金融学毕业论文外文翻译中英文全

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毕业论文(设计)外文文献翻译及原文

金融体制、融资约束与投资——来自OECD的实证分析R．SemenovDepartment of Economics，University of Nijmegen，Nijmegen（荷兰内梅亨大学，经济学院）这篇论文考查了OECD的11个国家中现金流量对企业投资的影响.我们发现不同国家之间投资对企业内部可获取资金的敏感性具有显著差异,并且银企之间具有明显的紧密关系的国家的敏感性比银企之间具有公平关系的国家的低.同时，我们发现融资约束与整体金融发展指标不存在关系.我们的结论与资本市场信息和激励问题对企业投资具有重要作用这种观点一致，并且紧密的银企关系会减少这些问题从而增加企业获取外部融资的渠道。

一、引言各个国家的企业在显著不同的金融体制下运行。

金融发展水平的差别(例如，相对GDP的信用额度和相对GDP的相应股票市场的资本化程度），在所有者和管理者关系、企业和债权人的模式中，企业控制的市场活动水平可以很好地被记录.在完美资本市场,对于具有正的净现值投资机会的企业将一直获得资金。

然而，经济理论表明市场摩擦，诸如信息不对称和激励问题会使获得外部资本更加昂贵，并且具有盈利投资机会的企业不一定能够获取所需资本.这表明融资要素，例如内部产生资金数量、新债务和权益的可得性，共同决定了企业的投资决策.现今已经有大量考查外部资金可得性对投资决策的影响的实证资料（可参考，例如Fazzari（1998）、 Hoshi(1991)、 Chapman（1996）、Samuel(1998））.大多数研究结果表明金融变量例如现金流量有助于解释企业的投资水平。

这项研究结果解释表明企业投资受限于外部资金的可得性。

很多模型强调运行正常的金融中介和金融市场有助于改善信息不对称和交易成本，减缓不对称问题,从而促使储蓄资金投着长期和高回报的项目,并且提高资源的有效配置（参看Levine（1997)的评论文章）。

因而我们预期用于更加发达的金融体制的国家的企业将更容易获得外部融资.几位学者已经指出建立企业和金融中介机构可进一步缓解金融市场摩擦。

金融体系中英文对照外文翻译文献

金融体系中英文对照外文翻译文献(文档含英文原文和中文翻译)Comparative Financial Systems1 What is a Financial System?The purpose of a ﬁnancial system is to channel funds from agents with surpluses to agents with deﬁcits. In the traditional literature there have be en two approaches to analyzing this process. The ﬁrst is to consider how agents interact through ﬁnancial markets. The second looks at the operation ofﬁnancial intermediaries such as banks and insurance companies. Fifty years ago, the ﬁnancial system co uld be neatly bifurcated in this way. Rich house-holds and large ﬁrms used the equity and bond markets,while less wealthy house-holds and medium and small ﬁrms used banks, insurance companies and other ﬁnancial institutions. Table 1, for example, shows the ownership of corporate equities in 1950. Households owned over 90 percent. By 2000 it can be seen that the situation had changed dramatically.By then households held less than 40 percent, nonbank intermediaries, primarily pension funds and mutual funds, held over 40 percent. This change illustrates why it is no longer possible to consider the role of ﬁnancial markets and ﬁnancial institutions separately. Rather than intermediating directly between households and ﬁrms, ﬁnancial institutions have increasingly come to intermediate between households and markets, on the one hand, and between ﬁrms and markets,on the other. This makes it necessary to consider the ﬁnancial system as anirreducible whole.The notion that a ﬁnancial system transfers resources between households and ﬁrms is, of course, a simpliﬁcation. Governments usually play a significant role in the ﬁnancial system. They are major borrowers, particularlyduring times of war, recession, or when large infrastructure projects are being undertaken. They sometimes also save signiﬁcant amounts of funds. For example, when countries such as Norway and many Middle Eastern States have access to large amounts of natural resources (oil), the government may acquire large trust funds on behalf of the population.In addition to their roles as borrowers or savers, governments usually playa number of other important roles. Central banks typically issue ﬁat money and are extensively involved in the payments system. Financial systems with unregulated markets and intermediaries, such as the US in the late nineteenth century, often experience ﬁnancial crises.The desire to eliminate these crises led many governments to intervene in a signiﬁcant way in the ﬁnancial system. Central banks or some other regulatory authority are charged with regulating the banking system and other intermediaries, such as insurance companies. So in most countries governments play an important role in the operation of ﬁnancialsystems. This intervention means that the political system, which determines the government and its policies, is also relevant for the ﬁnancial system.There are some historical instances where ﬁnancial markets and institutions have operated in the absence of a well-deﬁned legal system, relyinginstead on reputation and other im plicit mechanisms. However, in most ﬁnancial systems the law plays an important role. It determines what kinds ofcontracts are feasible, what kinds of governance mechanisms can be used for corporations, the restrictions that can be placed on securities and so forth. Hence, the legal system is an important component of a ﬁnancial system.A ﬁnancial system is much more than all of this, however. An important pre-requisite of the ability to write contracts and enforce rights of various kinds is a system of accounting. In addition to allowing contracts to be written, an accounting system allows investors to value a company more easily and to assess how much it would be prudent to lend to it. Accounting information is only one type of information (albeit the most important) required by ﬁnancial systems. The incentives to generate and disseminate information are crucial features of a ﬁnancial system.Without signiﬁcant amounts of human capital it will not be possible for any of these components of a ﬁnancial system to operate eﬀectively. Well-trained lawyers, accountants and ﬁnancial professionals such as bankers are crucial for an eﬀective ﬁnancial system, as the experience of Eastern Europe demonstrates.The literature on comparative ﬁnancial systems is at an early stage. Our survey builds on previous overviews by Allen (1993), Allen and Gale (1995) and Thakor (1996). These overviews have focused on two sets of issues.(1)Normative: How eﬀective are diﬀerent types of ﬁnancial system atvarious functions?(2) Positive: What drives the evolution of the ﬁnancial system?The ﬁrst set of issues is considered in Sections 2-6, which focus on issues of investment and saving, growth, risk sharing, information provision and corporate governance, respectively. Section 7 consider s the inﬂuence of law and politics on the ﬁnancial system while Section 8 looks at the role ﬁnancial crises have had in shaping the ﬁnancial system. Section 9 contains concludingremarks.2 Investment and SavingOne of the primary purposes of the ﬁnancial system is to allow savings to be invested in ﬁrms. In a series of important papers, Mayer (1988, 1990) documents how ﬁrms obtained funds and ﬁnanced investment in a number of diﬀerent countries. Table 2 shows the results from the most recent set of studies, based on data from 1970-1989, using Mayer’s methodology. The ﬁgures use data obtained from sources-and-uses-of-funds statements. For France, the data are from Bertero (1994), while for the US, UK, Japan and Germany they are from Corbett and Jenkinson (1996). It can be seen that internal ﬁnance is by far the most important source of funds in all countries.Bank ﬁnance is moderately important in most countries and particularly important in Japan and France. Bond ﬁnance is only important in the US and equity ﬁnance is either unimportant or negative (i.e., shares are being repurchased in aggregate) in all countries. Mayer’s studies and those using his methodology have had an important impact because they have raised the question of how important ﬁnancial marke ts are in terms of providing funds for investment. It seems that, at least in the aggregate, equity markets are unimportant while bond markets are important only in the US. These ﬁndings contrast strongly with theemphasis on equity and bond markets in the traditional ﬁnance literature. Bank ﬁnance is important in all countries,but not as important as internal ﬁnance.Another perspective on how the ﬁnancial system operates is obtained by looking at savings and the holding of ﬁnancial assets. Table 3 shows t he relative importance of banks and markets in the US, UK, Japan, France and Germany. It can be seen that the US is at one extreme and Germany at the other. In the US, banks are relatively unimportant: the ratio of assets to GDP is only 53%, about a third the German ratio of 152%. On the other hand, the US ratio of equity market capitalization to GDP is 82%, three times the German ratio of 24%. Japan and the UK are interesting intermediate cases where banks and markets are both important. In France, banks are important and markets less so. The US and UK are often referred to as market-based systems while Germany, Japan and France are often referred to as bank-based systems. Table 4 shows the total portfolio allocation of assets ultimately owned by the household sector. In the US and UK, equity is a much more important component of household assets than in Japan,Germany and France. For cash and cash equivalents (which includes bank accounts), the reverse is true. Tables 3 and 4 provide an interesting contrast to Table 2. One would expect that, in the long run, household portfolios would reﬂect the ﬁnancing patterns of ﬁrms. Since internal ﬁnance accrues to equity holders, one might expect that equity would be much more important in Japan, France and Germany. There are, of course, diﬀerences in the data sets underlying the diﬀerent tables. For example, household portfolios consist of ﬁnancial assets and exclude privately held ﬁrms, whereas the sources-and-uses-of-funds data include all ﬁrms. Nevertheless, it seem s unlikely that these diﬀerences could cause such huge discrepancies. It is puzzling that these diﬀerent ways of viewing the ﬁnancial system produce such radically diﬀerent results.Another puzzle concerning internal versus external ﬁnance is the diﬀerence between the developed world and emerging countries. Although it is true for the US, UK, Japan, France, Germany and for most other developed countries that internal ﬁnance dominates external ﬁnance, this is not the case for emerging countries. Singh and Hamid (1992) and Singh (1995) show that, for a range of emerging economies, external ﬁnance is more important than internal ﬁnance. Moreover, equity is the most important ﬁnancing instrument and dominates debt. This diﬀerence between the industrialized nations and the emerging countries has so far received little attention. There is a large theoretical literature on the operation of and rationale for internal capital markets. Internal capital markets diﬀer from external capital markets because of asymmetric information, investment incentives, asset speciﬁcity, control rights, transaction costs or incomplete markets There has also been considerable debate on the relationship between liquidity and investment (see, for example, Fazzari, Hubbard and Petersen(1988), Hoshi, Kashyap and Scharfstein (1991))that the lender will not carry out the threat in practice, the incentive eﬀect disappears. Although the lender’s behavior is now ex post optimal, both parties may be worse oﬀ ex ante.The time inconsistency of commitments that are optimal ex ante and suboptimal ex post is typical in contracting problems. The contract commits one to certain courses of action in order to inﬂuence the behavior of the other party. Then once that party’s behavior has been determined, the beneﬁt of the commitment disappears and there is now an incentive to depart from it.Whatever agreements have been entered into are subject to revision because both parties can typically be made better oﬀby “renegotiating” the original agreement. The possibility of renegotiation puts additional restrictions on the kind of contract or agreement that is feasible (we are referring here to the contract or agreement as executed, ratherthan the contract as originally written or conceived) and, to that extent, tends to reduce the welfare of both parties ex ante. Anything that gives the parties a greater power to commit themselves to the terms of the contract will, conversely, be welfare-enhancing.Dewatripont and Maskin (1995) (included as a chapter in this section) have suggested that ﬁnancial markets have an advantage over ﬁnancial intermediaries in maintaining commitments to refuse further funding. If the ﬁrm obtains its funding from the bond market, th en, in the event that it needs additional investment, it will have to go back to the bond market. Because the bonds are widely held, however, the ﬁrm will ﬁnd it diﬃcult to renegotiate with the bond holders. Apart from the transaction costs involved in negotiating with a large number of bond holders, there is a free-rider problem. Each bond holder would like to maintain his original claim over the returns to the project, while allowing the others to renegotiate their claims in order to ﬁnance the additional investment. The free-rider problem, which is often thought of as the curse of cooperative enterprises, turns out to be a virtue in disguise when it comes to maintaining commitments.From a theoretical point of view, there are many ways of maintaining a commitment. Financial institutions may develop a valuable reputation for maintaining commitments. In any one case, it is worth incurring the small cost of a sub-optimal action in order to maintain the value of the reputation. Incomplete information about the borrower’s type may lead to a similar outcome. If default causes the institution to change its beliefs about the defaulter’s type, then it may be optimal to refuse to deal with a ﬁrm after it has defaulted. Institutional strategies such as delegating decisions to agents who are given no discretion to renegotiate may also be an eﬀective commitment device.Several authors have argued that, under certain circumstances, renegotiation is welfare-improving. In that case, the Dewatripont-Maskin argument is turned on its head. Intermediaries that establish long-term relationships with clients may have an advantage over ﬁnancial markets precisely because it is easier for them to renegotiate contracts.The crucial assumption is that contracts are incomplete. Because of the high transaction costs of writing complete contracts, some potentially Pareto-improving contingencies are left out of contracts and securities. This incompleteness of contracts may make renegotiation desirable. The missing contingencies can be replaced by contract adjustments that are negotiated by the parties ex post, after they observe the realization of variables on which the contingencies would have been based. The incomplete contract determines the status quo for the ex post bargaining game (i.e., renegotiation)that determines the ﬁnal outcome.An import ant question in this whole area is “How important are these relationships empirically?” Here there does not seem to be a lot of evidence.As far as the importance of renegotiation in the sense of Dewatripont and Maskin (1995), the work of Asquith, Gertner and Scharfstein (1994) suggests that little renegotiation occurs in the case of ﬁnancially distressed ﬁrms.Conventional wisdom holds that banks are so well secured that they can and do “pull the plug” as soon as a borrower becomes distressed, leaving theunsecured creditors and other claimants holding the bag.Petersen and Rajan (1994) suggest that ﬁrms that have a longer relationship with a bank do have greater access to credit, controlling for a number of features of the borrowers’ history. It is not clea r from their work exactly what lies behind the value of the relationship. For example, the increased access to credit could be an incentive device or it could be the result ofgreater information or the relationship itself could make the borrower more credit worthy. Berger and Udell (1992) ﬁnd that banks smooth loan rates in response to interest rate shocks. Petersen and Rajan (1995) and Berlin and Mester (1997) ﬁnd that smoothing occurs as a ﬁrm’s credit risk changes.Berlin and Mester (1998) ﬁnd that loan rate smoothing is associated with lower bank proﬁts. They argue that this suggests the smoothing does not arise as part of an optimal relationship.This section has pointed to a number of issues for future research.• What is the relationship between th e sources of funds for investment,as revealed by Mayer (1988, 1990), and the portfolio choices of investorsand institutions? The answer to this question may shed some light onthe relative importance of external and internal finance.• Why are financing patterns so different in developing and developedeconomies?• What is the empirical importance of long-term relationships? Is renegotiationimportant is it a good thing or a bad thing?• Do long-term relationships constitute an important advantage of bankbasedsystems over market-based systems?金融体系的比较1、什么是金融体系？一个金融系统的目的（作用）是将资金从盈余者（机构）向短缺者（机构）转移（输送）。

金融学专业外文翻译---对简便银行的简单见解

中文3696字本科毕业论文外文翻译出处：Infosys Strategic Vision原文：Insights from Banking SimpleBy Ashok VemuriIntroduction“A simpler way of banking.We treat with you respect. No extraneous features. No hidden fees.” For the unini tiated, this is the mantra of BankSimple, a Brooklyn-based startup which has positioned itself as a consumer-friendly alternative to traditional banks. BankSimple pushes a message of user experience—sophisticated personal finance analytics, a single “do-it-all” card, superior customer service, and no overdraft fees.Though branchless and primarily online-based, BankSimple is also planning to provide some traditional customer service touches, including phone support and mail-in deposits. Interestingly, BankSimple will also likely not be a bank—at least not in the technical, FDIC sense of the word. Rather, BankSimple’s strategy is to be a front-end focused on the customer experience. The back-end core “bank” component will be FDIC-insured partner banks. Unfettered by years of IT investments and entrenched applications, BankSimple’s team has the freedom to build an innovative, user-friendly online interface, customer service program, and the associated mobile and social bells and whistles that more and more consumers are demanding. One way to look at it is as a wrapper insulating the consumer from the accounting, compliance, and technology challenges that many banks face.Like personal finance sites and Wesabe before it, BankSimple is looking to tap into a perceived gap between what major banks provide and what consumers want.A recent survey by ForeSee Results and Forbes found that consumers view online banking as more satisfying than banking done offline. Though good news for the industry as a whole, the survey also found that the five largest banks in the country scored the lowest in the study. Cheaper and more customer friendly, digital banking is the future—but many consumers are finding it is better done with credit unions, community banks, and (down-the-road) startups like BankSimple.As you read, significant investments are being made by banks to improve their online, mobile, and IVR customer-friendliness. Major banks are embracing these channels, and customer satisfaction will likely improve over time. Even so, startups like Bank- Simple should be viewed as a learning opportunity. Their ideas are disruptive and often highlight pain points that need to be addressed. BankSimple’s first two stated philosophies are a good place to start: “A simpler way of banking” and “We treat you with respect.”Ask the Right Questions to Achieve SimplicityBankSimple’s “simpler way of banking” tenet is primarily driven by its business model.A relatively small number financial products and services (bill pay, savings/checking account, loans, account transfers) will allow BankSimple to declutter its offerings.This minimalist approach is embodied in the first planned product—a single card providing checking, savings, rewards, and a line of credit. Obviously, major banks have a much different business model. Higher wallet share is necessary to grow revenue and increase market share. Product innovation and cross selling are two methods used to achieve this.With banks in the midst of a reputation crisis, customer service has taken on more importanceUnfortunately, cross selling efforts often congest and complicate the banking experience. Consumers can get lost in a maze of clicks, confusing products, and fine print. Simplicity and straightforward banking are not easy to implement. If they were, we wouldn’t be having this discussion. However, by asking a few important questions you can set your bank on a path to simplicity:l Where are the headaches? Where are you receiving the most customer service complaints and queries? How long does it take to complete basic activities (i.e., open an account or enroll in online banking)? Once these pain points are identified, process reengineering can be undertaken to improve speed and customer satisfaction.l Are your customers happy with their channel of choice? Certain customers prefer using online banking or mobile banking. Others prefer phone and branch banking. Can all of their needs be met through their channel of choice? Do predominantly mobile bankers have to make unnecessary trips to the bank branch? Availability of products and services through the channel of choice can be a powerful switching mechanism. The usability and simplicity of the online channel is another important consideration. How intuitive is your website? Can customers quickly find what they are looking for? Mapping customer activities while on the site, customer surveys (incentives help encourage participation), and focus groups are some techniques used to identify potential bottlenecks and pain points.l Are the benefits of your products and services clear and understandable? The burgeoning number of products banks offer can be a nightmare for many time and attention-strapped customers. A multitude of channels to navigate through often compounds the complexity. Side-by-side comparisons, easy to understand terms and conditions, and easy access can add a dash of simple to any bank.l Do you really know your customers? Intelligent and effective use of analytics can unlock what products and services are applicable to a given customer. The rise of unstructured analytics allows financial institutions to sift through data outside of the database—blogs, social media sites, emails, wikis, and even audio and video. From unstructured data, banks can derive more complete profiles of their customers. Patterns and preferences can be pinpointed—improving the efficacy of marketing and customer service campaigns.Online Banking: Increasing Adoption, Access, and UsageThe report recommends that banks adopt a more aggressive strategy that will givefinancial institutions a competitive advantage with Internet-savvy and younger consumers who will fuel banks’ profits in the decade ahead. The report surveyed the top 30 U.S. full-service retail bank Web sites and identifies the appropriate level of adoption of four key initiatives that the report recommends. The report also details the current level of Internet access, online banking adoption, and customer satisfaction with the online banking experience. Highlights of this report include: . Internet access now stands at 74 percent and limits the universe of customers who can sign up for onli ne banking. It’s only a matter of time before the younger cohorts who have integrated the Internet into their day-to-day life become an important customer segment and drive online banking adoption higher. Banks have been investing heavily in the online experience and have dramatically increased their online customer satisfaction scores over the past 10 years. Banks now outperform online retailers, once considered the gold standard for quality online experiences.. Banks are executing a number of initiatives that are increasing online banking adoption, access, usage, and relationship depth. Continuing to promote online banking capabilities at every opportunity is essential for success, and, when successful, online banking creates additional “impressions” that enhance brand and cross selling effectiveness.. Mobile banking is an essential ingredient to an online banking strategy and broadens access, increases usage, and provides a platform for innovative products and services in the future. Banks need to expand the capability of their online banking solutions to increase usage and deepen their relationships with customers. In addition to offering mobile banking, banks need to expand their EBPP capabilities with eBills, provide easy to use “lite” personal financial management solutions, and add consumer check image capture to capabilities. “Online banking has continued to gain adoption over the past decade and will eventually outrank branch location in the list of decision criteria when a consumer chooses a bank,” said Bob Landry, vice president of Mercator Advisory Group’s Banking Advisory Service. “While the promise is clear, banks must continue to promote online banking to increase adoption, expand access with mobile banking, and increase usage by adding new capabilities,” Landry added. “Those banks that continue to execute an aggressive online banking strategy will not only reduce costs, they will also be the choice of the next generation of consumers who have integrated the Internet into their lifestyle. They will naturally gravitate to the banks that meet them where they work andMost bank customers (36 percent) prefer to do their banking online compared to any other method, according to a new ABA survey. Last year, 25 percent of customers favored online banking. The annual survey of more than 1,000 consumers was conducted for ABA by Ipsos-Public Affairs, an independent market research firm, on Aug. 14-15, 2010. "Clearly, online banking has fully penetrated the market," says Nessa Feddis, ABA vice president, senior counsel and retail banking expert. "Online banking is the future of banking as more Generation Y-ers enter the marketplace. This means the industry will need to continue investing in technology that supports online banking because consumers see it as quick, convenient, accurate and safe." Survey results showed that the popularity of online banking was not exclusive to the youngest consumers: It was the preferred banking method for all bank customers under the ageof 55. Consumers over 55 still prefer to visit their local branch (33 percent). Online banking for this age group was the second favorite way to conduct banking transactions (20 percent). Among all consumers, the preference for online banking was followed by visiting branches (25 percent), and using ATMs (15 percent). The use of mobile banking (cell phones, PDAs, etc.) was preferred by three percent of consumers, primarily among 18 to 34 year olds. The popularity of ATMs was down in all age groups. Consumers who cited online banking as their favorite banking method were more likely to be under 55 years of age, have an income over $75,000, and live in the Western part of the United States. For the survey, a nationally representative sample of 1,010 randomly-selected adults aged 18 and over residing in the United States was interviewed by telephone via Ipsos' U.S. Telephone Express omnibus. Embrace Social Media to Convey RespectBankSimple promises its cust omers “no more getting passed around the call center.” In other words, “we treat you with respect” boils down to one thing: customer service. From the branch, to the customer service representative, to the IVR, to email and chat, customer service has evolved considerably over the last 50 years. With the banking industry in the midst of a reputation crisis, customer service has taken on even more importance.Traditionally, customer service has been a numbers game. More customer service representatives means more problems solved and questions answered. However, with the growth of social media, banks find themselves with an opportunity to deliver improved customer service with a non-linear cost structure. Online forums provide customers an opportunity to share frustrations, find answers to questions, and help one another out. Twitter and Facebook-based customer service representatives can answer multiple questions at once. Social media can be the catalyst for a customer service revolution if banks approach it with the right mindset.Archaic systems, a lack of integration, and molasses-like processes present a challenge to even the most agile of large banks. As customers become increasingly sophisticated and demanding, these weaknesses are amplified. BankSimple and other digital finance entities should be viewed as a source of inspiration and a guide for innovation and improvement. The future of banking is a blend of simplicity, customer service, digital savvy and product and service diversity. Banking “simple” is just one stone on the path to Bank 2.0.ConvenienceIt’s probably safe to say that most people choose their bank or savings and loan on the basis of location，picking one that’s closest to their home or job.Before you do that，however，drop into the branch you are considering to see how it handles its customer traffic during the peak lunch-hour rush，particularly on Fridays. Is there an express line for customers with simple deposits or withdrawals？Is there a single line that move the people most efficiently to the next available teller？Are there enough tellers？Are there 24-hour automated teller machines？If you work in the city and live in the suburbans，will you be able to do your banking in either place？the answer is obviously.译文：对简便银行的简单见解一、引言本文探讨了简便银行的一些认识和简单的介绍了它的一些功能。

金融工程毕业(外文翻译)

本科毕业设计外文翻译1 期限结构和欧拉离散1.1 SV的J-SD期限模型结构为了对AIN利率行为的动态特征能够给出一个全面、准确的描述，本文给出了一种新的模式。

在这个模型里面，有三个因素需要考虑进去的，例如随机均值漂移，随机波动和跳跃。

Duffie和Kan提出的放射模型，对于分析广泛涉及利率衍生产品的定价的偏微分方程是比较容易解决的。

但是，放射模型的线性性质不能处理非线性的问题。

本文所制定的运行模式目的是为了一下两个主要目标：一方面是描述利率行为的直观特点，另一方面是保留模型的可追踪性和保持其直接的经济解释，以促进资产定价。

基于这两个目标的考虑，本文旨在仿射和非仿射操作之间的寻找适当的权衡。

第一步是建立一个包含上述三个因素的非放射模型，其次是将它转变成一个准放射模型，通过添加假设条件。

首先，让我们从描述非仿射模型开始。

dr t=κ1(μt−λr t−1/κ1−r t−1)dt+√V t dW1,t+(e J t−1)r t dQ tdW2,tdlnV t=κ2(α−lnV t−1)dt+η(1)1dμt=κ3(β−μt−1)dt+η2dW3,t在方程式（1）中，W i，i=1,2,3，表示布朗运动，其相关系数的表达式是(dW1，t，dW i，t)=ρ1，t，i=2,3, Q t代表一个不相关的泊松过程，W i，i=1,2,3，同时由跳跃密度参数λ决定，λ服从P的概率分布（dQ t=1）= λdt，当dQ t=1，短期利率将有一个跳跃，同时独立于Q t，范围在(e J t−1)r t，其中J t～N（μJ，σJ），W t,i=1,2,3, 1,κ2,κ3,а,β,η1,η2 都是参数。

1.2 欧拉离散微分方程的主要特征是微分项的内容物，其必须在通过离散过程获得数值解前移除。

基础的离散方法是利用偏差近似代替微分项。

基于这种想法我们可以实现欧拉算法。

欧拉离散可用于在网格离散时间中估算方差过程的路径。

SV的J-SD模型的离散可描述为r t−r t−1=κ1(μt−λr t−1/κ1−r t−1)+√V tε1t+σJ Jq tV t−V t−1=κ2(α−V t)+η1ε2t (2)μt−μt−1=κ3(β−μt)+η2ε3t。

金融类翻译文章英译中

妙文翻译公司翻译样稿The Chairman announced that the second order of formal business was to approve and adopt the Chart Industries, Inc. 2009 Omnibus Equity Plan. Mr. Biehl moved that stockholders approve and adopt the Chart Industries, Inc. 2009 Omnibus Equity Plan and Mr. Klaben seconded the motion. The Chairman then asked for questions and upon receiving no questions proceeded with the vote. The Chairman then announced that the results of the tabulation of the votes received to date by proxy showed that the proposal to approve and adopt the Chart Industries, Inc. 2009 Omnibus Equity Plan had received at least 20,600,000 votes FOR, which represented approximately 92% of the common shares voted and was more than sufficient to approve the proposal. The Chairman thereupon confirmed the approval and adoption of this Plan. The final report of the Inspector of Elections showed that the proposal received 20,703,821 votes FOR approval from stockholders voting in person or by proxy.The Chairman announced that the third order of formal business was to approve and adopt the Chart Industries, Inc. 2009 Incentive Compensation Plan. Mr. Ludwig moved that stockholders approve and adopt the Chart Industries, Inc. 2009 Incentive Compensation Plan and Mr. Biehl seconded the motion. The Chairman then asked for questions and upon receiving no questions proceeded with the vote. The Chairman announced that the results of the tabulation of the votes received to date by proxy showed that the proposal to approve and adopt the Chart Industries, Inc. 2009 Incentive Compensation Plan had received at least 21,700,000 votes FOR, which represented approximately 97% of the common shares voted and was more than sufficient to approve the proposal. The Chairman thereupon confirmed the approval and adoption of this Plan. The final report of the Inspector of Elections showed that the proposal received 21,871,880 votes FOR from stockholders voting in person or by proxy.The Chairman announced that the fourth order of formal business was to ratify the selection of Ernst & Young LLP as the Company's independent registered public accounting firm to audit the Company's financial statements for the year ending December 31, 2009. Mr. Hoppel moved that the selection of Ernst & Young LLP be ratified and Mr. Biehl seconded the motion. Upon asking for andreceiving no questions, the Chairman proceeded with the vote on the proposal. TheChairman announced that the results of the tabulation of the votes received to date by proxy showed that the proposal to ratify the selection of Ernst & Young LLP as the Company's independent registered public accounting firm to audit the Company's financial statements for the year ending December 31, 2009 had received at least 25,600,000 votes FOR, which represented approximately 99% of the common shares voted, which was more than sufficient to approve the proposal. The Chairman thereupon confirmed the ratification of the selection of the independent registered public accounting firm for 2009. The final report of the Inspector of Elections showed that the proposal received 25,796,976 votes FOR from stockholders voting in personor by proxy.The Chairman then introduced Mr. Larry Cruise and Mr. Rich Greaves, partners of Ernst & Young LLP, the Company's independent registered public accounting firm. The Chairman indicated mat Mr. Cruise and Mr. Greaves would be pleased to entertain questions from those in attendance concerning the Company's financial statements. No questions were raised from those in attendance.主席宣布第二项正式事务为批准及通过查特公司2009年综合购股权计划。

金融文章中英文对照

金融文章中英文对照在现代市场经济中，金融的地位越来越突出，起着很重要的作用。

下面是店铺为大家带来了中英文对照的金融文章，欢迎大海阅读!金融文章中英文对照篇1金融时报双语阅读China should let its currency rise. Such has been the desperate, decade-long complaint from the US and its politicians. China’s manipulation of its currency is a popular scapegoat both for the financial crisis and for the extinction of US manufacturing.An appreciation is plainly in China’s urgent interests. And the rest of the world, including the US, is beginning to grasp that it has reason to fear the consequences if it does. On Wednesday and Thursday of this week, China’s authorities at one point allowed the renminbi to appreciate against the dollar by a greater percentage than in any two-day period since its managed rise first started in 2005. These moves remain tiny; but they combine with official criticism of the US, a growing need to combat Chinese inflation and much Chinese commentary favouring a change of policy to suggest that the renminbi may soon be allowed to take flight. A widening of its trading bands might be a first incremental step.Unlike the first managed appreciation, from 2005 to 2008, the current “appreciation” has done nothing to help domestic inflation. By tying to the dollar, a currency sinking like a stone, the renminbi has depreciated against all currencies on a trade-weighted basis, JPMorgan data show. A drastic shift is needed. That will mean exporting its inflation. It also means buying fewer treasuries, or even selling some, which would in turn counteractany efforts at “quantitative easing” – buying bonds to keep US yields low.The dollar would probably tumble, and treasury yields rise. Other effects are less clear. The Australian dollar, long a proxy for Chinese growth, might suffer if China slows, as might other commodity-driven currencies but much depends on China’s own decisions.China’s external reserves are enough, even at current prices, to buy all the gold ever produced. It will be hard to shift policy without causing a big displacement elsewhere in the world. Correcting this global imbalance may be necessary but it will not be easy.Lex专栏：美国担心人民币升值?中国应该让人民币升值——美国及其政界人士为此声嘶力竭地抱怨了10年。

金融工程毕业外文翻译

在这个模型里面，有三个因素需要考虑进去的，例如随机均值漂移，随机波动和跳跃。

Duffie和Kan提出的放射模型，对于分析广泛涉及利率衍生产品的定价的偏微分方程是比较容易解决的。

但是，放射模型的线性性质不能处理非线性的问题。

基于这两个目标的考虑，本文旨在仿射和非仿射操作之间的寻找适当的权衡。

第一步是建立一个包含上述三个因素的非放射模型，其次是将它转变成一个准放射模型，通过添加假设条件。

首先，让我们从描述非仿射模型开始。

1.2 欧拉离散微分方程的主要特征是微分项的内容物，其必须在通过离散过程获得数值解前移除。

基础的离散方法是利用偏差近似代替微分项。

基于这种想法我们可以实现欧拉算法。

欧拉离散可用于在网格离散时间中估算方差过程的路径。

SV的J-SD模型的离散可描述为r t−r t−1=κ1(μt−λr t−1/κ1−r t−1)+√V tε1t+σJ Jq tV t−V t−1=κ2(α−V t)+η1ε2t (2)μt−μt−1=κ3(β−μt)+η2ε3t。

金融英语翻译范文29篇

金融英语阅读 1 ：“The Market”Is aConceptIs the market a place? Or a thing? Neither, really. It's a concept. If you are growing tomatoes in your backyard for sale, you are producing for the market. You might sell some to your neighbor and some in your little stand by the roadside and some to the manager of the local supermarket. But in either case, you are producing for the market. Your efforts are being directed by the market. If people stop buying tomatoes, you will stop producing them. If you mow lawns to earn money, you are producing a service for the market. If your father a steelworker or a bricklayer or a truck driver or a dentist or a grocer, he is producing goods or services for the market.市场是一个地方吗？是一样东西吗？都不是，真的。

市场是一个概念。

如果你在自家的后院种番茄出售，你是在给市场提供产品。

你可以将一些蔬菜卖给邻居，将一些蔬菜摆在路边的小摊上出售，将一些蔬菜卖给当地超级市场的经理，在任何一种情况下，你都是在给市场提供产品。

金融学专业外文翻译---行为金融学

中文3092字本科毕业论文外文外文题目：Behavioral Finance出处Pacific-Basin Finance Journal V ol.11，No.4，(September 2003)pp.429-437作者：Jay R.Ritter原文： Behavioral FinanceThis article provides a brief introduction to behavioral finance. Behavioral finance encompasses research that drops the traditional assumptions of expected utility maximization with rational investors in efficient markets. The two building blocks of behavioral finance are cognitive psychology (how people think) and the limits to arbitrage (when markets will be inefficient).The growth of behavioral finance research has been fueled by the inability of the traditional framework to explain many empirical patterns, including stock market bubbles in Japan, Taiwan, and the U.S.1. IntroductionBehavioral finance is the paradigm where financial markets are studied using models that are less narrow than those based on Von Neumann-Morgenstern expected utility theory and arbitrage assumptions. Specifically, behavioral finance has two building blocks: cognitive psychology and the limits to arbitrage. Cognitive refers to how people think. There is a huge psychology literature documenting that people make systematic errors in the way that they think: they are overconfident, they put too much weight on recent experience, etc. Their preferences may also create distortions. Behavioral finance uses this body of knowledge, rather than taking the arrogant approach that it should be ignored. Limits to arbitrage refers to predicting in what circumstances arbitrage forces will be effective, and when they won't be.Behavioral finance uses models in which some agents are not fully rational, either because of preferences or because of mistaken beliefs. An example of an assumption about preferences is that people are loss averse - a $2 gain might make people feel better by as much as a $1 loss makes them feel worse. Mistaken beliefs arise because people are bad Bayesians. Modern finance has as a building block the Efficient Markets Hypothesis (EMH). The EMH argues that competition between investors seeking abnormal profits drives prices to their “correct” value. The EMH does not assume that all investors are rational, but it does assume that markets are rational. The EMH does not assume that markets can foresee the future, but it doesassume that markets make unbiased forecasts of the future. In contrast, behavioral finance assumes that, in some circumstances, financial markets are informationally inefficient.Not all misvaluations are caused by psychological biases, however. Some are just due to temporary supply and demand imbalances. For example, the tyranny of indexing can lead to demand shifts that are unrelated to the future cash flows of the firm. When Yahoo was added to the S&P 500 in December 1999, index fund managers had to buy the stock even though it had a limited public float. This extra demand drove up the price by over 50% in a week and over 100% in a month. Eighteen months later, the stock price was down by over 90% from where it was shortly after being added to the S&P.If it is easy to take positions (shorting overvalued stocks or buying undervalued stocks) and these misvaluations are certain to be corrected over a short period, then “arbitrageurs” will take positions and eliminate these mispricings before they become large. But if it is difficult to take these positions, due to short sales constraints, for instance, or if there is no guarantee that the mispricing will be corrected within a reasonable timeframe, then arbitrage will fail to correct themispricing.1 Indeed, arbitrageurs may even choose to avoid the markets where the mispricing is most severe, because the risks are too great. This is especially true when one is dealing with a large market, such as the Japanese stock market in the late 1980s or the U.S. market for technology stocks in the late 1990s. Arbitrageurs that attempted to short Japanese stocks in mid- 1987 and hedge by going long in U.S. stocks were right in the long run, but they lost huge amounts of money in October 1987 when the U.S. market crashed by more than the Japanese market (because of Japanese government intervention). If the arbitrageurs have limited funds, they would be forced to cover their positions just when the relative misvaluations were greatest,resulting in additional buying pressure for Japanese stocks just when they were most overvalued!2. Cognitive BiasesCognitive psychologists have documented many patterns regarding how people behave.Some of these patterns are as follows:HeuristicsHeuristics, or rules of thumb, make decision-making easier. But they can sometimes lead to biases, especially when things change. These can lead to suboptimal investment decisions.When faced with N choices for how to invest retirement money, many people allocate using the 1/N rule. If there are three funds, one-third goes into each. If two are stock funds, two-thirds goes into equities. If one of the three is a stock fund, one-third goes into equities. Recently,Benartzi and Thaler (2001) have documented that many people follow the 1/N rule.OverconfidencePeople are overconfident about their abilities. Entrepreneurs are especially likely to be overconfident. Overconfidence manifests itself in a number of ways. One example is too little diversification, because of a tendency to invest too much in what one is familiar with. Thus, people invest in local companies, even though this is bad from a diversification viewpoint because their real estate (the house they own) is tied to the company’s fortunes. Think of auto industry employees in Detroit, construction industry employees in Hong Kong or Tokyo, or computer hardware engineers in Silicon Valley. People invest way too much in the stock of the company that they work for.Men tend to be more overconfident than women. This manifests itself in many ways,including trading behavior. Barber and Odean (2001) recently analyzed the trading activities of people with discount brokerage accounts. They found that the more people traded, the worse they did, on average. And men traded more, and did worse than, women investors.Mental AccountingPeople sometimes separate decisions that should, in principle, be combined. For example, many people have a household budget for food, and a household budget for entertaining. At home, where the food budget is present, they will not eat lobster or shrimp because they are much more expensive than a fish casserole. But in a restaurant, they will order lobster and shrimp even though the cost is much higher than a simple fish dinner. If they instead ate lobster and shrimp at home, and the simple fish in a restaurant, they could save money. But because they are thinking separately about restaurant meals and food at home, they choose to limit their food at home.FramingFraming is the notion that how a concept is presented to individuals matters. For example, restaurants may advertise “early-bird” specials or “after-theatre” discounts, but they never use peak-period “surcharges.” They get more business if people feel they are getting a discount at off-peak times rather than paying a surcharge at peak periods, even if the prices are identical. Cognitive psychologists have documented that doctors make different recommendations if they see evidence that is presented as “survival probabilities” rather than “mortality rates,” even though survival probabilities plus mortality rates add up to 100%.RepresentativenessPeople underweight long-term averages. People tend to put too much weight on recent experience. This is sometimes known as the “law of small numbers.” As an example, when equity returns have been high for many years (such as 1982-2000 in the U.S. and western Europe), many people begin to believe that high e quity returns are “normal.”ConservatismWhen things change, people tend to be slow to pick up on the changes. In other words,they anchor on the ways things have normally been. The conservatism bias is at war with the representativeness bias. When things change,people might underreact because of the conservatism bias. But if there is a long enough pattern, then they will adjust to it and possibly overreact, underweighting the long-term average.Disposition effectThe disposition effect refers to the pattern that people avoid realizing paper losses and seek to realize paper gains. For example, if someone buys a stock at $30 that then drops to $22 before rising to $28, most people do not want to sell until the stock gets to above $30. The disposition effect manifests itself in lots of small gains being realized, and few small losses. In fact, people act as if they are trying to maximize their taxes! The disposition effect shows up in aggregate stock trading volume. During a bull market, trading volume tends to grow. If the market then turns south, trading volume tends to fall. As an example, trading volume in the Japanese stock market fell by over 80% from the late 1980s to the mid 1990s. The fact thatvolume tends to fall in bear markets results in the commission business of brokerage firms having a high level of systematic risk.One of the major criticisms of behavioral finance is that by choosing which bias to emphasize, one can predict either underreaction or overreaction. This criticism of behavioral finance might be called "model dredging." In other words, one can find a story to fit the facts to ex post explain some puzzling phenomenon. But how does one make ex ante predictions about which biases will dominate? There are two excellent articles that address this issue: Barberis and Thaler (2002), and Hirshliefer (2001). Hirshliefer (p. 1547) in particular addresses the issue of when we would expect one behavioral bias to dominate others. He emphasizes that there is atendency for people to excessively rely on the strength of information signals and under-rely on the weight of information signals. This is sometimes described as the salience effect.3. The limits to arbitrageMisvaluations of financial assets are common, but it is not easy to reliably make abnormal profits off of these misvaluations. Why? Misvaluations are of two types: those that are recurrent or arbitrageable, and those that are nonrepeating and long-term in nature. For the recurrent misvaluations, trading strategies can reliably make money. Because of this, hedge funds and others zero in on these, and keep them from ever getting too big. Thus, the market is pretty efficient for these assets, at least on a relative basis. For the long-term, nonrepeating misvaluations, it is impossible in real time to identify the peaks and troughs until they have passed. Getting in too early risks losses that wipe out capital. Even worse, if limited partners or other investors are supplying funds, withdrawals of capital after a losing streak may actually result in buying or selling pressure that exacerbates the inefficiency.本科毕业论文外文翻译外文题目：Behavioral Finance出处Pacific-Basin Finance Journal V ol.11，No.4,(September 2003)pp.429-437作者：Jay R.Ritter译文：行为金融学本文简要介绍了行为金融学。

金融的英语作文带翻译

Introduction: Provide an overview of the topic and the purpose of the composition.
Body Paragraphs: Present key points, analysis, and supporting evidence.
The Significance of Financial English
Financial English plays a crucial role in facilitating communication and understanding within the finance industry. As the language of global finance, it is used in international transactions, trade agreements, and investment strategies. For professionals, the ability to express financial concepts clearly and accurately in English is a valuable skill that canenhance career opportunities and promote business success. Additionally, for students and researchers, mastering financial English is essential for accessing and understanding a wide range of academic literature and resources.

经济学毕业论文英文文献及翻译1

The green barrier to free tradeC. P. ChandrasekharJayati GhoshAs the March 31 deadline for completing the "modalities" stage of the proposed new round of negotiations on global agricultural trade nears, hopes of an agreement are increasingly waning. In this edition of Macroscan, C. P. Chandrasekhar and Jayati Ghosh examine the factors and the players constraining the realisation of such an agreement.AT THE END of the latest round of meetings of the agricultural negotiations committee of the WTO, the optimism that negotiators would meet the March 31 deadline for working out numerical targets, formulas and other "modalities" through which countries can frame their liberalisation commitments in a new full-fledged round of trade negotiations has almost disappeared. That target was important for two reasons.First, it is now becoming clear, that even more than was true during the Uruguay Round, forging an agreement in the agricultural area is bound to prove extremely difficult.Progress in the agricultural negotiations was key to persuading the unconvinced that a new `Doha Round' of trade negotiations is useful and feasible.Second, the Doha declaration made agricultural negotiations one part of a `single undertaking' to be completed by January 1, 2005. That is, in a take `all-or-nothing' scheme, countries had to arrive at, and be bound by, agreements in all areas in which negotiations were to be initiated in the new round. This means that if agreement is not worked out with regard to agriculture, there would be no change in the multilateral trade regime governing industry, services or related areas and no progress in new areas, such as competition policy, foreign investment and public procurement, all of which are crucial to the economic agenda of the developed countries.The factors making agriculture the sticking point on this occasion are numerous. As in the last Round, there is little agreement among the developed countries themselves on the appropriate shape of the global agricultural trade regime.There are substantial differences in the agenda of the US, the EU and the developed countries within the Cairns group of agricultural exporters. When the rich and the powerful disagree, a global consensus is not easy to come by.But that is not all. Even if an agreement is stitched up between the rich nations, through manoeuvres such as the Blair House accord, getting the rest of the world to go along would be more difficult this time.This is because the outcomes in the agricultural trade area since the implementation of the Uruguay Round (UR) Agreement on Agriculture (AoA) began have fallen far short of expectations. In the course of Round, advocates of the UR regime had promised global production adjustments that would increase the value of world agricultural trade and an increase in developing country share of such trade.As Chart 1 shows, global production volumes continued to rise after 1994 when the implementation of the Uruguay Round began, with signs of tapering off only in 2000 and 2001. As is widely known, this increase in production occurred in the developed countries as well.Not surprisingly, therefore, the volume of world trade continued to rise as well after 1994 (Chart 2). The real shift occurred in agricultural prices which, after some buoyancy between 1993and 1995, have declined thereafter, and particularly sharply after 1997. It is this decline in unit values that resulted in a situation where the value of world trade stagnated and then declined after 1995, when the implementation of the Uruguay Round began.As Table 1 shows, there was a sharp fall in the rate of growth of global agricultural trade between the second half of the 1980s and the 1990s, with the decline in growth in the 1990s being due to the particularly poor performance during the 1998 to 2001 period.Price declines and stagnation in agricultural trade values in the wake of the UR Agreement on Agriculture were accompanied and partly influenced by the persisting regionalisation of world agricultural trade.The foci of such regionalisation were Western Europe and Asia, with 32 and 11 per cent of global agricultural trade being intra-Western European and intra-Asian trade respectively (Chart 3). What is noteworthy, however, is that agricultural exports accounted for a much higher share of both merchandise and primary products trade in North America and Western Europe (besides Latin America and Africa) than it did for Asia.Thus, despite being the developed regions of the world, agricultural production and exports were important influences on the economic performance of North America and Western Europe.It is, therefore, not surprising that Europe is keen on maintaining its agricultural sector through protection, while the US is keen on expanding its role in world agricultural markets by subsidising its own farmers and forcing other countries to open up their markets. The problem is that the US has been more successful in prising open developing country markets than the large EU market.Thus, out of $104 billion worth of exports from North America in 2001, $34 billion went to Asia and $15 billion to Latin America, whereas exports to Europe amounted to $14 billion.The Cairns group of exporting countries (Argentina, Australia, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Guatemala, Indonesia, Malaysia, New Zealand, Paraguay, the Philippines, South Africa, Thailand and Uruguay), for some of whom at least agricultural exports are extremely important, want world market to be freed of protection as well as the surpluses that result from huge domestic support in the US and the EC.We must note that $35 billion of the $63 billion of exports from Latin America went to the US and the EU. More open markets and less domestic support in those destinations is, therefore, crucial for the region.The fact that Europe has been successful in its effort at retaining its agricultural space with the help of a Common Agricultural Policy that both supports and subsidises its agricultural producers is clear from Chart 4, which shows that intra-EC trade which accounted for 74 per cent of EU exports in 1990, continued to account for 73 per cent of total EU exports in 1995 and 2001.But North America, with far fewer countries in its fold, has also been quite insular. Close to a third of North American exports are inter-regional. Little has changed since the Uruguay Round Agreement on Agriculture.It is widely accepted that three sets of actors account for this failure of the AoA:First, in order to push through an agreement when there were signs that the Uruguay Round was faltering, the liberalisation of agricultural trade in the developed countries was not pushed far enough;Second, is the ability to use "loopholes", especially those in the form of inadequately well-defined Green and Blue Box measures, in the AoA, to continue to support and protect farmers on the grounds that such support was non-trade distorting; andFinally, there are violations of even the lax UR rules in the course of implementation, which have been aided by the failure of the agreement to ensure transparency in implementation.Not surprisingly, some countries, especially the Cairns group of exporting countries, have proposed an ambitious agenda of liberalisation in the agricultural area.Tariffs are to be reduced sharply, using the "Swiss formula", which would ensure that the proportionate reduction in the tariffs imposed by a country would be larger, the higher is the prevailing bound or applied tariff in that country.中文翻译：题目：自由贸易中的绿色壁垒作者：C. P. Chandrasekhar 、Jayati Ghosh在A完自由化的承诺在其最新一轮会议的农业谈判委员会，世界贸易组织，乐观地认为，谈判的框架将在3月31日最后期限为制定数字指标，公式和其他“方式，哪些国家可以”通过新的全面谈判回合贸易几乎已经消失。

银行的金融数据分析外文翻译(适用于毕业论文外文翻译+中英文对照)

Banks analysis of financial dataAndreas P. Nawroth, Joachim PeinkeInstitut fu¨ r Physik, Carl-von-Ossietzky Universita¨ t Oldenburg,D-26111 Oldenburg, GermanyAvailable online 30 March 2007AbstractA 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 τ. A corresponding Fokker–Planck equation can be extracted from given data and provides a non-equilibrium thermodynamical description of the complexity of financial data.Keywords:Banks; Financial markets; Stochastic processes;Fokker–Planck equation1.IntroductionFinancial statements for banks present a different analytical problem thanmanufacturing and service companies. As a result, analysis of a bank’s financial statements requires a distinct approach that recognizes a bank’s 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 for funds 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 Reserve 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 entriesthat represent interest earned or expensed as well as deposits and loans.As financial intermediaries, banks assume two primary types of risk as they 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 on its loan or lease, causing the bank to lose any potential interest earned as well as the principal that was loaned to the borrower. As investors, these are the primary elements that need to be understood when analyzing a bank’s financial 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 economic activity continues to expand while interest rates are rising, commercial loan demand may increase while residential mortgage loan growth 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 theirloans 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 be identified.The table below ties together the bank’s balance sheet with the income statement and displays the yield generated from earning assets and interest bearing 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 framework 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 average balances. 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 is substantially 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. Thiscauses 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 income, it becomes less dependent on net interest income to drive earnings.Changes in the general level of interest rates may affect the volume of certain 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 hadbeen 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 financial 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 and Sahu (1999) find that 55 percent of firms in the S&P Industrial index complete 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 management techniques.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 value creation 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 in may have more influence on that company’s fortunes than overallGNP” (2002. 507). In fact. a careful review of this 627-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-House Credit Card” (128) and nothing on WCM stability over time. This research will attempt to fill this void 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) article 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 located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of 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 betweenpurchase 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 firm and 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 the survey. 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 arelisted 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 petroleum industry 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 (6). The timescale was divided into half-open intervalsassuming that the Kramers–Moyal coefficients are constant with respect to the timescaleτin each of these subintervals of the timescale. The smallest timescale considered was 240 s and all larger scales were chosen such that τi ＝0.9*τi+1. The Kramers–Moyal coefficients themselves were parameterised in 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 an allowance 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 the estimated amount of probable losses in the institution’s loan portfolio.A careful review of a bank’s financial statements can highlight the key factors 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 it flattens or becomes inverted a bank’s net interest revenue is put under greater 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 contributor 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Andreas P. Nawroth, Joachim Peinke物理研究所，Carl-von-Ossietzky奥尔登堡大学，D - 26111奥尔登伯格，德国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。

(完整版)金融学英文文献翻译

译文商业银行信贷风险管理研究在我国商业银行的业务中，资产通常包括贷款、证券投资、现金存款以及其他四种类型的资产，比如贸易，在这些资产中，信用贷款业务是一种业务，是我国商业银行的主要的业务种类，在商业银行的所有业务中，信用贷款占据了信用资产中很大一部分比例。

在西方商业银行中，信用资产通常占据40%到50%，而在我们国家，商业银行的这一比例要更高一些，大约在50%到50%。

信用风险是银行的主要的操作风险之一，也是银行管理过程中最主要的一个挑战，因此，银行对于信用风险的管理，通过设立特殊的机构去处理，采取多种手段来解决，但是，因为银行贷款业务中的大部分信用风险是多种多样的贷款业务，是最主要的资产，所以在信用管理方面，商业银行的贷款业务是相当宽松的，而且，其他的管理也是不平衡的，这是由于贷款企业无形资产的过度集中增加了银行的信用风险。

因此，加强信用资产的风险管理对于商业银行的发展也是非常重要的。

首先，对当前商业银行的信贷风险环境进行分析。

（1）过时的信贷风险识别和度量技术我们国家的商业银行的发展历程更短一些，数据样本相对较小，不能够有效提取信息和原因，潜在的数据库需要长期的积累才会更加完善，在短期内不能形成一个完全的客户信息系统。

而且，我国商业银行大体上并没有对建立信用数据库产生足够的重视，再加上一系列管理的的方法口径不一致，以及数据库的不一致。

在一些已经建立的信用数据库中，一些数据的真实性和完整性值得怀疑，这些问题直接影响商业银行的信贷风险的客观和公正的评价。

与此同时，我国商业银行的信贷风险管理的方法和技术仍不完善，国外已经采用许多先进的信贷风险管理工具，尤其是信贷风险评估和信贷风险防范技术等等。

（2）信贷风险处理手段较少信贷风险管理是指将信贷风险降低到最小的一个过程，信贷风险是客观存在的，这意味着银行是一定会承担一定的信用风险的。

在我国，信贷风险控制和处理机制是相当弱的，方法手段很单一，仅仅抵押贷款有着第三方的保证，而且信贷资产的证券化和其他信贷风险的控制方法并没有被有效的使用，信贷资产的全面管理没有真正的落实。

金融学专业外文翻译---宏观经济政策与现实

中文3450字本科毕业论文外文翻译原文外文题目：Theme: Macro Economic Policy and Reality——Deepening Rural Financial Markets: Macroeconomic, Policy and Political Dimensions 出处：Rural Finance Program作者：Claudio Gonzalez-Vega原文：Policies for rural financial deepeningA contemporary perspective acknowledges the urgency to adopt new policies, develop the necessary physical and institutional infrastructure, improve and disseminate new financial technologies, and design and build new organizations, which would allow a more efficient, sustainable, and broadly-based provision of rural financial services in the developing world and economies in transition.Policies refer to public actions –government and donor interventions– needed to create an environment conducive to rural financial market development. Key policy interventions may require revisions of legal systems (e.g., property rights, borrower and lender rights, contract design, judicial enforcement), new financial policies (e.g., interest rates, exchange rates, reserve requirements), and new regulatory frameworks (e.g., entry and exit of financial organizations, degrees of market competition, prudential regulation and supervision).These policies, legal systems, and regulatory frameworks are part of the institutional infrastructure needed for the efficient and stable operation of rural financial markets . At best, the development of this infrastructure has been neglected; frequently in the past, interventionist policies actually repressed financial market development.Reforms of non-financial policies that constrain the profitability of client businesses and public investments and that reduce transaction costs for all market participants also contribute to an expansion of both the demand and the supply of rural financial services.The development of supporting institutional mechanisms (e.g., propertyregistries, credit bureaus and rating agencies) is also critical for rural financial market expansion. Because many of these supporting tools may be public goods, state intervention may be needed in order to accelerate their provision.Getting prices, policies and institutions right is a necessary but not a sufficient condition for rural financial deepening in developing countries and economies in transition. This goal will not be reached unless new, cost-effective lending and deposit-taking technologies are developed and implemented, in ways that allow an expansion of the supply of a broad range of financial services, delivered to wide segments of the rural population, at appropriate costs and risks for both the clients and the organizations that offer these services. That is, these costs would allow the clients to undertake projects that generate marginal rates of return at least as high as those being generated elsewhere in the economy and would allow the organizations to deliver those services in a sustainable and profitable manner.Because of externalities in the market for information and, in particular, in the market for innovations, private initiatives may not be sufficient to bring about the desired level of experimentation and adoption. Although state intervention may be needed to promote technological change, the choice of how to accomplish this matters. Resources are scarce and successful loci of innovation are unknown before hand. Moreover, knowledge of appropriate financial technologies will not be sufficient, either, for the sustainable expansion of rural financial markets. The organizations that supply these services must possess the required resources (human capital, leadership, networking, information capital, and access to funds), and they must implement business plans that successfully pursue a mission to serve this market segment in combination with a vocation for sustainability.Such organizations are in short supply in the rural areas of developing countries and economies in transition. They are key to the effort, however. Robust and creative organizations will undertake a major part of the innovation required and will be in better position to adopt and adapt knowledge and practices developed elsewhere. In contrast, the right policies and new technologies will be irrelevant, if the organizations that offer rural financial services are inefficient and not sustainable.Finally, assembling all of these ingredients in a coherent system requires that thestructure of incentives engendered by the ownership structure and governance design of the organization be compatible with its outreach and sustainability objectives. An inconsistent mission and incompatible incentives will be a recipe for failure. Moreover, the legal and regulatory framework within which these organizations operate influences their ownership and governance structures. These structures must also be well-matched with the characteristics of the financial technologies adopted. The construction of this system and the acquisition of the resources needed will require deliberate institution building efforts, which may be facilitated by government and donor assistance.Promoting the Expansion of the Demand for Rural Financial ServicesOptimum intervention in the promotion of rural financial deepening calls for a precise diagnosis, namely the identification of actually binding constraints to rural financial transactions (what are the nature and extent of the problem?). Optimum intervention also requires the choice of policy tools that effectively overcome those constraints (what are the best instruments for the intervention?). Usually, the best instrument is an intervention that directly addresses the specific nature of the problem. The failure of many past interventions may be attributed to violations of this matching rule.First, failure reflected a misunderstanding of the true nature of finance, which resulted in attempts to use financial services when finance was not the appropriate instrument to address the problem or achieve the objectives of the authorities. Despite the best intentions, these interventions turned out to be unexpectedly harmful for the particular segments of the rural population they had ostensibly set out to help.Second, the failure of earlier interventions resulted from an incorrect diagnosis of the difficulties encountered in rural financial deepening. Rural financial market shortcomings were attributed to evil exploitation by informal moneylenders or to the indifference of private bankers. The state was then asked to take responsibility for expanding the supply of rural financial services, but the difficulties to be overcome could not be eliminated by decree. The mistake was to attempt a political solution to what is essentially the technical problem of producing financial services in this market segment at sufficiently low costs and risks.The challenge of promoting rural financial deepening is therefore complex, as the obstacles that must be overcome permeate all dimensions of the market. This section classifies constraints as binding on either the demand side or the supply side of the market. Both dimensions matter for rural financial deepening.Promoting the Expansion of the Supply of Rural Financial ServicesGovernment and donor interventions are also needed to increase the supply of rural financial services. The supply of rural financial services is constrained by:(a) high transaction (operating) costs for lenders, which increase the costs of lendingwell above the opportunity cost of the funds and which can only be recovered with high intermediation margins;(b) high transaction (operating) costs incurred in mobilizing deposits, which increase the cost of funds for the financial intermediary well above the returns that must be offered to the depositors to attract their funds;(c) additional costs of mobilizing deposits that emerge from the need to meet the regulatory requirements for deposit mobilization (e.g., reserve requirements, minimum safety requirements, internal control);(d) high credit risks for lenders, which threaten with losses of income in case of arrears and losses of equity capital in case of default;(e) high liquidity risks in deposit mobilization, which make it necessary to keep liquid, less attractively remunerated reserves and which require additional financial costs in case of unexpected deposit withdrawals;(f) imperfections of information about the ability and willingness to repay loans ofapplicants, which increase both the operating costs and the losses from default of lenders;(g) inability to raise interest rates as a rationing device, due to adverse selection problems, which leads to non-price credit rationing;(h) absence of compatibility of the incentives that guide the behavior of potential borrowers and lenders, creating spaces for moral hazard (opportunistic borrower behavior), and thereby raising the operating costs and risks of lenders;(i) absence of compatibility of the incentives that guide the behavior of deposit takers and potential depositors, creating spaces for moral hazard (opportunistic behavior of deposit-takers), and thereby raising the risks for depositors;(j) absence, deficiencies, and high costs of formal contract enforcement mechanisms, which increase the credit risks and operating costs of lenders and the risks of depositors;(k) the attenuated property rights and inefficient governance structures of many rural financial intermediaries, which do not generate sufficient internal control or the adoption of business plans focused on outreach and sustainability;(l) the destruction of social capital (e.g., a culture of repayment) that accompanies the politicized pardoning and rescheduling of loans, weakening the credibility of contract threats and obligations;(m) market distortions introduced by non-private intermediaries that refuse to operate on market terms, thereby undermining the operations of serious competitors ;(n) the high covariance of cash flows of potential rural depositors and borrowers, which creates significant seasonal challenges for the management of liquidity;(o) the high covariance of incomes and of the outcomes of the productive efforts of borrowers, which reduces opportunities for portfolio diversification as a tool to manage risk by lenders;(p) the small size and low density of the clientele in local markets, which reduces the opportunities to dilute the fixed costs of any financial infrastructure;(q) the public good nature of the information generated by an expansion of the supply of rural financial services, which keeps the rate of private investment in experiments to develop innovations in lending technology and the expansion of these services below the socially optimum rate of expansion.Most of these difficulties are typical of all financial markets; the problem is that they are more acutely present in rural areas, thereby frequently raising the associated costs and risks to prohibitive levels. As a result, rural financial markets do not emerge.Clearly, the provision of the same basic public goods (roads, communications,literacy, safety) that would reduce transaction costs and would facilitate the emergence of a demand for financial services will also contribute to an expansion of supply. The extent to which the development of this physical and institutional infrastructure can contribute to rural financial deepening cannot be overemphasized. Financial policies have a powerful influence on the supply of rural financial services.Two types of actions are needed. On the one hand, it is indispensable to further reform policies, in order to reduce or eliminate the financial repression introduced by earlier interventions or to prevent the reintroduction of protectionist repressive approaches. On the other hand, it is necessary to develop a policy and regulatory framework that reduces the costs and risks for suppliers of rural financial services.Promoting Financial InnovationRural financial deepening fundamentally depends on innovations in financial technologies that make it possible to reach broader clienteles. Existing lending and deposit mobilization technologies do not allow cost-effective responses to the information, incentive, and contract enforcement barriers that curb financial transactions in rural areas. Innovation, however, requires investments in experimentation, development, transfer, adoption, adaptation, and learning of the new technologies. These investments are risky, costly, and usually require long gestation periods before any returns are observed.Typically, the incentives for private investment to undertake these efforts are insufficient, given the significant externalities that emerge. Once the new technologies are developed, competitors may find it attractive to imitate their features and can thereby undermine the profitability of the initial investment, by charging less, because they have not paid for all the costs of research and development. Moreover, competitors who have not incurred the costs of training and learning by doing can also acquire the new technologies embodied in the loan officers and other staff of the organization, by offering more attractive wages. Because of the nature of knowledge as a public good, these externalities discourage private innovation.State intervention in financial innovation, however, is problematic. Both the development and adoption of new financial technologies encounter significant difficulties. In effect, adaptation of a given practice to the features of a specificmarket segment is not a trivial task.First, this effort requires a flexible framework for experimentation. Indeed, it has been their vast flexibility in exploring alternative solutions to the problems of financial transactions that has allowed microfinance organizations and credit unions to develop their notable innovations. Continuity of efforts is also needed. Specific donor assistance, frequently delivered through internationally based organizations that possess comparative advantages in institution building, have supported these innovations. Most likely, a multiplicity of experiments is needed, as the appropriate solutions to specific problems are not known ahead of time. If would be inappropriate, for example, to support only organizations that work with group credit or only those that offer individual loans.Second, financial development is intensive in local information and requires long learning processes. Donors can assist in several ways. One is to offer access to the international pool of knowledge about new financial technologies. A clear understanding of general principles, lessons, and best practices is a critical starting point, but it is not sufficient. Finance is essentially about the evaluation of risks, the management of information, and the creation of lender borrower relationships that carry incentives for the protection of the relationship. The exact nature of these risks and the precise structures of incentives that sustain these relationships vary from market segment to market segment. The accumulation of information needed to reduce costs occurs locally and gradually, as the organization learns about its clients, about the market where it operates, and about the sources of threats of default. The success of microfinance organizations has ensued only after long processes of learning by doing, usually accompanied by close interaction with an international provider of technical assistance. This usually requires a long-term donor commitment to the institution-building exercise.Innovation is also required, moreover, with respect to the institutional design of rural financial organizations. In the end, policies will not be enacted, procedures will not be revised, technologies will not be adopted, if those who have to make the decisions do not find it in their interest to do so. The institutional design of organizations (ownership, control, governance) constrains individual behavior andcreates the structures of incentives that guide the decisions that determine performance. The financial organizations that currently have a presence in the rural areas of developing countries have institutional designs that frequently do not promote outreach and sustainability.Unfortunately, the role of donors in influencing the institutional design of these organizations is not clearly and sufficiently understood.Donor choices about investing in, lending to, and making grants for technical assistance and other purposes to particular types of organizations will influence the course of institutional development. These issues will pose the greatest dilemmas and challenges to donors and governments in the development of rural financial markets.译文：主题:宏观经济政策与现实——深化农村金融市场: 宏观经济、政策和政治维度一、深化农村金融政策用发展的角度看待问题，必须采用新政策，发展必要的物质和制度基础设施，改善和传播新的金融技术,设计和建造新组织, 这将允许在发展中国家和转型期经济中提供一个更有效率的、可持续的、广泛的农村金融服务业。

金融学专业外文翻译原文

毕业设计/论文外文文献翻译系别专业班级姓名评分指导教师20 年月日金融衍生工具和流通量的上升流通的社会结构性成因激增的短期投机资本,通过这种承受风险的衍生物的流通而变得具体和富有生气,似乎从正在进行的全球经济的基本社会结构的变革中反映，放大和升华(Eatwell and Taylor 2002)。

上述现象更是使重要性日益增强的流动性与金融机构及工具的发展特别是在流动性资本方面的关系得到了不断的发展(Pryke and Allen 2000)。

这似乎是现代资本主义的内在动力强迫他们趋向于追逐更高的，更具全球范围意义的生产标准，那似乎是在产生那样一种能够连接自身成为社会结构价值的，逐渐上升的复杂标准。

虽然在当时并没有发现,从二十世纪七十年代开始欧美工业生产的潜力已经耗尽了(Brenner 1998)，需要一定的空间来补救和修复(Harvey 2000; James 2001)。

许多行业需要探索新的途径来对更边缘的地区进行一体化（特别是南亚地区），以此来支撑受过度的产品生产和过多的资本积累强制驱动的，从而引发的关键性矛盾。

正如斯皮罗所说(1999)，欧美资本主义所产生和吸收的资本量（尤其是欧佩克成员国），在大部分现有的工业部门，已经超过了它能有利润的进行资本再投资的需求量。

因此哈维(1982)所评论说“如果平衡被重新恢复，需要一个过程，即通过运行生产系统消除过剩的资本，那么资本过度积累的趋势将被自动抵消。

”宗主国响应的一个关键性方面是欧美公司全球性的重组，开始把大量工业原材料的生产和原件的制造外包给那些较先进的发展中国家的较发达地区。

通常是南亚，特别是中国是这次重组的主要受惠者(Singh 2002)。

那些先进地区边缘的内陆地区也包括整个国家，比如巴基斯坦，也成为了原材料和手工劳动产品（例如：纺织品）的外包中心。

尽管还有一些国家，特别是虽然不是只在沙哈拉以南的非洲地区，他们参加这个过程仅仅给人以边缘的和偶然的感觉。

金融学外文翻译3000汉字中英对照

目录外文文献 (1)1. Introduction (1)2. Games and game theory (2)3. Theories of social preferences (3)4. Why do game experiments? And which games? (3)5. Conclusions (4)中文翻译 (4)1.摘要 (5)2.博弈和博弈论 (5)3.社会偏好理论 (6)4.为什么用博弈做实验？用什么博弈？ (6)5. 结论 (6)外文文献Measuring Social Norms and Preferences using Experimental Games: A Guide for Social Scientists Colin F.Camerer and Ernst Fehr1. IntroductionThe purpose of this chapter is to describe a menu of experimental games that are useful for measuring aspects of social norms and social preferences. Economists use the term “preferences” to refer to the choices people make, and particularly to tradeoffs between different collections (“bundles”) of things they value—food, money, time, prestige, and so forth. “Social preferences” refer to how people rank different allocations of material payoffs to themselves and others. Self-interested individuals care only about their own material payoffs. The past two decades of experimental research have shown, however, that a substantial fraction of people in developed countries (typically college students) also care about the payoffs of others. In some situations, many people are willing to spend resources to reduce the payoff of others. In other situations, the same people spend resources to increase the payoff of others.As we will see, the willingness to reduce or increase the payoff of relevant reference actors exists even though people reap neither present nor future material rewards from reducing or increasing payoffs of others. This indicates that, in addition toself-interested behavior, people sometimes behave as if they have altruistic preferences, and preferences for equality and reciprocity.1 Reciprocity, as we define it here, is different from the notion of reciprocal altruism in evolutionary biology. Reciprocity means that people are willing to reward friendly actions and to punish hostile actions although the reward or punishment causes a net reduction in the material payoff of those who reward or punish. Similarly, people who dislike inequality are willing to take costly actions to reduce inequality although this may result in a net reduction of their material payoff. Reciprocal altruism typically assumes that reciprocation yields a net increase in the material payoff (for example, because one player’s action earns them a reputation which benefits them in the future). Altruism, as we define it here, means that an actor takes costly actions to increase the payoff of another actor, irrespective of the other actor’s previous actions. Altruism thus represents unconditional kindness while reciprocity means non-selfish behavior that is conditioned on the previous actions of the other actor.Reciprocity, inequality aversion and altruism can have large effects on the regularities of social life and, in particular, on the enforcement of social norms. This is why the examination of the nature of social preferences is so important for anthropology and for social sciences in general. There is, for example, an ongoing debate in anthropology about the reasons for food-sharing in small-scale societies. The nature of social preferences will probably have a large effect on the social mechanism that sustains food-sharing. For example, if many people in a society exhibit inequality aversion or reciprocity, they will be willing to punish those who do not share food, so no formal mechanism is needed to govern food-sharing. Without such preferences, formal mechanisms are needed to sustain food-sharing (or sharing does not occur at all). As we will see there are simple games that allow researchers to find out whether there are norms of food-sharing, and punishment of those who do not share.In the following we first sketch game theory in broad terms. Then we describe some basic features of experimental design in economics. Then we introduce a menu of seven games that have proved useful in examining social preferences. We define the games formally, show what aspects of social life they express, and describe behavioral regularities from experimental studies. The behavioral regularities are then interpreted in terms of preferences for reciprocity, inequity aversion or altruism. The final sections describe some other games anthropologists might find useful, and draw conclusions.2. Games and game theoryGame theory is a mathematical language for describing strategic interactions and their likely outcomes. A game is a set of strategies for each of several players, with precise rules for the order in which players choose strategies, the information they have when they choose, and how they rate the desirability (``utility") of resulting outcomes. Game theory is designed to be flexible enough to be used at many levels of detail in a broad range of sciences. Players may be genes, people, groups, firms or nation-states. Strategies may be genetically-coded instincts, heuristics for bidding on the e-Bay website, corporate routines for developing and introducing new products, a legal strategy in complex mass tort cases, or wartime battle plans. Outcomes can be anything players value-- prestige, food, control of Congress, sexual opportunity, returning a tennis serve,corporate profits, the gap between what you would maximally pay for something and what you actually pay (“consumer surplus”), a sense of justice, or captured territory.Game theory consists of two different enterprises: (1) Using games as a language or taxonomy to parse the social world; and (2) deriving precise predictions about how players will play in a game by assuming that players maximize expected “utility”(personal valuation) of consequences, plan ahead, and form beliefs about other players' likely actions. The second enterprise dominates game theory textbooks and journals. Analytical theory of this sort is extremely mathematical, and inaccessible to many social scientists outside of economics and theoretical biology. Fortunately, games can be used as a taxonomy with minimal mathematics because understanding prototypical games— like those discussed in this chapter— requires nothing beyond simple logic.The most central concept in game theory is Nash equilibrium. A set of strategies (one for each player) form an equilibrium if each player is choosing the strategy which is a best response (i.e., gives the highest expected utility) to the other players’ strategies. Attention is focussed on equilibrium because players who are constantly switching to better strategies, given what others have done, will generally end up at an equilibrium. Increasingly, game theorists are interested in the dynamics of equilibration as well, in the form of evolution of populations of player strategies (Weibull, 1995); or learning by individuals from experience (e.g., Fudenberg and Levine, 1998; Camerer and Ho, 1999).3. Theories of social preferencesWithin economics, the leading explanation for the patterns of results described above is that agents have socia l preferences (or “social utility”) which take into account the payoffs and perhaps intentions of others. Roughly speaking, social preference theories assume that people have stable preferences for how money is allocated (which may depend on who the other player is, or how the allocation came about), much as they are assumed in economics to have preferences for food, the present versus the future, how close their house is to work, and so forth.10Cultural anthropologists and evolutionary psychologists have sought to explain the origin of these preferences. One idea is that in the environment of evolutionary adaptation (EEA) or ancestral past, people mostly engaged in repeated games with people they knew. Evolution created specialized cognitive heuristics for playing repeated games efficiently. It is well-known in game theory that behavior which is optimal for a selfinterested actor in a one-period game with a stranger - such as defecting or free riding, accepting all ultimatum offers - is not always optimal in repeated games with partners. In a repeated ultimatum game, for example, it pays to reject offers to build up a reputation for being hard to push around, which leads to more generous offers in the future. In the unnatural habitat view, subjects cannot “turn off” the habitual behavior shaped by repeated-game life in the EEA when they play single games with strangers in the lab. An important modification of this view is that evolution did not equip all people with identical hard-wired instincts for playing games, but instead created the capacity for learning social norms. The latter view can explain why different cultures would have different norms.4. Why do game experiments? And which games?A central advantage of experimental games is comparability across subject pools (provided great care is taken in controlling for differences in language, purchasing power of outcomes, interactions with experimenters, and so forth). While comparability is clearly not perfect, it is surely as good as most qualitative measures. A further advantage is replicability. The fact that experiments are replicable is a powerful tool for creating consensus about the fact and their interpretation in the scientific community.In fact, experiments conducted in the field by anthropologists may actually have two large advantages compared to lab experiments in Western countries which usually (though not always) use college students as experimental subjects. First, since anthropologists are in the field for long periods of time, the cost of collecting data is rather low. (Most contributors to this volume often noted that the experiment was unusually fun for participants, probably more so than for college students raised in a world of Nintendo, 500-channel cable TV, and web surfing.) Second, the amount of funds budgeted by granting agencies in developed countries for subject payments typically have extraordinary purchasing power in primitive societies. As a result, it is easy for anthropologists to test whether people behave differently for very large stakes, such as a week or month of wages, compared to low stakes. Such comparisons are important for generalizing to high-stakes economic activity, but are often prohibitively expensive in developed countries.5. ConclusionsGame theory has proved useful in a wide range of social sciences in two ways: By providing a taxonomy of social situations which parse the social world; and by making precise predictions about how self-interested players will actually play. Behavior in experiments which car efully control players’ strategies, information, and possible payoffs shows that actual choices often deviate systematically from the game-theoretic prediction based on self-interest. These deviations are naturally interpreted as evidence of social norms (what players expect and feel obliged to do) and social preferences (how players feel when others earn more or less money). This evidence is now being used actively by economists to craft a parsimonious theory of social preferences which can be used to explain data from many different games in a simple way that makes fresh predictions. Since anthropologists are often interested in how social norms and preferences emerge, evolve, and vary across cultures, these games could provide a powerful tool for doing empirical anthropology. In addition to measuring social preferences and social norms experimental games may also be used for measuring moral authority, players beliefs about other players’ actions in coordination games, cultural homogeneity and status effects in bargaining.中文翻译测量社会规范和偏好使用的博弈实验：对社会科学家的指导Colin F. Camerer and Ernst Fehr1.摘要本章的目的是描述一个能有效测量社会规范和社会偏好的博弈。

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Improve the concept of financial supervision in rural areas1Xun QianFarmers in China's vast population, has some large-scale production of the farmers, but also survival-oriented farmers, huge differences between the financial needs of rural finance intermediation makes complex, together with agriculture itself is the profit low, natural and market risks high risk decision to weak agricultural industry characteristics, resulting in the cost of rural financial transactions is far higher than the city, also decided to organize the rural financial system in terms of operation or in the market has its own special characteristics. 20 years of financial reform, financial development while the Chinese city made impressive achievements, but the rural finance is the entire financial system is still the weakest link. Insufficient supply of rural finance, competition is not sufficient, farmers and agricultural enterprises in getting loans and other issues is also very prominent, backward rural financial system can no longer effectively support the development of modern agriculture or the transformation of traditional agriculture and the building of new socialist countryside, which to improve the rural financial supervision new topic.China's rural financial regulatory problems(A) the formation of China's financial regulatory system had "a line three commission " (People's Bank, the Securities Regulatory Commission, Insurance Regulatory Commission and the Banking Regulatory Commission) financial regulatory structure. BankThese stringent requirements, different management and diversification of monitoring has its positive role, but it also had some negative effects. First, inefficient supervision, supervision of internal consumption of high costs, limited financial industry business development and innovation space. Second, the regulatory agencies, regulatory bodies and the information asymmetry between central banks, banking, securities, and insurance mechanisms of coordination between regulatory bodies are not perfect. Information between central banks and regulatory agencies is difficult to share, is difficult to create effective monitoring force. Basically between the various1American Journal of Agricultural Economics，2009.regulators in their respective state regulators, regulatory policies and measures to overlapping or conflicting phenomena have occurred, unable to cope with China's current rural financial market complexity and diversity and so on. Third, financial institutions have liquidity risk or out of the market and so on, may be excessive because the central bank assistance, financial institutions and financial institutions led to the person in charge "capacity risk" and "moral hazard", or for financial institutions regulatory arbitrage possibilities; addition, since the lack of recourse, may adversely affect the financial stability.(B) rural financial ecological environment is not in-depthThe current financial environment in rural county building still remains in the letter the user, village, township, community development credit level, "government-led, human-propelled, departmental interaction" and create a mechanism for financial ecological environment in rural areas lack. Local governments and authorities the importance of financial knowledge of the ecological environment is not deep, implementation and functions of individual local protectionism and heavy, there is interference with the financial sector credit and other daily business situation. Rural credit system lag, lack of bad credit punishment mechanism, rural businesses and residents in the overall credit awareness is not high, rural finance development and expansion of social services and social protection of the environment has not yet formed.(C) China's existing legal system of financial supervision and a number of shortcomings, can not guarantee that financial regulation is reasonable, effective, standardized implementationFirst, regulatory lag, supporting regulations are incomplete, the content is too rough, too simple, the banking, securities and insurance supervision laws and regulations more old, a general lack of quantitative science. Supervisory regulations and standards, regulatory methods and technical means not meet regulatory requirements in the market. Staff in the actual implementation, not easy to grasp the scale, may of operation. Second, the Chinese regulators and the regulated objects exist some interest, and the existing regulations, lack of supervision and regulatory enforcement are to ensure that financial regulation can not be just and reasonable. Finally, China's financial supervision is still difficult to shake off the inertia of the executive-style regulatory impact.(D) of the Rural Financing drifting outside the existing financial regulatoryAccording to IFAD study, Chinese farmers from the informal financial institutions, loans from official credit institutions about 4 times. For farmers, the importance of informal financial markets over the formal financial market. China's mainly rural folk form of finance rural credit cooperatives, Cooperation, private lending, private banks, private funds, microfinance, etc., of which only rural credit cooperatives and microfinance in China's financial supervision under the rest of the financial forms the lack of appropriate supervision. The general lack of rural financial organizations of civil norms, there is a big risk, China's existing laws and regulations on private financial institutions in rural areas is one of "isolation" policy, making a lot of money from the dark into the rural financial market and greater regulation of financial difficulty, on rural financial security is a potential threat.learn from the developed countries(A) improve coordination of rural finance mechanisms for external supervision1. The United States "multiple composite" of the coordination mechanism. U.S. financial cooperation system in rural areas by the federal mid-term credit banks, cooperative banks, federal land banks and federal land bank system composed of three Cooperatives, the Farm Credit Administration (NCUA) leadership, and with the Council under the leadership of the private banks in rural commercial credit, National Rural Credit Bank policy of the United States shared the task of rural financial intermediation. The organizational model is a typical multi-mode hybrid system, three systems have an independent management system, with clear terms of reference. To ensure the healthy development of rural financial institutions, commercial banks in the United States adopted a different regulatory models, specifically setting up a relatively sound financial regulatory system in rural areas, including regulators, industry self-regulation associations, financial intermediation and mutual insurance group clearing center, the four kind of independent agencies and their subsidiary bodies, the functions of different, but share the same objectives as a common rural cooperative financial institutions to serve the regulatory system.2. Germany's "comprehensive regulatory model" of coordination mechanisms. Low concentration of the German banking system, in the very important parts of the bank, the representative of the financial mixed operation. Commonwealth Bank andthe Federal Financial Supervisory Authority the power to regulate the two main regulators of the banking sector there is a clear division of labor, but also close cooperation. Commonwealth Bank in Germany, nine states have branch offices, using their own network advantages to the Federal Financial Supervisory Authority is responsible for daily transmission of data banks focus for the Federal Financial Authority to provide a better basis for the exercise of regulatory functions, but it is not directly involved in the regulation work, nor has the administrative punishment. The Federal Financial Supervisory Authority did not have branches in the states, it is difficult to carry out regular supervision, need to cooperate with the Commonwealth Bank to perform its regulatory functions. Germany's main central banks and industry rely on the federal audit of the regulatory system and risk prevention and protection system to ensure rural finance in the specification on the basis of continuous development.3. Japan's "complement each other-type" coordination mechanism. In Japan, the dual supervision of the implementation of rural finance: first, the Office of Government financial regulation, supervision on the implementation of various financial institutions, to achieve the overall risk control; Second, national and local Forestry and Fisheries Department with the Office of Financial Regulation on the implementation of rural financial institutions supervision, including the Ministry of Agriculture consists of the branch on Norinchukin supervision, Forestry and Fisheries set up in six major areas of agricultural area in County Council on joint supervision of the letter, and all, Road House, County Farmer of the Ministry of Agriculture within its jurisdiction Association for Cooperative Finance Supervision Department(B) the establishment of deposit insurance and emergency rescue system to form a three-tier safety netDeveloped financial system generally established strict internal management system, deposit insurance system and the system of three emergency safety net. As a second-class safety net of deposit insurance system has been very satisfactory. The federal government on rural finance unified compulsory deposit insurance, the specific business operation by the Federal Deposit Insurance Corporation's Savings Association Insurance Fund, and to assume supervision of the insured financial institutions; the German government on the implementation of the voluntary deposit of credit co-insurance, not mandatory insurance, its insurance sector is the industryorganization; Japan's credit co-national compulsory deposit insurance, the insurance agency is a joint venture between Government and the people, by the Government, Norinchukin Bank, Japan Bank, Credit Union and a coalition of agricultural water fishery credit cooperatives Industry Insurance Agency. As a third-class safety net for emergency rescue system, specific measures for implementation in different countries, bank deposits for the brink of bankruptcy, in some countries directly by the central bank to offer special low-interest loans (such as the U.S. and Italy), in some countries by the bank regulatory authorities and other Commercial Bank for the establishmentof special institutions to finance the rescue (such as France and Belgium), a number of countries came forward by the deposit insurance agency to provide funds (such as Japan), more by one or a few large banks in support of official support.(C) rural finance within the industry associations to play a regulatory role1. U.S. Rural Cooperative Finance Association of self-management. In the United States, various credit associations or co-finance up to several dozen, including a long history, nationally renowned for the National Association of Credit (CUNA), a specialized credit services for the Federal Register Association (NAFCU), there are also special school credit for community service credit unions and associations (CCUC), etc.. While the states also have their own Credit Union Association. The trade association is one of the major work to develop a code of conduct,self-regulation management.2. German credit cooperation and other cooperative system of industryself-regulation of mutual integration. German cooperation in the National Credit Union (BVR) is a cooperative bank industry self-regulatory organizations, grass-roots local cooperative banks, cooperative banks and district central cooperative banks, as well as professional co-finance companies, cooperative credit union is a member. Germany 11 contributions from the various types of cooperatives set up jointly organized a regional cooperative audit association, responsible for annual audit of the specialized agencies of the various types of cooperatives, which are also common types of cooperatives at the district level, the industry watchdog, plays an important industry supervisory role.3. Set supervision and service in one of the Japanese Agricultural Association. Japanese government in 1947 promulgated the "Agricultural Cooperative Law," agricultural association provides services for members of cooperative organizations,its not for profit, adhere to the rural communities and members for the service centers, institutional system based on grass-roots level according to facilitate farmers , established the principle manageable. The main source of funding is to absorb the rural deposits, in principle, limited to serving as a member of the farmers and agricultural groups. To ensure financial security cooperation, and healthy run, set up a rural credit insurance, temporary transfers of funds mutual aid system and credit cooperative organizations, and government co-funded deposit insurance system, agricultural disaster compensation system and the agricultural credit guarantee system for the insurance system measures.improve the financial supervision of the concept of rural China(A) improve and perfect the legal system of rural financial regulation, supervision according to lawFinance as the core of the economy, the continued growth of rural finance is more in need of legal regulation and a sound legal environment, accelerate the development of rural finance laws, no legal basis to change the situation, has become the strong demand of rural financial development. Since the reform and opening up, no one for rural finance, rural financial regulation can serve as a basis for law. To achieve effective supervision, the need for additional professional laws, regulations, and specific regulatory measures, regulations and implementation details, so as to achieve from the general administrative supervision to improve the legal system, efforts to establish changed the credit system, and ultimately control law .While in strengthening the legal system, adopt effective measures to strengthen the integrity of the whole community education and step up publicity to raise awareness of the general financial and legal residents, to actively support the work of the national collective finance; education of the population according to lending, and actively with the illegal lending practices fight, really create a sound legal basis, that the law according to the credit environment and legal environment.(B) give full play to grassroots government, professional regulatory functionActively cooperate with local governments at all levels and support the financial regulatory authorities in rural credit markets make an important guarantee for supervision. To actively coordinate local government and non-basic level targetconsistency, to avoid the expense of national interests and local interests of the occurrence.The Chinese government should establish a tax system is different from commercial banks, a low tax or tax-free policy, by policy banks to providelow-interest or interest-free loans of rural finance, rural finance to increase subsidies and assistance. Those relatively large amount of private credit, shall be approved by local authorities just to strengthen the audit checks to the legitimate rights and interests protected.China's rural economy, small and dispersed operations, has not been large-scale establishment of agricultural insurance, in case of force majeure, the rural financial system will face great risk. Chinese financial institutions in the internal governance structure and risk management system has been initially established, the basic external financial regulation in place of the case, should refer to the experience of developed countries, commercial banks in the country to establish a mandatory deposit insurance system and the emergency rescue system, the formation of three protection network.(C) strictly rural financial institutions, "access and" to improve the professional standards of financial supervisionFinancial regulators should be a good loan companies, postal savings banks, rural credit union funds, village banks and other new-type rural financial institutions, market access, ensure that the new-type rural financial institutions in corporate governance, capital adequacy ratio to meet the requirements. Kind in the country selected the new rural financial institutions, better internal control system, modified to add a representative of management to form the template to help set up rural financial institutions, covering credit, billing, savings, cash, security and other risk point of internal control system . Establish small rural banks and other financial institutions, guidance system, the financial regulators to conduct the transition of its guidance, to promote rural financial institutions to a sound system of internal control as soon as possible, improve management, risk control and management mechanisms work well.(D) to play the role of industry self-regulatory associations, to promote the vitality and force the formation of the banking sectorChina was set up in late 2005, China Banking Association of Rural Financial Working Committee, the current to China Banking Regulatory Commission and the provincial government regulatory framework based on an industry self-regulatoryorganization more. Promoting the Development, promoting and developingself-regulatory functions of trade associations, for building a healthy banking system in China is significant. Association to play a functional role to guide the establishment of liaison mechanisms and management of daily work, and improving the industry conventions and regulations, regulators should not control those, which were needed in the work of regulatory bodies, as far as possible by the association responsible for promoting the formation of the energy and banking efforts to achieveself-management and trade association national regulatory authorities to monitor the combination system of regulation.(E) to safeguard the security and financial safety regulation to changes in both the core competitivenessThe nature of financial regulation is intended to innovation and development of the financial industry to create a favorable internal and external environment, rather than constrained the development and expansion of rural finance. For the monitoring and supervision, do not speak the efficiency of regulation, which implies the greatest risk, will affect the long-term development of the rural financial sector.ConclusionIn short, improving financial supervision in terms of its breadth, should be an include government regulation, industry self-regulation, financial institutions, internal control, four levels of social supervision system; its depth, it should be involved in risk prevention, effective access, legal norms, the operation simple and efficient aspects of a systems engineering. Only by striving to improve the new concept of financial supervision, the introduction of new methods of financial supervision in order to receive financial regulation expected results. Only in this way can be established consistent with China's national conditions, but also to adapt to modern requirements of international financial regulatory system in rural China.发展中国农村金融监管的思考Xun Qian农民在中国人口众多,有一些大型生产的农民,但也自给自足的农民,巨大的金融需求之间的差异使农村金融需求很是复杂,连同农业本身是利润低、自然和市场风险高的风险决策农业产业特性,软弱的农村金融交易的成本远高于城市,也决定组织农村金融体系的运行或市场有其自身的特点。