商业银行风险管理中英文对照外文翻译文献.

合集下载

财务风险管理外文翻译英文文献

财务风险管理中英文资料翻译Financial Risk ManagementAlthough financial risk has increased significantly in recent years,risk and risk management are not contemporary issues. The resultof increasingly global markets is that risk may originate with eventsthousands of miles away that have nothing to do with the domesticmarket。

Information is available instantaneously，which means thatchange, and subsequent market reactions, occur very quickly.The economic climate and markets can be affected very quickly bychanges in exchange rates，interest rates, and commodity prices. Counterpartiescan rapidly become problematic. As a result，it is important toensure financial risks are identified and managed appropriately。

Preparationis a key component of risk management。

What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure havesubtle differences in their meaning. Risk refers to the probability of loss，while exposure is the possibility of loss, although they are often usedinterchangeably。

外文翻译中英文对照

Strengths优势All these private sector banks hold strong position on CRM part, they have professional, dedicated and well-trained employees.所以这些私人银行在客户管理部分都持支持态度，他们拥有专业的、细致的、训练有素的员工。

Private sector banks offer a wide range of banking and financial products and financial services to corporate and retail customers through a variety of delivery channels such as ATMs, Internet-banking, mobile-banking, etc. 私有银行通过许多传递通道（如自动取款机、网上银行、手机银行等）提供大范围的银行和金融产品、金融服务进行合作并向客户零售。

The area could be Investment management banking, life and non-life insurance, venture capital and asset management, retail loans such as home loans, personal loans, educational loans, car loans, consumer durable loans, credit cards, etc. 涉及的领域包括投资管理银行、生命和非生命保险、风险投资与资产管理、零售贷款（如家庭贷款、个人贷款、教育贷款、汽车贷款、耐用消费品贷款、信用卡等）。

Private sector banks focus on customization of products that are designed to meet the specific needs of customers. 私人银行主要致力于为一些特殊需求的客户进行设计和产品定制。

金融风险管理外文翻译文献

金融风险管理外文翻译文献(文档含英文原文和中文翻译)原文：Enterprise Risk Management in InsuranceEnterprise Risk Management (hereinafter referred as “ERM”) interests a wide range of professions (e.g., actuaries, corporate financial managers, underwriters, accountants,and internal auditors), however, current ERM solutions often do not cover all risks because they are motivated by the core professional ethics and principles of these professions who design and administer them. In a typical insurance company all such professions work as a group to achieve the overriding corporate objectives.Risk can be defined as factors which prevent an organization in achieving its objectives and risks affect organizations holistically. The management of risk in isolation often misses its big picture. It is argued here that a holistic management of risk is logical and is the ultimate destination of all general management activities.Moreover, risk management should not be a separate function of the business process;rather, managing downside risk and taking the opportunities from upside risk should be thekey management goals. Consequently, ERM is believed as an approach to risk management, which provides a common understanding across the multidisciplinary groups of people of the organization. ERM should be proactive and its focus should be on the organizations future. Organizations often struggle to see and understand the full risk spectrum to which they are exposed and as a result they may fail to identify the most vulnerable areas of the business. The effective management of risk is truly an interdisciplinary exercise grounded on a holistic framework.Whatever name this new type of risk management is given (the literature refers to it by diverse names, such as Enterprise Risk Management, Strategic Risk Management, and Holistic Risk Management) the ultimate focus is management of all significant risks faced by the organization. Risk is an integral part of each and every action of the organization in the sense that an organization is a basket of contracts associated with risk (in terms of losses and opportunities). The idea of ERM is simple and logical, but implementation is difficult. This is because its involvement with a wide stakeholder community, which in turn involves groups from different disciplines with different beliefs and understandings. Indeed, ERM needs theories (which are the interest of academics) but a grand theory of ERM (which invariably involves an interdisciplinary concept) is far from having been achieved.Consequently, for practical proposes, what is needed is the development of a framework(a set of competent theories) and one of the key challenges of this thesis is to establish the key features of such a framework to promote the practice of ERM. Multidisciplinary Views of RiskThe objective of the research is to study the ERM of insurance companies. In line with this it is designed to investigate what is happening practically in the insurance industry at the current time in the name of ERM. The intention is to minimize the gap between the two communities (i.e., academics and practitioners) in order to contribute to the literature of risk management.In recent years ERM has emerged as a topic for discussion in the financial community,in particular, the banks and insurance sectors. Professional organizations have published research reports on ERM. Consulting firms conducted extensive studies and surveys on the topic to support their clients. Rating agencies included theERM concept in their rating criteria. Regulators focused more on the risk management capability of the financial organizations. Academics are slowly responding on the management of risk in a holistic framework following the initiatives of practitioners.The central idea is to bring the organization close to the market economy. Nevertheless,everybody is pushing ERM within the scope of their core professional understanding.The focus of ERM is to manage all risks in a holistic framework whatever the source and nature. There remains a strong ground of knowledge in managing risk on an isolated basis in several academic disciplines (e.g., economics, finance, psychology,sociology, etc.). But little has been done to take a holistic approach of risk beyond disciplinary silos. Moreover, the theoretical understanding of the holistic (i.e., multidisciplinary)properties of risk is still unknown. Consequently, there remains a lack of understanding in terms of a common and interdisciplinary language for ERM.Risk in FinanceIn finance, risky options involve monetary outcomes with explicit probabilities and they are evaluated in terms of their expected value and their riskiness. The traditional approach to risk in finance literature is based on a mean-variance framework of portfolio theory, i.e., selection and diversification. The idea of risk in finance is understood within the scope of systematic (non-diversifiable) risk and unsystematic (diversifiable)risk. It is recognized in finance that systematic risk is positively correlated with the rate of return. In addition, systematic risk is a non-increasing function of a firm’s growth in terms of earnings. Another established concern in finance is default risk and it is argued that the performance of the firm is linked to the firm’s default risk. A large part of finance literature deals with severa l techniques of measuring risks of firms’ investment portfolios (e.g., standard deviation, beta, VaR, etc.). In addition to the portfolio theory, Capital Asset Pricing Model (CAPM) was discovered in finance to price risky assets on the perfect capital markets. Finally, derivative markets grew tremendously with the recognition of option pricing theory.Risk in EconomicsRisk in economics is understood within two separate (independent) categories,i.e.,endogenous (controllable) risk and background (uncontrollable) risk. It is recognized that economic decisions are made under uncertainty in the presence of multiple risks.Expected Utility Theory argues that peoples’ risk attitude on the size of risk (small,medium, large) is derived from the utility-of-wealth function, where the utilities of outcomes are weighted by their probabilities. Economists argue that people are risk averse (neutral) when the size of the risks is large (small).Prospect theory provides a descriptive analysis of choice under risk. In economics, the concept of risk-bearing preferences of agents for independent risks was described under the notion of “ standard risk aversion.” Most of the economic research on risk is originated on the study of decision making behavior on lotteries and other gambles. Risk in PsychologyWhile economics assumes an individual’s risk preference is a function of probabilistic beliefs, psychology explores how human judgment and behavior systematically forms such beliefs. Psychology talks about the risk taking behavior (risk preferences).It looks for the patterns of human reactions to the context, reference point,mental categories and associations that influence how people make decisions.The psychological approach to risk draws upon the notion of loss aversion that manife sts itself in the related notion of “regret.” According to Willett; “risk affects economic activity through the psychological influence of uncertainty.” Managers’ attitude of risk taking is often described from the psychological point of view in terms of feelings.Psychologists argue that risk, as a multidisciplinary concept, can not be reduced meaningfully by a single quantitative treatment. Consequently, managers tend to utilize an array of risk measurers to assist them in the decision making process under uncertainty. Risk perception plays a central role in the psychological research on risk, where the key concern is how people perceive risk and how it differs to the actual outcome. Nevertheless, the psychological research on risk provides fundamental knowledge of how emotions are linked to decision making.Risk in SociologyIn sociology risk is a socially constructed phenomenon (i.e., a social problem) and defined as a strategy referring to instrumental rationality. The sociologicalliterature on risk was originated from anthropology and psychology is dominated by two central concepts. First, risk and culture and second, risk society. The negative consequences of unwanted events (i.e., natural/chemical disasters, food safety) are the key focus of sociological researches on risk. From a sociological perspective entrepreneurs remain liable for the risk of the society and responsible to share it in proportion to their respective contributions. Practically, the responsibilities are imposed and actions are monitored by state regulators and supervisors.Nevertheless, identification of a socially acceptable threshold of risk is a key challenge of many sociological researches on risk.Convergence of Multidisciplinary Views of RiskDifferent disciplinary views of risk are obvious. Whereas, economics and finance study risk by examining the distribution of corporate returns, psychology and sociology interpret risk in terms of its behavioral components. Moreover, economists focus on the economic (i.e., commercial) value of investments in a risky situation.In contrast, sociologists argue on the moral value (i.e., sacrifice) on the risk related activities of the firm. In addition, sociologists’ criticism of economists’concern of risk is that although they rely on risk, time, and preferences while describing the issues related to risk taking, they often miss out their interrelationships(i.e., narrow perspective). Interestingly, there appears some convergence of economics and psychology in the literature of economic psychology. The intention is to include the traditional economic model of individuals’ formal rational action in the understanding of the way they actually think and behave (i.e., irrationality).In addition, behavioral finance is seen as a growing discipline with the origin of economics and psychology. In contrast to efficient market hypothesis behaviour finance provides descriptive models in making judgment under uncertainty.The origin of this convergence was due to the discovery of the prospect theory in the fulfillment of the shortcomings of von Neumann-Morgenstern’s utility theory for providing reasons of human (irrational) behavior under uncertainty (e.g., arbitrage).Although, the overriding enquiry of disciplines is the estimation of risk, they comparing and reducing into a common metric of many types of risks are there ultimate difficulty. The key conclusion of the above analysis suggests that there existoverlaps on the disciplinary views of risk and their interrelations are emerging with the progress of risk research. In particular, the central idea of ERM is to obscure the hidden dependencies of risk beyond disciplinary silos.Insurance Industry PracticeThe practice of ERM in the insurance industry has been drawn from the author’s PhD research completed in 2006. The initiatives of four major global European insurers(hereinafter referred as “CASES”) were studied for this purpose. Out of these four insurers one is a reinsurer and the remaining three are primary insurers. They were at various stages of designing and implementing ERM. A total of fifty-one face-to-face and telephone interviews were conducted with key personnel of the CASES in between the end of 2004 and the beginning of 2006. The comparative analysis (compare-and-contrast) technique was used to analyze the data and they were discussed with several industry and academic experts for the purpose of validation. Thereafter,a conceptual model of ERM was developed from the findings of the data.Findings based on the data are arranged under five dimensions. They are understanding;evaluation; structure; challenges, and performance of ERM. Understanding of ERMIt was found that the key distinction in various perceptions of ERM remains between risk measurement and risk management. Interestingly, tools and processes are found complimentary. In essence, meaning that a tool can not run without a process and vice versa. It is found that the people who work with numbers (e.g.,actuaries, finance people, etc.) are involved in the risk modeling and management(mostly concerned with the financial and core insurance risks) and tend to believe ERM is a tool. On the other hand internal auditors, company secretaries, and operational managers; whose job is related to the human, system and compliance related issues of risk are more likely to see ERM as a process.ERM: A ProcessWithin the understanding of ERM as a process, four key concepts were found. They are harmonization, standardization, integration and centralization. In fact, they are linked to the concept of top-down and bottom-up approaches of ERM.The analysis found four key concepts of ERM. They are harmonization,standardization,integration and centralization (in decreasing order of importance). It was also found that a unique understanding of ERM does not exist within the CASES, rather ERM is seen as a combination of the four concepts and they often overlap. It is revealed that an understanding of these four concepts including their linkages is essential for designing an optimal ERM system.Linkages Amongst the Four ConceptsAlthough harmonization and standardization are seen apparently similar respondents view them differently. Whereas, harmonization allows choices between alternatives,standardization provides no flexibility. Effectively, harmonization offers a range of identical alternatives, out of which one or more can be adopted depending on the given circumstances. Although standardization does not offer such flexibility,it was found as an essential technique of ERM. Whilst harmonization accepts existing divergence to bring a state of comparability, standardization does not necessarily consider existing conventions and definitions. It focuses on a common standard, (a “top-down” approach). Indeed, integration of competent policies and processes,models, and data (either for management use, compliance and reporting) are not possible for global insurers without harmonizing and standardizing them. Hence, the research establishes that a sequence (i.e., harmonization, standardization, integration,and then centralization) is to be maintained when ERM is being developed in practice (from an operational perspective). Above all, the process is found important to achieve a diversified risk culture across the organization to allocate risk management responsibilities to risk owners and risk takers.ERM: A ToolViewed as a tool, ERM encompasses procedures and techniques to model and measure the portfolio of (quantifiable) enterprise risk from insurers’ core disciplinary perspective. The objective is to measure a level of (risk adjusted) capital(i.e., economic capital) and thereafter allocation of capital. In this perspective ERM is thought as a sophisticated version of insurers’ asset-liability management.Most often, extreme and emerging risks, which may bring the organization down,are taken into consideration. Ideally, the procedure of calculating economic capital is closely linked to the market volatility. Moreover, the objective is clear, i.e., meetingthe expectation of shareholders. Consequently, there remains less scope to capture the subjectivity associated with enterprise risks.ERM: An ApproachIn contrast to process and tool, ERM is also found as an approach of managing the entire business from a strategic point of view. Since, risk is so deeply rooted in the insurance business, it is difficult to separate risk from the functions of insurance companies. It is argued that a properly designed ERM infrastructure should align risk to achieve strategic goals. Alternatively, application of an ERM approach of managing business is found central to the value creation of insurance companies.In the study, ERM is believed as an approach of changing the culture of the organization in both marketing and strategic management issues in terms of innovating and pricing products, selecting profitable markets, distributing products, targeting customers and ratings, and thus formulating appropriate corporate strategies. In this holistic approach various strategic, financial and operational concerns are seen integrated to consider all risks across the organization.It is seen that as a process, ERM takes an inductive approach to explore the pitfalls (challenges) of achieving corporate objectives for broader audience (i.e.,stakeholders) emphasizing more on moral and ethical issues. In contrast, as a tool,it takes a deductive approach to meet specific corporate objectives for selected audience(i.e., shareholders) by concentrating more on monitory (financial) outcomes.Clearly, the approaches are complimentary and have overlapping elements. 作者：M Acharyya译文：保险业对企业风险管理的实证研究企业风险管理涉及各种行业(如保险精算师、公司财政经理、保险商、会计和内部审计员)，当前企业风险管理解决方案往往不能涵盖所有的风险，因为这些方案取决于决策者和执行则的专业道德和原则。

商业银行信贷风险管理外文翻译

文献信息：文献标题：Credit Risk Management Strategies and Their Impact on Performance of Commercial Banks in Kenya（信贷风险管理策略及其对肯尼亚商业银行绩效的影响）国外作者：Samuel Warui Mutua，Muoni Gekara文献出处：《Imperial Journal of Interdisciplinary Research》,2017, 3(4):1896-1904字数统计：英文2891单词，15678字符；中文4915汉字外文文献：Credit Risk Management Strategies and Their Impact on Performance of Commercial Banks in Kenya Abstract Credit risk management strategies are amongst the most critical factors to consider for any financial institution involved in any lending activity. Financial institutions have often find themselves making decisions between lending to potential borrowers thus effectively growing their balance sheets and effectively increasing their returns and being cautious in lending to caution themselves against any potential losses. Specifically, the research sought to examine credit risk management strategies and their impact on performance of commercial banks in Kenya. The research was guided by the liquidity theory of credit, portfolio theory, credit risk theory and the tax theory of credit.The research was based on a descriptive design which involves describing the current state of affairs by use of data collected through questionnaires and interviews. The research was focused on selected Tier III commercial banks in Kenya namely Consolidated Bank, African Banking Corporation and Credit Bank with reference to the loans department. The sampled population consists of 62 staff members from loans department of Consolidated Bank, African Banking Corporation and CreditBank. Primary data was collectedthrough the use of closed ended questionnaires, pick and drop procedure was used to collect data through use of the registered offices of the targeted loans departments of the target banks. Data analysis was done both quantitatively using tables and charts; this was then summarized, coded, tabulated and analyzed using both descriptive statistics and measures of variability with aid of SPSS package. Tables and graphs were used to present the data collected for ease of understanding and analysis. From the findings, the study concludes that credit risk management strategies including credit risk rating risks, credit approval risks, portfolio management risks and security perfection risks positively affect performance of commercial banks in Kenya.Key words: Credit risk management practices, commercial banks1.IntroductionCredit risk refers to the potential for loss as a resultof failure of counter party to meet their obligations of paying the financial institution according to the agreed terms. Credit exposures may arise from both banking and trading books. Management of credit risks requires a framework of well set out policies and procedures covering measurement and management of the credit risk (Barth et al, 2004).While financial institutions have faced difficulties over the years for a multitude of reasons, the major cause of serious banking problems continues to be directly related to lax credit standards for borrowers and counterparties, poor portfolio risk management, or a lack of attention to changes in economic or other circumstances that can lead to a deterioration in the credit standing of a bank’s counterparties. This experience is common in both the developed and developing countries.For most banks, loans are the largest and most obvious source of credit risk; however, other sources of credit risk exist throughout the activities of a bank,including in the banking book and in the trading book, and both on and off the balance sheet. Banks are increasingly facing credit risk (or counterparty risk) in various financial instruments other thanloans, including acceptances, interbank transactions, trade financing, foreign exchange transactions, financial futures, swaps,bonds, equities, options, and in the extension of commitments and guarantees, and the settlement of transactions.Each bank should develop a credit risk strategy or plan that establishes the objectives guiding thebank’s credit-granting activities and adopt the necessary policies and procedures for conducting such activities. The credit risk strategy, as well as significant credit risk policies, should be approved and periodically (at least annually) reviewed by the board of directors. The board needs to recognize thatthe strategy and policies must cover the many activities of the bank in which credit exposure is a significant risk (Haron et al, 2007).Credit Management is a financial management aspect that includes credit underwriting that encompasses analysis, approval, security perfection, portfolio management and debt recovery. Nzotta (2004) indicated that credit management directly influences the success or failures of financial institution involved in lending activities. He indicated that on the hindsight of lending being directly proportionalto the quantum of deposits received from the public, any unwise credit underwriting would translateto loss of depositors’ funds and losses to the financial institutions thereof.According to a report by Earnest and Young of 2013 on the banking environment in East Africa, it is reported that banks in Kenya, Tanzania, Uganda and Rwanda recorded growth rates in asset book of 16%, 14%, 13% and 12% respectively. This was on the advent of introduction of credit bureaus that was expected to improve on credit underwriting by improving decision making by 89% and effectively help reduce Non Performing portfolios across the board by 94%. Between the year 2009 and 2013, banks in Tanzania grew their CAGR by 17.5% with loans and advances outpacing overall asset growth which grew by 22.5% over the same period. In Uganda, the CAGR of banks grew by 13% whilst the growth in Rwanda was 12% in an economy that grew by 4.6%. In the period under review high loan provisioning occasioned by aggressive pursuit by various players to grow their balance sheets withouta simultaneous enhanced credit underwriting amongst other factors was highlighted as a reason high provisions were witnessed.Josiah Aduda and James Gitonga (2011) carried out a research on the relationship between credit risk management and profitability among the commercial banks in Kenya. They found out that a strong relationship does exist between credit management and profitability and that most banks held to this belief. Gatuhu (2011) conducted a research on the effect of financial performance of credit management on the financial performance of microfinance institutions in Kenya. Gatuhu found that there existed a strong relationship between credit appraisal of microfinance institutions, credit risk control and collection policy and the overall performance of microfinance institutions in Kenya. The period commencing second half of the year 2015 to the first half of 2016 witnessed particularly difficult times for the banking industry in Kenya with 3 out the then existing 43 commercial banks going under or being placed under statutory management. These were influenced by in one way directly or indirectly to issues revolving around weak credit management strategies.2.Statement of the ProblemThe main objective of any institution involved in money lending is to ensure that a healthy return is realized adequate to cover for all the risks assumedin addition to covering the foregone time value for money. In trying to attain this objective, prudence must be exercised to en sure that unnecessaryrisk isn’t taken that would most probably lead to unprecedented losses. It is for this reason that various institutions involved in money lending are guided by various frameworks to ensure care is exercised in making such decisions.There is an extensive literature on the managementof credit risk in commercial banks. Kealhofer (2003) did a research study on risk-adjusted performance measures in commercial banks. The measures, however, focus on risk-return trade-off, i.e. measuring the risk inherent in each activity and charge it accordingly for the capital required to support it. Greuning and Bratanovic (2003), studied sound credit granting process; maintaining an appropriate credit administration that involves monitoring process as well as adequate controls over credit risk.Clear established process for approving new credits and extending the existingcredits has been observed to be very important while managing credit risk (Heffernan, 2003). Mwirigi, (2006) didan assessment of the credit risk management techniques adopted by various MFIs in Kenya and ascertained that a considerable number of them had credit policies to enable them make informed credit decisions that stroke a balance between businessandrisk perspectives. Ndwiga, (2010) and Chege, (2010) both did a research to ascertain the relationship between credit risk management and the financial performance of MFIs in Kenya.There is no known study that has been done on strategic credit policies for risk management, thus knowledge gap. This study aims at establishing the credit risk management used by commercial banks and how they affect performance of the commercial banks. This research study is motivated to bridge the gap by investigating credit risk management strategies employed by commercial banks, especially Tier III banks in Kenya and how this impacts on their financial performance. In the commercial banks, management of credit risk has caused bank losses in developing countries, including Kenya. Effective credit risk management system minimizes the credit risk, hence the level of loan losses.3.Theoretical Review3.1.Liquidity Theory of CreditThis theory, first proposed by (Emery, 2009), proposes that credit rationed firms use more trade credit than those with normal access to financial institutions. The central point of this notion is that when a firm is financially inhibited the offer of trade credit can make up for the decline of credit offer from lending institutions.Inaccordwith thisview,those firms presenting good liquidity or better access to capital markets can finance those that are credit rationed. Several methodologies have tried to obtain empirical confirmation in order to support this assumption. Nielsen (2012), using small firms as proxy for credit rationed firms, firms find that when there is liquidity tightening in the economy, to ensure their sustainability, they are obligated to advance credit terms to their customers. As financially liberal firms are less likely to seek trade credit terms and more likely toextend the same, a negative relation between a buyers’ access to other sources of financing and trade credit is expected. (Petersen & Rajan, 2007) obtained evidence supporting this negative relation.3.2.Portfolio TheoryPortfolio theory of investment tries to optimize the expected portfolio return for a given proportion of portfolio risk or equivalently decrease the risk for a given level of anticipated return, by carefully choosing the mixed proportions of several assets. Portfolio theory is extensively used in practice in the financial sector and several of its inventors won a Nobel Prize for the same. In modern years the basic portfolio theory has been widely criticized by fields such as behavioral economics (Markowitz, 1952). Portfolio theory was devel oped in 1950’s all through to the early 1970’s and was considered a vital progression in the mathematical modeling of finance. Many theoretical and practical criticisms have since been developed against the same. This include the fact that financial returns do not follow a Gaussian distribution or indeed any symmetric distribution and those correlations between asset classes (Sproul, 1998)3.3.Tax Theory of CreditThe rationale of whether or not to accept a trade credit is based on the ability to access other sources of finances. A buyer is obliged to compare different financing options to find out which will be the most economically viable for them in making cost savings. In any business deal, payment may be on the spot or deferred to a date in the future, in which case a deferred cost element is attached to it in the form of interest. Thus, to find the best sources of funding, the buyer ought to investigate the real cost of borrowing. (Brick and Fung, 1984) suggest that, the tax effect should be considered in order to compare the trade credit cost with the cost of other financing options. The main reason for this is that if sellers and buyers are in different tax brackets, they have different costs of borrowing as their interests are tax allowable. The autho rs’ hypothesis is that; businesses in a high tax bracket tend to advance more trade credit thanthosein low brackets. Subsequently, only buyers in a low tax bracket than the seller will accept credit terms, since those in a higher tax brackets couldborrow more cheaply and directly from a financial organization. Another assumption is that businesses associated with a given sector and placed in a tax bracket below the specific sector average; cannot benefit from offering trade credit. Thus, (Brick and Fung 1984) propose that firms can’t use and offer trade credit.3.4.Credit Risk TheoryUntil barely the 1970s’, Credit risk had not been widely studied, although people have been facing credit risk ever since the very early times. Before 1974, early literature on credit risk used traditional actuarial methods of assessing the same, whosemajor challenge lies in their extensive dependence on historical data. Up to now there are three quantitative approaches of analyzing credit risk: structural approach, reduced form appraisal and incomplete information approach (Crosbie et al, 2003). Melton 1974, presented the credit risk theory else called the structural theory; which said the default event originates from a firm’s asset development displayed by a diffusion process with constant parameters.Such models are ordinarily defined as ‘Structural model’ and based on variables connected to a particular issuer. An evolution of this grouping is characterized by asset of models where the loss provisional on default is exogenously precise. In these models, the nonpayment can happenthroughout all the life of a corporate bond and not only at maturity (Longstaff and Schwartz, 1995).4.MethodologyThe study used descriptive research designAccording to Oso and Onen (2009) prior to carrying out the study there is need to determine the respondents, the data collection procedures, tools and instruments which would aid in data collection. According to Kothari, 2007. It involves describing the current state of affairs by use of data collected through questionnaires and interviews. Descriptive research design is qualitative whose main purpose is description of the state of affairs as it exists.Descriptive research seeks to establish factors associated with certain occurrences, outcomes, conditions or types of behavior. A complete set of people, events or objects from which the study seeks to generalize the results is known aspopulation (Mugenda, 2009). The study will concentrate on the 20 Tier III Commercial Banks Licensed by Central Bank of Kenya.Stratified sampling technique will be used in the collectionofsampleswherethe20TierIIIcommercial banks will be stratified into three categories which are; Government owned, Local Investors owned and Foreign Investor owned, further into male and female, also a mix of Experienced Managers, Senior Officers and Junior Credit officers, out of which 62 Employees will be selected to participate in the study. Purposive sampling will also be used so as to include Heads of Credit Units and also ensure all key credit operational areas are covered in the sample.In this study, a population consists of 62 staff from loans department of Consolidated Bank, African Banking Corporation and Credit Bank.The main tool for data collection in this study was a questionnaire. A closed ended questionnaire was preferred. The questions were designed based on Likert scale which allowed the respondentsto express their view on the study variables. According to Kothari (2007) open - ended questions allow respondents to give answers in their own way, whilst Closed - ended questions or forced choice questions provide an assortment of alternative answers from which the respondent is constrained to choose.The data collected was analyzed and interpretations drawn based on the analysis. Descriptive statistics was used in the analysis of quantitative data. The statistical tool for the analysis was the statistical package for the social sciences (SPSS) Version 20, which was used to analyze the data whereby the questionnaires would be coded and frequency distributions and percentages run.5.ConclusionsThey have a positive significant relationship on performance of commercial banksin Kenya. Sound credit rating mechanism is perceived as a great contributor towards the performance of credit facilities in commercial banks. This by and large affects the performance of the banks as a whole since the banks’ profitability are hinged on its credit services. There needs to be frequent credit trainings to improve onstaff competencies to ensure they are always kept abreast with developments in the industry to ensure appropriate credit underwriting is always done, this will inturn ensure, proper segmentation and accounts review is also done with an aim to ensure the credit element in a bank is well covered.There is need for inclusion of collateral appraisal. Since the credit approval risks are in turn influenced by therisk appetite of various commercial banks, a matrix acceptable to all banks based on factors such as capital strength and customer bases should be developed to ensure that an institution doesn’t necessarily take up risks that is too high that might impairably damage their overall financial strength and health should any unprecedented shocks materialize due to the risks taken by a bank.There is however need to review the provision requirementsas detailed by the Prudential Guidelines (PGs) to realign the same with the evolving banking environment which has seen a significant shift since the PGs were last reviewed. An all-inclusive forumto realign the provision requirement should be held between all the relevant stakeholders including the regulator (CBK) and the Commercial banks to arrive at ideal reviewed rates in line with the evolved banking environment.There is however need for Tier III banks to be more risk averse to unsecured lending and opt for asset backed lending. This is more so influencedby the fact that their balance sheets are relatively smaller which makes them unable to withstand shocks that may emanate from provisioning that would be occasionedby higherrequirements toprovision forthe unsecured borrowings or weakly secured exposures.中文译文：信贷风险管理策略及其对肯尼亚商业银行绩效的影响摘要信用风险管理策略是所有参与贷款活动的金融机构最重要的考虑因素之一。

公司财务风险中英文对照外文翻译文献

中英文资料外文翻译外文资料Financial ﬁrm bankruptcy and systemic riskIn Fall 2008 when the Federal Reserve and the Treasury injected $85 billion into the insurance behemoth American International Group (AIG), themoney lent to AIGwent straight to counterparties, and very few funds remained with the insurer. Among the largest recipients was Goldman Sachs, to whomabout $12 billionwas paid to undoAIG’s credit default swaps (CDSs). The bailout plan focused on repaying the debt by slowly selling off AIG’s assets, w ith no intention of maintaining jobs or allowing the CDSmarket to continue to function as before. Thus, the government’s effort to avoid systemic risk with AIG was mainly about ensuring that ﬁrms with which AIG had done business did not fail as a result. T he concerns are obviously greatest vis-a-vis CDSs, ofwhich AIG had over $400 billion contracts outstanding in June 2008.In contrast, the government was much less enthusiastic about aiding General Motors, presumably because they believed its failure would not cause major macroeconomic repercussions by imposing losses on related ﬁrms. This decision is consistent with the view in macroeconomicresearch that financialﬁrmbankruptcies pose a greater amount of systemic risk than nonfinancial firmbankruptcies. For example, Bordo and Haubrich (2009) conclude that “...more severe ﬁnancial events are associated withmore severe recessions...” Likewise, Bernanke (1983) argues the Great Depressionwas so severe because ofweakness in the banking systemthat affected the amount of credit available for investment. Bernanke et al. (1999) hypothesize a financial accelerator mechanism, whereby distress in one sector of the economy leads to more precarious balance sheets and tighter credit conditions. This in turn leads to a drop in investment, which is followed by less lending and a widespread downturn. Were shocks to the economy always to come in the form of distress at nonﬁnancial ﬁrms, these authors argue that the business downturns would not be so severe.We argue instead that the contagious impact of a nonfinancial firm’s bankruptcy is expected to be far larger than that of a financial ﬁrm like AIG, although neither would be catastrophic to the U.S. economy through counterparty risk channels. This is not to say that an episode ofwidespread financial distress among our largest banks would not be followed by an especially severe recession, only that such failures would not cause a recession or affect the depth of a recession. Rather such bankruptcies are symptomatic of common factors in portfolios that lead to wealth losses regardless of whether any firm ﬁles for bankruptcy.Pervasive ﬁnancial fragility may occur because the failure of one ﬁrm leads to the failure of other ﬁrms which cascades through the system (e.g., Davis and Lo, 1999; Jarrow and Yu, 2001). Or systemic risk may wreak havoc when a number of ﬁnancial ﬁrms fail simultaneously, as in the Great Depression when more than 9000 banks failed (Benston, 1986). In the former case, the failure of one ﬁrm, such as AIG, Lehman Brothers or Bear Stearns, could lead to widespread failure through ﬁnancial contracts such as CDSs. In the latter case, the fact that so many ﬁnancial institutions have failed means that both the money supply and the amount of credit in the economy could fall so far as to cause a large drop in economic activity (Friedman and Schwartz, 1971).While a weak ﬁnancial systemcould cause a recession, the recession would not arise because one ﬁrm was allowed to ﬁle bankruptcy. Further, should one or the other ﬁrmgo bankrupt, the nonﬁnancial ﬁrmwould have the greater impact on the economy.Such extreme real effects that appear to be the result of ﬁnancial ﬁrm fragility have led to a large emphasis on the prevention of systemic risk problems by regulators. Foremost amo ng these policies is “too big to fail” (TBTF), the logic of which is that the failure of a large ﬁnancial institution will have ramifications for other ﬁnancial institutions and therefore the risk to the economywould be enormous. TBTF was behind the Fed’s decisions to orchestrate the merger of Bear Stearns and J.P.Morgan Chase in 2008, its leadership in the restructuring of bank loans owed by Long Term Capital Management (LTCM), and its decision to prop up AIG. TBTF may be justiﬁed if the outcome is preven tion of a major downswing in the economy. However, if the systemic risks in these episodes have been exaggerated or the salutary effects of these actions overestimated, then the cost to the efﬁciency of the capital allocation system may far outweigh any po tential beneﬁts from attempting to avoid another Great Depression.No doubt, no regulator wants to take the chance of standing down while watching over another systemic risk crisis, sowe do not have the ability to examine empiricallywhat happens to the economy when regulators back off. There are very fewinstances in themodern history of the U.S.where regulators allowed the bankruptcy of amajor ﬁnancial ﬁrm.Most recently,we can point to the bankruptcy of Lehman,which the Fed pointedly allowed to fail.However,with only one obvious casewhere TBTFwas abandoned, we have only an inkling of how TBTF policy affects systemic risk. Moreover, at the same time that Lehman failed, the Fed was intervening in the commercial paper market and aiding money marketmutual fundswhile AIGwas downgraded and subsequently bailed out. In addition, the Federal Reserve and the Treasury were scaremongering about the prospects of a second Great Depression to make the passage of TARPmore likely. Thuswewill never knowifthemarket downturn th at followed the Lehman bankruptcy reﬂected fear of contagion from Lehman to the real economy or fear of the depths of existing problems in the real economy that were highlighted so dramatically by regulators.In this paper we analyze the mechanisms by which such risk could cause an economy-wide col-lapse.We focus on two types of contagion that might lead to systemic risk problems: (1) information contagion,where the information that one ﬁnancial ﬁrmis troubled is associatedwith negative shocksat other ﬁnanc ial institutions largely because the ﬁrms share common risk factors; or (2) counterparty contagion,where one important ﬁnancial institution’s collapse leads directly to troubles at other cred-itor ﬁrms whose troubles snowball and drive other ﬁrms into distress. The efﬁcacy of TBTF policies depends crucially on which of these two types of systemic riskmechanisms dominates.Counterparty contagion may warrant intervention in individual bank failureswhile information contagion does not.If regulators do not ste p in to bail out an individual ﬁrm, the alternative is to let it fail. In the case of a bank, the process involves the FDIC as receiver and the insured liabilities of the ﬁrmare very quickly repaid. In contrast, the failure of an investment bank or hedge fund does not involve the FDIC andmay closely resemble a Chapter 11 or Chapter 7 ﬁling of a nonﬁnancial ﬁrm. However, if the nonbank ﬁnancial ﬁrm inquestion has liabilities that are covered by the Securities Industry Protection Corporation (SIPC), the ﬁrmi s required by lawunder the Securities Industry Protection Act (SIPA) to liquidate under Chapter 7 (Don and Wang, 1990). This explains in large partwhy only the holding company of Lehman ﬁled for bankruptcy in 2008 and its broker–dealer subsidiaries were n ot part of the Chapter 11 ﬁling.A major fear of a ﬁnancial ﬁrm liquidation, whether done through the FDIC or as required by SIPA, is that ﬁre sales will depress recoveries for the creditors of the failed ﬁnancial ﬁrm and that these ﬁre saleswill have ramiﬁcations for other ﬁrms in related businesses, even if these businesses do not have direct ties to the failed ﬁrm (Shleifer and Vishny, 1992). This fear was behind the Fed’s decision to extend liquidity to primary dealers inMarch 2008 – Fed Chairman Bernanke explained in a speech on ﬁnancial system stability that“the risk developed that liquidity pressuresmight force dealers to sell assets into already illiquid markets. Thismight have resulted in...[a] ﬁre sale scenario..., inwhich a cascade of failures andliquidations sharply depresses asset prices, with adverse ﬁnancial and economic implications.”(May 13, 2008 speech at the Federal Reserve Bank of Atlanta conference at Sea Island, Georgia) The fear of potential ﬁre sales is expressed in further detail in t he same speech as a reason for the merger of Bear Stearns and JP Morgan:“Bear...would be forced to ﬁle for bankruptcy...[which] wouldhave forced Bear’s secured creditors and counterparties to liquidate the underlying collateral and, given the illiquidity of markets, those creditors and counter parties might well have sustained losses. If they responded to losses or the unexpected illiquidity of their holdings by pulling back from providing secured ﬁnancing to other ﬁrms, a much broader liquidity crisis wou ld have ensued.”The idea that creditors of a failed ﬁrm are forced to liquidate assets, and to do so with haste, is counter to the basic tenets of U.S. bankruptcy laws, which are set up to allow creditors the ability to maximize the value of the assets now under their control. If that value is greatest when continuing to operate, the laws allow such a reorganization of the ﬁrm. If the value in liquidation is higher, the laws are in no way prejudiced against selling assets in an orderly procedure. Bankruptcy actually reduces the likelihood of ﬁre sales because assets are not sold quickly once a bankruptcy ﬁling occurs. Cash does not leave the bankrupt firm without the approval of a judge.Without pressure to pay debts, the ﬁrm can remain in bankruptcy for months as it tries to decide on the best course of action. Indeed, a major complaint about the U.S. code is that debtors can easily delay reorganizing and slow down the process.If, however, creditors and management believe that speedy assets sales are in their best interest, then they can press the bankruptcy judge to approve quick action. This occurred in the case of Lehman’s asset sale to Barclays,which involved hiring workers whomight have split up were their divisions not sold quickly.金融公司破产及系统性的风险2008年秋，当美联邦储备委员会和财政部拒绝85亿美金巨资保险投入到美国国际集团时，这边借给美国国际集团的货款就直接落到了竞争对手手里，而投保人只得到极少的一部分资金。

美国次贷危机对我国商业银行外文文献翻译 (2)

商业银行风险管理Arunkumar Dr. G. Kotreshwar1.序言1.1个风险管理银行业的未来无疑将十分关注风险管理动态，只有行之有效的风险管理系统银行才能在未来的市场中长期生存。

信用风险管理对于经融机构全面风险管理来说是一项重要的、长期的、行之有效的风险管理，由于银行对其本质业务的继承，所以信用风险是其最老、最大的风险管理。

只不过由于各种原因在不久之前获得了重大发展。

其中最要的是在全球范围内一时兴起的经济自由化。

印度也不由自主的走向了这个经济自由化，从而加剧了从内部到外部的国家经济竞争。

无论在数量上还是体制上都导致了市场的动荡，这就导致了风险的多样性。

前期成功的信贷风险管理是一个所涉及的风险信贷，银行风险中定量的每一项投资组合作为组合信用风险。

信用风险管理的基础是建立一个框架，这个框架规定了企业优先级别、信贷批准流程、信用风险评级系统，经过风险调整定价系统，贷款审查机制和全面的报告系统。

1.2研究的意义：单个银行的基本贷款业务给整个银行系统带来了麻烦。

因此，我们必须让银行系统有足够的个别项目的信用评估，评估风险以及整合行业为一个整体。

一般来说，印度各银行通过传统的提案项目融资工具进行评估，计算最大的允许范围，评估管理功能和顶级的处方的行业风险。

由于银行业进行到一个高性能的世界融资和交易中，新的风险，需要的是更加复杂和多样性的系统为风险评估、监测和控制风险敞口。

因此，它是银行管理层装备完全应对需求的创建工具和系统能够评估、监控和风险敞口采用的科学方法。

信用风险，即违约的借款人偿还贷款，至今为止仍是重要的风险管理。

信用风险的支配地位甚至能反映组成的经济资本，银行必须警惕身边有各种针对性的风险。

就统计，信贷风险需要占到70%，剩下的30%是另外两个之间共享的主要风险，即市场风险（变化的市场价格和运营风险失败、内部控制等）质量借款人能够直接进入资本市场而无需通过债务途径。

因此，现在相对较小的借款人贷款途径更加开放。

商业银行信用卡风险管理外文文献翻译最新译文

商业银行信用卡风险管理外文文献翻译最新译文This article discusses the importance of credit risk management for commercial banks。

Credit risk is a major concern for banks as it can lead to XXX methods used by banks to manage credit risk。

including credit scoring。

credit limits。

and loanXXX to credit risk management。

The article XXX of credit risk to ensure the long-term XXXCredit risk management is a XXX to manage credit risk XXX。

it is essential for banks to adopt us methods to manage credit risk。

These methods include credit scoring。

credit limits。

and loanXXX are used to limit the amount of credit XXXXXX credit risk management。

The credit risk management department should work XXX departments。

such as lending and complianceXXX。

XXX that they are aware of the latest developments in credit risk management。

XXX of credit risk are critical for the long-term XXX that they are effective and up-to-date。

银行信用风险外文文献翻译

Interim Measures on Information Disclosure of Commercial BanksOrder No.6 of the People's Bank of ChinaMay 15, 2002Chapter I General ProvisionsArticle 1 These rules are formulated on the basis of "Law on the People's bank of China of the People's Republic of China" and "Commercial Banking Law of the People's Bank of China", which aim to strengthen market discipline of commercial banks, standardize information disclosure of commercial banks, effectively safeguard legitimate interests of depositors and other stakeholders and promote safe, sound and efficient operation of commercial banks.Article 2 These rules are to be applied to commercial banks that are established legally within the territory of the People's Republic of China, including domestic commercial banks, wholly foreign funded banks, joint venture banks and branches of foreign banks. Article 3 Commercial banks should disclose information according to these rules, which are the minimum requirements for commercial banks' information disclosure. While abiding by these rules, commercial banks can disclose more information than what has been required by these rules at their own discretion.In addition to these rules, listed commercial banks should also conform to relevant information disclosure rules published by regulatory body of the securities industry. Article 4 Information disclosure of commercial banks should be proceeded consistent with laws and regulations, the uniform domestic accounting rules and relevant rules of the PBC. Article 5 Commercial banks should disclose information in a standardized fashion, while ensuring authenticity, accuracy, integrity and comparability.Article 6 Annual financial statements disclosed by commercial banks should be subject to auditing by accounting firms that are certified to be engaged in finance-related auditing. Article 7 The People's Bank of China is to supervise commercial banks' information disclosure according to relevant laws and regulations.Chapter II Information to be DisclosedArticle 8 Commercial banks should disclose financial statements, and information on risk management, corporate governance and big events of the year according to these rules. Article 9 Commercial banks' financial statements should include accounting report, annex and notes to this report and description of financial position.Article 10 Accounting report disclosed by commercial banks should include balance sheet, statement of income (profit and loss account), statement of owner's equity and other additional charts.Article 11 Commercial banks should indicate inconsistence between the basis of preparation and the basic preconditions of accounting in their notes to the accounting report.Article 12 Commercial banks should explain in their notes to the accounting report the important policy of accounting and accounting estimates, including: Accounting standards, accounting year, reporting currency, accounting basis and valuation principles; Type and scope of loans; Accounting rules for investment; Scope and method of provisions against asset losses; Principle and method of income recognition; Valuation method for financial derivatives; Conversion method for foreign currency business and accounting report; Preparation method for consolidated accounting report; Valuation and depreciation method for fixed assets; Valuation method and amortization policy for intangible assets; Amortization policy for long-term deferred expenses; Accounting practice for income tax. Article 13 Commercial banks should indicate in their notes to the accounting report crucial changes of accounting policy and estimates, contingent items and post-balance sheet items, transfer and sale of important assets.Article 14 Commercial banks should indicate in their annex and notes to the accounting report the total volume of related party transactions and major related party transactions. Major related party transactions refer to those with trading volume exceeding 30 million yuan or 1% of total net assets of the commercial bank.Article 15 Commercial banks should indicate in their notes to the accounting report detailed breakdown of key categories in the accounting report, including:(1) Due from banks by the breakdown of domestic and overseas markets.(2) Interbank lending by the breakdown of domestic and overseas markets.(3) Outstanding balance of loans at the beginning and the end of the accounting year by the breakdown of credibility loans, committed loans, collateralized loans and pledged loans.(4) Non-performing loans at the beginning and end of the accounting year resulted from the risk-based loan classification.(5) Provisions for loan losses at the beginning and the end of the accounting year, new provisions, returned provisions and write-offs in the accounting year. General provisions, specific provisions and special provisions should be disclosed separately.(6) Outstanding balance and changes of interest receivables.(7) Investment at the beginning and the end of the accounting year by instruments.(8) Interbank borrowing in domestic and overseas markets.(9) Calculation, outstanding balance and changes of interest payables.(10) Year-end outstanding balance and other details of off-balance sheet categories, including bank acceptance bills, external guarantees, letters of guarantee for financing purposes, letters of guarantee for non-financing purposes, loan commitments, letters ofcredit (spot), letters of credit (forward), financial futures, financial options, etc.(11) Other key categories.Article 16 Commercial banks should disclose in their notes to the accounting report status of capital adequacy, including total value of risk assets, amount and structure of net capital, core capital adequacy ratio and capital adequacy ratio.Article 17 Commercial banks should disclose auditing report provided by the appointed accounting firms.Article 18 Description of financial position should cover the general performance of the bank, generation and distribution of profit and other events that have substantial impact on financial position and performance of the bank.Article 19 Commercial banks should disclose following risks and risk management details: (1) Credit risk. Commercial banks should disclose status of credit risk management, credit exposure, credit quality and earnings, including business operations that generate credit risks, policy of credit risk management and control, organizational structure and division of labor in credit risk management, procedure and methods of classification of asset risks, distribution and concentration of credit risks, maturity analysis of over-due loans, restructuring of loans and return of assets.(2) Liquidity risk. Commercial banks should disclose relevant parameters that can represent their status of liquidity, analyze factors affecting liquidity and indicate their strategy of liquidity management.(3) Market risk. Commercial banks should disclose risks brought by changes of interest rates and exchange rate on the market, analyzing impacts of such changes on profitability and financial positions of the bank and indicating their strategy of market risk management.(4) Operation risk. Commercial banks should disclose risks brought by flaws and mistakes of internal procedures, staff and system or by external shocks and indicate the integrity, rationality and effectiveness of their internal control mechanism.(5) Other risks. Other risks that may bring severe negative impact to the bank.Article 20 Commercial banks should disclose following information on corporate governance:(1) Shareholders' meeting during the year.(2) Members of the board of directors and its work performance.(3) Members of the board of supervisors and its work performance.(4) Members of the senior management and their profiles.(5) Layout of branches and function departments.Article 21 Chronicle of events disclosed by commercial banks in the year should at least include the following contents:(1) Names of the ten biggest shareholders and changes during the year.(2) Increase or decrease of registered capital, splitting up and merger.(3) Other important information that is necessary for the general public to know.Article 22 Information of foreign bank branches is to be collected and disclosed by the primary reporting branch.Foreign bank branches don't need to disclose information that is only mandated and required for disclosure by institutions with legal person status.Foreign bank branches should translate into Chinese and disclose the summary of information disclosed by their head offices.Article 23 Commercial banks need not disclose information of unimportant categories. However, if the omission or misreporting of certain categories or information may chan ge or affect the assessment or judge of the information users, commercial banks should regarded the categories as key information categories and disclose them.Chapter III Management of Information DisclosureArticle 24 Commercial banks should prepare in Chinese their annual reports with all the information to be disclosed and publish them within 4 month after the end of each accounting year. If they are not able to disclose such information on time due to special factors, they should apply to the People's Bank of China for delay of disclosure at least 15 days in advance.Article 25 Commercial banks should submit their annual reports to the People's Bank of China prior to disclosure.Article 26 Commercial banks should make sure that their shareholders and stakeholders could obtain the annual reports on a timely basis.Commercial banks should put their annual reports in their major operation venue, so as to ensure such reports are readily available for the general public to read and check. The PBC encourage commercial banks to disclose main contents of their annual reports to the public through media.Article 27 Boards of directors in commercial banks are responsible for the information disclosure. If there is no board of directors in the bank, the president (head) of the bank should assume such a responsibility.Boards of directors and presidents (heads) of commercial banks should ensure the authenticity, accuracy and integrity of the disclosed information and take legal responsibility for their commitments.Article 28 Commercial banks and their involved staff that provide financial statements with false information or concealing important facts should be punished according to the " Rules on Punishment of Financial Irregularities".Accounting firms and involved staff that provide false auditing report should be punished according to the "Interim Measures on Finance-related Auditing Business by AccountingFirms".Chapter IV Supplementary ProvisionsArticle 29 Commercial banks with total assets below RMB 1 billion or with total deposits below RMB 500 million are exempted from the compulsory information disclosure. However, the People's Bank of China encourages such commercial banks to disclose information according to these rules.Article 30 The People's Bank of China is responsible for the interpretation of these rules. Article 31 These rules shall enter into force as of the date of promulgation and are to be applied to all commercial banks except city commercial banks.City commercial banks should adopt these rules gradually from January 1, 2003 to January 1, 2006.中国人民银行令[2002]第6号2002年5月15日第一章总则第一条为加强商业银行的市场约束，规范商业银行的信息披露行为，有效维护存款人和相关利益人的合法权益，促进商业银行安全、稳健、高效运行，依据《中华人民共和国中国人民银行法》、《中华人民共和国商业银行法》等法律法规，制定本办法。

商业银行信用风险外文翻译文献

商业银行信用风险外文翻译文献(文档含英文原文和中文翻译)估计技术和规模的希腊商业银行效率：信用风险、资产负债表的活动和国际业务的影响1.介绍希腊银行业经历了近几年重大的结构调整。

重要的结构性、政策和环境的变化经常强调的学者和从业人员有欧盟单一市场的建立，欧元的介绍，国际化的竞争、利率自由化、放松管制和最近的兼并和收购浪潮。

希腊的银行业也经历了相当大的改善，通信和计算技术，因为银行有扩张和现代化其分销网络，其中除了传统的分支机构和自动取款机，现在包括网上银行等替代分销渠道。

作为希腊银行（2004 年）的年度报告的重点，希腊银行亦在升级其信用风险测量与管理系统，通过引入信用评分和概率默认模型近年来采取的主要步骤。

此外，他们扩展他们的产品/服务组合，包括保险、经纪业务和资产管理等活动，同时也增加了他们的资产负债表操作和非利息收入。

最后，专注于巴尔干地区（如阿尔巴尼亚、保加利亚、前南斯拉夫马其顿共和国、罗马尼亚、塞尔维亚）的更广泛市场的全球化增加的趋势已添加到希腊银行在塞浦路斯和美国以前有限的国际活动。

在国外经营的子公司的业绩预计将有父的银行，从而对未来的决定为进一步国际化的尝试对性能的影响。

本研究的目的是要运用数据包络分析（DEA）和重新效率的希腊银行部门，同时考虑到几个以上讨论的问题进行调查。

我们因此区分我们的论文从以前的希腊银行产业重点并在几个方面，下面讨论添加的见解。

首先，我们第一次对效率的希腊银行的信用风险的影响通过检查其中包括贷款损失准备金作为附加输入Charnes et al.(1990 年)、德雷克（2001 年）、德雷克和大厅(2003 年)，和德雷克等人（2006 年）。

作为美斯特(1996) 点出"除非质量和风险控制的一个人也许会很容易误判一家银行的水平的低效；例如精打细算的银行信用评价或生产过高风险的贷款可能会被贴上标签一样高效，当相比银行花资源，以确保它们的贷款有较高的质量"(p.1026)。

商业银行信用卡风险管理外文文献翻译最新译文

文献出处：Nicely E. The research of commercial bank credit risk management [J]. Research in International Business and Finance, 2015, 8(2): 17-26.原文The research of commercial bank credit risk managementNicely EAbstractCommercial bank credit card business risk management broad sense refers to the commercial bank credit card business, because of various unfavorable factors caused by the issuers, cardholders, specially engaged the possibility of loss. Credit risk refers to the pure credit for credit CARDS are unsecured loans, and credit is not high, the customer more than individual, as well as small amount of single feature, lead to the possibility of loss of card issuers. Through to the commercial Banks to do a good job of credit card risk management put forward the Suggestions and comments, and pay attention to the risks of commercial Banks to establish perfect management system, system, business process research, and put forward the commercial Banks in establishing a system of credit card business management structure, regulations, at the same time, want to notice to each kind of risk identification, measurement, assessment and do a good job in risk loss provisions in personnel management, should pay attention to establish risk rewards and punishment mechanism, pay attention to the positive incentives to the employees.Keywords: Credit CARDS; Risk management; Incentive mechanism1 IntroductionCredit card refers to the bank issued to individuals and units, with the function such as shopping, consumption and access cash bank card. Its striking feature is that the Banks granted to customer a certain line of credit, customers can enjoy the privilege of the reimbursement after be being card first, its form is a positive with the issuing bank name, the period of validity, card number, card, the cardholder's name, article with a magnetic stripe, signature on the back of the information such as bank CARDS. We now call the credit card, generally refers to borrow write down card. Credit risk refers to the bank credit card holders for various reasons failed to fullyrepay bank debt and cause the possibility of default, defaults, bank will because the cardholder does not thereby causing loss to the bank funds paid promptly. Credit card main risk including fraud risk, credit risk, operational risk, accredit card risk management refers to in the process of credit card business, the possible including fraud risk, credit risk, operational risk, etc, all kinds of risk management and control is to reduce the possibility of loss The loss rate of operation and management activities.2 Literature reviewThe concept of risk management since the 30 s of 20th century, after nearly 40 years of development to form a system, gradually by people began to attach importance to and cognition, form a new management discipline. The concept of risk mainly comes from the insurance industry, insurance for risk defined as the uncertainty of loss. In 1964, the United States of the risk management and insurance, it has made the definition: risk book points out that through the risk identification, assessment, and control to achieve with minimum cost to make a management method of minimizing the risk loss. In 1976, eight Gerry, in his book, the risk management of international enterprise, points out that protection of enterprise's financial stability, reduce the loss caused by risk events is the main goal of the enterprise risk management. In 1975, risk management and insurance management society, scholars from all over the world including general principles, risk management was determined by the talk of risk identification and measurement, risk control and other criteria. The establishment of these guidelines, marks all over the world, risk management theory with the preliminary development, management framework has been set up. Also marks the risk management has entered a new stage. In July 2004, Basel 2 rules on commercial Banks, puts forward a new risk management requirements, he fully considered for the bank including market risk, liquidity risk, credit risk and operational risk, a variety of provide for risk identification, risk measurement standard, make risk management work more accurate quantitative measurement. In 2004, the COSO committee issued "enterprise risk management integrated framework", put forward by the enterprise internal control into risk control as the main direction of management thinking. Puts forward the concept of comprehensive risk management,including internal environment, goal setting, time identification, risk evaluation, risk countermeasure, control activities, information and communication and so on eight aspects. American engineer bill fair and Earl joint research and development of the FICO credit score model, since the most card issuers have also been used this model. This model gives the credit scoring system out of a possible 900 points, according to the situation of the borrower's credit history and compare the data with other borrowers, given the borrower credit situation trend in the future.3 Credit card risk3.1 Credit card cash outCredit card cash out to merchants with the bad cardholders or other third party in collusion, or merchants themselves by credit card as the carrier, through the fictitious transactions, asking price, cash return, show the credit card credit behavior, including but not limited to: merchants and cardholders conspired to use point-of-sale terminals (POS), with fictitious transactions, falsely making out the price, cash returns to the behavior of the cardholders to pay cash directly; Or merchants to help paid the cardholder account overdraft, after using the POS machine will advances in fictitious trading way back to their accounts, and collect fees to the cardholder a card such as behavior; Or online merchants cardholders conspired to fictional price, false transactions, such as buying from selling the way, show the credit card for trafficking in fraudulent credit card Internet consumption credit, etc.3.2 False card stolen brushFalse card stolen brush refers to criminals use false card on the POS terminal for credit card transactions to steal bank funds, belong to the important type of fraud. Criminals often by merchants, independent bank terminals, as well as a variety of convenient payment terminal channels, using dedicated track record the equipment needed for the bank card information side track information through various channels, such as the Internet or buy others have steal bank card track information, password access usually by peeping in the cardholder spending places the cardholder password or independent in ATM equipment installed video cameras record customer password, even through ATM keyboard paste, such as false record customer password keyboard,or using client code, easy to guess the cardholder password and other means to obtain the cardholder password.3.3 Online payment fraudOnline payment fraud refers to the fraud part swindled through Internet channels and the cardholder's bank. On-line payment fraud mainly by non-financial institutions or commercial Banks provide online payment channel for fraud. Current fraud activists by phishing site, bank card fraud or Trojan virus, characterized by use of phishing site or Trojan virus to steal the cardholder's bank card number, password and verification code information, phishing cardholders to online trading, to defraud money. Or commercial bank online banking channel for bank card fraud, fraud part using bank online banking vulnerabilities, and the weak link in the online banking fraud.3.4 Operating riskPrevention and control of credit card operation risk, first, to find a good risk points, find out in the hairpin and post-loan risk prone link in the entire process, find out the risk points, and then control the risk. Credit card's life cycle is divided into application stage, audit stage, hairpin used to send phase, activation and post-loan management, such as card renewal phase. First by the applicant voluntarily to the commercial bank to apply for or commercial bank marketing personnel to promote credit card products to the applicant, the applicant according to the guidance of sales people to fill out credit card application form after the above requirements to fill out information, to submit proof of identity is required by the application, work proves that the domicile certificate materials, such as bank marketing personnel will be the applicant's application form submitted to the bank's examination and approval department, by a bank according to the customer qualification examination and approval department for credit card mail after examination and approval to the customer. Customers call the bank customer service special line opened activate the card, the card can normal use, generally the validity of the credit card for 3 ~ 5 years according to the process of the life cycle of credit card sorting operation risk points exist in the whole cycle.4 Conclusions and recommendationsFalse card stolen brush loss brings to the commercial Banks, cardholders Carrie's money is missing, tend to give the feeling of cardholders' money in the bank is not safe, affect the reputation of the bank, bring bank reputation risk. In the process of pursuing for unauthorized, if not solve in time, often commercial Banks must bear a lot of damage. Due to false card stolen brush is not tight to bank losses, and seriously affected the reputation of the bank. So focus on guard against the risk of false card stolen brush is the key of the bank fraud risk control. Commercial bank credit card business is strengthening risk prevention. To do the following: to strengthen the education of the cardholder and prevent unauthorized knowledge propaganda, tip card holders do not use the card to the others, pay attention to protect the password in the daily charge without being stolen. Strengthen the bank back transaction monitoring, summarizes the characteristics of the pseudo card stolen brush, such as the combination of false card stolen brush is easy to occur before time, business category, unauthorized ongoing balance inquiry, around zero, fraud part of bank daily trading limit restrictions for unauthorized transaction monitoring rules set by the characteristics. When the transaction behavior, identity card and cardholders are found not to conform or high transaction should contact the cardholder to confirm authenticity, to confirm that the cardholder to authorize the transaction after I deal correct. Effectively raise Banks to prevent false card stolen brush ability of risk prevention and control. Magnetic stripe card renewal work done as soon as possible because the bank magnetic stripe card refers to magnetic materials for storage medium, such as bank account information recorded in the magnetic stripe CARDS, magnetic stripe card is easy to be copied to the bank money loss, therefore at present a lot of Banks have begun to bank card renewal work, with good safety performance of financial IC card instead of bank magnetic stripe card. In addition, improve the incentive mechanism construction of risk management, on the basis of regular and irregular in the risk assessment results, good for the risk assessment results, comprehensive risk management framework construction perfect mechanism, through the authorization for adjustment, performance ratings, priority support to start newbusiness delegation, adjustment factors of business innovation, management, can be appropriately in the human resources and cost allocation give policy tilt, can give points in performance appraisal review. For risk management body have made outstanding contributions or reduce loss of major risk events offer certain material and spiritual reward employees, and on the personal career advancement channels give sufficient consideration; For all kinds of risk management talents, external training, qualification certification, access to exchange offer certain aspects such as policy tilt, and on the personal career advancement channels will be given full consideration. For all kinds of risk management talents, external training, qualification certification, access to exchange offer certain aspects such as policy tilt, and on the personal career advancement channels will be given full consideration.译文商业银行信用卡风险管理研究Nicely E摘要商业银行信用卡业务风险管理广义上讲是指在商业银行信用卡业务经营中，因各种不利因素而导致的发卡机构、持卡人、特约商户等损失的可能性。

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。

中英文对照外文文献计划风险管理中英文对照外文翻译文献

中英文对照外文文献计划风险管理中英文对照外文翻译文献导读：就爱阅读网友为您分享以下“计划风险管理中英文对照外文翻译文献”资讯，希望对您有所帮助，感谢您对的支持!计划风险管理中英文对照外文翻译文献计划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)原文：Schedule Risk ManagementINTRODUCTIONSchedule risks are both threats and opportunities to the success of a project. Threats tend to reduce the success ofmeeting the project goals and opportunities tend to increase the success. Risk management is the process of identifying, analyzing, qualifying and quantifying the risks, and developing a plan to deal with them. This is routinely done during baseline schedule development as well as during schedule updates. Implementation of risk. .1计划风险管理中英文对照外文翻译文献management starts with early planning in both budgetary cost estimating and preliminary master scheduling in order to determine budgets and schedules with a comfortable level of confidence in the completion date and final cost.While there are entire volumes addressing risk in construction projects, it is important to note that the issue of time-related risk has not been universally incorporated into planning. Assessing cost risk is more intuitive, and very often addressed through the use of heuristics, so it has become more of a standard of the industry than time-related risk management. Most estimators will automatically add a contingency toa cost estimate to cover the risk of performance based on the type of project and circumstances pertaining to theundertaking of the project. Estimators estimate this contingency using their own rules of thumb developed over years of estimating as well as estimate ingmanuals，such as Means’Cost Data or Cost Works. However, when it comes todeveloping the critical path method (CPM) schedules, risk management is often overlooked or underestimated.The purpose of this chapter is to provide an overview of risk management and the assessment process as well as best practices for incorporation of risk management into CPM schedule development and maintenance. For more detailed information about schedule risk, the reader should refer to risk management books, particularly those that focus on project management. One of the best resources available is David Hulett’s new book, Practical Schedule. .2计划风险管理中英文对照外文翻译文献Risk Analysis.Any risk management program starts with a good and accurate CPM schedule, created through the use of best practices and checked for quality, reasonableness, and appropriateness of the network model. Without awell-designed and developed CPM baseline schedule, a risk management process will not be effective. The risk analysis depends upon accurate and consistent calculations of the network logic, the appropriateness of the sequencing and phasing, and a reasonable approach to estimating activity durations.Most CPM schedules are not adjusted for risk but rather are developed as if there were one right answer for the schedule’s numerical data. Generally, activity durations are established by calculation of the quantity of work represented by an activity divided by the production rate, or by sheer ‘‘gut feeling’’of the project manager or crew leader. This production rate is normally established by the contractor’s historical records or an estimating system, such as Means’, that provides an accurate data base of average production rates. Once those durations are calculated, they are often used as deterministic values, which assumes that the durations are accurate and unlikely to change. This assumption ignores the fact that the schedule is attempting to predict how long it will take to complete an activity at some unknown time in the future,using an unknown crew composition, with variableexperience, and working. .3计划风险管理中英文对照外文翻译文献in unknown conditions. Risk management recognizes the uncertainty in duration estimating and provides a system to brain storm other risks that may occur during the project. Probability distributions are the best way to model planned activity durations, as noted by Hulett ‘‘The best way to understand the activity durations that are included in the schedule is as probabilistic statements of possible durations rather than a deterministic statement about how long the future activity will take.’’DEFINITION OF RISK TERMSThe Project Management Institute (PMI) defines project risk in its Project Management Body of Knowledge (PMBOK) as ‘‘an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective, such as time, cost, scope, or quality. A risk may have one or more causes and, if it occurs, one or more impacts.’’PMBOK adds ‘‘Risk conditions could include aspects of the project’s or organization’s environment that may contribute to project risk, such as poor projectmanagement practices, or dependency on external participants who cannot be controlled.’’Risk Management: A process designed to examine uncertainties occurring during project delivery and to implement actions dealing with those uncertainties in order to achieve project objectives The definition of risk management in PMBOK, 4th Edition, is: ‘‘systematic process of identifying, analyzing, and responding to project risk.’’. .4计划风险管理中英文对照外文翻译文献Risk definition by AACEi Cost Engineering Terminology7 is: ‘‘the degree of dispersion or variability around the expected or ‘best’value, which is estimated to exist for the economic variable in question, e.g., a quantitative measure of the upper and lower limits which are considered reasonable for the factor being estimated.’’Time Contingency: An amount of time added to the base estimated duration to allow for unknown impacts to the project schedule, or to achieve a certain level of confidence in the estimated duration.Probability: A measure of the likelihood of occurrence of anevent.Risk register: A checklist of potential risks developed during the risk identification phase of risk management.Risk allocation: A determination of how to respond to risks, which can include shifting risk, avoiding risks, preventing or eliminating risks, and incorporating risks into the schedule. Deterministic: A calculated approach to estimating single activity duration using work quantity divided by estimated production rate.Probabilistic: The determination of risk likelihood and consequences to establish duration ranges or risk-adjusted durations that can be used in a schedule in recognition that there are no certainties in estimating future durations. Monte Carlo analysis: A probabilistic approach to determining confidence levels of completion dates for a project schedule by calculating durations as. .5计划风险管理中英文对照外文翻译文献probability distributions.Probability distribution: The spread of durations in a statistically significant population that is used for the range of durations in probabilistic scheduling approaches.Confidence level: A measure of the statistical reliability of the prediction of project completion.What-if scenario: A modeling of a risk for use in a CPM schedule in order to predict the ramifications of an identified risk.Qualitative analysis: Occurring on the project, as well as assessing the severity of that risk should it occur and prioritizing the resultant list of risks.Quantitative analysis: The assigning of a probability to the qualitative description of the risk, ranking the risks, and calculating the potential impact from both individual risks as well as the cumulative effect of all risks identified. Exculpatory clauses: Disclaimer verbiage that is designed to shift risk. TYPES OF RISK IN CONSTRUCTION PROJECTSEverything that has ever gone wrong on a construction project is a potential risk on the next project. Many project managers instinctively develop a lessons-learned list of historical risks and take steps to minimize their exposure to those risks in the future.Risks vary by industry and even by construction project type as well as by personnel involved with the project. Aroadway or bridge project has a. .6计划风险管理中英文对照外文翻译文献different group of risks than a facility or building, and the selected contractors may have different degrees of influence on the level of risks to performance. If an owner attempts to save money in preconstruction services by limiting the extent of field investigation or development of as-built data, there will be a higher risk of discovery of unknown problems. The experience and competence of the architects and engineers handling the design of the project, as well as their quality control indevelopment of working drawings, directly affect the construction effort and, consequently, the risk associated with the plans and specifications.Even if the owner has been proactive in preconstruction investigation, there is always a risk of unforeseen conditions. This can be a function of the type of soils encountered, the local municipality, and its culture and history of keeping good records of obsolete utilities. If the city in which the project is to be built has a history of requiring contractors to remove all abandoned underground lines, there is a muchlower risk of underground conflicts.The selection of the project team can impact positively or negatively the probability of successful project completion. Design-bid-build projects that use procurement philosophies allowing all financially capable contractors to participate will likely experience a much higher level of risk to on-time performance than a procurement philosophy that requires qualification of proposed contractors to ensure that they have the appropriate experience and resources to construct the project. A single weak subcontractor on a project。

财务风险管理外文文献翻译译文

Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk,understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent withinternal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and theinteractions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks.Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existingexposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater theuncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economyvulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

金融学专业商业银行信贷风险管理外文文献翻译中3000字

文献出处：Cornett M, Strahan P. The credit risk management of commercial banks [J]. Journal of Financial Economics, 2015, 101(2): 297-312.原文The credit risk management of commercial banksCornett M, Strahan PAbstractCredit risk is one of the most usual ones which any commercial banks may encounter during their operation. Credit risks of commercial banks not only cause losses which result in bankruptcy but also cause the most serious issues of financial and economic crisis of one nation. Referring to credit risk management of Vietnam commercial bank system，the capability of credit risks management of Vietnam commercial banks is still low; The rate of bad debt in the entire system is still much higher than international standards. Take this situation in consideration together with referring to a great number of documentations, I have studied credit risk managementof the three typical commercial bank in Vietnam and analyzed and evaluated the remaining issues in the process of credit risk control by these banks and offer some relevant solutions to the entire system of domestic banks. In credit risk management, I shall focus mainly on unscientific features in econometrics methods of credit risk management issued by commercial banks in Vietnam，which is inclusive of combination of unclear mathematic method and class analysis one to calculate credit risks. Due to the fact that credit risk management after disbursement by most of commercial banks is still weak, it is quite needed to study management after disbursement, particularize the method of identifying credit asset debt, build five-class classification, carry out actual management of credit asset and base on tendency of bad debt to offer solutions for every time period. In conclusion, what motioned herein comes from credit risk management in consideration of prevention, calculation, change and solution as well as risk management institutions.Key words: Risk, credit risk, commercial bank credit.1 Commercial bank credit risk management theoryAlthough Banks have a long history, but the theoretical analysis of credit risk is a relatively short history. By kea ton (Keeton, 1979), stag Ritz and Weiss (Mr. Weiss, 1981) development and formation of the "incomplete information credit rationing models on the market", it is pointed out that the credit market credit risk not only the two typical forms of...Adverse selection and moral hazard, and demonstrates the root of the credit risk, information asymmetry caused by the principal-agent relationship, lead to the emergence of credit rationing. Credit risk management refers to the commercial Banks through the scientific method of various subjective factors could lead to credit losses effectively forecast, analysis, prevention, control and processing. In order to reduce the credit risk, reduce the credit losses and improve the quality of credit, to enhance the capacity of the commercial bank risk control and loss compensation ability of a credit management activity. Depth understanding of credit risk management from the following four to grasp. One is the basis of credit risk management is according to the characteristics of credit requirements, not against the objective law of credit; The second is the credit risk management is scientific, modernization, standardization, quantitative and comprehensive; Three is the credit risk management method is mainly credit risk analysis, risk identification, risk measurement, risk control and risk management; Four is the credit risk management goal is to reduce risk, reduce loss, enhance the ability of commercial Banks operating risk.In order to guarantee bank loans will not be against its customers, to customers, companies, enterprises, such as different customer types before they are allowed to make loans to consider some problems. Also the question bank standard of 5 cabaña will select credit analysis of 5 c as a measure of the basic elements of corporate credit risk:1.1 QualityThe debtor to meet its debt obligations will, is the first indicator of evaluate the credit quality of the debtor. Regarding the quality of the wholesale banking, measure, or can be based on the reputation of the company management/owner eventually and company strategy.1.2 AbilityThe debtor's solvency, include the trend of the vision of the industry, the sustainable development of the company; the financial data mainly embodied in the current ratio and quick ratio. The stability of the corporate cash income directly determines its solvency and probability of default.1.3 CapitalRefers to the capital structure of the debtor or quotas, which indicates that the background of the customer may repay debt, such as debt ratio) or the net value of fixed assets and other financial indicators, etc.Shadow of the company's capital structure financing strategy: equity financing and debt financing.1.4 EnvironmentCompany locates the environment and the adaptability to the environment. Including solvent could affect the debtor's political, economic and market environment, such as the dong to rise and cancel the export tax rebate. As the "green credit, supported by more and more countries and companies, sustainable risk also be incorporated into the environmental risk considerations.1.5 MortgageRepayment of the debt of other potential resources and the resources provided by the additional security. Refuse or insolvent debtor can be used as mortgage/collateral assets, for no credit record (such as trading for the first time) or credit record disputed the debtor2 The commercial bank credit risk management processIn order to effective credit risk management, commercial Banks should grasp the basic application of credit risk management. In general, the credit risk management process can be divided into credit credit risk identification, risk estimate and credit risk handling three phases:2.1 Credit risk identificationCredit risk identification is before in all kinds of credit risk, the risk types and to determine the cause of occurrence of a risk, analysis, in order to achieve the credit risk measurement and processing. Credit risk identification is a qualitative analysis of the risk, is the first step of credit risk management, which is the basis for the rest of the credit risk management. Customer rating system and credit risk classification of the two dimensional rating system is constitute the important content of risk identification. This chapter will make detailed description of the two parts. Before the credit investigation is the commercial bank credit risk identification is the most basic steps, bank loans to the customer before must know the borrowing needs of the clients and purpose. Credit investigation before the concrete has the following contents: understand the purpose of credit, credit purpose including: type, in line with the needs of the business purpose and credit product mix and match the borrower repayment source of credit and credit term and effective mortgage guarantee/warranty or other intangible support.2.2 Credit risk estimateCredit risk estimation is the possibility of Banks in credit risk and the fact that the risk to evaluate the extent of the losses caused by measurement. Its basic requirements: it is estimated that some expected risk the possibility of credit; 2 it is to measure some credit risk fact may cause the loss of the scale. Objective that is both a difficult problem, but such as is not an appraisal, can't the quantitative corresponding countermeasures to prevent and eliminate. With the development of risk management techniques, in the financial markets open, Vietnam's financial regulators and commercial Banks also pay more and more attention to the risk of quantitative, in credit rating and have a certain progress in capital adequacy.Before Banks to make loans to customers, Banks must also understand the purpose of the customer, more understand the usage of loan customers, whether it is feasible, from now on, find a way to manage future loans to avoid the violation of the customer. As a result, Banks should use the loan examination and approval way to deal with.2.3 The processing of credit riskCredit risk after processing is that the Banks in the recognition and valuation risk, the effective measures taken by different for different size of loan risk take different processing method, make the credit risk is reduced to the lowest degree. Risk treatment methods mainly include: risk transfer refers to the bank assumes the credit risk on to others in some way. Transfer way, it is transferred to the customer, such as Banks to raise interest rates, require the borrower to provide mortgage, pledge or other additional conditions, etc.; 2 it is transferred to the insurance company, the bank will those particularly risky, once happened will loss serious loans directly to the insurance company insured, or by the customer to the insurance company insured to transfer risk;3 Commercial bank credit risk management regulation.In the risk management of commercial Banks to improve themselves at the same time, regulators and external credit rating agencies to the commercial bank credit risk management has a different regulation method.3.1 The China banking regulatory commission five classificationsThe CBRC requires commercial Banks asset quality for five categories, to reflect the face possible credit losses. System is classifying loans into five categories according to the inherent risk level could be divided into normal commercial loans, concern, loss of secondary, suspicious, five categories.The China banking regulatory commission five classifications has the advantage that the bank asset quality can be compared more easily, also can take credit quality ofthe whole global. Disadvantage is that some small and medium-sized Banks because of the lack of independent audit and internal audit, classification standard is difficult to unity, the China banking regulatory commission five classifications often find selective examination questions.3.2 Stress tests, a rating agencyRating agencies will be according to the information disclosure and audit results and adjusting the bank's credit rating. Stress test is a credit rating agency for checking the quality of commercial bank credit and common ways of anti-risk ability. Because of the influence of the stress tests, for what has happened, to predict the result may worsen the credit quality; Or for the possibility of events, predict the results of the impact of credit quality. Similar stress tests include, an industry is a strong shock cases the possibility of default, or large credit customer default could lead to credit quality decline.3.3 The new Basel capital accordNew Basel capital agreement hereinafter referred to as the new Basel agreement (hereinafter referred to as Basel II) in English, is by the bank for international settlements under the Basel committee on banking supervision (BCBS), and content for 1988 years the old Basel capital accord (Basel I) have had to make significant changes, in order to standardize the international risk management system, improve the international financial services of risk management ability.译文商业银行信贷风险管理作者：Cornett M, Strahan P摘要信贷风险是商业银行经营过程中所面临的最主要的风险之一。

银行金融数据分析中英文对照外文翻译文献

银行金融数据分析中英文对照外文翻译文献银行金融数据分析中英文对照外文翻译文献1银行金融数据分析中英文对照外文翻译文献(文档含英文原文和中文翻译)Banks analysis of financial dataAbstractA stochastic analysis of financial data is presented. In particular we investigate how the statistics of log returns change with different time delays t. The scale-dependent behaviour of financial data can be divided into two regions. The first time range, the small-timescale region (in the range of seconds) seems to be characterised by universal features. The second time range, the medium-timescale range from several minutes upwards can be characterised by a cascade process, which is given by a stochastic Markov process in the scale ττ. A corresponding Fokker–Planck equation can be process in the scaleextracted from given data and provides a non-equilibrium thermodynamical description of the complexity of financial data.Keywords: Banks; Financial markets; Stochastic processes;Fokker––Planck equationFokker1.IntroductionFinancial statements for banks present a different analytical problem than manufacturing and service companies. As a result, analysis of a bank’s financial statements requires a distinct approach that recognizes a bank’’s financial statements requires a distinct approach that recognizes a bank somewhat unique risks.Banks take deposits from savers, paying interest on some of these accounts. They pass these funds on to borrowers, receiving interest on the loans. Their profits are derived from the spread between the rate they pay forfunds and the rate they receive from borrowers. This ability to pool deposits from many sources that can be lent to many different borrowers creates the flow of funds inherent in the banking system. By managing this flow of funds,banks generate profits, acting as the intermediary of interest paid and interest received and taking on the risks of offering credit.2. Small-scale analysisBanking is a highly leveraged business requiring regulators to dictate minimal capital levels to help ensure the solvency of each bank and the banking system. In the US, a bank’’s primary regulator could be the Federal banking system. In the US, a bankReserve Board, the Office of the Comptroller of the Currency, the Office of Thrift Supervision or any one of 50 state regulatory bodies, depending on the charter of the bank. Within the Federal Reserve Board, there are 12 districts with 12 different regulatory staffing groups. These regulators focus on compliance with certain requirements, restrictions and guidelines, aiming to uphold the soundness and integrity of the banking system.As one of the most highly regulated banking industries in the world, investors have some level of assurance in the soundness of the banking system. As a result, investors can focus most of their efforts on how a bank will perform in different economic environments.Below is a sample income statement and balance sheet for a large bank. The first thing to notice is that the line items in the statements are not the same as your typical manufacturing or service firm. Instead, there are entries that represent interest earned or expensed as well as deposits and loans.As financial intermediaries, banks assume two primary types of risk asthey manage the flow of money through their business. Interest rate risk is the management of the spread between interest paid on deposits and received on loans over time. Credit risk is the likelihood that a borrower will default onits loan or lease, causing the bank to lose any potential interest earned as wellas the principal that was loaned to the borrower. As investors, these are theprimary elements that need to be understood when analyzing a bank’’s primary elements that need to be understood when analyzing a bankfinancial statement.3. Medium scale analysisThe primary business of a bank is managing the spread between deposits. Basically when the interest that a bank earns from loans is greater than the interest it must pay on deposits, it generates a positive interest spread or net interest income. The size of this spread is a major determinant of the profit generated by a bank. This interest rate risk is primarily determined by the shape of the yield curve.As a result, net interest income will vary, due to differences in the timing of accrual changes and changing rate and yield curve relationships. Changes in the general level of market interest rates also may cause changes in the volume and mix of a bank’’s balance sheet products. For example, when volume and mix of a bankeconomic activity continues to expand while interest rates are rising,commercial loan demand may increase while residential mortgage loangrowth and prepayments slow.Banks, in the normal course of business, assume financial risk by making loans at interest rates that differ from rates paid on deposits. Deposits often have shorter maturities than loans. The result is a balance sheet mismatch between assets (loans) and liabilities (deposits). An upward sloping yield curve is favorable to a bank as the bulk of its deposits are short term and their loans are longer term. This mismatch of maturities generates the net interest revenue banks enjoy. When the yield curve flattens, this mismatch causes net interest revenue to diminish.4.Even in a business using Six Sigma® methodology. an “optimal” level of working capital management needs to beidentified.The table below ties together the bank’s balance sheet with the income statement and displays the yield generated from earning assets and interestbearing deposits. Most banks provide this type of table in their annual reports. The following table represents the same bank as in the previous examples: First of all, the balance sheet is an average balance for the line item, rather than the balance at the end of the period. Average balances provide a better analytical frame analytical framework to help understand the bank’s financial performance. work to help understand the bank’s financial performance. Notice that for each average balance item there is a correspondinginterest-related income, or expense item, and the average yield for the time period. It also demonstrates the impact a flattening yield curve can have on a bank’s net interest income.The best place to start is with the net interest income line item. The bank experienced lower net interest income even though it had grown averagebalances. To help understand how this occurred, look at the yield achieved on total earning assets. For the current period ,it is actually higher than the prior period. Then examine the yield on the interest-bearing assets. It issubstantially higher in the current period, causing higher interest-generating expenses. This discrepancy in the performance of the bank is due to the flattening of the yield curve.As the yield curve flattens, the interest rate the bank pays on shorter term deposits tends to increase faster than the rates it can earn from its loans. This causes the net interest income line to narrow, as shown above. One way banks try o overcome the impact of the flattening of the yield curve is to increase the fees they charge for services. As these fees become a larger portion of the bank’s inco portion of the bank’s income, it becomes less dependent on net interest me, it becomes less dependent on net interest income to drive earnings.Changes in the general level of interest rates may affect the volume ofcertain types of banking activities that generate fee-related income. For example, the volume of residential mortgage loan originations typically declines as interest rates rise, resulting in lower originating fees. In contrast,mortgage servicing pools often face slower prepayments when rates are rising, since borrowers are less likely to refinance. Ad a result, fee income and associated economic value arising from mortgage servicing-related businesses may increase or remain stable in periods of moderately rising interest rates.When analyzing a bank you should also consider how interest rate risk may act jointly with other risks facing the bank. For example, in a rising rate environment, loan customers may not be able to meet interest payments because of the increase in the size of the payment or reduction in earnings. The result will be a higher level of problem loans. An increase in interest rate is exposes a bank with a significant concentration in adjustable rate loans to credit risk. For a bank that is predominately funded with short-term liabilities, a rise in rates may decrease net interest income at the same time credit quality problems are on the increase.5.Related LiteratureThe importance of working capital management is not new to the finance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores. should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financ ial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman andSahu (1999) find that 55 percent of firms in the S&P Industrial indexcomplete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital managementtechniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limited sample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities.Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of valuecreation that incorporate effective short-term financial management activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located i located in may have more influence on that company’s fortunes than overall n may have more influence on that company’s fortunes than overall GNP” (2002. 507). In fact. a careful review of this 627GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds -page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In such as. “Should a Retailer Offer an In--House Credit Card” (128) andnothing on WCM stability over time. This research will attempt to fill thisvoid by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) arti cle on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).6.Research MethodThe CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group. was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an annual basis.REL uses the “cash flow from operations” value loc ated on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “daysof working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables accounts. The “days of working capital” (DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the company’s ability to finance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firmand industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P).7.Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 –– 2000 period . Across the nearly 1.000 firms in thefor the entire 1996survey. cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories less payables divided by daily sales. averages 51.8 days and is very similar to the days that sales are outstanding (50.6). because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days). In all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports.8.Industry Rankings on Overall Working Capital Management PerformanceCFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleumindustry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper).Furthermore. the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry. which ranked second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures9. Results for Bayer dataThe Kramers––Moyal coefficients were calculated according to Eqs. (5) and The Kramers(6). The timescale was divided into half-open intervalsassuming that the Kramers––Moyal coefficients are constant with respect to assuming that the Kramersthe timescaleττin each of these subintervals of the timescale. The smallestthe timescaletimescale considered was 240 s and all larger scales were chosen such that ττi timescale considered was 240 s and all larger scales were chosen such that . The Kramers––Moyal coefficients themselves were parameterised ＝0.9*τi+1. The Kramersin the following form:This result shows that the rich and complex structure of financial data, expressed by multi-scale statistics, can be pinned down to coefficients with a relatively simple functional form.10. DiscussionCredit risk is most simply defined as the potential that a bank borrower or counter-party will fail to meet its obligations in accordance with agreed terms. When this happens, the bank will experience a loss of some or all of the credit it provide to its customer. To absorb these losses, banks maintain anallowance for loan and lease losses. In essence, this allowance can be viewed as a pool of capital specifically set aside to absorb estimated loan losses. This allowance should be maintained at a level that is adequate to absorb theestimated amount of probable losses in the institution’’s loan portfolio. estimated amount of probable losses in the institutionA careful review of a bank’’s financial statements can highlight the keyA careful review of a bankfactors that should be considered becomes before making a trading or investing decision. Investors need to have a good understanding of the business cycle and the yield curve-both have a major impact on the economic performance of banks. Interest rate risk and credit risk are the primary factors to consider as a bank’’s financial performance follows the yield curve. When to consider as a bankit flattens or becomes inverted a bank’’s net interest revenue is put underit flattens or becomes inverted a bankgreater pressure. When the yield curve returns to a more traditional shape, a bank’’s net interest revenue usually improves. Credit risk can be the largest bankcontributor to the negative performance of a bank, even causing it to lose money. In addition, management of credit risk is a subjective process that can be manipulated in the short term. Investors in banks need to be aware of these factors before they commit their capital.银行的金融数据分析摘要财务数据随机分析已经被提出，特别是我们探讨如何统计在不同时间τ记录返回的变化。

商业银行会计风险的防范外文文献.pdf

论会计风险理论的构建—兼谈会计方法与会计工作质量Author：Jorion. PhilippeSource：Accounting Review现代社会中，风险具有普遍性。

可以说风险与人类的经济活动形影相随。

一般认为，风险是不确定事件发生后给人们带来损失的可能性。

本世纪六十年代，西方风险管理理论已经比较成熟，风险管理进入经济活动的各个方面。

随着政治变化、经济高度发展和科学技术进步，企业之间竞争加剧、经营环境日趋复杂，企业风险加大，可能随时面临倒闭危险。

竞争和风险迫使企业家认识到风险管理的重要性，认识到客观环境存在的不确定情况是进行管理决策必需、非常重要而有用的信息。

会计变得越来越重要，但也对会计提出了更高的要求。

一、会计风险的涵义会计风险是指会计信息和会计管理的不确定性给企业、投资者、债权人或其他有关方面带来损失的可能性。

会计具有反映和管理职能，从这一角度来分析，会计风险具体表现为会计信息风险和会计管理风险。

会计职能扩大，其相应的风险增加。

会计信息风险是指会计信息反映的财务状况、经营成果、资金变动及其他情况的不确定性给企业和其他信息使用者带来损失的可能性。

这种不确定性是由于客观原因、会计自身尚未弥补的缺陷或会计人员没有意识到的主观原因造成的。

会计管理风险是指在生产经营管理过程中会计预测、决策、计划、控制、分析、考核等管理活动的不确定性给企业带来损失的可能性。

管理风险是客观存在的，会计管理风险存在于各主要管理环节。

会计应以其特有的方式尽可能降低管理的不确定性，防范决策、计划和控制等风险。

二、构建会计风险理论的必要性会计风险理论在会计理论和实务中均占有重要地位，建立和发展会计风险理论可以促进会计理论的建设和会计工作的有效开展。

会计风险与会计理论中的很多重要问题都有密切关系，包括会计目标、会计假设、会计概念、会计准则、会计方法和会计责任等。

(一)会计风险与会计目标会计目标是指会计活动要达到的预期结果。

会计目标决定会计活动及其有效性，如果某项会计活动不能达到特定的会计目标，则势必导致会计风险的产生。

商业银行风险管理中英文对照外文翻译文献.

财务风险管理外文翻译英文文献

外文翻译中英文对照

金融风险管理外文翻译文献

商业银行信贷风险管理外文翻译

公司财务风险中英文对照外文翻译文献

美国次贷危机对我国商业银行外文文献翻译 (2)

商业银行信用卡风险管理外文文献翻译最新译文

银行信用风险外文文献翻译

商业银行信用风险外文翻译文献

商业银行信用卡风险管理外文文献翻译最新译文

商业银行风险管理中英文对照外文翻译文献

中英文对照外文文献 计划风险管理中英文对照外文翻译文献

财务风险管理外文文献翻译译文

金融学专业商业银行信贷风险管理外文文献翻译中3000字

银行金融数据分析中英文对照外文翻译文献

商业银行会计风险的防范外文文献.pdf

中英文对照外文文献计划风险管理中英文对照外文翻译文献