商业地产投资风险及防范外文文献翻译最新译文
在后证券化时代的商业房地产融资外文翻译(可编辑)
在后证券化时代的商业房地产融资外文翻译外文翻译Commercial Real Estate Financing in a Post-Securitized Lending Era Material Source:Practising Law Institute Author: Robert J. HellmanTwo years ago, real estate securitized lending came to a crashing halt amid concerns over bond ratings for CMBS and CDO issues,asset valuations and the oversized impact had very high leverage when lenders borrowed short and lent long. Real estate developers and investors learned the hard way that the liquidity securitized lending added to the real estate industry put them more at the mercy of financial markets than ever before. Because such markets rely on investor confidence as much as, or more than, NOIs and an “expert’s” projections, capital can flow out a whole lot faster than it flows in. Without a readily available alternative, liquidity drained from real estate before most investors were able to cash in their chips, creating huge paper losses and shutting down the market efficiency that had propelled real estate to the top of the investment pyramid.For a while, it appeared that real estate had become a truly liquidasset, despite its bricks-and-mortar status, able to trade on more than just the underlying fundamentals. With spreads for the AAA CMBS tranches only minimally above the risk free Treasury rate, many investors seemed to believe either that real estate required little in the way of a risk premium or that Wall Street had run out virtually all of the risk through financial engineering. Unfortunately, neither of these options proved to be true. With the broad-based economic decline brought on by a lack of credit beginning in 2008, real estate began showing its true colors as employment dropped, offices emptied, stores went dark and real estate valuations fell as a direct consequence of declines in net operating income and a gradual return to historic norms for capitalization rates.By the end of 2007, certain trends in real estate lending appeared likely, most of which can be seen today, and are useful to examine as a means to gauge where real estate financing stands at the end of 2009. The good news, then as now, is that “Real estate has become an accepted asset class for investors worldwide; so today's environment should be viewed as a relatively short-term transitional period that may present better opportunities for long-term players whose main focus is the business of real estate.”The essential question is whether the commercial real estate industry can thrive without a vibrant securitized loan market? Or, are we headed back to an environment in which commercial banks and insurancecompanies dominate the lending landscape? The answer to both propositions seems to be “no”, but the short-term future looks significantly different than the immediate past Diminished Capacity. Consider the fact that Commercial Mortgage Backed Securities CMBS issuance in 2006 was $203 billion, $230 billion in 2007, $10 billion in 2008, and perhaps only $5 billion in 2009. Consider also that insurance industry lending has remained fairly stable at around $45 billion annually though approximately half of that is reserved for existing borrowers and commercial bank lending for commercial real estate in a good year has about equaled the insurance industry’s numbers, but ha s been almost non-existent since mid-2008.Finally, consider the fact that many of the commercial real estate loans written in the last five years have fairly short term maturities and the refinance exposure runs into the trillions of dollars.Common expectations for near term commercial lending include no change from the insurance industry, little change from commercial banks as they continue to work through their own capital issues and eventually a return of the CMBS market, but with estimates of the size of that market ranging only from $45 billion to $85 billion annually. In other words, the core US commercial real estate lending environment that exceeded $300 billion in 2007 might return to half that amount by 2011. And, as it does return, loan terms will look far more conservative than those to whichdevelopers and investors became accustomed, meaning greater spreads on debt, lower loan-to-value requirements and greater unleveraged equity contributions from sponsors.“Risk” once again is a four let ter word. Despite the devastation securitized lending caused since 2007 sub-prime residential loans, commercial real estate loans, auto loans, student loans and just about any other ABS loans you can think of, it is perhaps one of the greatest advances to benefit the real estate industry. Unfortunately, it went from a credit business to a fee generation business, requiring ever larger volumes to feed demand generated worldwide for the slightest bit of premium over so-called risk-free loans e.g. US Treasury bonds. In the low-interest rate environment created by central banks trying to avoid a deep recession after the tech bubble burst, highly rated paper across the debt spectrum generated razor thin spreads over indexes like LIBOR or Treasury bonds, further compressing yields on even the lowest rated tranches of CMBS bonds. Somewhere along the continuum beginning around 1995, when commercial real estate CMBS became a proven product, and ending in 2007, lenders i.e. investors seemed to come to believe that the risks inherent in commercial real estate had been sufficiently identified that not only could that risk be tranched out, but that in doing so the overall risk had somehow been mitigated as well. And because issuers of real estate debt were able to sell off all of their risk, if they so chose, risk furtherreceded from consideration when creating large pools of real estate loans for securitization.Borrowers, had discovered a market so hungry for yield that they were able to sell off substantially all of their risk as well. A key component to the inflation of real estate values was the ability of developers to raise third-party or leveraged equity at historically low cost by layering into the capital stack increasingly complex mezzanine debt or preferred equity in order to acquire or build new projects. While equity returns of 15% or more on real estate projects had historically been considered an adequate risk-adjusted return, nominal unleveraged mezzanine debt or preferred equity returns began falling below 10% as the bull market for real estate continued. When the capital markets shut down, the economy faltered and developers could no longer refinance at will, investors suddenly realized that they were no longer being compensated appropriately for the level of risk they had accepted. At that point, yields on AAA CMBS tranches skyrocketed to as much as 18% and most of the remaining tranches lost all interest from potential buyers. Currently, yields have eased as the risk has been reassessed, but double-digit returns on supposedly near-risk-free debt is still not unusual.Revenge of the Underwriters. Conventional wisdom at the beginning of 2008 was that only “good” deals could still get financed implying, of course, that “bad” deals were able to be finance d previously. And,for a time, that was mostly true, as commercial banks continued to lend, but conservative underwriting suddenly seemed prudent. But prudent, market-driven lending changed all the assumptions borrowers took for granted when the market was flush, as noted in the example below: Jul-07Feb-08Asset Value $25,000,000$25,000,000NOI$1,509,150 $1,509,150CapEx/Reserves $120,000 $120,000Net Cash Flow $1,389,150 $1,389,150Swaps Rate 5.66% 4.33%Spread0.96% 3.30%Rate 6.62% 7.63%Amortization 030 Yrs.Loan Constant6.62% 8.50%Min. DSCR1.05x 1.15xProceeds$20,000,000$14,215,179LTV 80.00%56.86%Furthermore, if you had no experience, no real liquidity or no reasonable business plan, there was little chance capital was available from any lender other than so-called “hard moneylenders.” What was true in February, 2008, remained more or less true through 2009, and is likely to continue throughout 2010, though perhaps for different reasons.Obviously, the above example applies to refinancing as well as new loans, forcing many owners to consider foreclosure or some kind of recapitalization As the residential mortgage market continued to deteriorate, so too did the economy and with it the commercial real estate market. CMBS issuance essentially disappeared, which dried up demand for conduit loans, while commercial banks’ balance sheets crumbled, loan reserves had to increase and capital for lending disappeared. As a result, capitalization rates increased toward the historic mean of around 8-9%, so property values declined, increasing, at least on paper, bank losses, which further depressed the ability of lenders to finance real estate transactions. As a result, the market has moved back to benefit cash buyers or those with substantial enough resources to accept low-leveraged mortgage loans in the 60-70% LTV range. The one exception to this is the multi-family market where the GSEs, Fannie Mae and Freddie Mac, continue to lend at proceeds of 80-85% in order to support the housing market. Even there, however, the amount of true equity i.e. sponsor equity that is required prevents developers from borrowing the majority of the equity required to fund an acquisition or development. After all this, and assuming one can find a lender willing to finance the real estate, borrowers have been re-introduced to the concept of recourse debt. Securitized lending became so attractive, even with the constraints imposed by the REMIC real estate mortgage investment conduit rules, inlarge part because lenders were able to offer non-recourse loans to many developers who could not access such funding from their local banks apparently, with good reason as it turns out. While a developer today may have access to “good” deals, place enough recourse debt on the developer’s balance sheet and the ability to access financing becomes difficult, if not impossible.War Games. In the 1983 movie, “War Games,” Matthew Broderick’s character learned the concept of mutually assured destruction. While the movie was a fanciful look at nuclear warfare oxymoronic as that might sound, ultimately it was a game that no one could win; and history students will recognize the result as a cold war that lasted for decades. In some ways, Broderick’s lesson looks familiar to the commercial real estate finance industry ? banks could launch the foreclosure missile, or borrowers could toss back the keys, but only at the expense of banks’ balance sheets, which might lead to additional bank failures and even less hope for lending in the future ? and a possible economic melt-down.Whether or not one agrees with this assessment, there is no doubt that the federal government is trying just about any way it can to give banks enough breathing room to avoid recognizing losses on their balance sheets that would further erode their capital positions. During 2009, at the urging of Treasury, the Financial Accounting Standards Board FASB came out with FAS 157-e modifying guidelines that would normally require banksto mark to market a sizeable portion of their real estate loans and keep those loans on their books at full valuations.Also during the year, the FDIC issued new guidelines giving banks the ability to categorize a loan as performing as long as debt service was current, even if the borrower was in danger of defaulting due to an imminent maturity default for not being able to sell or refinance the loan. The IRS also issued REMIC guidelines that will allow special servicers to enter into loan modification discussions prior to an actual event of default, without jeopardizing the tax-free status enjoyed by CMBS securities.Hope on the Horizon. Despite all of the bad news the industry has endured, as 2009 drew to a close there were glints of hope and thawing in the capital markets. Developers Diversified Realty DDR-NYSE issued CMBS bonds totaling $400 million Goldman Sachs underwriter, which were sold, in part, to buyers accessing the federal government’s Term Asset-Backed Securities Loan Lending Facility TALF. Shortly thereafter, Fortress Investment Management FIG-NYSE came to market with a CMBS issuance totaling $460 million Bank of America underwriter with no TALF support. At the time of this writing, Inland Western Retail REIT was preparing to price a $500 million CMBS issuance JPMorgan Chase underwriter, also with no TALF support.It is critical to note that these bonds are backed byconservatively underwritten collateral at low-to-moderate LTVs. But it also was clear evidence that investors’ appetites for securitized real estate debt had returned if the pricing and underwriting properly accounted for the risk. It further proved that securitized lending in and of itself was not the bad guy in the horror movie playing since 2007. There is clearly a role for securitized real estate lending going forward ? because it is also clear that banks and other lenders are less and less willing to hold real estate loans on their balance sheets and endure the risk of another systemic devaluation.译文在后证券化时代的商业房地产融资资料来源:实践法研究所作者:Robert J. Hellman两年前,房地产贷款证券化的到来停止了对崩溃的商业抵押担保证券和担保债务凭证的债券评级问题的关注,当贷款人借入短期或借出长期款项时,资产评估和它的过大的影响就会起到很高的杠杆作用。
商业银行信贷风险管理外文文献翻译中文3000多字
商业银行信贷风险管理外文文献翻译中文3000多字Credit risk management is a XXX business。
financing ns。
payment and settlement。
and other XXX。
credit XXX risk factor for commercial banks。
XXX such as life risk and uncertainty.Effective credit risk management is essential for commercial banks to minimize the impact of credit losses。
This involves identifying and assessing potential risks。
XXX strategies。
XXX。
By doing so。
commercial banks XXX the potential for credit losses.One of the key components of credit risk management iscredit analysis。
This involves evaluating the orthiness of borrowers to determine the likelihood of default。
Credit analysis XXX's financial history。
credit score。
collateral。
XXX credit analysis。
commercial banks can make informed lending ns and minimize the risk of default.Another important aspect of credit risk management is credit XXX can also help commercial banks XXX.In n。
外文原文及译文
外文原文及译文一、外文原文Subject：Financial Analysis with the DuPont Ratio: A UsefulCompassDerivation：Steven C. Isberg, Ph.D.Financial Analysis and the Changing Role of Credit ProfessionalsIn today's dynamic business environment, it is important for credit professionals to be prepared to apply their skills both within and outside the specific credit management function. Credit executives may be called upon to provide insights regarding issues such as strategic financial planning, measuring the success of a business strategy or determining the viability of an acquisition candidate. Even so, the normal duties involved in credit assessment and management call for the credit manager to be equipped to conduct financial analysis in a rapid and meaningful way.Financial statement analysis is employed for a variety of reasons. Outside investors are seeking information as to the long run viability of a business and its prospects for providing an adequate return in consideration of the risks being taken. Creditors desire to know whether a potential borrower or customer can service loans being made. Internal analysts and management utilize financial statement analysis as a means to monitor the outcome of policy decisions, predict future performance targets, develop investment strategies, and assess capital needs. As the role of the credit manager is expanded cross-functionally, he or she may be required to answer the call to conduct financial statement analysis under any of these circumstances. The DuPont ratio is a useful tool in providing both an overview and a focus for such analysis.A comprehensive financial statement analysis will provide insights as to a firm's performance and/or standing in the areas of liquidity, leverage, operating efficiency and profitability. A complete analysis will involve both time series and cross-sectional perspectives. Time series analysis will examine trends using the firm's own performance as a benchmark. Cross sectional analysis will augment the process by using external performance benchmarks for comparison purposes. Every meaningful analysis will begin with a qualitative inquiry as to the strategy and policies of the subject company, creating a context for the investigation. Next, goals and objectives of the analysis will be established, providing a basis for interpreting the results. The DuPont ratio can be used as a compass in this process by directing the analyst toward significant areas of strength and weakness evident in the financial statements.The DuPont ratio is calculated as follows:ROE = (Net Income/Sales) X (Sales/Average Assets) X (Average Assets/Avenge Equity)The ratio provides measures in three of the four key areas of analysis, eachrepresenting a compass bearing, pointing the way to the next stage of the investigation.The DuPont Ratio DecompositionThe DuPont ratio is a good place to begin a financial statement analysis because it measures the return on equity (ROE). A for-profit business exists to create wealth for its owner(s). ROE is, therefore, arguably the most important of the key ratios, since it indicates the rate at which owner wealth is increasing. While the DuPont analysis is not an adequate replacement for detailed financial analysis, it provides an excellent snapshot and starting point, as will be seen below.The three components of the DuPont ratio, as represented in equation, cover the areas of profitability, operating efficiency and leverage. In the following paragraphs, we examine the meaning of each of these components by calculating and comparing the DuPont ratio using the financial statements and industry standards for Atlantic Aquatic Equipment, Inc. (Exhibits 1, 2, and 3), a retailer of water sporting goods.Profitability: Net Profit Margin (NPM: Net Income/Sales)Profitability ratios measure the rate at which either sales or capital is converted into profits at different levels of the operation. The most common are gross, operating and net profitability, which describe performance at different activity levels. Of the three, net profitability is the most comprehensive since it uses the bottom line net income in its measure.A proper analysis of this ratio would include at least three to five years of trend and cross-sectional comparison data. The cross sectional comparison can be drawn from a variety of sources. Most common are the Dun & Bradstreet Index of Key Financial Ratios and the Robert Morris Associates (RMA) Annual Statement Studies. Each of these volumes provide key ratios estimated for business establishments grouped according to industry (i.e., SIC codes). More will be discussed in regard to comparisons as our example is continued below. As is, over the two years, Whitbread has become less profitable.Leverage: The Leverage Multiplier (Average Assets/Average Equity)Leverage ratios measure the extent to which a company relies on debt financing in its capital structure. Debt is both beneficial and costly to a firm. The cost of debt is lower thanthe cost of equity, an effect which is enhanced by the tax deductibility of interest payments in contrast to taxable dividend payments and stock repurchases. If debt proceeds are invested in projects which return more than the cost of debt, owners keep the residual, and hence, the return on equity is "leveraged up." The debt sword, however, cuts both ways. Adding debt creates a fixed payment required of the firm whether or not it is earning an operating profit, and therefore, payments may cut into the equity base. Further, the risk of the equity position is increased by the presence of debt holders having a superior claim to the assets of the firm.二、译文题目：杜邦分析体系出处：史蒂文c Isberg运输研究所硕士论文杜邦分析体系财务分析与专业信用人员的角色转变在当今动态商业环境中，信贷的专业人士申请内部外部的特定信贷管理职能的技能非常重要。
风险投资中英文对照外文翻译文献
中英文对照外文翻译(文档含英文原文和中文翻译)摘要风险投资在小型企业的作用对于那些在获取传统资金资源有困难的公司来说，风险投资是取得资金的一个很好的选择。
同时。
风险投资对于那些早期起步的、没有稳定利润回报的公司来说，这是一股强大的资金注入。
首先，由于信息的不对称，前期调查必须深入那些小的、刚起步的的公司进行，也许他会导致事与愿违或道德败坏等问题。
早期良好的表现可以吸引更多的投资，而原始资本可以使公司更好的起步。
但是，最重要的结果是更多的投资者向机构投资，事实上随着新鲜资金的流入的同时伴随着资金的增值，同时投资者对公司进行监控，提供专业的技术和最基本的帮助。
也为企业赢得更好的声誉。
因此，风险投资对小型金融企业的作用是非常巨大的，文章对此进行了深入的研究。
关键字：风险投资小型企业企业关系AbstractThe Role of Venture Capital in FinancingVenture capital is an important alternative for companies that have difficulties accessing more traditional financing sources and it is a strong financial injection for earlystage companies that do not have evidence for persistent profitability yet. Firstly, deep prescreening process should be performed before investing in small, start-up business because of the information asymmetries, which in turn are the main cause for adverse selection and moral hazard problems. Well performed initial scan ensures good investment. Seed capital provided than enables the firm’s set off.But what is more important is the conclusion that there is much more than just capital that flows from the investors to the organizations in which they invest. Indeed, fresh capital inflow is accompanied with the process of value-adding which provides the company with monitoring, skills, expertise, help and, basically, reputation for attracting further finance. Consequently, the role of the venture capital in financing small business is tremendous. The paper sheds light on these issues.Keywords：Venture Capital, Small Business, Entrepreneurship, Financing1.外文文献译文1.1导论在过去的几十年里，对小型公司的投资得到了发展。
房地产可行性研究外文文献及翻译
The Analysis of the Issue Related to the Feasibility ofStudy the Real Estate Project on the Basis of theImplicit CostAbstract: It is known that the feasibility study of real estate project plays an important role in real estate development. Nevertheless, there still remains many problems in the feasibility study. In this paper, the concept of implicit cost will be introduced, which will be used to analyse these problems.Meanwhile, some useful strategies will be raised for these problems,which intends to further improve the feasibility study of the real estate projects.Keywords: real estate project; feasibility study; implicit cost; problems1. IntroductionThe feasibility study is the decision science has been used in project area, and the basic target is on the basis of the comprehensive investigating and researching to identify a construction object whether have the characteristics of progressive, reality and reliable in the whole prosess from previously project construction to line operation. We also need to know those whether can pay off from the finance and the credibility in the economy to give a big help for the investating decisions. It is real role that a framework to investing project , and is the key factors that can decide the project can be invested or not to give some supports on the project decisions. The real estate is characteristic of accounting for huge financing, a long period relative to the investing and easily influenced by the instable factors. Therefore, the the feasibility study is very important for the real estate. However, currently we are more and more focusing on the explicit cost in the feasibility study and ignoring the intangible cost. The intangible cost is , as opposed to explicit cost and hided among the total cost of enterprise, caused by the decision maker characterized by lower diathesis, wrong concept, and the deficiency of informations, coupled with the non-market factors to lead to the total cost increaseing directly or indirectly . The amount of economic benefits of the project largely depend on getting full knowledge of the intangible cost in the real estate.2. The Existence of the Questions Lied in the Feasibility Study on the Basis of the Intangible CostRecently, the real estate have got a big improvement in the feasibility study. As the main contents and methods, it have been normed and stabilized gradually to use in the project decisions. But that is fact that the feasibility study cannot play the role above mentioned in the real case. The worst case is that there is no the feasibility study before starting the work. And another events is that the feasibility study had been done, but the result was not fit to the requestions. The main problems are following:2.1. The Investor with Low Diathesis Did Not Pay More Attentions on itUntil now, a number of the investors did not get a clear clue and realize the importantance related to the feasibility study. They had made a decision whether building the real estate relied on their own wish, and reckoned the feasibility study was just a “payable paper” to submit to lending institution, investor and government. There is no meaning in the feasibility study because of carrying on is not thorough, focusing on the format. Therefore, the “feasibility study” is the aim that how to get a permission from the related department and a loan from the bank, so the data cannot be used to reflect the real conditions. The economic benefits of the whole real estate project have decreased, even failed that was mainl y ascribed to the invetor’s attitude, ignoring the importance of feasibility study. Those are called the intangible cost. The other factors is linked closely with calibre that a excellent decision maker should be characterized by determination, confidence, far-sighted.ect. When a favorite investing project lie in front of a investor, he must be confidence and determination to make a decision as soon as possible, or the problems relative to the economic benefits′ lost would be happened to create the intangible cost. Moreover, the investor should have the characters of far-sighted to consider the investing process, and not care the “gain and loss” in a small events to make a wrong decision. It is obviously that the high-calibre is an very important factor to the investor to avoid the intangible cost.2.2. The Feasibility Study Related to theConstruction Project is Mainly Completed by the Consultant Agency and Design Dthe Deviser Has Low-CalibreDepartment of construction entrusted by investor. It is possible that the accuracy largely depend on those institutions′ level controlled by the deviser’s calibre. Unfortunately, a huge number of devisers are lacking of the attitude on seek truth from facts. They have partially used the data to optimistically evaluate the market price movement. They also did not exploit the market survey in details to predict the market prospect; at the same time, they did not care about some faults, however, more lights shed in exaggerateing the advantages of technology and product that reducing the success rate of investing. On the basis of the devisers having low-calibre, the feasibility study cannot be completed by course of correct way and canonical process that the decision maker got a wrong judgement to result in losting the econ omic benefits, even the whole project’sdepleting.2.3. The Analysis and Forecasting of the Market is not EnoughThe earning power of investing project is not only depending on the all kinds of available resources, but also relying on the current and potential requests needed by society. Currently, there are no more attenions concentrated on the market survey and forecasting in the feasibility study. A large numbers of data came from the related researchers’ experience and social relations. Even though they did a survey and forecasted the market trend, the results are more qualitative analysis than quantitative. The data measured by above process cannot really reflect the market condition and prospect. It is seemly like having good benefits, because of the fault existed in the analysis and forecasting of market to lead to the investing project has to face the condition “having a price but no sales”. Those can be avoided according to the reseacher’s endeavor.2.4. There is No Comparative among Every ProjectA larger numbers of reseachers pay more attentions on the single project than the comprehensive in the feasibility study. In some cases, they also analyse some projects at the same time but a particular one will be analysed more deeper than another analysed superficially. The decision maker have to accept the project choosed by reseachers on their wishes, and then the comprehensive researching changed into single will lose the meaning in the feasibility study. Because lack of the comparative project, leading to the economic benefits related to the finance will be fixed to lose the chance of getting more benefits from the market to create more intangible cost.2.5. Ignoring the Value of the Environmental AssessmentThere are many faults lies in the currently environmental assessment showed by the report of feasibility study. In some cases, there is few contents and the analysing superficially about the environmental assessment, because of there is no surveying the surroundings nearby the project or the assessment is not correct. It is obviously that those are contradiction with the strategy of sustainable development developed by our country. Moreover, there is no consideration between the project and sustaining ability of environment carried out by the investor. As a result, the developing intensity will exceed the loading capacity of environment near by the project to produce seriously environment contamination. This will increase the project later environmental protection costs, such as controling environmental pollution and strengthen the green, ect.There is a serious environmental evaluation work to be needed on environmental protection, and using real data reflect the revenue and expenditure to provide true evidences for the final decision. However, many of the feasibility study overlooked this respect that the project had been put more money in late to produce increasely the intangible cost.2.6. Don't Pay Attention to the Analysis of the Sensitivity and Risk FactorsThe estate project itself has a high risk and investing, because of there are some uncertain factors in project implementation process. With these uncertainties, the investment project there is a risk, thus the uncertainty of the whole project is of vital importance. If the feasibility study of these risk factors were accurately analysed that will cause additional costs of the project.In practical work of the feasibility study , the analysis of risk is not enough or only stay in qualitative analysis, give a quantitative analysis. Though some of them to quantify, but either quantitative method unsuitable or quantitative results do not take seriously, not have a good understanding to project risk factors , thus make some project in concrete implementation appear of risk or risk factors change , led to increase costs and economic benefit greatly decreased, causing the recessive cost of production.3. Countermeasures of Feasibility Study3.1. Strengthening Ideological Education and Quality Education of the Decision MakerIn order to make feasibility study go smoothly, decision makers should be educated to fully realize the importance and function of the feasibility study. The ideologycal recognition and definite feasibility study effect, so that it can from the fundamental guarantee of feasibility study work smoothly. In addition, there must be necessary education to investors to improve the quality and professional skills of their own, so that when making decisions they can decisively and correctly make decision to reduce implicit costs and increase profits.3.2. Improving ability of the deviserInstitutions of training feasibility study professional must be established and perfected ,related departments should organize professional training regularly. Professional ethics education should is necessary to make professionals realize the importance of feasibility study; in the mean time , in order to decrease fault because of professsional skills deficiency and increase correctness of feasibility study professional skills must be enhanced. Establishing and perfecting of the feasibility study for the vocational education training employees of the system, by related departments groups regularly for feasibility research personnel's service training.3.3. Pay Attention to Market Investigation and Market ResearchIn the feasibility study phase, in order to avoid "negotiable without city" awkward situation and more implicit costs, feasibility study professionals should be ready for market research and market forecast work. This requires the relevant personnel take related work seriously, guarantee the correctness of market information to reflect a true market prospect. And earnestly analyze the market consumption levels, an accurate grasp of market demand. In order to keep commodity to consumption group and to avoid implicitcosts, feasibility study professionals must earnestly analyze the market consumption levels, grasp market needs and main consumption groups accurately, prepare for marketing positioning.3.4. Compare and Chose Comprehensive Investment ProjectFor a specific project there may be several different investment plan, after accurately study and compare of every investment project, the optimal project can be achieved. Through compare of different comprehensive investment project risks can be reduced, more profits can be achieved. That proves feasibility study plays a important role in reducing costs and making accurate decisions.3.5. Paying More Attention to Environmental EvaluationPay importance to environmental evaluation, abstractly analyze environmental impact. qualitative analysis must be made thoroughly if quantitative analysis is not suitable. During site selecting phase, in order to decrease later costs and implicit costs load capacity of environment around must be taken into account. When considering investment project, we should realize environment impact and economic profit to chose relatively environmental project and reduce implicit costs.3.6. Deepen Investment Projects Sensitivity and Risk AnalysisIn order to effectively prevent and control the risk, in feasibility study, we should strengthen the sensitivity analysis, pay great attention to digging the potential risk factors, such as investment environment risk, project construction risk, etc. And we should pay special attention to unfavorable factors and bad results, for example, implicit cost because of residents unmovement; Implicit cost caused by construction damage and extension of construction limits time limit because of local seasonal natural disaster. Therefore we should unify the quantitative analysis and qualitative analysis and give priority to quantitative analysis so as to prevent risk purposely and make scientific decisions. If sensibility analysis and risk analysis should be based on scientific data, strategic fault of project can be reduced greatly so as to reduce implicit accuracy.可行性研究对房地产项目隐形成本的相关问题分析摘要：据了解，房地产项目的可行性研究在房地产开发中起着重要的作用。
房地产营销策略中英文对照外文翻译文献
房地产营销策略中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Innovation Model of the Real Estate Marketing StrategyAbstract:With the rapid development of the real estate industry, real estate market is constant maturity, real estate marketing continues to move to a higher level, and real estate marketing innovation has become a key factor of the survival and sustainable development of enterprises. Through analyzing the development and the limitations of the traditional marketing theory, this paper proposes marketing strategy innovationfrom the customer satisfaction, differentiation, experience marketing, integrated marketing, relationship marketing, network marketing, and several other aspects. At last the paper builds innovation model of the real estate marketing strategy.Key words: the real estate, marketing strategy, traditional marketing, innovation model.1. INTRODUCTIONAt present the salient features of the real estate market can be summarized as two words: high and fast. On the one hand, the real estate market vacancy rate is high. As of the end of March 2006, area of vacant commodity housing reached 1.23 billion square meter, up 23.8%,if the average 4,000 yuan per square meter to calculate, its total assets is approximately 5000 billion yuan. The current vacancy rate of China's real estate market is far more than the international police line10%,reaches 20% even 30%.On the other hand, we have seen rapid increases in house prices. By the end of March 2006, the survey jointly issued by National Development and Reform Commission and the National Bureau of Statistics showed that, in February 2006,70 medium-sized cities nationwide housing sales price of a new year-on-year rise 6.2%, national housing prices maintained a steady growth, 70 medium-sized cities housing sales price rose over the same period last year 5.5%. The major reasons are: helped purchase investment, structural imbalance, and a serious lack of marketing concepts.2.TRADITIONAL REAL ESTATE MARKETING STRATEGY AND ITS DRAWBACKSThe peak of traditional marketing theory is founded in the United States in 1960 of the Michigan State University 4P theory, marketing is the effective combinations of four basic elements, that is, Product, Price, Place, Promotion. The theory assumes that as long as an enterprise have high-quality products, the development of a reasonable price, using the appropriate distribution channels and suitable promotional measures, corporate expected marketing objectives can be successfully achieved. The theory of "enterprise-centric" implemented the marketing from the inside out.Product as the core marketing strategy is the product as a source of competitive advantage, product development, product market share as the driving force of corporate profits, products asset-oriented, configure a variety of marketing resources, to achieve the most excellent product portfolio in limited resources, to enable enterprises to achieve maximum profit in order to obtain the sustainable developmentof enterprises. Its main drawbacks are: it is no guarantee that the product itself will certainly be able to meet the market demand, concerned about the process of product marketing, the indicators products of less than expected for the future, and Product portfolio management to make business performance evaluation results of one-sidedness (Bai 2006).In the face of harsh market conditions, real estate companies began to rethink their marketing, and gradually accepted theory 4C. 4C is the desire and needs of consumers (Consumer), the cost of consumer access satisfaction (Cost), the convenience of consumers to buy (Convenience), business and consumers effective communication (Communication). The real importance of 4C theory lies in the behavioral responses of consumers, through the two-way communication of businesses and consumers, the establishment of stable long-term relationship, to establish the competitive advantage of enterprises and brand in the market. 4C theory suggests that, in the marketing mix, product, pricing, marketing channels and other variables are likely to be imitated by competitors to or surpass, but only the value of corporate brand is hard to replace, and that is closely related to the degree of consumer recognition , so enterprises must fully arrange marketing mix strategy for the consumer's point. This theory emphased on consumer demand-oriented, full account of the cost of consumers willing to pay, care for the convenience of consumers, and communicate to consumers, so as to promote the combination between long-term interests of the community and the economic interests of businesses.In 20th century 90’s, the United States, Schulz put forward 4R theory, that is Related, Reflect, Relation, Reward, set forth the new marketing elements, including the establishment of linkages with customers, improving market reaction speed, attention to relationship marketing and marketing returns. This theory is oriented to competition, to focus on relationship marketing, to maintain the long-term cooperative relations between business and clients.Under the new situation, real estate sales face new challenges, and marketing strategy innovation is imperative. When consumers’ choose to living no longer stays in the emotional consumer, when the market demand shifts from emphasis on experience living life to the pursuit of high-quality conversion, real estate is on the access to “quality of the winning” time. This requires the implementation of total quality marketing in the whole process of real estate development and operation.From planning to design, from material selection to construction, from recruitment to the service system building, brick by brick, plant by plant, real estate businesses will invest time and energy to build to enable target customers find valuable “quality.”Commodities as a result of real estate properties and real estate companies in China based on different levels, the situation is different, marketing and business marketing are still in development, so at least one time, 4Ps, 4Cs, 4Rs will be used in different companies. 4Ps of marketing theory is a basic framework for marketing though thinking in standing enterprises terms. 4Cs marketing theory thinks standing in terms of customers, but they do not focus on the overall operation from the business perspective, but there is no focus from the core purpose of marketing to analyze the problem, 4Ps and 4Cs marketing are static description to key elements of the marketing process, not a dynamic process from the marketing core purpose. 4Rs is the result of two integrated refining, to meet the core of marketing, and is a dynamic process. But 4Rs is not as a substitute for 4Ps, 4Cs, but is innovation and development based on the 4Ps, 4Cs, so we can not be separated into three or even against. Only in this way enterprises can be in fierce competition in the real estate market.3. INNOV ATIVE MARKETING STRATEGY3.1 Differences in the Quality of PositioningThrough the survey analysis of the state of objective customers demand and expectations of the quality, the quality positioning of product is determined. On the quality of positioning, enterprises should not only focus on of the functional quality of products, but also the applicability of the quality of the product. In the increasingly prominent consumer personality today, enterprises must start from these two aspects of products innovation and personalized products in order to gain advantages in products. On the one hand, with the economic and technological developments, customer demand changes, customer puts forward new requirements for products, and enterprises must provide continuously innovative products for the customers to adapt to such changes. On the other hand, higher-level customers are no longer satisfied with mass produced products, they can reflect the personality of the more popular products. As a result of technology development, product personalization and production economies of scale are no longer mutually antagonistic contradictions. Enterprises can maintain a certain economy of scale, at the same time, to provide customers with individual products to meet their different needs, so that everycustomer can be satisfied with the feelings.3.2 Customer SatisfactionAs an enhancing tool to enterprise competitiveness, customer relationship management (CRM) has given rise to great concern to the real estate industry, and in some well-known real estate company has been applied.“Satisfactory” is a psychological term and refers to a person's positive state of mind. This state is due to that some outside stimulus make some sort of demand or expectations be met and the “desired” (that is, in line with the intention), in order to feel some kind of “Fiat” (that is, psychological pleasure). The premise of satisfied is this kind of outside stimulus, including the stimulation of physical, mental and a combination of both. Therefore, the master of marketing Philip Kotler defined customer satisfaction as: customer satisfaction refers to a person forms the formation of feeling state after comparing a product of the effect of perceived (or results) to his expectations, is the differences function between effect perceived and expectations. The features as followed: subjectivity, instability, the multilevel nature.Customer satisfaction can benefit to the enterprise through ongoing repeat purchase, recommendation of new clients. This is one of the reasons for many businesses to pursuit customer satisfaction. For real estate development enterprises, the significance of customer satisfaction is also reflected in these two areas. As shown in Figure 1, customer satisfaction from the purchase to satisfaction, from satisfaction to loyalty, and finally spread to their own friends and family, this process will result in high profit to real estate development companies. In order to increase customer satisfaction, enterprises should first collect information on customer needs, expectations and habits. These sources of information include: market analysis; through surveys to customers, meetings with customers as well as the concerns of specific customer groups and understand the customer's needs and the customer satisfaction information; not satisfied information from customers services failure report or customers complaining. Secondly, this information should be based on the development of real estate products; it can make use of QFD (Quality Function Deployment) to achieve. Third, we should come up with a solution according to complain and customers services failed report to improve the products and services (Yang 2006).3.3 Network MarketingThe 21st century is the century of network marketing. Real estate networkmarketing refers to a kind of marketing that enterprises make use of computer systems, networks online and interaction digital media to market research, product marketing and other business activities, so as to more effectively individuals and organizations contributed to the realization of transactions in order to achieve the objectives of corporate marketing (Xu 2007). With the advent of the age of electronic commerce, network marketing as a brand-new modern marketing idea will become real estate an irresistible trend.Network marketing has changed the traditional marketing of information “push” mode, and provides a “Pull” approach, consumers on the network can have a lot of initiative, you can decide when browsing, to which pages to visit, browse the contents of the information. In addition, if consumers are interested in real estate ads on the internet, you can click the relevant content, detail more information, real estate enterprises take advantage of this new type of marketing can get the following benefits: (1) Save the cost of marketing activities, (2) Consumers can participate in interactive marketing activities, (3)Use of multimedia functions to introduce a comprehensive real estate projects, (4) Network Marketing breakthroughs of the geographical boundaries of real estate marketing, (5) Provide 24-hour non-stop marketing services (Liu 2008).3.4 Integrated Marketing20th century 90’s, the United States, Professor D•E Schulz, who put forward Integrated Marketing, the basic idea can be summed up in two aspects: on the one hand, advertising, promotion, design, packaging and all communication activities are attributable to advertising campaigns within the framework; On the other hand so that the spread of a unified corporate advisory conveyed to consumers (Liu 2007). Its purpose is to use various means of communication to maximum effectiveness on different stages of marketing, and to establish long-term and maintain the relationship between businesses and consumers ultimately. For the implementation of the integrated marketing project, what consumers see and hear and what feel are exactly the same, the benefits of the project will be numerous different ways to communicate to consumers, consumer can be given a strong shock, so much repeated the same stimulation that the project has strengthened the impression the consumer, that will help increase consumer awareness of the project.Integrated marketing of real estate is formed based on the highly specialized division in the marketing aspect. It is under the guidance of the reunificationmarketing goal, a broad range of integrated marketing dynamic combination of systematic factors, the coordination of the various factors to adapt to the external marketing environment, for the different marketing tools at every stage of project development to play the best , unified, focused on the role, and ultimately establish a corporate image or brand groups, the overall strength and consistency, and to establisha long-term, two-way, to maintain the relationship.4. INNOV ATIVE MODEL OF REAL ESTATE MARKETING STRATEGY4.1 The Connotation of Innovative Model of Real Estate Marketing StrategyWith the development of the real estate industry, the customer has become a leader in the real estate market, real estate companies should shift customer perspective, customer satisfaction is the goal of marketing strategy. As a result of diversification of customer demand, the implementation of the difference between products and service is embodied the essence to achieve this goal. And integrated marketing and network marketing are means to achieve specific goals.Real estate marketing is full of innovation (Sui 2006). The so-called the whole real estate marketing refers to developers in the basis of full understanding and analysis of market demand, make the use of its available range of external and internal resources to optimize the combination, the conceptual design of the project and product positioning, planning and design, marketing plan promoting, property management and many other parts to this plan and co-ordinate the implementation and cost-effective process to make good.4.2 The Application of Innovative Model of Real Estate Marketing StrategyThe new situation setting new challenges to real estate sales, marketing strategy innovation is imperative. When consumers choose to live no longer staying in the emotional consumer, when the market demand shift from emphasis on living life experience to the pursuit of high-quality conversion, real estate access to "quality of the winning" Time. This requires the implementation of total quality marketing in the whole process of development and operation of real estate. From planning to design, from material selection to construction, from recruitment to the service system building, brick by brick, plant by plant, and real estate businesses are willing to invest time and energy to build to enable target customers find valuable “quality”.Total quality marketing is based on customer needs as the guide, focus on improving the quality of products and services, through the whole process of marketing efforts to improve product quality, by driving quality performance toachieve the objectives of customer satisfaction, which is a new marketing idea.The implementation of the comprehensive quality marketing require marketers to pay attention to not only the quality of the whole process of marketing, to implement the quality management of the whole process of marketing (that is, marketing a comprehensive quality management); but also pay attention to the quality of their products, to participate in developing and controlling product quality standards, so that the quality of products can meet consumer demands. On the one hand, through the external marketing of quality control, we can improve customer perceptions of product quality, thereby enhancing customer satisfaction with the product; On the other hand, through internal marketing, we can promote the improvement of product quality.5. CONCLUSIONSAll in all, the starting point of the real estate marketing should be people-oriented and the integrity of the operation, which is an objective requirement of demand-oriented economy. Fundamentally speaking, no one marketing strategy is superior to another channel, therefore real estate developers in the marketing process should not rigidly adhere to a sales channel, but should be in accordance with their respective actual conditions, according to different market situation, consumers and policy, using a variety of marketing mix, giving full play to all kinds of marketing tactics advantages.Real estate marketing is a system, the key lies in its marketing resources in every link of the restructuring process, which requires marketing innovation in the project to do every step of the operation of quantitative, technical and standardization. Real estate marketing includes not only location, environment, room, price, brand, which also covers the design, packaging, and promoting the entire process. Only the professional marketing system by combining the local market characteristics and characteristics of the project itself and is the most effective marketing innovation. Therefore, we should do: (1) Profound insight into the market, (2) Market research innovation, (3) Qualitative and quantitative decision-making combination, (4) Specialized and systematic planning and the promotion of sales planning, (5) Effective implementation and control of sales.译文:房地产营销策略的创新模式摘要：随着房地产行业的快速发展，房地产市场的不断成熟，房地产市场继续移动到一个更高的水平，房地产营销创新已成为企业生存和可持续发展的关键因素。
商业银行风险管理中英文对照外文翻译文献
商业银行风险管理中英文对照外文翻译文献(文档含英文原文和中文翻译)“RISK MANAGEMENT IN COMMERCIAL BANKS”(A CASE STUDY OF PUBLIC AND PRIVATE SECTOR BANKS) - ABSTRACT ONLY1. PREAMBLE:1.1 Risk Management:The future of banking will undoubtedly rest on risk management dynamics. Only those banks that have efficient risk management system will survive in the market in the long run. The effective management of credit risk is a critical component of comprehensive risk management essential for long-term success of a banking institution. Credit risk is the oldest and biggest risk that bank, by virtue of its very nature of business, inherits. This has however, acquired a greater significance in the recent past for various reasons. Foremost among them is the wind of economic liberalization that is blowing across the globe. India is no exception to this swing towards market driven economy. Competition from within and outside the country has intensified. This has resulted in multiplicity of risks both in number and volume resulting in volatile markets. A precursor to successful management of credit risk is a clear understanding about risks involved in lending, quantifications of risks within each item of the portfolio and reaching a conclusion as to the likely composite credit risk profile of a bank.The corner stone of credit risk management is the establishment of a framework that defines corporate priorities, loan approval process, credit risk rating system, risk-adjusted pricing system, loan-review mechanism and comprehensive reporting system.1.2 Significance of the study:The fundamental business of lending has brought trouble to individual banks and entire banking system. It is, therefore, imperative that the banks are adequate systems for credit assessment of individual projects and evaluating risk associated therewith as well as the industry as a whole. Generally, Banks in India evaluate a proposal through the traditional tools of project financing, computing maximum permissible limits, assessing management capabilities and prescribing a ceiling for an industry exposure. As banks move in to a new high powered world of financial operations and trading, with new risks, the need is felt for more sophisticated and versatile instruments for risk assessment, monitoring and controlling risk exposures. It is, therefore, time that banks managements equip themselves fully to grapple with the demands of creating tools and systems capable of assessing, monitoring and controlling risk exposures in a more scientific manner.Credit Risk, that is, default by the borrower to repay lent money, remains the most important risk to manage till date. The predominance of credit risk is even reflected in the composition of economic capital, which banks are required to keep a side for protection against various risks. According to one estimate, Credit Risk takes about 70% and 30%remaining is shared between the other two primary risks, namely Market risk (change in the market price and operational risk i.e., failure of internal controls, etc.). Quality borrowers (Tier-I borrowers) were able to access the capital market directly without going through the debt route. Hence, the credit route is now more open to lesser mortals (Tier-II borrowers).With margin levels going down, banks are unable to absorb the level of loan losses. There has been very little effort to develop a method where risks could be identified and measured. Most of the banks have developed internal rating systems for their borrowers, but there hasbeen very little study to compare such ratings with the final asset classification and also to fine-tune the rating system. Also risks peculiar to each industry are not identified and evaluated openly. Data collection is regular driven. Data on industry-wise, region-wise lending, industry-wise rehabilitated loan, can provide an insight into the future course to be adopted.Better and effective strategic credit risk management process is a better way to Manage portfolio credit risk. The process provides a framework to ensure consistency between strategy and implementation that reduces potential volatility in earnings and maximize shareholders wealth. Beyond and over riding the specifics of risk modeling issues, the challenge is moving towards improved credit risk management lies in addressing banks’readiness and openness to accept change to a more transparent system, to rapidly metamorphosing markets, to more effective and efficient ways of operating and to meet market requirements and increased answerability to stake holders.There is a need for Strategic approach to Credit Risk Management (CRM) in Indian Commercial Banks, particularly in view of;(1) Higher NPAs level in comparison with global benchmark(2) RBI’ s stipulation about dividend distribution by the banks(3) Revised NPAs level and CAR norms(4) New Basel Capital Accord (Basel –II) revolutionAccording to the study conducted by ICRA Limited, the gross NPAs as a proportion of total advances for Indian Banks was 9.40 percent for financial year 2003 and 10.60 percent for financial year 20021. The value of the gross NPAs as ratio for financial year 2003 for the global benchmark banks was as low as 2.26 percent. Net NPAs as a proportion of net advances of Indian banks was 4.33 percent for financial year 2003 and 5.39 percent for financial year 2002. As against this, the value of net NPAs ratio for financial year 2003 for the global benchmark banks was 0.37 percent. Further, it was found that, the total advances of the banking sector to the commercial and agricultural sectors stood at Rs.8,00,000 crore. Of this, Rs.75,000 crore, or 9.40 percent of the total advances is bad and doubtful debt. The size of the NPAs portfolio in the Indian banking industry is close to Rs.1,00,000 crore which is around 6 percent of India’ s GDP2.The RBI has recently announced that the banks should not pay dividends at more than 33.33 percent of their net profit. It has further provided that the banks having NPA levels less than 3 percent and having Capital Adequacy Reserve Ratio (CARR) of more than 11 percent for the last two years will only be eligible to declare dividends without the permission from RBI3. This step is for strengthening the balance sheet of all the banks in the country. The banks should provide sufficient provisions from their profits so as to bring down the net NPAs level to 3 percent of their advances.NPAs are the primary indicators of credit risk. Capital Adequacy Ratio (CAR) is another measure of credit risk. CAR is supposed to act as a buffer against credit loss, which isset at 9 percent under the RBI stipulation4. With a view to moving towards International best practices and to ensure greater transparency, it has been decided to adopt the ’ 90 days’ ‘ over due’ norm for identification of NPAs from the year ending March 31, 2004.The New Basel Capital Accord is scheduled to be implemented by the end of 2006. All the banking supervisors may have to join the Accord. Even the domestic banks in addition to internationally active banks may have to conform to the Accord principles in the coming decades. The RBI as the regulator of the Indian banking industry has shown keen interest in strengthening the system, and the individual banks have responded in good measure in orienting themselves towards global best practices.1.3 Credit Risk Management(CRM) dynamics:The world over, credit risk has proved to be the most critical of all risks faced by a banking institution. A study of bank failures in New England found that, of the 62 banks in existence before 1984, which failed from 1989 to 1992, in 58 cases it was observed that loans and advances were not being repaid in time 5 . This signifies the role of credit risk management and therefore it forms the basis of present research analysis.Researchers and risk management practitioners have constantly tried to improve on current techniques and in recent years, enormous strides have been made in the art and science of credit risk measurement and management6. Much of the progress in this field has resulted form the limitations of traditional approaches to credit risk management and with the current Bank for International Settlement’ (BIS) regulatory model. Even in banks which regularly fine-tune credit policies and streamline credit processes, it is a real challenge for credit risk managers to correctly identify pockets of risk concentration, quantify extent of risk carried, identify opportunities for diversification and balance the risk-return trade-off in their credit portfolio.The two distinct dimensions of credit risk management can readily be identified as preventive measures and curative measures. Preventive measures include risk assessment, risk measurement and risk pricing, early warning system to pick early signals of future defaults and better credit portfolio diversification. The curative measures, on the other hand, aim at minimizing post-sanction loan losses through such steps as securitization, derivative trading, risk sharing, legal enforcement etc. It is widely believed that an ounce of prevention is worth a pound of cure. Therefore, the focus of the study is on preventive measures in tune with the norms prescribed by New Basel Capital Accord.The study also intends to throw some light on the two most significant developments impacting the fundamentals of credit risk management practices of banking industry – New Basel Capital Accord and Risk Based Supervision. Apart from highlighting the salient features of credit risk management prescriptions under New Basel Accord, attempts are made to codify the response of Indian banking professionals to various proposals under the accord. Similarly, RBI proposed Risk Based Supervision (RBS) is examined to capture its direction and implementation problems。
房地产管理中英文对照外文翻译文献
房地产管理中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：竞争力因素:中国房地产竞争力研究竞争力研究竞争力的研究在学术界非常受管理学家的欢迎，近年来研究人员普遍认为映射一个组织的竞争环境有利于形成企业战略发展的良好基础(Feurer and Chaharbaghi, 1994)。
正如Waheeduzzaman和Ryans(1996)所提出的，竞争力的研究涉及多维概念和学科。
弗拉纳根等(2007) 关于企业的竞争力提供了一个关键性的结论和有价值的见解，并确定了三个主要流派理论：(1)竞争优势和竞争战略模型(例如波特，1990)；(2)基于资源视图(思路)和核心竞争力的方法。
（如Wernerfelt，普拉哈拉德和哈默，1984；巴尼，1991年)；(3)战略管理的方法(例如Wheelen和hungery,2002)。
总的来说，波特的企业竞争力理论的特点是竞争优势的产业组织视图。
波特(1990)开发了一个钻石框架，给出了四个获得和维持公司的竞争优势的因素：因素条件，需求条件，相关和支持产业，还有企业战略和竞争环境；按照波特的观点，存在两个外生因素，政府和机会对可控性(管理各种资源的能力)的影响；相对性(相对于其他公司)和活力(参与动态过程产生的结果)。
竞争力研究的基本思路关注的是公司特有的内部资源。
一般来说，基本思路假设竞争优势并不取决于市场和产业结构，而取决于一个企业的资源。
要想开发公司的核心竞争力，必须找到并加强这些企业特定资源。
该方法的基本理论是指通过特定资源和有效利用这些资源来实现竞争优势。
企业竞争力理论的第三个学派侧重于战略管理方法，如惠伦和hungery(2002)的定义，战略管理涉及到一系列管理决策和行动以确定公司的长期性能。
最近的战略管理理论的发展基于波特的理论和基本思路(例如，Wheelen 和hungery，2002)。
弗拉纳根等得出结论：这三个学派的理论在用自己的方式为公司实现竞争优势时非常有用，并且他们没有人可以解释其原因。
房地产投资风险评估分析 英文版
2.2 The Risk on Land Obtaining Stage
Once decide to invest and then turn into the stage of land obtaining. On this stage, the cost of advertising for ground and dismantling to move is large and require attention, so the risk is stronger. Advertising for ground and dismantling to move may involve many laws and social problems, so advertising for ground and dismantling to move are very difficult to progress smoothly. In the end investors have to pay more money and time than expected and bear larger opportunity cost. On the stage of land obtaining, the risk may also come from natural attribute, social attribute and the indetermination that comes from the department of programming.
房地产市场监管中英文对照外文翻译文献
房地产市场监管中英文对照外文翻译文献房地产市场监管中英文对照外文翻译文献(文档含英文原文和中文翻译)China's real estate market regulators need to studyAbstract: real estate has become an important pillar industry, real estate Development and closely related to the national economy. This paper theoretically discusses the real estate market monopoly, externalities, public goods characteristics and information asymmetry, and from our real estate Development process and the specificity of the perspective of the real estate market analysis studies, and thus fully proved right China's real estate market, the need for regulation.Keywords: real estate; market; regulation1. the real estate market failure determines the need for government regulationRegulatory Economics research amply demonstrated that market failure is a market economy, an important reason why government regulation, resulting in market failure is due mainly to a monopoly, externalities, public goods and asymmetric information, the real estate market also exists market failure.(A) the real estate market there is no monopolyMonopoly of real estate is determined by the real estate properties, real estate is the location of the main features of the non-mobility, a housing Once the location of other buildings on the irreplaceable, but also because there are floors, towards the various other factors, determine a house in each house are independent, so the property in the rental and sale, with regional and monopoly, and thus the formation of monopoly prices. As the largest real estate investment, long payback period, which can enter the real estate market can only be a few enterprises coupled with the limited supply of land and real estate Development and operation of the scale of requirements, it is easy to form partial or regional monopolies the land market by a government monopoly, affordable housing and low-rent housing provided by the Government. In order to stabilize housing prices, protecting the interests of consumers, the real estate market must be Government regulation.(B) the existence of external effects of the real estate marketReal estate includes both the concept of external economic activities in the real estate subject to the impact of other economic subjects, which also covers a number of other economic entities of the impact of economic entities on the property, the external effects of external economic and policy-makingfunctions of the main embodiment is different: externalities imposed by a party to only consider their own profit maximization problem, a matter of personal reason rather than social rationality.The external nature of the real estate according to different standards can be for a variety of categories according to their scope resulting from the effects of externalities can be divided into macro-and micro-externality. Macroeconomic externalities is a kind of real estate behavior of economic agents impose on others outside of the main benefits as a result of real estate investment and Development activities to improve the investment environment in the entire region, which for the industrial and commercial economic activity, cost savings and extended Industry profitability space. This real estate imposed on the beneficial effects on other industries is a macro-external economic phenomena. Urban industrial and commercial prosperity, not only enhances the economic vitality of the entire city, but also makes the relevant areas raise the level premium location, which is imposed on other sectors of the external economic effects of the real estate industry. Micro real estate outside the real estate industry refers to the various economic agents within or between the different economic activities in the real estate that exists between external effects. For example, the commercial and industrial real estate development activities on residential real estate development, distribution and consumption of both the existence of external influences.According to the nature and role of external influences the direction of the real estate be divided into external economies and external diseconomies. Any economic activity because the real estate benefit from external influences known as the real estate outside the economy. Because of real estate development made the city belongs to the real estate landscape greatly improved external economic. Any economic activity because the real estatedamaged by external influences known as the real estate external diseconomies. Urban land development and construction result in over-crowded housing, public green space reduction, and environmental pollution it is possible to reduce the value of the land affected, including many industries, including real estate development, which belongs to the real estate external diseconomies.(C) to provide the real estate market public goods (public goods)Consumption of goods that people can be divided into private goods (private goods) and public goods. Real estate economy, there are many public goods or 'quasi-public goods'. Such as urban infrastructure, flood control projects, earthquake engineering, public facilities. These projects due to large amount of investment, the investment recovery period is long, also difficult to exclude those who pay for the use, by the market to provide often leads to insufficient supply can only be provided by the Government. But the government is not necessarily the direct production by the Government, the Government may delegate or contracted out to independent companies to produce, the Government is only responsible for fund-raising and management.(D) The real estate transaction there is asymmetric informationInformation asymmetry is the imbalance distribution of the information in the trading parties. The consumers and operators, both in terms of the contract, the operator has on commodities, information superiority, enabling consumers to easily deceived, known as the information is not complete. Consumers of information on all aspects of consumer product knowledge is usually limited, they often do not know if commodity prices and the differences in how the quality of goods. Market information is not complete mainly as follows: 1. Information about the quality of goods is not complete, consumers have only the limited quality information. 2. The informationrelating to commodity prices is not complete, consumers have only the limited price information. Information asymmetry may occur in another situation, the part of consumers to grasp the message in its entirety, and the other some consumers have only the limited quality information. Competition on both sides to win in the competition, sources of information through the containment methods such as the expense of other information about each other, thereby beating the competition.With both the real estate product usability, but also has investment properties. Shops and offices are mainly dominated by investment buyers to purchase housing in part, investors, consumers and investors are very sensitive information, such as: When the Government announced a location to build the subway, or a place to build a large-scale shopping malls, then, as long as the information on a release, the surrounding homes will be price increases, indicating the real estate product already has the information on product features. The performance of the real estate market information asymmetry as follows: As the real estate development investment in large, extended period of time, can enter the real estate market vendors is relatively small, developed the product quality situation, the price situation, sales to consumers to said that, there is bias. The heterogeneity of real estate commodities, price changes and trading expertise and complexity of information asymmetry can lead to both buyers and sellers. Asymmetric information will increase transaction costs, reduce market efficiency, but also may lead to moral hazard and adverse selection.To ensure the validity of the real estate market information, there are two solutions, a market solution, that is, market participants through their own efforts to search for information, and to use their own knowledge and skills in information selection, analysis and so on. As the market participants are rational in itself, and it made such a search for information on the cost oftheir decision-making must be based on its own cost-benefit comparison, only the information that the cost of paying less than the gains for this purpose, he would to pay such efforts. However, this approach due to the following constraints, making this totally market-based solutions can not be implemented.First, the information search itself, there is a cost. Because of the uncertainty of trading partners, in order to accurately grasp the needs of all potential trading partners, as its trading direction, quantity and price, it is very difficult to do. Second, market participants and the differences inherent qualities, and some do not have the ability to identify the minimum of information, while others are unable to complete the information search and analysis. Third, due to market imperfections and information asymmetries, making moral hazard and opportunism prevail, resulting in information Ershi fraud losses are sustained by some market participants, this part of the people's interests can not be market compensationCan be seen, it is the particularity of the real estate market, making the real estate market information costs, or said to be totally market-oriented solutions for the transaction costs are so high, resulting in an average consumer can ill afford to pay for housing information on the sale of the marginal cost, so increases the investment risk, so that adverse selection and moral hazard problem can hardly be resolved, thereby reducing the operational efficiency of the market, distort the allocation of social resources. Therefore, in order to overcome the real estate market with incomplete information and non-symmetry of information arising from market issues, we need a detached role of the real estate market participants to intervene in the real estate market, monitor the operation of the real estate market for all investors the creation of equal opportunities, all kinds of information on actual market environment for the real estate market, open, fair, just andprovide a guarantee to reduce the purely market-based solutions to problems arising from high transaction costs. Thus, created a demand for the real estate market supervision requirements.Second, the particularity of China's real estate industry determines the need for regulation(1) China's real estate industry in the development of special course The real estate industry in China is an ancient and emerging industries, in over 2,000 years of feudal period and semifeudal and semicolonial period, although the change of dynasty, but the land and housing leasing, trading activities have not been interrupted, Ming and Qing Dynasties, it appears of professional real estate agent.From 1949 to 1990, China's real estate development can be divided into three stages: First, in 1949 and 1978 China's restrictions on the premises of the industry's consolidation phase. After the founding of the People's Republic, bureaucratic capitalists, real estate was confiscated, making it the state-owned assets allocated to the state organs, enterprises and units. From 1956 onwards, in various cities to carry out the socialist transformation of the real estate industry. To 1964, essentially eliminated the rental of the self-employment, at this time of urban land has in fact attributable to the State and to implement free, indefinite use of the system does not allow the sale of the transfer. 2 in 1979 ~ 1987 years of the initiation stage of China's real estate. In December 1978 established the Party's Third Plenum of the Eleventh taking economic construction as the center, China entered a new historical period of reform and opening up. In 1984 the State Planning Commission and the Urban-Rural Construction jointly issued a document, allowing for real estate development activities since then, China's real estate industry in China, started the regeneration of the earth. Third, in 1987 ~ 1990 Chinese real estate market is established. October 1987 Party CongressReport 13 for the first time that the socialist market system should include the real estate market. December 1, 1987, Shenzhen City to auction to sell the first piece of land. April 1988 'constitution' and 'Land Management Law' changes, the provisions of land use rights can be transferred and transfer in accordance with law. In May 1990, the State Council promulgated the 'The People's Republic of China urban state-owned land use right transfer and the transfer of the Provisional Regulations'. For the development of the land market provides a legal support, in order to lay the foundation for the establishment of the real estate market. Since 1990, China's real estate industry has entered a rapid development period. At the same time, we should note China's real estate market development is not smooth sailing, and from 1992 to 1993 of the housing boom have caused volatility in the real estate market has left a deep lesson.July 3, 1998 the State Council issued 'on further deepening the urban housing system reform to speed up housing construction notice', marks a new phase in the housing reform. That is parked housing distribution in kind, and gradually implement monetization of housing distribution, establish and perfect the affordable housing based multi-level urban housing supply system, development of housing finance, foster and standardize the housing market. Thus, the starting point of China's real estate market and the reality of the environment and the developed capitalist countries of Western and modern real estate market is different from one of China's real estate market from the land use system reform and the housing system reform began in the western developed countries from the beginning of privatization of land. The second is from the mid-20th century, 50 years to the late 80s, our country's history there had been nearly three decades of the real estate market becomes vacant, the Western developed countries in this period is the period of rapid development of the real estate market. Third, so far, China's real estatemarket is still there are still a large number of primary morphological characteristics, such as market mechanism is not perfect, the real estate market information should be functional, incentive function and balance function has not been fully realized. Fourth, based on public ownership as the mainstay of China's.房地产市场监管中英文对照外文翻译文献我国房地产市场监管的必要性研究摘要:房地产业已成为我国重要的支柱产业，房地产业的发展与国民经济紧密相关。
房地产企业财务风险识别及防范研究外文文献
房地产企业财务风险识别及防范研究外文文献Title: Identification and Prevention of Financial Risks in Real Estate EnterprisesAbstract: Real estate enterprises face various financial risks due to the nature of their business. Proper identification and prevention of these risks are crucial for the sustainability and success of the enterprises. This paper aims to provide a comprehensive review of financial risks in real estate enterprises, including market risk, credit risk, liquidity risk, operational risk, and legal risk. It also discusses various measures that can be taken to prevent and manage these risks, such as risk management systems, financial planning, and internal controls. Additionally, this paper highlights the importance of transparency and disclosure in real estate enterprises, as well as the role of government regulations and policies in mitigating financial risks.Introduction: Real estate enterprises are exposed to various financial risks, which can have a significant impact on their profitability, sustainability, and reputation. These risks arise from the nature of the real estate industry, which is characterized by high capital requirements, long investment horizons, and uncertain market conditions. Therefore, it iscrucial for real estate enterprises to identify and prevent these risks in order to maintain their financial health and achieve their business objectives.Financial Risks in Real Estate Enterprises: There are several types of financial risks that real estate enterprises may face. The following are some of the most common financial risks:Market Risk: Real estate enterprises are exposed to market risk, which arises from fluctuations in property prices and demand. Market risk can impact the value of the enterprise's assets, and therefore, its profitability and financial health. Credit Risk: Real estate enterprises may face credit risk, which refers to the risk of default by borrowers or tenants. This can result in loss of rental income or delays in debt repayment, which can negatively impact the enterprise's cash flow and liquidity.Liquidity Risk: Real estate enterprises are also exposed to liquidity risk, which refers to the risk of not having enough cash or liquid assets to meet financial obligations. This can occur due to unexpected expenses, changes in market conditions, or delays in property sales.Operational Risk: Real estate enterprises may faceoperational risk, which arises from internal processes and procedures. This can include errors in financial reporting, fraud, or inadequate risk management systems.Legal Risk: Real estate enterprises may also face legal risk, which refers to the risk of lawsuits or regulatory actions. This can result in financial penalties, reputational damage, or disruption of business operations.Prevention and Management of Financial Risks: Real estate enterprises can take several measures to prevent and manage financial risks. The following are some of the most effective measures:Risk Management Systems: Real estate enterprises should implement robust risk management systems that identify, measure, and monitor financial risks. This can include stress testing, scenario analysis, and risk modeling.Financial Planning: Real estate enterprises should also engage in financial planning that includes cash flow forecasting, budgeting, and scenario analysis. This can help the enterprise prepare for unexpected expenses or changes in market conditions.Internal Control: Real estate enterprises should establish internal controls that ensure the accuracy and reliability offinancial reporting, as well as prevent fraud and errors.Transparency and Disclosure: Real estate enterprises should maintain transparency and disclosure of financial information to investors, lenders, and other stakeholders. This can help build trust and confidence in the enterprise's financial health and management.Government Regulations and Policies: Real estate enterprises should also comply with government regulations and policies that mitigate financial risks. This can include zoning laws, building codes, and consumer protection laws.Conclusion: Financial risks are inherent in the real estate industry, and real estate enterprises must be proactive in identifying and preventing these risks. This requires a comprehensive understanding of the different types of financial risks, as well as effective measures to manage and mitigate these risks. By implementing robust risk management systems, engaging in financial planning, establishing internal controls, maintaining transparency and disclosure, and complying with government regulations and policies, real estate enterprises can maintain their financial health and achieve their business objectives.。
房地产财务风险英文参考文献
房地产财务风险英文参考文献Real Estate Financial Risks: A Review of the Literature Introduction:Real estate has always been considered a lucrative investment option due to its potential for high returns. However, like any other investment asset, real estate carries significant financial risks. Understanding and managing these risks are crucial for a successful real estate investment. This review aims to provide insights into the various financial risks associated with real estate investment by examining relevant literature.1. Market Risk:Market risk is one of the most significant financial risks in the real estate sector. It refers to the potential loss that an investor may incur due to fluctuations in property values caused by macroeconomic factors such as changes in interest rates, economic recession, or changes in government policies. Researchers have identified various risk indicators that can help assess market risk, such as rental yield trends, vacancy rates, and property price indices.2. Liquidity Risk:Real estate investments are typically illiquid as they require a significant amount of time to be converted into cash. Liquidity risk refers to the possibility that an investor may not be able to sell their property quickly or at a desired price. This risk is especially crucial during economic downturns or when there is a lack of demand in the real estate market. Researchers have focused on liquidity risk management strategies, including diversification, investment inliquid real estate assets, and the use of derivatives.3. Credit Risk:Credit risk arises when real estate investors or developers default on their mortgage payments or fail to repay their debt obligations. This risk can be mitigated through robust underwriting processes, credit risk assessments, and monitoring of borrowers' financial health. Researchers have explored the relationship between credit risk and real estate market conditions, as well as the impact of credit risk on property prices and investment returns.4. Operational Risk:Operational risk in real estate refers to the potential loss due to inadequate internal processes, systems, or human errors. It includes risks associated with property management, construction, leasing, and maintenance activities. Researchers have emphasized the importance of sound operational risk management practices, such as effective property management strategies, risk assessment frameworks, and proper due diligence before engaging in real estate transactions.5. Regulatory Risk:Regulatory risk encompasses the potential loss arising from changes in government regulations or policies affecting the real estate market. These changes can include zoning regulations, tax policies, or environmental regulations. Researchers have examined the impact of regulatory risk on real estate investment performance and have suggested strategies to manage this risk, such as staying informed about regulatory changes and diversifying investments across different jurisdictions.Conclusion:Real estate investment involves various financial risks that can significantly impact the overall performance of investments. Understanding these risks and implementing appropriate risk management strategies are paramount for real estate investors to achieve their investment objectives. This literature review provides a comprehensive understanding of the major financial risks associated with real estate investment and highlights research recommendations for managing these risks effectively.。
商业信贷风险的防范措施[英文版]
![商业信贷风险的防范措施[英文版]](https://img.taocdn.com/s3/m/d51897a1162ded630b1c59eef8c75fbfc67d9478.png)
商业信贷风险的防范措施[英文版]Commercial credit risk refers to the possibility that a borrower may default on their loan obligations, causing financial losses for the lender. To prevent such risks, financial institutions and lenders employ several measures:1. Thorough Credit Assessment: Before approving a commercial loan, lenders need to conduct a comprehensive credit assessment. This assessment involves analyzing the borrower's financial statements, credit history, industry trends, and market conditions. By thoroughly evaluating the borrower's creditworthiness, lenders can identify any potential red flags or risks.2. Diversification: Lenders should avoid overexposure to a single sector or borrower. By diversifying their loan portfolio across different industries and borrowers, lenders can spread their risk and minimize the impact of a potential default. Diversification helps maintain a balance between high and low-risk loans, reducing the overall credit risk.3. Collateral and Security: Lenders can reduce their credit risk by requiring borrowers to provide collateral or security for the loan. By holding collateral, such as real estate, equipment, or accounts receivable, lenders can mitigate the risk in case of default. This additional security provides lenders with a means to recover their losses through liquidating the collateral.4. Risk-Based Pricing: Lenders can adopt risk-based pricing, where the interest rate charged on a loan is determined by the borrower's creditworthiness. This practice helps align the loan pricing with the level of risk associated with the borrower. Higher interest rates charged to high-risk borrowers compensate for the increased credit risk, reducing the overall exposure.5. Regular Monitoring: Lenders should continuously monitor the financial health of their borrowers throughout the loan term. This involves tracking financial statements, industry trends, and any changes in the borrower's circumstances. Regular monitoring allows lenders to identify early warning signs of potential default, enabling them to take necessary actions to mitigate the risk.6. Credit Risk Management Policies: Financial institutions should establish robust credit risk management policies and procedures. These policies should define guidelines for credit evaluations, loan structuring, risk monitoring, and reporting. Regular training and adherence to these policies ensure consistency in risk management practices and reduce credit risk.7. Stress Testing: Financial institutions can conduct stress tests on their loan portfolio to assess its performance under adverse scenarios. These tests simulate challenging economic or market conditions to identify potential weaknesses in the portfolio and measure the impact of various risk factors. By stress testing, lenders can proactively address vulnerabilities and adjust their risk management strategies accordingly.8. Loan Loss Provision: Lenders should establish adequate loan loss provisions, which are funds set aside to cover potential losses from loan defaults. These provisions act as a safety net and help absorb the impact of credit losses. Accurate provisioning ensures that lenders are financially prepared to manage credit risks and maintains the stability of their overall operations.Overall, implementing these prevention measures helps financial institutions and lenders mitigate commercial credit risks effectively. By conducting thorough assessments, diversifying portfolios, requiring collateral, and actively monitoring borrowers, lenders can minimize potential losses and ensure the long-term sustainability of their lending activities.当谈到商业信用风险预防措施时，以下是更多相关内容：9. Early Warning Systems: Financial institutions can establish early warning systems to identify signs of potential credit deterioration or default. These systems use key performance indicators (KPIs) and risk triggers to detect early warning signs. By monitoring these indicators, lenders can take timely action, such as requesting additional collateral, restructuring loans, or initiating collection efforts, to mitigate the risk.10. Credit Enhancements: Lenders can use credit enhancements to reduce their credit risk exposure. These enhancements can include guarantees from third parties, letters of credit, or credit insurance. These additional forms of security provide an added layer of protection in case of default and help minimize the potential losses for the lender.11. Loan Covenants: Lenders can include loan covenants in the loan agreement to monitor and control the borrower's financial performance. These covenants may require the borrower to maintain certain financial ratios, meet specific cash flow targets, or provide regular financial reporting. By enforcing these covenants, lenders can identify any early signs of financial distress and take appropriate actions to mitigate the credit risk.12. Relationship Management: Building a strong relationship with borrowers is crucial in managing credit risk. Regular communication with borrowers allows lenders to stay informed about the borrower's financial health and any potential changes in their circumstances. By developing a relationship based on trust and open communication, lenders can address potential credit issues proactively.13. Robust Due Diligence: Before entering into any lending agreement, lenders should conduct robust due diligence. This includes conducting background checks on the borrower's management team, reviewing their business model and strategy, and assessing the borrower's overall reputation and track record. Thorough due diligence helps identify any potential red flags or risks associated with the borrower, reducing the likelihood of default.14. Credit Risk Transfer: Financial institutions can transfer some of their credit risk through various financial instruments, such as securitization or credit default swaps. This allows lenders to transfer a portion of their credit risk to other financial institutions or investors.By diversifying their risk exposure, lenders can enhance their overall risk management strategy.15. Regulatory Compliance: Financial institutions must comply with regulatory requirements and guidelines related to credit risk management. These regulations aim to ensure prudent lending practices and protect the stability of the financial system. By adhering to these regulations, lenders can mitigate potential credit risks and avoid costly penalties.16. Continuous Improvement: Credit risk management is an ongoing process that requires continuous improvement and adaptation. Financial institutions should regularly review and update their credit risk management practices to incorporate new industry trends, changes in regulatory requirements, and lessons learned from past experiences. A culture of continuous improvement helps lenders stay proactive and effective in managing credit risks.17. Risk Culture: Establishing a strong risk culture within the organization is crucial in managing credit risks. This involves promoting risk awareness and accountability at all levels of the institution. Employees should undergo regular training to understand the importance of risk management and their role in identifying and mitigating credit risks. Encouraging a risk-conscious culture enhances the overall effectiveness of credit risk prevention measures.18. External Ratings: Financial institutions can also rely on external credit ratings to assess the creditworthiness of borrowers. Ratings provided by recognized credit rating agencies help lenders evaluate the risk associated with a particular borrower or industry. These ratings provide an independent assessment of credit risk and help lenders make informed lending decisions.In conclusion, implementing a comprehensive set of credit risk prevention measures is essential for financial institutions and lenders to mitigate commercial credit risks effectively. Thorough credit assessments, diversification, collateral requirements, and regular monitoring are essential components of a robust credit risk management framework. Furthermore, stress testing, loan loss provisions, and early warning systems help lenders proactively address vulnerabilities and minimize potential losses. By incorporating these measures into their risk management strategies, lenders can ensure the long-term sustainability of their lending activities and protect against financial losses.。
怎么预防楼市风险英语作文
怎么预防楼市风险英语作文英文回答：Amidst the bustling city and its towering giants of glass and steel, I find myself contemplating the ever-present risks that lurk within the labyrinthine world of real estate. As an investor, I am acutely aware of the need to tread cautiously in this unforgiving arena.In the pursuit of financial growth, many individuals have ventured into the property market, lured by the promise of lucrative returns. However, the path to success is fraught with pitfalls, and those who fail to navigate them with wisdom may find themselves facing financial ruin. It is imperative, therefore, that we equip ourselves with the knowledge and strategies necessary to mitigate these risks.Firstly, it is essential to conduct thorough due diligence before making any investment decision. Examinethe property's location, market trends, and potential for appreciation. Seek advice from reputable professionals, such as real estate agents, brokers, and financial advisors, who can provide valuable insights and help you make informed choices.Secondly, diversify your portfolio by investing in a range of properties. Spread your investments across different locations, types of properties, and price ranges to reduce your exposure to market fluctuations. This strategy helps to mitigate the impact of any single property underperforming.Thirdly, avoid overleveraging yourself. While mortgages can be a valuable tool for financing property purchases, it is crucial to maintain a conservative debt-to-income ratio. Remember, the higher the leverage, the greater the risk of financial distress should the property market decline.Fourthly, stay informed about market conditions. Monitor economic indicators, such as interest rates, inflation, andunemployment, which can influence property prices. Adjust your investment strategy accordingly to minimize your vulnerability to market downturns.Finally, remember that real estate investment is a long-term game. Avoid chasing short-term gains and focus on building a solid foundation for your financial future. Be prepared to hold your investments through market cycles and ride out any temporary setbacks.By adhering to these principles, we can navigate the treacherous landscape of real estate with greater confidence and reduce our exposure to potential risks. However, it is important to note that even the most well-conceived strategies cannot guarantee complete immunity from the vagaries of the market. The key lies in making informed decisions, diversifying our investments, and maintaining a long-term perspective.中文回答：在繁华都市中，高耸入云的摩天大厦直插云霄，我开始思考房地产市场中无处不在的风险。
房地产市场风险中英文对照外文翻译文献
中英文对照外文翻译(文档含英文原文和中文翻译)原文:The research of risk prevention in real estate marketAbstractOn April 2, 2007, the second largest in the United States subprime mortgage company new century financial filed for bankruptcy protection to sign, the US subprime mortgage crisis. In September 2008, America's fourth-largest investment bank Lehman brothers filed for bankruptcy protection for logo, America's subprime crisis could worsen. The financial industry, with the further development of the subprime crisis, the crisis of an industry began to spread to the variety of the real economy, retail, auto industry, catering industry, and other fields of sales decline, shrinking demand situation. Not only that, influenced by the subprime crisis, thedomestic unemployment rising, continue to dollar depreciation, the stock index continues to decline, real estate prices continue to fall, falling consumer confidence index, economic prospects are grim. Contradictions in the real estate industry has been highlighted, real estate development project is overly dependent on bank capital, transfer all the risk to commercial Banks, the commercial Banks face huge real estate financial risks, is one of the prominent contradictions. This risk once the outbreak, poses a great threat to the entire system will be. Therefore, study how to prevent the real estate financial risks has the significant theory and realistic significance. Keywords: Real estate; Financial risk; Bank loan1 IntroductionReal estate industry is a high-risk industry, real estate finance in support of the rapid development of the real estate industry at the same time, inevitably bears the risk of real estate industry. Finance as the main suppliers of real estate funds, once appear, the financial crisis, the financial sector funds problems, will influence the development of the real estate industry. Multiplier effect in the real estate industry, real estate loans in bank portfolios accordingly trigger a multiplier effect, and this will lead to increase of bank's risk. When real estate prices continue to fall, real estate mortgage guarantee foundation will be weakened, and real estate financial risks is cumulative, once the outbreak, will expand rapidly, a large area of the financial turmoil. The main characteristic of this paper lies in the integrated use of knowledge of finance, statistics, theoretical analysis and empirical analysis, qualitative analysis with quantitative analysis, general analysis and specific analysis the way ofcombining analysis of real estate financial risks, the commercial bank loan balance relations empirical test with the theory of real estate prices, real estate prices is not content to get bank loans is granger cause test results, but set up a new variable, the real estate price and the bank loan and the relationship between a specific index of granger causality test again. Finally on the basis of test results, in the aspect of reading a large number of relevant literatures basis, put forward advice on how to prevent the real estate financial risks in commercial bank.2 Literature review2.1 Theory researchDavis (2008) from the perspective of the borrower and the bank demonstrates the real estate prices will affect the bank credit. The authors think that real estate price changes affect the borrower's expectations of their wealth, will affect their consumption plans, and further affect their credit demand. And from the perspective of the bank, the bank lending for real estate development loans and real estate assets mortgage is one of the most in all of its loan business pro-cyclical characteristics, the most volatile assets. Herring (2009) based on the international perspective, the study on the relationship between the real estate bubble and the banking crisis, the credit market model was constructed, caused the real estate bubble is pointed out that the focus of bank loans, real estate bubble would be likely to cause a banking crisis. Gale (2009) proposed the asset price model based on credit expansion, think the assets on the basis of value is formed by the investors to use its own funds asset prices, when investors use borrowed money to invest, as investors to borrow money only forlimited liability, they appear to be more preference for risk assets, so will continue to push up asset prices. In the theory, the bank loan is the important reason for the formation of asset bubbles. Krug (2010) through the study, almost all of the real estate bubble is caused by the bank financing. Collins (2010) pointed out that when real estate prices, the bank was willing to ease lending conditions and provide more real estate loans, proposed a link on the real estate industry and economic cycle of transmission mechanism, and stressed that in the case of weak regulation and foreign capital inflows, the role of the mechanism may be enlarged.2.2 Empirical researchCoolly (2012) of southeast Asia financial crisis in real estate prices and GDP per capita, loan balance vector auto regression analysis, points out that real estate prices will rise in six quarters of loans increase. Hofmann (2013) of 20 major industrialized countries real estate prices and GDP, the relationship between interest rates and lending was studied, and found that the 20 countries in the country can refuse to under 10% significance level real estate prices and GDP and bank loans null hypothesis does not exist co-integration relationship, and further points out that the changes in the real estate price cycle will lead to the change of the bank credit cycle for a long time. Davis (2010), selected sample data of 17 countries on commercial real estate prices and the relationship between the bank lending has carried on the empirical analysis, it is concluded that real estate prices will lead to the conclusion of bank credit expansion.3 Commercial Banks and real estate financial risks3.1 Real estate financeMany scholars have done how to define the connotation and extension of the real estate financial aspects of the discussion and research. Is widely recognized, real estate finance generalized refers to all and housing development, construction, trade, consumption and management of financing activities related to the economic activity and the narrow sense of real estate finance refers to the nonprofit housing agencies or consumer with the residents of housing development, construction, trade, consumption and management and other economic activities related to the financing activities. In this study, tend to use the broad scope of real estate finance, and real estate finance is in real estate development, construction, trade, consumption and management in the process of a series of the floorboard of the financial activities, including through currency circulation and credit channel of monetary financing, financing and other related financial activities. The basic function of real estate finance is by using a variety of financial instruments and tools for the real estate industry and raise money, for the development of the real estate industry, circulation and consumption to provide financial support, to ensure the smooth progress of the real estate development activities. According to the types of business can put the real estate finance is divided into five categories, absorption of the real estate industry, housing savings deposit and lending for real estate, real estate investment pawn, trust, insurance, currency settlement and real estate agents in securities offerings. According to the service object can be the real estate finance is divided into two categories, for the real estate industry of real estate development, construction, trade, consumptionand management activities such as the service of "real estate financial" and for the residents of the residential building, purchasing, maintenance, and decoration and consumption activities such as service "housing finance". Real estate finance is the great combination of financial activity and the real estate industry. First of all, the real estate finance to asymmetric, the borrower usually in proportion to pay a small amount of down payment for the right to use house, then borrow the rest of the money from financial institutions, amortization: secondly, the real estate loan repayments guaranteed, if the borrower can't timely payment, so the mortgage houses, cars and other property will being reclaimed by lenders, then realized by the mortgaged property to offset loan losses.3.2 Summaries of real estate financial risksReal estate finance risk refers to the financial institutions, real estate finance business, due to the decision-making errors, poor management or the change in the objective environment causes the return on assets, or the possibility of credit losses. General real estate financial risk refers to a system of real estate finance faces all the risk, not just refers to a financial institution or a project risks. Typical real estate risk, the risk of commercial Banks are facing, as in the real estate finance business will also encounter, only form different, here is a typical real estate financial risks, mainly includes:3.2.1 Interest rate riskIn the real estate finance business, the commercial bank is the main basis risk and option risk. Basis risk refers to the reprising of assets and liabilities of time even ifBanks are the same, but as long as the deposit interest rate and loan interest rate adjustment is not completely consistent, Banks will face the risk. The decision is not commercial bank deposit and lending rates, is likely to see the central bank in order to achieve control target and make the regulation range of the two is not consistent, the profit space may be compressed, commercial Banks face a loss; Option refers to the risk due to various reasons in advance if the borrower repay the housing loan principal and interest of risk. If the central bank cut interest rates continuously, rational and will have the ability of borrowers to repay the outstanding loan lent a lower interest rate of loan, the default behavior will make the commercial bank profit losses.3.2.2 The risk of defaultAccording to the reasons, it can be divided into moral credit risk and the risk of credit moral credit risk. In real estate finance business, the morality risk refers to the borrower has the ability to clearly reimbursement, but due to interest, malicious or deferred payment is directly to stop paying and brings to the commercial bank credit risk. The moral hazard refers to the borrower under the influence of the factors of force majeure unable to complete the credit risk caused by payment. Among them, the morality is can control and manage credit risk, the current promoting credit reporting system is one of the preventive measures. According to the object can be divided into developers default risk and personal risk of default.3.2.3 Systemic riskAlso it is called undiversifiable risk, policy risk, mainly involved in the business of real estate finance economic cyclical fluctuation risk, purchasing power risk, etc. Inorder to prevent a housing bubble after the international financial crisis, countries enacted some inhibition of the real estate market economic policies and regulations, which have an impact on the real estate market, indirect affect the development of real estate finance business and innovation, so the policy risk can cause a loss to commercial Banks. Economic cycle fluctuation on economic blow is huge, and cannot be spread out, when the economy is in a low, the real estate market are not immune to the possibility of considerable commercial bank losses. Purchasing power risk, also known as inflation, changes in the price level leads to the real burden of borrowers and lenders and real earnings uncertainty, the possibility of actual loss of the commercial Banks.译文:房地产市场风险防范研究摘要2007年4月2日，以美国第二大次级抵押贷款公司新世纪金融公司申请破产保护为标志，美国次贷危机爆发。
商业地产英文文献
商业地产英文文献IntroductionCommercial real estate refers to properties that are primarily used for business-related activities, such as office buildings, retail spaces, and industrial complexes. The market for commercial real estate is a crucial component of the global economy, as it plays a vital role in supporting businesses, generating revenue, and encouraging economic growth. In this document, we will explore some key aspects of commercial real estate, including its significance, trends, and challenges.Significance of Commercial Real EstateEconomic ImpactCommercial real estate significantly contributes to the economy by providing spaces for businesses to operate. The demand for commercial properties creates jobs, attracts investments, and stimulates economic growth. It also generates revenue through property taxes, rental income, and related services, contributing to the government’s budget and public services.Business OperationsCommercial properties are essential for a wide range of businesses, including offices, retail stores, restaurants, hotels, and warehouses. Having an appropriate space in a strategic location can have a direct impact on a business’s success.Commercial real estate provides entrepreneurs with the infrastructure and facilities necessary to conduct their operations efficiently.Investment OpportunitiesInvesting in commercial real estate can be a lucrative venture. Properties that generate rental income can provide investors with a steady cash flow and long-term returns. Moreover, commercial properties often appreciate in value over time, allowing investors to build wealth through the appreciation of their assets. Real estate investment trusts (REITs) provide an opportunity for individuals to invest in commercial real estate without directly owning the properties.Trends in Commercial Real EstateTechnology IntegrationTechnology is revolutionizing the commercial real estate industry. Internet of Things (IoT) devices are being used to collect and analyze data, allowing property owners and managers to improve operations and enhance tenant experience. Artificial Intelligence (AI) is employed to automate processes and provide predictive analytics for property management. Virtual reality tools enable potential tenants to explore properties remotely and make informed decisions.Sustainable and Green BuildingsThere is a growing emphasis on sustainable and green buildings in commercial real estate. Developers and property owners are incorporating eco-friendly features to reduceenergy consumption, minimize environmental impact, and improve indoor air quality. Energy-efficient lighting, solar panels, green roofs, and water-saving systems are some of the sustainable practices being adopted in commercial real estate.Coworking Spaces and Flexible OfficesThe rise of startups and freelancers has led to an increased demand for coworking spaces and flexible offices. These shared workspaces provide a cost-effective solution for entrepreneurs and small businesses, offering the flexibility to scale up or down as needed. Commercial real estate developers are adapting to this trend by creating innovative and collaborative environments that cater to the needs of modern workers.Challenges in Commercial Real EstateEconomic CyclesCommercial real estate is susceptible to economic cycles, which can impact property values, rental rates, and occupancy levels. During periods of economic downturn, the demand for commercial properties may decrease, leading to higher vacancies and lower rental incomes. Understanding and predicting economic cycles is essential for investors, developers, and property managers in mitigating potential risks.Regulatory EnvironmentThe commercial real estate industry is subject to various regulations and zoning laws that govern land use, buildingcodes, and safety standards. Compliance with these regulations can be complex and time-consuming, requiring significant resources. Changes in regulations can also impact property values and the overall market dynamics.Technological ObsolescenceAs technology continues to advance at a rapid pace, there is a risk of commercial properties becoming technologically obsolete. Outdated infrastructure and lack of technological integration can make a property less attractive to tenants and limit its competitiveness in the market. Property owners must stay updated with the latest technological advancements to remain relevant and meet the evolving needs of businesses.ConclusionCommercial real estate plays a vital role in supporting businesses, driving economic growth, and offering investment opportunities. With the integration of technology, emphasis on sustainability, and the rise of coworking spaces, the commercial real estate industry is continuously evolving. However, it also faces challenges related to economic cycles, regulations, and technological obsolescence. Understanding these trends and challenges is crucial for stakeholders in the commercial real estate sector to make informed decisions and navigate the dynamic market landscape.Note: This document is a fictitious representation created for demonstration purposes only.。
商业银行风险管理中英文对照外文翻译文献
商业银行风险管理中英文对照外文翻译文献(文档含英文原文和中文翻译)“RISK MANAGEMENT IN COMMERCIAL BANKS”(A CASE STUDY OF PUBLIC AND PRIVATE SECTOR BANKS) - ABSTRACT ONLY1. PREAMBLE:1.1 Risk Management:The future of banking will undoubtedly rest on risk management dynamics. Only those banks that have efficient risk management system will survive in the market in the long run. The effective management of credit risk is a critical component of comprehensive risk management essential for long-term success of a banking institution. Credit risk is the oldest and biggest risk that bank, by virtue of its very nature of business, inherits. This has however, acquired a greater significance in the recent past for various reasons. Foremost among them is the wind of economic liberalization that is blowing across the globe. India is no exception to this swing towards market driven economy. Competition from within and outside the country has intensified. This has resulted in multiplicity of risks both in number and volume resulting in volatile markets. A precursor to successful management of credit risk is a clear understanding about risks involved in lending, quantifications of risks within each item of the portfolio and reaching a conclusion as to the likely composite credit risk profile of a bank.The corner stone of credit risk management is the establishment of a framework that defines corporate priorities, loan approval process, credit risk rating system, risk-adjusted pricing system, loan-review mechanism and comprehensive reporting system.1.2 Significance of the study:The fundamental business of lending has brought trouble to individual banks and entire banking system. It is, therefore, imperative that the banks are adequate systems for credit assessment of individual projects and evaluating risk associated therewith as well as the industry as a whole. Generally, Banks in India evaluate a proposal through the traditional tools of project financing, computing maximum permissible limits, assessing management capabilities and prescribing a ceiling for an industry exposure. As banks move in to a new high powered world of financial operations and trading, with new risks, the need is felt for more sophisticated and versatile instruments for risk assessment, monitoring and controlling risk exposures. It is, therefore, time that banks managements equip themselves fully to grapple with the demands of creating tools and systems capable of assessing, monitoring and controlling risk exposures in a more scientific manner.Credit Risk, that is, default by the borrower to repay lent money, remains the most important risk to manage till date. The predominance of credit risk is even reflected in the composition of economic capital, which banks are required to keep a side for protection against various risks. According to one estimate, Credit Risk takes about 70% and 30%remaining is shared between the other two primary risks, namely Market risk (change in the market price and operational risk i.e., failure of internal controls, etc.). Quality borrowers (Tier-I borrowers) were able to access the capital market directly without going through the debt route. Hence, the credit route is now more open to lesser mortals (Tier-II borrowers).With margin levels going down, banks are unable to absorb the level of loan losses. There has been very little effort to develop a method where risks could be identified and measured. Most of the banks have developed internal rating systems for their borrowers, but there hasbeen very little study to compare such ratings with the final asset classification and also to fine-tune the rating system. Also risks peculiar to each industry are not identified and evaluated openly. Data collection is regular driven. Data on industry-wise, region-wise lending, industry-wise rehabilitated loan, can provide an insight into the future course to be adopted.Better and effective strategic credit risk management process is a better way to Manage portfolio credit risk. The process provides a framework to ensure consistency between strategy and implementation that reduces potential volatility in earnings and maximize shareholders wealth. Beyond and over riding the specifics of risk modeling issues, the challenge is moving towards improved credit risk management lies in addressing banks’readiness and openness to accept change to a more transparent system, to rapidly metamorphosing markets, to more effective and efficient ways of operating and to meet market requirements and increased answerability to stake holders.There is a need for Strategic approach to Credit Risk Management (CRM) in Indian Commercial Banks, particularly in view of;(1) Higher NPAs level in comparison with global benchmark(2) RBI’ s stipulation about dividend distribution by the banks(3) Revised NPAs level and CAR norms(4) New Basel Capital Accord (Basel –II) revolutionAccording to the study conducted by ICRA Limited, the gross NPAs as a proportion of total advances for Indian Banks was 9.40 percent for financial year 2003 and 10.60 percent for financial year 20021. The value of the gross NPAs as ratio for financial year 2003 for the global benchmark banks was as low as 2.26 percent. Net NPAs as a proportion of net advances of Indian banks was 4.33 percent for financial year 2003 and 5.39 percent for financial year 2002. As against this, the value of net NPAs ratio for financial year 2003 for the global benchmark banks was 0.37 percent. Further, it was found that, the total advances of the banking sector to the commercial and agricultural sectors stood at Rs.8,00,000 crore. Of this, Rs.75,000 crore, or 9.40 percent of the total advances is bad and doubtful debt. The size of the NPAs portfolio in the Indian banking industry is close to Rs.1,00,000 crore which is around 6 percent of India’ s GDP2.The RBI has recently announced that the banks should not pay dividends at more than 33.33 percent of their net profit. It has further provided that the banks having NPA levels less than 3 percent and having Capital Adequacy Reserve Ratio (CARR) of more than 11 percent for the last two years will only be eligible to declare dividends without the permission from RBI3. This step is for strengthening the balance sheet of all the banks in the country. The banks should provide sufficient provisions from their profits so as to bring down the net NPAs level to 3 percent of their advances.NPAs are the primary indicators of credit risk. Capital Adequacy Ratio (CAR) is another measure of credit risk. CAR is supposed to act as a buffer against credit loss, which isset at 9 percent under the RBI stipulation4. With a view to moving towards International best practices and to ensure greater transparency, it has been decided to adopt the ’ 90 days’ ‘ over due’ norm for identification of NPAs from the year ending March 31, 2004.The New Basel Capital Accord is scheduled to be implemented by the end of 2006. All the banking supervisors may have to join the Accord. Even the domestic banks in addition to internationally active banks may have to conform to the Accord principles in the coming decades. The RBI as the regulator of the Indian banking industry has shown keen interest in strengthening the system, and the individual banks have responded in good measure in orienting themselves towards global best practices.1.3 Credit Risk Management(CRM) dynamics:The world over, credit risk has proved to be the most critical of all risks faced by a banking institution. A study of bank failures in New England found that, of the 62 banks in existence before 1984, which failed from 1989 to 1992, in 58 cases it was observed that loans and advances were not being repaid in time 5 . This signifies the role of credit risk management and therefore it forms the basis of present research analysis.Researchers and risk management practitioners have constantly tried to improve on current techniques and in recent years, enormous strides have been made in the art and science of credit risk measurement and management6. Much of the progress in this field has resulted form the limitations of traditional approaches to credit risk management and with the current Bank for International Settlement’ (BIS) regulatory model. Even in banks which regularly fine-tune credit policies and streamline credit processes, it is a real challenge for credit risk managers to correctly identify pockets of risk concentration, quantify extent of risk carried, identify opportunities for diversification and balance the risk-return trade-off in their credit portfolio.The two distinct dimensions of credit risk management can readily be identified as preventive measures and curative measures. Preventive measures include risk assessment, risk measurement and risk pricing, early warning system to pick early signals of future defaults and better credit portfolio diversification. The curative measures, on the other hand, aim at minimizing post-sanction loan losses through such steps as securitization, derivative trading, risk sharing, legal enforcement etc. It is widely believed that an ounce of prevention is worth a pound of cure. Therefore, the focus of the study is on preventive measures in tune with the norms prescribed by New Basel Capital Accord.The study also intends to throw some light on the two most significant developments impacting the fundamentals of credit risk management practices of banking industry – New Basel Capital Accord and Risk Based Supervision. Apart from highlighting the salient features of credit risk management prescriptions under New Basel Accord, attempts are made to codify the response of Indian banking professionals to various proposals under the accord. Similarly, RBI proposed Risk Based Supervision (RBS) is examined to capture its direction and implementation problems。
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毕业设计附件外文文献翻译：原文+译文文献出处: Mender G. The research of commercial real estate investment risk and protection [J]. International Journal of Production Economics, 2016, 2(3): 32-41.原文The research of commercial real estate investment risk and protectionMender GAbstractCommercial real estate investment risk is significantly greater than the residential real estate investment, commercial real estate investment because of its characteristics, its development and the success or failure will have significant influence on the development of investment enterprises. sometimes have adverse consequences on the development of social economy. Many developers in the transformation of commercial real estate investment at the same time, due to the lack of judgment of commercial real estate investment risk, the risk of sudden loss what to do. Therefore, for commercial real estate investment risk evaluation research has important practical significance.Keywords: commercial real estate, risk management, risk assessment and prevention 1 IntroductionTraditional residential real estate investment market competition and regulation of national macro policy field of commercial real estate investment has become a new hot spot, many real estate developers have shifted from traditional residential investment to commercial real estate investment. Although the commercial real estate investment profits, but commercial real estate investment is a comprehensive, professional and technical strong investment activity, is also a high investment, high risk investment process. Determines the characteristics of commercial real estate investment amount, investment cycle is long, large cash ability is poor, both in the process of investment risk management risk, construction risk and other tangible andintangible risk such as policy changes. Therefore, the commercial real estate investment risk evaluation, make investors in the process of commercial real estate investment activities effectively guard against and evade risk is of great significance. The current commercial real estate investment has entered a rapid development of the "golden age", but at the same time cost of investment growth too fast, the scale of investment sprawl, formats form repeat and other uncertain risk factors. Therefore, in this paper, starting from the actual situation of commercial real estate investment, scientific and rational recognition problem encountered in the process of commercial real estate investment risk make investors for the risk of investment decision-making reference. Therefore, this article research significance lies in: explore the index system of commercial real estate investment risk factors, the identification of commercial real estate investment risk, on the basis of various factors affecting choice grey fuzzy mathematics method, the quantitative and qualitative analysis, set up a kind of commercial real estate investment risk evaluation model has practical value, in order to good for investors in the process of commercial real estate investment risk management of scientific, reasonable and effective.2 Literature review2.1 Risk managementRisk management (risk management) originated in the United States. In 1953, the United States, one of gm's car factory in a big fire became the opportunity of the development of the risk management, when human steps in advancing science and technology, scientific and technological knowledge to create the miracle constantly also brings new problems at the same time, it is these new scientific and technological knowledge can produce the problem such as hazard or damage to the environment, therefore, when the problem in front, because of the impact of social, legal, and economic risk management gradually began to be management scientists study. Began a few companies in the United States the inside of the top leaders gradually realized the importance of risk management. In 1963, the enterprise risk management is paid attention to by the United States and Europe. After this risk management became an independent discipline, systematic and scientific. Pure risk management is to reducethe risk of a series of procedures, involves to the enterprise risk management objectives, risk identification and estimation, the selection of evaluation methods, the risk response, as well as to the risk monitor constantly check and correction plan. In recent years, with the risk management mode is gradually from the perspective of a single risk for the development of the comprehensive risk management. The advantage of comprehensive risk management is can greatly improve the quality of the risk - benefit analysis. Only in the establishment of a comprehensive risk to bear ability management system, can be real prediction and resist risk. A revolutionary technological appears on the current as risk abroad study, the emergence of various risk analysis methods such as standard deviation method, the expected profit and loss value decision, the risk-adjusted discount rate method, expected utility decision, etc. 2.2 Commercial real estate investment riskThe European and American countries in the 20th century of commercial real estate returns of about 10%, has not the focus of concern of the investment community. With low state of the economy in the past 20 years, the profit of commercial real estate has remained at about 9%, so it is also widely on the study of commercial real estate; the current commercial real estate research has formed a set of relatively complete theoretical system. And in commercial real estate investment risk research, scholars have done a lot of research; in the late 1980 s Clayton began in the United States real estate risk research. After entering the 90 s, due to the international real estate investment in general, compared too many countries the risk of real estate investment has become a research focus. As investors increasingly realize the importance of risk management, including Hyss think in the research of the theory of commercial real estate investment risk at the same time, but also to the practice of the application of risk management tools. Webb and Myer (2003) study shows that the profit of commercial real estate is sensitive to interest rates. Modern portfolio theory of Markowitz showed that diversification is a commercial real estate investment in the most commonly used risk management methods. To sum up, for commercial real estate investment risk research abroad has reached a relatively mature level, but most of the research data are based on the foreign real estate trust funds (REITs) data. Solack of REITs in China under the background of the data, it is only through data mining industry itself, and in combination with a large number of empirical analysis to study the unique economic system under the commercial real estate investment risk, to further perfect the theory of commercial real estate investment risks.3 Overview of commercial real estate investment3.1 Concept of commercial real estateReal estate can be divided into residential real estate and nonresidential real estate. "Commercial real estate" is relative to the "residential property", it is the combination of business and real estate, but is not the simple addition. So-called commercial Real Estate (Business Real Estate), it is to point to in the process of commercial Real Estate investment, the investment estimation, development planning, market positioning, the combination of the formats, investment promotion, sales and operations management as a whole process in order to the operation of the Real Estate development and Business. Various forms of commercial real estate, mainly including shopping mall, entertainment, shopping plaza, office buildings, commercial real estate professional markets, shops, hotels, hotels, shopping malls, wholesale markets, discount stores, factory outlets shops on the bottom floor and residential, etc. Most commercial real estate is to use an investor overall development project, and then to collect rent shops operating mode. In addition the common home base business and office buildings and other commercial real estate investment projects due to funding pressure will adopt the shop sales business model. No matter which kind of mode, the commercial real estate investment projects need enough attention in the operation and management of late. Commercial real estate investment is a comprehensive, professional and technical strong investment activity, is also a high input, high return and high risk investment process. Determines the characteristics of commercial real estate investment amount, investment cycle is long, large actability is poor, both in the process of investment risk management risk, construction risk and other tangible and intangible risk such as policy changes.3.2 Characteristics of the real estate investment3.2.1 The immobility of real estate investmentReal estate investment is to invest in land, the land development and building a kind of investment activities, because the land is fixed, so the real estate investment of land and buildings with regular sex. This feature is the basic real estate investment, so the investment for real estate investment decision-making is very important, once the decision-making errors will give investors and caused heavy losses.3.2.2 Density of real estate investment capitalThe real estate industry is a capital intensive industry, a real estate investment project, according to the size of the different, input costs millions to billions of dollars even. The characteristics of real estate investment are decided by its own investment process. Because this feature has the following points: high land costs. Land resources belong to the scarce resources, although the land area of 960 square kilometers, but due to the large population makes the per capita possession of land is still less. Land supply system also determines the costs of land's high-cost nature, location, good environment, the area of land nature price is expensive, the land belongs to the natural resources at the same time, must spend a lot of money to be the development and utilization, so that real estate investment high land costs. High building cost. With building management personnel, technical personnel and a large number of construction workers and a number of construction machinery are use a lot of building materials and supplies. Real estate funds used in building houses for private use only a tiny fraction of that most of the money by financing, so large amount of money to pay a high interest, so the cost of building is also high. Real estate transaction costs high. In real estate transactions involve the management departments and various sectors of the society also. Real estate transactions before the developer will need to pay hefty fees to the national related departments, advertising, public relations in the process of transaction cost and so on have greatly increased the real estate transaction costs3.2.3 Long cycles of real estate investmentReal estate investment in the line for a long period of time not only includes the construction of the entire project development cycle is long, also includes real estate investment payback period is long. The cycle of real estate investment goes through many links, from access to land, construction and development, property sales, untileventually recover all the investment funds and ultimately win profit is need a long time.3.2.4 The binding of real estate investmentReal estate investment should be carried out according to the requirements of city planning to the corresponding development, every city has a corresponding planning layout and functional partition, only obey these requirements, to investment projects will combine the macro social environment and micro economic benefits. Real estate investment itself has a high density of funds, and compared with the residential real estate investment "development - sell" pattern can immediately recover its investment and profit after sale, commercial real estate also need to invest a lot of money after the completion of the project development to ensure that the later business, therefore, commercial real estate investment not only requires a lot of money, and more long payback period of investment. Commercial real estate investors must have strong economic strength to ensure the funding needs of commercial real estate investment projects.4 Commercial real estate investment characteristics4.1 Large commercial real estate investment demandsReal estate investment itself has a high density of funds, and compared with the residential real estate investment "development - sell" pattern can immediately recover its investment and profit after sale, commercial real estate also need to invest a lot of money after the completion of the project development to ensure that the later business, therefore, commercial real estate investment not only requires a lot of money, and more long payback period of investment. Commercial real estate investors must have strong economic strength to ensure the funding needs of commercial real estate investment projects.4.2 High profitability of commercial real estate investmentCommercial real estate profits mainly on business income. The influence of the location, after the completion of business management, etc., will have an effect on income. At the same time, a mature operation, has a good brand effect of the rise of commercial real estate value can also be regarded as investment gains.4.3 Commercial real estate operation mode variedCommercial real estate in general is given priority to with lease or buy the store, at present most of the commercial real estate investment project is to use this model to reap the benefits. To the investors after their investment in the development of management or professional management team, creating shopping plaza, leisure, entertainment, catering food such as the combination of a variety of business operation mode.译文商业地产投资风险及防范Mender G摘要商业地产投资风险明显大于住宅地产投资，商业地产投资因为其自身特点，其开发的成败会对投资企业的发展造成重大的影响，有时还会对社会经济的发展产生不良的后果。