the formal banking system (see e.g. Laurenceson and Chai (2003), and Kumar et al. (1997)). Second, while cross country differences, such as political and cultural variations as well as heterogeneity in accounting standards, make it difficult to directly compare Chinese banks with t heir international counterparts, China’s non-bank financial institutions can serve as a more appropriate ―reference group‖. For identifying the causality between finance and growth, it will be ideal if the difference between banks and non-bank financial institutions only lies in the reforms they have received. Therefore, under the assumption that better reforms lead to greater efficiency, the testable hypothesis will be that the financial development of institutions having benefited more from reforms exhibits greater correlation with growth. Nonetheless, banks and non-bank financial institutions are also different in some other aspects. For instance, while banks have received much earlier and more profound financial reforms but have granted loans mostly to large and medium sized firms in China, non-bank financial institutions have seldom benefited from reformsbut have mainly extended their loans to small or private firms. Such differences, however, are working in favor of identifying the causality between finance and growth. Empirically bank development being more correlated with economic growth than the development of non-bank financial sector may indicate the importance of the link between financial reforms and financial development and thus economic growth. Otherwise financial development may simply react to the real sector, given the fact that small and private firms are the engine of China’s Growth.In China, most non-bank financial institutions only operate within a province. While banks, especially state-owned banks, have their national-level headquarters, cross-province bank lending seldom happens due to the restriction imposed by the central bank of China. Therefore it is safe for us to compare the performance of those two types of financial institutions at provincial level. Financial development of those financial institutions in each province is measured, in a conventional way, by the ratios of local savings and loans to GDP. The panel dataset we employ covers the period 1995–2003, right after the mid-1990s financial reforms took place. Choosing such a period also helps us alleviating the reverse impact from growth to financial reforms. For instance, the concern that financial reforms were initiated exactly at the time that the economy was expected to boom should then be less of a concern. The growth rates have shown a decreasing trend during our sample period, as the Chinese government has managed to ―soft land‖ the economy since the mid-1990s.Our results show that a clear difference exists between the impact of financial development of banks and non-bank financial institutions on growth. While having extended most of their loans to the large and medium sized firms, banks contribute significantly to local growth. This effect is more pronounced in provinces with foreign entry. As a comparison, non-bank financial institutions, while granting most of their loans to smaller firms in China, seem to be not important for local growth. Such results are robust across different specifications controlling for omitted variables or reverse causality. We attribute this difference to the fact that banks, relative to non-bank financial institutions, have benefited much more from the Chinese ongoing financial reforms. In particular, the reforms include commercialization of state-owned banks, market entry deregulation, and liberalization of interest rates. Our resultssuggest that, despite the relatively weak Chinese financial sector, at margin banks played an important role in the allocation of funds, and in turn spurred growth. Our finding sharpens the insights of Allen et al. (2005) on the one hand, and Ayyagari et al. (2007), Demetriades et al. (2008), and Rousseau and Xiao (2007), on the other hand, which mainly argue that only the informal and formal financial sector drive growth, respectively.There is a large literature investigating the link between financial development and growth.4 Recent empirical evidence employing cross-country datasets show that finance is positively correlated with growth (see e.g. King and Levine (1993a) or Levine and Zervos (1998)). While the initial cross-country studies may suffer from simultaneity bias, the more recent studies focus on finding proper instruments to extract the exogenous part of financial development when trying to deal with the issue of causality (see e.g. La Porta et al. (1998), Levine et al. (2000) or Demirgüç-Kunt and Maksimovic (1998))5. Another way to avoid cross-country differences that may plague identification is to focus on one country only. Jayaratne and Strahan (1996) for example tackle endogeneity by keeping effects other than financial development constant. They use financial deregulation in the early 1970s in a set of U.S.-states as an exogenous shock to local financial development. They find that in the 30 years after the deregulation, the economy grew faster in the deregulated states than in the other states. Guiso et al. (2004) study the effects of differences in local financial development on economic activity in Italy. They find that local financial development enhances the probability that an individual starts a business, increases industrial competition, and in turn spurs firm growth. We contribute to this line of research by focusing on one country and studying different channels of finance that were exposed differently to financial reforms.The remainder of the paper is organized as follows. Section 2 describes the reforms and the development of the Chinese financial system motivating our empirical framework. Section 3 presents our empirical framework as well as the data. Section 4 discusses the results on the effects of financial development on economic growth. The last Section concludes.外文题目：The Impact of Bank and Non-Bank Financial Institutions on Local Economic Growth in China出处：Journal of Financial Services Research. 2010, V olume 37, Numbers 2-3, Pages 179-199.作者：Xiaoqiang Cheng and Hans Degryse译文：在中国银行和非银行机构对地方经济的影响本文提供了一个快速增长的国家财政和经济增长之间的关系，如以中国为例。
金融学融资融券中英文对照外文翻译文献
中英文对照翻译Margin Trading Bans in Experimental Asset MarketsAbstractIn financial markets, professional traders leverage their trades because it allows to trade larger positions with less margin. Violating margin requirements, however, triggers a margin call and open positions are automatically covered until requirements are met again. What impact does margin trading have on the price process and on liquidity in financial asset markets? Since empirical evidence is mixed, we consider this question using experimental asset markets. Starting from an empirically relevant situation where margin purchasing and short selling is permitted, we ban margin purchases and/or short sales using a 2x2 factorial design to a allow for a comparative static analysis. Our results indicate that a ban on margin purchases fosters efficient pricing by narrowing price deviations from fundamental value accompanied with lower volatility and a smaller bid-ask-spread. A ban on short sales, however, tends to distort efficient pricing by widening price deviations accompanied with higher volatility and a large spread.Keywords: margin trading, Asset Market, Price Bubble, Experimental Finance1.IntroductionHowever, regulators can only have a positive impact on the life-cycle of a bubble, if they know how institutional changes affect prices in financial markets. Note that regulation is a double-edged sword since decision errors may lead from bad to worse. Given the systemic risk posed by speculative bubbles and their long history, it may be surprising how little attention bubbles have received in the literature and how little understood they are. This ignorance is partly due to the complex psychological nature of speculative bubbles but also due to the fact that the conventional financial economic theory has ignored the existence of bubbles for a long-time. But even if theories on bubble cycles have empirical relevance, it is clear that the issues surrounding the formation and the bursting of bubbles cannot be analyzed with pencil and paper. Conclusions on bubble cycles must be backed with quantitative data analysis. Given the limited number of observed empirical market crashes and their non-recurring nature, an experimental analysis of bubble formation involving controlled and replicable laboratory conditions seems to be a promising way to proceed.The paper is organized as follows. Section II reviews the related literature, Section 0 presents the details of the experimental design and section IV reports the data analysis. In section V, we summarize our findings and provide concluding remarks.2. Leverage in asset marketsDo margin requirements have any effects on market prices? Fisher (1933) and also Snyder (1930) mentioned the importance of margin debt in generating price bubbles when analyzing the Great Crash of 1929. The ability to leverage purchases lead to a higher demand, ending up in inflated prices. The subsequently appreciated collateral allowed to leverage purchases even more. This upward price spiral was fueled by an expansion of debt. From the end of 1924, brokers’loans rose four and one-half times (by $6.5 billion) and in the final phase broker’s borrowings rose at more than 100% a year until the bubble crashed. Then, after the peak of the bubble, a debt spiral was initiated. Investors lost trust and started to sell assets. Excess supply deflated prices resulting in a depreciation of collateral. Triggered margin calls lead to forced asset sales pushing supply even further. An increase in defaults on debt, and short sales exacerbated supply and finally assets were being sold at fire sale prices. It only took 6 weeks to extinguish half of the total of brokers’credit. Finally, in 1934, the U.S. Congress established federal margin authority to prevent unjustifiable increases or decreases in stock demand since margin requirements can prevent dramatic price fluctuations by limiting leveraged trades on both sides of the stock market: extremely optimistic margin purchasers and extremely pessimistic short sellers.Recent experimental evidence suggests short sale constraints to increase prices. Ackert et al. (2006)and Haruvy and Noussair (2006) find prices to deflate–even below fundamental value in the latter study –while King, Smith, Williams, and Van Boening (1993) find no effect. In a setting with information asymmetries, Fellner and Theissen (2006) find higher prices with short sale constraints but not depending on the divergence of opinion as predicted by Miller (1977). In a setting with smart money traders, Bhojraj, Bloomfield, and Tayler (2009) report short selling to exacerbate overpricing, even though it reduces equilibrium price levels. Hauser and Huber (2012) find short selling constraints with two dependent assets to distort price levels. Our design deviates from the previous studies in several but one important way: We use a more empirically relevant facility in that traders have to provide collateral facing the threat of margin calls.3. Implementing Margin Purchasing and Short SellingWe conducted four computerized treatments utilizing a 2x2 factorial design as displayed in Table II. Starting from an empirically relevant situation where margin purchases Traders execute margin purchases when they purchase shares by using loan, collateralized with shareholdings evaluated at the current market value.11 In this case, traders make a bull market bet, i.e. they borrow cash to buy shares, wait for the price to rise and sell them with a profit. However, a decline in prices depreciates collateral while keeping loan constant. When prices fall below a certain threshold, such that the loan exceeds the value of the shareholdings (i.e. debt > equity), a margin call is triggered. Immediately, i) the trader’s buttons are disabled, ii) outstanding orders are cancelled, and iii) the computer starts selling shares at the current market price until margin requirements are met again or untilall shares have been sold.12 Traders execute short sales when they sell shares without holding them in their inventory, collateralized with sufficient cash at hand.13 In this case, traders make a bear market bet, i.e. they borrow shares to sell them in the market, wait for the price to decline, buy them back with a profit and return them. Note that the amount of debt equals the total amount the trader has to pay to buy back the outstanding shares. Thus, an increase in prices increases debt and reduces collateral (cash minus value of outstanding shares), simultaneously. When prices exceed a certain threshold, such that the amount to buy back outstanding shares exceeds collateral (i.e. debt > equity), a margin call is triggered. Immediately, i)the trader’s buttons are disabled, ii) outstanding orders are cancelled, and iii) the computer starts buying shares at the current market price until margin requirements are met again or until all short positions have been covered. Note that short sellers have to pay dividends for their short positions at the end of each period.14 After period 15, both long and short positions are worthless.15 In any case, a margin callcan lead to bankruptcy. However, the consequences of a margin call hold even during bankruptcy, i.e. outstanding positions continuously being closed although subjects are bankrupt. This is different to any other asset market experiment considering leverage4. Margin traders tend to make less money than othersBy leveraging purchases and sales, traders take more risks to be able to make more money. But do margin traders make more money at all? To evaluate this question, we classify traders into types, i.e. margin traders, who trade on margin at least once, and others. Table X shows the average end- of round-earnings within types for each treatment along with the number of subjects. The spearman rank correlation between type and end of round earnings is negative in both rounds and in all three treatments. The coefficient is significantly different from zero only in MP|NoSS and NoMP|SS when subjects are once experienced . Subjects, who executed both margin purchases and short sales in MP|SS earned less than subjects who refrained from trading on margin. This is significant only for inexperienced subjects . One final note on the distribution of earnings. Comparing the treatments by evaluating the dispersion of earnings using the coefficient of variation , we find that the average CV in the NoMP|NoSS is lower than any other treatment Although not statistically significant, the results indicate that it is less risky to participate in markets with margin bans than in the markets where margintrading is permitted.5. ConclusionIn an attempt to halt the decline in asset values, recent regulatory measures temporarily banned short sales in financial markets. To assess the impact of banning leveraged trading on market mispricing is a complicated task when being reliant on data from real world exchanges only. it is unclear if possible price increases following a ban on short sales would come from new long positions or from covered short positions, and the announcement of such measures affects an uncontrolled reaction of the market. Owed to the uncontrolled uncertainties in the real world, asset mispricing can be measured only with weak confidence.In comparison to other experimental studies where limits to margin debt and short sales are rare, our design involves margin requirements comparable to the real world. Highly levered investors face margin calls that lead to forced liquidation of positions, affecting a reinforcement of the swings of the market. We have studied the impact of leverage on individual portfolio decisions to find an increase in risk taking characterized by higher concentrations of risky assets eventually resulting in individual bankruptcies. Thus, our experimental results are in line with theories of margin trading by Irvine Fischer (1933) and by recent heterogeneous agents models (Geanakoplos 2009) which conjecture such effects on asset pricing and portfolio decisions. As in any laboratory experiment, the results are restricted to the chosen parameters. The baselineSmith et al. (1988) asset market design has been challenged in recent studies (e.g. Kirchler et al. 2011), arguing that some subjects are confused about the declining fundamental value and believe that prices keep a similar level in the course of time. So it would also be interesting to investigate the effects of bans Jena Economic Research Papers 2012 - 05826 of margin purchases and short sales, to see if our treatment effects can be repeated in an environment with non-decreasing fundamental values. However, recent experiments by Hauser and Huber (2012) show similar effects using multiple asset markets with a complexsystem of fundamental values but without margin calls. It would also be interesting to see how margin requirements change performance in multiple sset markets. We leave these open questions to future research.ReferencesAbreu, D., and M.K. Brunnermeier, 2003, Bubbles and crashes, Econometrica 71, 173–204.Ackert, L., N. Charupat, B. Church and R. Deaves, 2006, Margin, Short Selling, and Lotteries in Experimental Asset Markets, Southern Economic Journal 73, 419–436. Adrangi, B. and A. Chatrath, 1999, Margin Requirements and Futures Activity: Evidence from the Soybean and Corn Markets, Journal of Futures Markets, 19, 433-455. Alexander, G.J, and M.A Peterson, 2008, The effect of price tests on trader behavior and market quality: An analysis of Reg SHO, Journal of Financial Markets 11, 84–111.Bai, Y., E.C Chang, and J. Wang, 2006, Asset prices under short-sale constraints, Mimeo. Beber, A., and M. Pagano, 2010, Short-Selling Bans around the World: Evidence from the 2007-09 Crisis, Tinbergen Institute Discussion Papers TI 10-106 / DSF 1.Bernardo, A. and I. Welch, 2002, Financial market runs, NBER Working Papers 9251, National Bureau of Economic Research, Inc.Bhojraj, S., R.J Bloomfield, and W.B Tayler, 2009, Margin trading, overpricing, and synchronization risk, Review of Financial Studies 22, 2059–2085.Blau, B. M., B. F. Van Ness, R. A. Van Ness, 2009, Short Selling and the Weekend Effect for NYSE Securities, Financial Management 38 (No. 3). 603-630Boehmer, E., Z.R Huszar, and B.D Jordan, 2010, The good news in short interest, Journal of Financial Economic 96, 80–97.Boehme, R.D, B.R Danielsen, and S.M Sorescu, 2006, Short-sale constraints, differences of opinion, and overvaluation, Journal of Financial and Quantitative Analysis 41, 455–487.融资融券禁令在实验资产市场摘要在金融市场，因为专业的交易者杠杆交易允许以较少的保证金进行更大的交易。
金融学14章金融答案翻译
CHAPTER 14FORWARD AND FUTURES PRICESObjectives∙ To explain the economic role of futures markets∙ To show what information can and cannot be inferred from forward and futures prices.∙Outline14.1 Distinctions Between Forward and Futures Contracts14.2 The Economic Function of Futures Markets14.3 The Role of Speculators14.4 Relation Between Commodity Spot and Futures Prices14.5 Extracting Information from Commodity Futures Prices14.6 Spot-Futures Price Parity for Gold14.7 Financial Futures14.8 The Implied Risk-Free Rate14.9 The Forward Price Is Not a Forecast of the Spot Price14.10 Forward-Spot Parity with Cash Payouts14.11 Implied Dividends14.12 The Foreign-Exchange Parity Relation14.13 The Role of Expectations in Determining Exchange RatesSummary∙ Futures contracts make it possible to separate the decision of whether to physically store a commodity from thedecision to have financial exposure to its price changes.∙ Speculators in futures markets improve the informational content of futures prices and make futures marketsmore liquid than they would otherwise be.∙ The futures price of wheat cannot exceed the spot price by more than the cost of carry:∙ The forward-spot price parity relation for gold is that the forward price equals the spot price times the cost ofcarry:This relation is maintained by the force of arbitrage . ∙One can infer the implied cost of carry and the implied storage costs from the observed spot and forward prices and the risk-free interest rate. ∙ The forward-spot parity relation for stocks is that the forward price equals the spot price times 1 plus the risk-free rate less the expected cash dividend.This relation can therefore be used to infer the implied dividend from the observed spot and forward prices and the risk-free interest rate. ∙ The forward-spot price parity relation for the dollar/yen exchange rate involves two interest rates:where F is the forward price of the yen, S is the current spot price, r Y is the yen interest rate, and r $ is the dollarinterest rate. ∙ If the forward dollar/yen exchange rate is an unbiased forecast of the future spot exchange rate, then one caninfer that forecast either from the forward rate or from the dollar-denominated and yen-denominated risk-free interest rates.F S C -≤F S r s =++()1F S r D=+-()1F r S r Y11+=+$Solutions to Problems at End of ChapterForward Contracts and Forward-Spot Parity.1. Suppose that you are planning a trip to England. The trip is a year from now, and you have reserved a hotel room in London at a price of ₤50 per day. You do not have to pay for the room in advance. The exchange rate is currently $1.50 to the pound sterling.a.Explain several possible ways that you could completely hedge theexchange rate risk in this situation.b.Suppose that r₤=.12 and r$=.08. Because S=$1.50, what must theforward price of the pound be?c.Show that if F is $0.10 higher than in your answer to part b, therewould be an arbitrage opportunity.SOLUTION:a.Ways to hedge the exchange rate risk:Pay for the room in advanceBuy the pounds you will need in the forward market.Invest the present value of the rental payments in a pound-denominated riskless asset.对冲外汇风险的几种方法：提前对这个房间付款；在期货市场购买英镑；将与现期价值的租金同等的英镑投资于无风险资产。
关于金融的英语作文带翻译
关于金融的英语作文带翻译Financial Industry。
Financial industry is one of the most important industries in the world. It is a key driver of economic growth and development, providing the necessary funds for businesses to invest and expand. The financial industry is comprised of a wide range of institutions and services, including banks, investment firms, insurance companies, and stock exchanges. Each of these institutions plays a unique role in the financial system, and together they form the backbone of the global economy.One of the primary functions of the financial industry is to facilitate the flow of capital. This involves the transfer of funds from those who have excess capital to those who need it. Banks are the primary institutions that facilitate this transfer, through the issuance of loans and other financial instruments. Investment firms also play a key role in the financial industry, by providing investmentopportunities for individuals and institutions. These firms manage investment portfolios on behalf of their clients, and help to diversify their investments across a range of asset classes.Insurance companies are another important component of the financial industry. They provide protection against financial losses due to unforeseen events, such as accidents, natural disasters, and illness. Insurance policies are designed to transfer risk from the policyholder to the insurance company, providing peace of mind and financial security.The stock market is also a critical component of the financial industry. It provides a platform for companies to raise capital by issuing shares of stock to investors. Investors can then buy and sell these shares on the open market, providing liquidity and price discovery. The stock market also provides a barometer of economic activity, reflecting the overall health of the economy and the performance of individual companies.In recent years, the financial industry has undergone significant changes and challenges. The global financial crisis of 2008 exposed weaknesses in the financial system, leading to increased regulation and oversight. The rise of financial technology, or fintech, has also disrupted traditional financial institutions by providing new ways of accessing financial services and products.Despite these challenges, the financial industry remains a critical component of the global economy. It plays a vital role in providing the necessary funds for businesses to grow and innovate, and in protecting individuals and institutions against financial risks. As the world becomes increasingly interconnected and complex, the financial industry will continue to evolve and adapt to meet the needs of a changing world.。
大学各专业名称英文翻译—— 文科方面 ARTS
大学各专业名称英文翻译——文科方面ARTS澳门历史研究Study of the History of Macao办公管理Office Management办公设备运用Using Desktop Publishing in Business比较管理学Comparative Management比较诗学Comparative Poetics比较文化学Comparative Cult urology比较文学研究Study of Comparative Literature必修课4－10学分Restricted (4-10 Credits needed)病理生理学Pathological Physiology财务报告介绍An Introduction to Financial Accounting Statements财务报告运用Using Financial Accounting Statements财务管理学Financial Management财务会计学Financial Accounting财务理论与方法Finance Theory & Methods财政与金融Finance财政与金融学研究Study of Finance财政预算Preparing Financial Forecasts产业经济学Industrial Economics传统文化与现代化Tradition Culture and Modernization当代国际关系研究Contemporary International Relations Studies当代世界发展研究Contemporary World Development Studies当代中国外交与侨务专题研究Monographic Studies of Diplomacy and Overseas C hinese Affairs of Contemporary China德语(第二外语) German (2nd foreign language)第一外语(英语) English (1st foreign language)电力系统Power Electronic Systems电子数据Digital Electronics电子通信Electronic Communications电子原理Electrical Principles断代文化史研究Study of Dynastic History of Culture多媒体：多媒体应用开发Multimedia: Developing Multimedia Application多用户操作系统Multi-User Operating Systems耳鼻喉科学Otolaryngology发展经济学Economics of Development放射生态学Radioecology分布式应用程序的设计与开发：概况Distributed application Design and Developme nt: An Introduction分子细胞与组织生物学Molecular, Cellular and Tissue Biology分子遗传学Molecular Genetics妇产科学Gynecology & Obstetrics高级生物化学Advanced Biochemistry高级水生生物学Advanced Hydrobiology工程实践与应用沟通（提升行业沟通技能）Communication (Developing a Commun ication Strategy for Vocational Purposes)沟通：实用技能Communication: Practical Skills管理经济学Management Economics管理决策Management Decision-Making管理理论研究|| Management Theory Studies管理理论与实践|| Management Theory & Practice管理学研究|| Management Research光化学|| Photochemistry国际关系案例分析|| Case Studies of International Affairs国际关系学导论|| Introduction of International Relations国际金融市场研究|| International Financial Market Study国际金融研究|| Study of International Finance国际经济关系研究|| International Economic Relations国际经济环境|| The International Economic Environment国际经济政治制度比较研究|| Comparative Researches on International Economic & Political Structure国际音标的应用|| Application of International Phonetic Alphabet国际战略与大国关系|| International Strategy国际政治经济学|| International Political Economy国际组织与国际制度|| International organization and International System海外汉学|| Sinology Abroad海外华侨华人概论|| Researches on Overseas Chinese海外华人文学研究|| Study of Overseas Chinese Literature汉语词汇学|| Chinese Lexicology汉语方言调查|| Survey of Chinese Dialects汉语方言概要|| Outline of Chinese Dialects汉语方言学专书选读|| Selected Reading of Chinese Dialectology汉语方言研究|| Studies of Chinese Dialects汉语史名著选读|| Selected Reading of Chinese History汉语音韵学|| Chinese Phonology汉语语法史|| History of Chinese Grammar汉语语法学名著选读|| Selected Reading of Chinese Grammar宏观经济环境|| The Macro Economic Environment宏观经济学|| Macro-economics互联网：WEB服务器的管理|| Internet: Web Server Management互联网：电子商务入门|| Internet : Introducing E Commerce互联网：网络客户服务|| Internet : Internet Client Service互联网：网络配制与管理|| Internet: Configuration 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外文文献翻译 金融类 不良贷款的管理和回收 论文
毕业论文外文资料翻译题目学院经济学院专业金融学班级金融0801学生学号20082207166指导教师二〇一二年四月二十日Applied Economics, the Dryden Press, 2006 P75-78.Non-performing Loans Management and RecoveryWilliam J. Bauman and Alan S. BlinderAbstractWith the deepening of China's economic system reform development and continuous improvement of the system of the market economy, banks ' lending business becomes completely open to individuals, personal loans of business growing, continues to expand the scope of business, especially the development of individual housing loan more quickly. Personal housing loan business in China at the time of its development, there are bad credit risks as well as the competitive situation is not optimistic, to a certain extent, hamper the development of individual housing loans, to sustainable development, research management must be strengthened on a number of issues. This article from the current development status of individual housing loan business to start, pointed out that because of the existing problems as well as problems and focus on how to develop personal housing loan bad credit risk reduction, foreign experiences and lessons learned, and thoughts and countermeasures for management, to promote the healthy and rapid development of the business.Key words:Housing loans to individuals; Bad credit risks; present situation; problem; Countermeasure1. IntroductionUnder the five-category loan classification, substandard, doubtful and loss loans are defined as non-performing loans. Because the reasons behind non-performing loans formation are different, credit associates must take effective measures to manage, recover and dispose of these parts of asset according to their different characteristics. The bank should first find out the responsibilities of the guarantor and dispose of the security in time. Only when they confirm that the guarantor has lost the guarantee abilities and the security is not sufficient to pay off the loan, can they begin to dispose of the non-performing loans.2. ReasonsThere are many reasons why banks have poorly performing loan portfolios. Irrespective of these causes, banks have an obligation to shareholders, depositors and creditors to maximize cash flow from assets, the most troublesome aspect of which has been the poor record of banks in recovering loans. It is this factor that has contributed the most to bank insolvency, and liquidity constraints.There are several complementary options available to banks to restructure problem loans and portfolios, including:•Exercise of collateral (liens against property, inventories) through judicial or extra-judicial means.•Out-of-court settlement that may focus exclusively on debt negotiation, restructuring and repayment, or lead to the financial, physical and operational restructuring of the enterprise.•Bankruptcy/liquidation procedures through formal court proceedings. This may involve liquidation, reorganization or privatization of an enterprise to enforce partial or total loan repayment.(Besides the bank itself, sometimes government also leads a restructuring program to help the bank to solve the problem of NPL in order to stabilize the banking industry or the whole economy, for example, Asset Management Company (AMC), a special purpose company, buys or exchanges NPL from bank and disposes of them).3. Work-Out UnitWith aggregate loan portfolios universally troubled by delinquencies and defaults, some banks have opted to develop work-out units to improve loan portfolio quality. When work-out units are established, they are usually set up to deal with most of a bank's problem loans, effectively sectioning off non-performing loans from the broader bank portfolio of performing loans. The benefits expected from work-out units include;•Concentrated focus on the recovery of problem loans;•More developed banking expertise and credit risk evaluation skills;•Improved internal bank system (early warning systems, collateral requirements, credit information needs).Work-out units can make a significant difference in restructuring loan portfolios, particularly when supported by effective technical assistance.4.Loan Restructuring and Loan "Rollover"Case-by-case loan restructuring is common in market-oriented economies, particularlywhen borrowers are unable to meet the original terms of the loan agreement due to external factors. These restructuring invariably changes in the amount, terms and /or schedule of interest rates, principal repayment, and collateral values. Loan covenants ( ratios, report requirements) often change to facilitate compliance. In some cases, radical measures such as replacing management are involved.This approach is similar to what work-out units attempt to do: recover portions of loan portfolios which have deteriorated and are non-performing. However, workout units are often organized on the basis of sector, location or bank exposure. Case-by-case loan restructuring is conducted on an individualized basis. The benefits of individual case-by-case loan restructurings include:•Reinforcement of the bank-client relationship.•Retention of the loan by the bank on its balance sheet, even if provisions are made for possible losses.•Preservation of the firm's relations with other parties (trade creditors, other banks, buyers, employees), thereby maintaining its reputation without embarrassing and costly bankruptcy / liquidation procedures.As with debt-equity swaps, the risk to the bank is that it is overly optimistic about prospects, and that additional resources are committed to the borrower adding to bank losses and reduced loan able funds at a future date. This has occurred frequently in transition economies (such as China, East European countries, former Soviet Union).In transition economy banks, the closest approximation to the Western loan restructuring has been the loan "rollover" which has been a common practice. Rollovers generally involve the following two techniques:•Simple rollover of principal on/before the due date, with the enterprise meeting interest obligations.•Rollover of principal on/before due date, with interest added back to the principal amount (“interest capitalization").The first technique is legitimate and rational unless the enterprise is unable to repay principal, and likely to remain impaired in the future. The second technique often reflects a troubled loan and enterprise, and has been typically practiced in transition economy banking systems. Further more, the latter technique has been accompanied by accounting treatment which mistakenly recognizes these assets as performing loans, artificially inflating income statements and balance sheet book values.5. Debt-equity Swaps and Loan Sales / Asset SwapDebt-equity swap results in bank ownership of enterprises occur with differing frequencies in different countries. In some countries, bank ownership of enterprises is common (German interlocking directorates), while in other countries it is strictly regulated (USA) or strictly prohibited (In China, debt-equity swap is done through asset management company). By swapping NPL for equity, banks can exercise more directcontrol/supervision over enterprise management while the enterprise benefits from increased debt capacity. The risk to bank is excess exposure to a risky investment which may jeopardize deposit safety and bank capital, and demand scarce management time and resources.Debt-equity swap represents nascent venture capital operation. Perhaps only one in 10 of these investments may succeed, but this should be sufficient to cover the risk of the other nine losing investment. Given existing low book values and the currently thin market that is likely to improve in the coming years, banks are prudent to allocate a small percentage of assets to enterprises they believe will generate significant profit at a later date. At that point, banks can sell their shares, and reap significant profit to bolster capital. All of this makes more sense given the current downside risk, which is limited, as most of these transactions are paper transactions that do not further impair bank liquidity.But bank equity swap may be indicative of the failure of banks in some countries to properly define bank's roles as financial intermediaries, streamline their operations, specialize in a few key areas within the limit of their current managerial and staffing capabilities, write down their assets to more accurate values, and progress toward a more stable and prudently managed system devoid of excess risk. Investment in losing enterprises raises the risk of future liquidity being drained to prop up these enterprises in the hope of eventual profitability, which puts depositors and shareholders at risk.In addition to debt-equity swaps, loan sales swaps are an option that could be used to restructure bank balance sheets. However, this option has not been commonly found in transition economy due to absence of secondary market development.6. Securitization of Non-performing LoanNon-performing loan securitization is a pooling of non-performing loans packaged and issued as securities to investors through arrangements of legal structure, cash flow, and credit rating mechanisms. Non-performing Loans are also known as bad loans, overdue loans, receivables under collection, and loans still under normal payment statuses, but with circulating bonds rated lower than CCC level. During the securitization period, the originator (seller) will select the most ideal portfolio based on a set of eligibility criteria, such as debtors' locations, credit period, currency, and overdue ratings from all available non-performing loans.After the screening process, bank will proceed with the risk assessment, cash flow simulation and credit tranche. The securities are then offered to investors after confirmation from credit rating agencies and regulatory approval obtained. The asset management agency is particularly important to a non-performing loan securitization since the asset management agency's expertise is instrumental to increasing collection rates of these non-performing loans. Investors' risks are minimized through credit enhancement techniques; default risks, prepayment risks, etc. are also emphasized to evaluate the risk profile of non-performing loans.7. In-court Bankruptcy / Liquidation ProceedingsResorting to legal procedures to collect the repayment of non-performing loans is the last defense line. In practice, banks should grasp the timing of litigation. Because blind lawsuits will involve banks' time, energy, money and people. In addition, they could have negative impact on the relationship between banks and their clients.Firstly, before litigation, banks should investigate the borrowers' income resources and asset categories and prevent them from hiding or transferring asset in this period of time. Banks can apply to the court for asset preservation. Secondly, banks should try best to correct the deficiencies of credit documents and win themselves advantageous conditions in litigation. Thirdly, banks should also prepare themselves for the results of reconciliation or failure.Bankruptcy/liquidation is an effective complement to out-of-cnurt approaches, and serves as a last stage of debt collection, providing creditors with control over debtors in financial distress and prompting their restructuring. For this reason, many countries (transition economies) have developed and are seeking to expand the use of formal bankruptcy to broaden the array of dispute resolution mechanisms, provide banks with long needed recourse, and instill greater financial discipline on enterprises.8. Exercise of CollateralWhen a debt matures or is going to mature and the debtor has encountered serious operation difficulties, the debtor cannot repay the loan in cash and the guarantor cannot repay the loan in cash either. Maybe after negotiation, the two parties (the bank and the borrower) or three parties (the bank, the borrower and the guarantor) can reach a consensus. In line with the consensus or the ruling by the court, the debtor or the guarantor can make in-kind repayment of debts, which is one of the important means to dispose of non-performing loans.9. Writing-off Bad LoansIn accordance with relevant state rules and regulation, if the principal of a loan is identified as unrecoverable, the bad loan can be written off. Writing-off of bad loans is the internal activity of a bank. So the bank still enjoys the recourse right and should continue to demand the repayment of the fund.10. ConclusionWere analyzed by the non-performing loans management recycling. Bad credit risk management, there are still many problems to be solved, how the lending business in the international financial place needs to be further research and continue to explore. In short,the management of non-performing loans of China's economic development has made a significant contribution, but there are still shortcomings in their own system, the external competitive environment in the development of the personal loan there are many adverse, which requires countries to fully understand individual housing loans an important role on the basis of, for the banks internal management and external risk management and reasonable planning to ongoing development. Personal loans also have to recognize their own position and where to adopt appropriate strategies and market positioning, innovation, adjustment, reform, focusing on risk management in order to more rapidly grow.ReferencesSteven Husted,Michael Melvin, International Economics [M], (the fifth edition), Higher Education Press, 2002Beck, T., Demirguc-Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to growth: Does firm size matter? The Journal of Finance, 60, 137–177.Peng, Y. (2004). Kinship networks and entrepreneurs in China's transitional economy. American Journal of Sociology, 109,1045–1074Qian, Y. (2000). The process of China’s market transition (1978–1998):The evolutionary, historical, and comparative perspectives. Journal of Institutional and Theoretical Economics, 156, 151–171.Shane, S., & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management Science, 48, 364–381.Newton, K. (2001). Trust, social capital, civil society, and democracy.International Political Science Review, 22, 201–214.Liu, Z. (2003). The economic impact and determinants of investment in human and political capital in China. Economic Development and Cultural Change, 51, 823–850. Birner, R., & Witter, H. (2003). Using social capital to create politicalcapital. In The commons in the New Millennium: Challenges andadaptation (pp. 291–334). Cambridge and London: MIT Press.Applied Economics, the Dryden Press, 2006 P75-78.不良贷款的管理和回收威廉J鲍姆，阿伦S布林德摘要随着我国金融体系建设的进一步发展和市场体制的迅速完善，银行的贷款业务逐渐向个人完全展开，个人贷款的业务种类不断增多，业务范围持续扩大，特别是个人住房贷款业务的发展更为迅猛。
介绍金融学的英语
介绍金融学的英语English:Finance is the study of how individuals, businesses, and organizations manage and allocate their resources over time. It encompasses a wide range of topics, including investing, borrowing, lending, budgeting, and risk management. Financial professionals analyze data to make informed decisions about how to invest money, manage debt, and plan for the future. The field of finance also examines how financial markets operate, including the stock market, bond market, and other key aspects of the global financial system. Additionally, finance plays a crucial role in driving economic growth and development, as it enables businesses to raise capital and individuals to build wealth for the future.中文翻译:金融学是一门研究个人、企业和组织如何在时间上管理和配置资源的学科。
它涵盖了广泛的主题，包括投资、借贷、贷款、预算和风险管理。
金融专业人士分析数据，做出关于如何投资资金、管理债务和规划未来的决策。
金融学英文翻译
金融衍生工具和流通量的上升流通的社会结构性成因激增的短期投机资本,通过这种承受风险的衍生物的流通而变得具体和富有生气,似乎从正在进行的全球经济的基本社会结构的变革中反映，放大和升华(Eatwell and Taylor 2002)。
上述现象更是使重要性日益增强的流动性与金融机构及工具的发展特别是在流动性资本方面的关系得到了不断的发展(Pryke and Allen 2000)。
这似乎是现代资本主义的内在动力强迫他们趋向于追逐更高的，更具全球范围意义的生产标准，那似乎是在产生那样一种能够连接自身成为社会结构价值的，逐渐上升的复杂标准。
虽然在当时并没有发现,从二十世纪七十年代开始欧美工业生产的潜力已经耗尽了(Brenner 1998)，需要一定的空间来补救和修复(Harvey 2000; James 2001)。
许多行业需要探索新的途径来对更边缘的地区进行一体化（特别是南亚地区），以此来支撑受过度的产品生产和过多的资本积累强制驱动的，从而引发的关键性矛盾。
正如斯皮罗所说(1999)，欧美资本主义所产生和吸收的资本量（尤其是欧佩克成员国），在大部分现有的工业部门，已经超过了它能有利润的进行资本再投资的需求量。
因此哈维(1982)所评论说“如果平衡被重新恢复，需要一个过程，即通过运行生产系统消除过剩的资本，那么资本过度积累的趋势将被自动抵消。
”宗主国响应的一个关键性方面是欧美公司全球性的重组，开始把大量工业原材料的生产和原件的制造外包给那些较先进的发展中国家的较发达地区。
通常是南亚，特别是中国是这次重组的主要受惠者(Singh 2002)。
那些先进地区边缘的内陆地区也包括整个国家，比如巴基斯坦，也成为了原材料和手工劳动产品（例如：纺织品）的外包中心。
尽管还有一些国家，特别是虽然不是只在沙哈拉以南的非洲地区，他们参加这个过程仅仅给人以边缘的和偶然的感觉。
正如邦德（2001）的分析师认为，像莫桑比克和乍得这样的国家，似乎被全球经济所孤立除了那些最受剥削的方面。
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译文商业银行信贷风险管理研究在我国商业银行的业务中，资产通常包括贷款、证券投资、现金存款以及其他四种类型的资产，比如贸易，在这些资产中，信用贷款业务是一种业务，是我国商业银行的主要的业务种类，在商业银行的所有业务中，信用贷款占据了信用资产中很大一部分比例。
在西方商业银行中，信用资产通常占据40%到50%，而在我们国家，商业银行的这一比例要更高一些，大约在50%到50%。
信用风险是银行的主要的操作风险之一，也是银行管理过程中最主要的一个挑战，因此，银行对于信用风险的管理，通过设立特殊的机构去处理，采取多种手段来解决，但是，因为银行贷款业务中的大部分信用风险是多种多样的贷款业务，是最主要的资产，所以在信用管理方面，商业银行的贷款业务是相当宽松的，而且，其他的管理也是不平衡的，这是由于贷款企业无形资产的过度集中增加了银行的信用风险。
因此，加强信用资产的风险管理对于商业银行的发展也是非常重要的。
首先，对当前商业银行的信贷风险环境进行分析。
（1）过时的信贷风险识别和度量技术我们国家的商业银行的发展历程更短一些，数据样本相对较小，不能够有效提取信息和原因，潜在的数据库需要长期的积累才会更加完善，在短期内不能形成一个完全的客户信息系统。
而且，我国商业银行大体上并没有对建立信用数据库产生足够的重视，再加上一系列管理的的方法口径不一致，以及数据库的不一致。
在一些已经建立的信用数据库中，一些数据的真实性和完整性值得怀疑，这些问题直接影响商业银行的信贷风险的客观和公正的评价。
与此同时，我国商业银行的信贷风险管理的方法和技术仍不完善，国外已经采用许多先进的信贷风险管理工具，尤其是信贷风险评估和信贷风险防范技术等等。
（2）信贷风险处理手段较少信贷风险管理是指将信贷风险降低到最小的一个过程，信贷风险是客观存在的，这意味着银行是一定会承担一定的信用风险的。
在我国，信贷风险控制和处理机制是相当弱的，方法手段很单一，仅仅抵押贷款有着第三方的保证，而且信贷资产的证券化和其他信贷风险的控制方法并没有被有效的使用，信贷资产的全面管理没有真正的落实。
在中国，商业银行的信贷业务的操作也有着很大的惯性，信贷扩张机制容易形成，这就造成了很多金融腐败行为和权力寻租行为的发生，最直接的表现就是大量的贷款和金钱的腐败行为。
与此同时，它也造成了债权股额被银行的体制所限制，贷款增量很难按照效率原则进行最优配置；贷款担保机制是不完美的，贷款的安全性得不到保证，即使是在强制执行的情况下，仍然有很多企业不能正常处理。
最终导致了银行更多的不履约贷款的产生，使得商业银行的贷款风险最大化。
（3）内部管理机制不健全大多数商业银行对于内部工作规定的实施是比较松散的，需要加强信贷风险体系的管理，内部监管体系也是不健全的，商业银行需要重新定义每个部门的责任。
信贷管理体系中存在漏洞，忽视了管理者的管理，主管法律的人是不充分的，一些贷款失去了法律保护。
信贷的每个环节都需要加强水平制衡和垂直限制，一些基层水平的主管有着太多的权力，管理目标评估方法不科学，监管和限制机制没有真正发挥作用，再加上主管对企业业务规划准备的不充分，导致了一些基层主管人员任意发放贷款、投资和担保。
销售信贷的过程也同样需要完善和加强，中国的商业银行需要走向世界，变为世界性的银行，因此特别要积极地适应现代银行业的迅速发展。
第二，形成我国商业银行在信贷风险管理过程中的对策（1）提高信贷风险预警和预防技术的效率要提高商业银行的风险管理水平，引进国际上先进的风险管理技术和方法。
使用计量经济学模型能够显著地提高商业银行信贷决策的效率，该模型可通过以下步骤来实施：首先，在一段期间内测量企业贷款的预期违约概率。
其次，计算银行贷款的损失率标准差。
第三，在预期违约概率和一定期间内贷款数量的基础上，计算个人贷款业务的流失率和标准差，从而计算出个人银行贷款的预期损失和意外损失。
（2）完善审批分离制度首先，建立特别的组织，对贷款信用审核委员会负责，而贷款信用审批委员会负责信用风险评估。
其次，减少审批委员会的人数，加强信贷决策支持系统。
第三，设立审批人员，并提供信息由第三方调查机构评估借款人，对贷款材料进行验证，确认提交。
（3）加强商业银行的内部管理机制首先，在操作风险控制方面，商业银行首先应该建立操作风险分类和评分标准，统一银行的评价和测量标准。
梳理控制风险，开展银行卡，电子银行渠道，在一些领域如风险评估领域采用信息科学技术，使用风险识别技术，采用操作风险控制的自我评估技术、数据分析方法和工具，如定性定量判断风险和风险损失，并建立整改验收机制。
第二，注意引入信贷风险信息管理系统，信贷管理信息系统对于银行的信贷决策和信贷风险管理有着举足轻重的作用。
而且，对于风险测量和监管来说，信息系统要依靠电脑，能够有效提高管理的效率。
结论因为银行的坏账和坏账的持续增加，银行的信贷风险管理已经变成了一个很重要的问题，我国商业银行的信贷风险预防和控制是最紧要的问题，必须引起足够的重视，并且采取有效的措施及早预防。
尽管在目前，大多数银行都把谨慎、分离、分立的行业编制体系作为信贷政策审批的基础，但贷款项目个性化突出，差异很大。
项目预算，还款来源不确定等高风险的因素的存在。
因此，中国的商业银行需要加强信贷风险的研究，完善相关管理机制。
英文原文Commercial bank credit risk management researchU wei-quan ZhaoAssets of the business of commercial banks in our country, generally including loans, securities investment, cash deposit and four types of assets, such as trade, among them, the credit loans business is business, is the main business types of commercial banks in china, in all the business of commercial bank, a large proportion of credit assets. In western commercial banks, credit assets generally around 40% to 50%, the proportion of commercial banks in our country , this ratio is higher, at 50% to 50%. Credit risk is to point to a bank in one of the main risk of operation, is also the main challenges facing the bank management in the process of, therefore, the management of credit risk on bank, through set up specialized agencies to deal with, taking various measures to deal with, but because most of the credit risk of bank’s loan business, is a variety of bank loan business, the main assets, so in terms of credit risk management, the loan business of commercial bank is relatively loose, and other management is not balanced, this is due to the excessive concentration of loan business enterprise intangible assets to increase the bank’s credit risk. Therefore, to strengthen the risk management of credit business is also very important for the development of commercial banks.First, the current situation of commercial bank credit risk analysis(1)The credit risk identification and measurement of outdated technologyOur country commercial bank development time is shorter, the relatively small data samples, and cannot effectively extract the information of reason, the underlying database need long-term accumulation will be more perfect, in a short period of time can’t form a complete system of customer data. And our country’s commercial banks generally do not attach importance to establish credit database, coupled with the commercial bank also has a variety of management of the medium caliber inconsistent, inconsistent data, and in some credit database has been established, data doubt the authenticity and integrity of the system, these problems directly cause the bank credit risk objectively and fair evaluation. At the same time, our country commercial bank credit risk management is still very poor means and technology, many foreign advanced credit risk management tools have been used, especially the credit risk evaluation and the credit risk prevention technology, etc.(2) The lack of credit risk treatment meansCredit risk management is the need to will be down to the lower management process of credit risk, credit risk is objective existence, which means that the bank will take a certain amount of credit risk. In our country, credit risk control and processing mechanism is relatively weak, means and methods are very single, only mortgage loan guarantees with a third party, and the securitization of credit assets and other control methods of credit risk is not effective use, the overall management of credit assets are truly carried out. Because in the operation of the credit business of commercial banks in china has a system of inertia, and credit expansion mechanism isrelatively easy to form, this creates a lot of financial corruption and rent-seeking behavior occurs, the most direct performance is massive loans, lending and money corruption violations; at the same time it also caused the loan stock is restricted by the structure of the bank, loan increment is difficult to optimize configuration in accordance with the principle of efficient, the safety of the loans not guaranteed, even in the existence of enforcement of a large number of enterprise cannot cope with, and finally caused the formation of more banks non-performing loans, the maximum loan risk of commercial banks.(3) Of the internal management is not soundMost of the commercial banks to lax enforcement of the regulations for the internal work, need to improve the credit risk system, internal supervision mechanism is not sound, commercial banks need to redefine the responsibilities of each department, loopholes in the credit management system, ignore the management of the managers, the person in charge of legal knowledge is insufficient, some loans loan loss of legal protection. Credit on each link of the need to strengthen horizontal checks and balances, vertical restrictions, some president too much power at the grass-roots level, the governor of the management goal assessment method is not scientific, supervision and restraint mechanism is not really play a role, add to the governor on business planning is not enough, cause some grass-roots governors indiscriminate batch of loan, investment, guarantee. Selling credit process also need to improve, especially to actively adapt to the rapid development of modern banking, for commercial banks in china to the world, become a bank in the world.Second, consummates our country the development of commercial banks in credit risk management countermeasures(1) Improve the efficiency of credit risk warning and prevention technologyTo strengthen the commercial bank risk management level, the introduction of the international advanced risk management techniques and methods, using the econometric model can greatly improve the efficiency of the bank’s credit decisions. The model can be through the following steps to set up:First of all, within a certain period of time measurement of the expected default probability of loan enterprise;Secondly, calculate the bank loans, the loss ratio of standard deviation,Third, attrition rate and standard deviation of personal loan business on the basis of the expected default probability and loans within a certain time, counting from the individual bank loans expected loss and unexpected loss.(2) Perfect the system of separation of approvingFirst of all, set up special organizations, responsible for the performance loan credit audit committee is responsible for credit risk assessment. Second, reduce the number of the members of the committee for examination and approval, to strengthen the credit decision support system. Three , designed for examination and approval by staff, and provide information by a third party survey to evaluate borrowers, lending material for validation, and verify the submitted.(3) Improve the internal management system of commercial banksFirst of all, in terms of operational risk control, commercial banks should firstdevelop operational risk classification and grading standard, unified risk assessment and measurement standard of the bank. Carding control risks, to carry out the bank card, electronic banking channels, information science and technology in areas such as risk assessment, using risk identification, operation risk and control self-assessment, loss of data analysis methods and tools such as qualitative quantitative judgment risks and risk level, and establish the mechanism of rectification acceptance.Second, pay attention to the introduction of information management system of credit risk. Credit management information system (CMSI) to bank credit decision-making and bank credit risk management has the vital significance, and information systems rely on computer for risk measurement and supervision, can greatly improve the efficiency of management.ConclusionBecause the bank bad debt and bad debt continues to increase, the bank’s credit management has become a very important problem, our country commercial bank credit risk prevention and control is the most pressing problem, must cause enough attention and take effective measures to prevent early. Although at present, most banks have done careful, separation, divisions compiling system of industry as the basis for examination and approval of the credit policy. But loan project personalized prominent, difference is very big, project budget, source of repayment uncertainty of higher risk factors. Therefore, china’s commercial banks is necessary to strengthen the research of the credit risk, perfecting its corresponding management mechanism.。