金融学融资融券中英文对照外文翻译文献

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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）。

金融学专业私募股权投资资料外文翻译文献

金融学专业私募股权投资资料外文翻译文献外文题目：Financial Foreign Direct Investment: The Role of Private Equity Investments in the Globalization of Firms from Emerging Markets原文：1. Introduction International International business business business and and and economic economic economic development development development are are are closely closely closely related. related. related. When When applying applying to to to emerging emerging emerging markets, markets, markets, foreign foreign foreign direct direct direct investment investment investment (FDI) (FDI) (FDI) and and and development development economics are two sides of the same coin. In terms of the classical OLI model of the economics of international business, the multinational enterprises (MNE) brings into play the ownership advantage while the governments of emerging markets bring into play play the the the location location location advantage advantage advantage (Dunning (Dunning (Dunning 2000). 2000). 2000). For For For most most most part, part, part, the the the economics economics economics and and and the the strategy strategy of of of international international international business business business focused focused focused on on on the the the MNE MNE MNE while while while economic economic economic geography geography from from Koopman Koopman (1957) to to Krugman Krugman (1991) and and later later later (as (as well as as development development economics) have focused on the country in which the investment takes place. This This paper paper paper brings brings brings together together together international international international business business business development development development economics economics economics and and international trade to gain better insights into an important and fascinating phenomenon phenomenon in in in the the the arena arena arena of of of international international international business business business –– the the recent recent recent growth growth growth of of of private private equity equity investments investments investments in in in emerging emerging emerging markets. markets. markets. The The The tremendous tremendous tremendous growth growth growth of of of private private private equity equity investments in emerging markets is evident from the data presented in Table 1. The total total went went went up up up almost almost almost ten ten ten times, times, times, from from from about about about $3.5B $3.5B $3.5B to to to more more more than than than $33B $33B $33B in in in the the the period period 2003-2006. Emerging Asia led the emerging markets with $19.4B raised in 2006 by 93 funds; about a third of the money that was raised by these funds went to China and India. The main argument that is presented and discussed in this paper is that private equity equity investments investments investments in in in emerging emerging emerging markets markets markets is is is another another another expression expression expression of of of foreign foreign foreign direct direct investment (FDI) where firms from the developed countries export specific factors of production (their ownership advantage) to small countries and emerging markets (new locations) as a way to generate value to all stakeholders. The firms in the developed countries countries in in in this this this case case case are are are specialized specialized specialized financial financial financial institutions institutions institutions (private (private (private equity equity equity funds) funds) (Yoshikawa (Yoshikawa et et et al. al. al. 2006) 2006) 2006) and and and the the the factor factor factor of of of production production production that that that they they they export export export is is is high-risk high-risk sector sector specific specific specific capital. capital. capital. We We dubbed dubbed this this this form form form of of of FDI FDI FDI as as as financial financial financial foreign foreign foreign direct direct investment investment (FFDI), but (FFDI), but the process and the rational a re the same as in are the same as in the classical FDI analysis. FFDI (synonymous –but not restricted to –for private equity throughout this this paper) paper) paper) is is is a a a subset subset subset of of of FDI FDI FDI that that that is is is solely solely solely devoted devoted devoted––as as the the the name name name implies implies implies––for investments in private firms in purpose of generating high return on- investment over a relatively short period (5-7 years). The term “short” is relative and in comparison with with the the the typical typical typical investment investment investment periods periods periods of of of the the the investors investors investors of of of private private private equity equity equity funds funds funds (e.g., (e.g., pension funds, endowment funds and the like). At the extreme, i.e., in venture capital investments, investors take into account upfront that some of their investments will be written written off off at at the the the prospects prospects prospects that that that few few few will will will generate generate generate return return return that that that will will will more more more than than compensate compensate those those those sunk sunk sunk investments investments investments (hence (hence (hence the the the “high “high “high-r -r -risk” isk” isk” referral). referral). referral). Sector Sector Sector specific specific capital is a general phenomenon. In many industries such investment is more than mere financial investment and is augmented by specific information that the investor may posses in the form of managerial expertise, deal structuring specialty, networking capabilities and the like. In the case of the high-risk capital industry there is a need to bridge the gap between the risk perception of the investment project by the entrepreneurs entrepreneurs or or or the the the “insiders” “insiders” “insiders” and and and the the the investors investors investors (most (most (most often often often risk-averse risk-averse risk-averse investors), investors), the the “outsiders”. “outsiders”. “outsiders”. This This This is is is accomplished accomplished accomplished by by by a a a combination combination combination of of of validation validation validation processes processes processes and and screening mechanisms that are engaged by the private equity funds. In this regard they act act as as as financial financial financial and and and risk risk risk intermediaries intermediaries intermediaries (Coval/Thakor (Coval/Thakor (Coval/Thakor 2005, 2005, 2005, provide provide provide an an an analytical analytical framework framework for for for this this this approach). approach). approach). The The The value value value of of of the the the general general general partners partners partners of of of private private private equity equity funds funds depends depends depends on on on the the the quality quality quality of of of the the the risk risk risk intermediation intermediation intermediation that that that they they they perform perform perform for for for their their investors. This makes them credible and reliable processors of information. Table 1: Emerging Markets Private Equity Funds Raising, 2003-2006 (US$ Millions) Emerging Asia CEE Russia Latham Sub-Sah ara Africa Middle- East Africa Multi ple Regions Total 2003 2,200 406 417 NA 350 116 3,489 2004 2,800 1,777 714 NA 545 618 6,454 2005 15,446 2,711 1,272 791 1,915 3,630 25,765 2006 19,386 3,272 2,656 2,353 2,946 2,580 33,193 Source: EMPEA (Emerging Markets Private Equity Association) 2007. The discussion and the analysis presented in this paper draw on three different bodies of literature; the literature of finance and growth from development economics, (Levine (Levine 1997, 1997, 1997, 2004), 2004), 2004), the the the literature literature literature on on on comparative comparative comparative advantage advantage advantage in in in the the the discussion discussion discussion of of patterns of trade (Deardorff 2004) and the literature of imperfect contracts in micro economics and in financial economics (Hart 2001, Zingales 2000). Financial foreign direct investment as practiced by private equity funds can be a powerful powerful contributor contributor contributor to to to economic economic economic and and and business business business growth growth growth in in in emerging emerging emerging markets. markets. markets. FFDI FFDI changes changes the the the scene scene scene of of of international international international business business business as as as it it it contributes contributes contributes to to to a a a change change change in in in the the relations relations between between between firms firms firms in in in developed developed developed countries countries countries and and and firms firms firms in in in the the the emerging emerging emerging markets. markets. The The unique unique unique relatively relatively relatively short short short term term term nature nature nature of of of a a a private private private equity equity equity investment investment investment makes makes makes it it it an an appropriate instrument for for the the transition period that that the the world of of international international business is experiencing regarding the role of emerging markets and the role of China and and India India India in in in particular. particular. particular. This This This is is is so so so because because because the the the short short short term term term nature nature nature of of of private private private equity equity investments investments allows allows allows firms firms firms in in in emerging emerging emerging markets markets markets for for for sufficient sufficient sufficient time time time for for for transfer transfer transfer of of information and learning and yet allow the local stakeholders to resume full ownership once the process is completed. The The relations relations relations between between between the the the development development development economics economics economics literature literature literature on on on finance finance finance and and growth and the international business literature is presented and discussed in the next section section of of of the the the paper. paper. paper. It It It is is is shown shown shown that that that the the the two two two bodies bodies bodies of of of literatures literatures literatures are are are quite quite quite related related once one penetrates the specific lingo employed by each one of them. The problems in in the the the institutional institutional institutional setting setting setting and and and the the the lack lack lack of of of sufficient sufficient sufficient development development development of of of the the the capital capital markets markets in in in most most most emerging emerging emerging markets markets markets are are are overcome overcome overcome by by by creating creating creating specific specific specific international international alliances that generate local comparative advantage. In section three, the concept of local local comparative comparative comparative advantage advantage advantage (Deardorff (Deardorff (Deardorff 2004) 2004) 2004) is is is used used used for for for better better better understanding understanding understanding of of FFDI. The perfect and efficient financial market of the Modern Theory of Finance is replaced by a set of imperfect contracts negotiated and renegotiated between domestic firms firms in in in emerging emerging emerging markets markets markets and and and private private private equity equity equity funds funds funds from from from the the the US US US and and and other other other major major capital capital markets. markets. markets. This This This issue issue issue is is is discussed discussed discussed and and and analyzed analyzed analyzed in in in section section section four four four of of of the the the paper. paper. Private equity funds drew a fair amount of criticism lately. The potential of private equity investment in emerging markets is discussed in section five of the paper. The conclusions conclusions of of of the the the study study study are are are briefly briefly briefly discussed discussed discussed in in in section section section six, six, six, the the the last last last section section section of of of the the paper. 2. Finance, Growth and International Business In a survey paper on the relations between financial development and economic growth growth Levine Levine Levine (1997) (1997) (1997) states states states that: that: that: “…the “…the “…the development development development of of of financial financial financial markets markets markets and and institutions are critical and inextricable part of the growth process”. He continues and says that: “…financial d evelopment development development is is is a a a good predictor of future rates of econom good predictor of future rates of econom ic growth, capital accumulation and and technological technological technological change. change. change. Moreover, Moreover, Moreover, cross-country, cross-country, cross-country, case case case study, study, study, industry- industry- industry- and and firm- firm- level level level analyses document extensive periods when financial development-or the analyses document extensive periods when financial development-or the lack lack thereof-crucially thereof-crucially thereof-crucially affect affect affect the the the speed speed speed and and and the the the pattern pattern pattern of of of econom econom economic ic ic development”, development”, (Levine (Levine 1997, 1997, 1997, p. p. p. 689). 689). 689). Levine Levine Levine makes makes makes two two two other other other important important important points; points; points; first first first that that that the the discussion of finance and developments takes place outside the state-contingent world of Arrow (1964) and Debreu (1959) and the discussion takes place in an incomplete world with imperfect (monopolistic) competition. The second point is that there are three main research questions in the field of finance and development that needs more attention. attention. (1) (1) (1) Why Why Why does does does financial financial financial structure structure structure change change change as as as countries countries countries grow? grow? grow? (2) (2) (2) Why Why Why do do countries at similar stages of economic development have different looking financial systems? systems? and and and (3) (3) (3) are are are there there there longterm longterm longterm economic economic economic growth growth growth advantages advantages advantages to to to adopting adopting adopting legal legal and policy changes that create one type of financial system vis-à-vis another? The three research questions raised by Levine deal with different aspects of the location of foreign direct investment. In particular, the three research questions deal with the gap between the potential of a certain country, or countries, as a site for an international oriented investment and the actual investment that has taken place. This is particularly true where the investment from the developed countries is in the form of of high-risk high-risk high-risk sector sector sector specific specific specific capital capital capital such such such as as as provided provided provided by by by private private private equity equity equity funds. funds. funds. The The potential potential of of of some some some countries countries countries in in in attracting attracting attracting private private private equity equity equity funds funds funds is is is not not not being being being fully fully realized realized due due due to to to the the the absence absence absence of of of an an an appropriate appropriate appropriate financial financial financial system. system. system. A A A well well well developed developed financial financial system system system is is is necessary necessary necessary to to to enhance enhance enhance the the the import import import of of of sector sector sector specific specific specific (high-risk) (high-risk) capital, a necessary condition for FFDI. As As the the the financial financial financial structure structure structure of of of a a a country country country changes changes changes (as (as (as the the the country country country grows), grows), grows), it it it is is suggested by Levine in his first question that different types of FDI can be accommodated. The development of FDI in China is an evidence of this process. Yet, as it is proposed in Levine’s second question, the financial markets of countries with similar similar rate rate rate of of of growth growth growth develop develop develop in in in different different different pace pace pace and and and in in in a a a different different different way. way. way. There There There are are long-term economic growth advantages of adopting certain p atterns of development patterns of development for the financial market of a given country. In many cases FDI and FFDI do depend on on relatively relatively relatively transparent transparent transparent and and and enforceable enforceable enforceable corporate corporate corporate governance. governance. governance. Morck, Morck, Morck, Wolfenzon, Wolfenzon, and and Y eung Y eung (2005) (2005) (2005) demonstrated demonstrated demonstrated that that that economic economic economic entrenchment entrenchment entrenchment has has has a a a high high high price price price in in foregone growth opportunities. There There are are are three three three related related related problems problems problems in in in creating creating creating a a a domestic domestic domestic financial financial financial system system system for for private equity and venture capital investments: How How to to to mobilize mobilize mobilize the the the type type type and and and the the the quantity quantity quantity of of of savings savings savings (capital) (capital) (capital) appropriate appropriate appropriate for for such investments where most of the capital should be imported from the major capital markets of the world? How How to to to generate generate generate credible credible credible information information information and and and trust? trust? trust? How How How to to to monitor monitor monitor management management and to exert corporate control? The The only only only feasible feasible feasible way way way to to to accommodate accommodate accommodate private private private equity equity equity and and and venture venture venture capital capital investments in emerging markets is to import sector specific high-risk capital from the US and other major capital markets. The term sector specific capital recognizes the fact that capital is not a unified factor of production (in the same way that there are different types of labor there are different types of capital). High-risk sector specific capital capital relates relates relates to to to the the the portfolio portfolio portfolio of of of the the the investors investors investors and and and to to to the the the relational relational relational capital capital capital of of of the the specific financial intermediaries (i.e., the private equity funds). Most of the high-risk capital in the world is coming from large institutional investors in the US and it is a part part of of of their their their assets’ assets’ assets’ management management management program. program. program. (A (A (A good good good example example example of of of how how how such such such capital capital relates to the total portfolio is the investment policy of CALPERS the largest pension fund in the US). Due to internal and external regulations, financial institutions cannot make make investment investment investment unless unless unless there there there is is is an an an acceptable acceptable acceptable level level level of of of transparency transparency transparency and and and corporate corporate governance governance in in in the the the country country country where where where the the the money money money is is is invested. invested. invested. Whether Whether Whether such such such a a a process process process is is possible in a given developing country and what are the chances that if implemented it will succeed is a very important question. Horii, Ohdoi, and Yamamoto (2005) deal with with this this this issue. issue. issue. They They They address address address the the the question question question why why why some some some developing developing developing countries countries countries are are are less less successful than others in adopting technologies and more effective financial markets techniques. To quote Horii et al. (2005, p. 2): “A fundamental question is why some countries are stuck with poor performance even though it results in primitive financial ma markets rkets rkets and and and unproductive unproductive unproductive technologies”. technologies”. technologies”. They They They conclude conclude conclude that that that in in in some some some cases cases cases the the expected expected increase increase increase in in in the the the income income income inequality inequality inequality due due due to to to the the the financial financial financial led led led technological technological changes deters people f rom from from adopting financial, legal, adopting financial, legal, a nd political and political reforms reforms that will that will lead to financial, business, and economic development. Morck, Wolfenzon, and Yeung (2005) provide somewhat different answer, also focusing on income distribution but from a point of view of economic entrenchment and rent seeking behavior. Nowhere the relationship between finance, growth, and international business is more more pronounced pronounced pronounced than than than in in in the the the impressive impressive impressive development development development of of of the the the private private private equity equity equity funds funds devoted for investment in emerging markets. Table 1 presents data on the growth of private equity funds raised for investment in emerging markets by regions. The amounts of money raised by private equity funds dedicated for investments in emerging markets went went up tremendously in up tremendously in t he last five the last five y ears. More importantly years. More importantly significant amounts were were invested invested to support domestic companies in in emerging emerging markets markets to to to become become become more more more competitive competitive competitive in in in the the the global global global markets markets markets by by by providing providing providing their their their own own brands of products to the world’s consumers. Lenovo is a case in point when a major investment investment by by by three three three American American American private private private equity equity equity funds funds funds (Texas (Texas (Texas Pacific Pacific Pacific Group, Group, Group, General General Atlantic, and Newbridge Capital) was made in a Chinese company with the purpose of making Lenovo a leading competitor in the global market. 译文：金融类对外直接投资：私募股权投资在新兴市场全球化企业中的角色一、简介国际商业和经济发展密切相关。

融资融券英文文献-摘录

文献综述1.2011Pedro A. C. Saffi and Kari Sigurdsson 《Price Efficiency and Short Selling》(价格效率和卖空)主要研究借贷市场影响价格效率和收入分配，使用股票借贷供给和借贷费用来代理卖空限制。

主要研究结论：第一，卖空限制降低价格效率；第二，卖空限制的废除不会增加价格波动和极端负收益的发生。

2.2014Saqib Sharif, Hamish D. Anderson, Ben R. Marshall《Against the tide: the commencement of short selling and margin trading in mainland China》（应对潮流：中国大陆融资融券的开端）对于A股和H股，可卖空股票价格的下降，表明，融券主导融资的影响。

与监管部门的意图和新开发市场实验证据相反，卖空股的流动性和买卖价差都下降。

与Ausubel (1990)的结论一致，这些结果表明，不知情的投资者避开卖空股以减少和知情投资者的交易风险。

研究卖空、买空对价格、流动性和波动性的影响，使用中国大陆和香港的数据。

贡献：第一，研究融资、融券的双重影响，可以让我们评价哪个更好，我们发现卖空影响更强。

卖空交易会增加和信息知情者的交易风险；第二，我们通过新兴市场论证卖空和买空对流动性的影响。

相比发达市场，新兴市场似乎在这些方面研究较少。

新兴市场可能与发达市场不同，因为新兴市场的投资者保障更弱(Morck et al., 2000)。

与监管部门的目的和发达市场的证据不同，这种在监管上的改变导致流动性下降。

这表明，投资者避开与监管涉及的股票。

第三，新兴市场上，卖空、买空对股票收益影响有限。

Lee and Yoo (1993)发现，在韩国和台湾，买空需求和股票收益波动性之间无关，而Lamba and Ariff(2006)发现在马来西亚，买空约束的放松伴随收入的增加。

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。

融资租赁中英文对照外文翻译文献

融资租赁中英文对照外文翻译文献XXX LeasingSmall and medium-sized companies have XXX in the global economy。

In this article。

we will discuss the XXX.2.XXX LeasingXXX it provides them with a number of advantages。

One of the main XXX without having to make a large upfront investment。

This is particularly XXX that may not have access to the capital XXX.XXX it allows companies to keep up with the latest XXX。

which means that companies can stay up-to-date without having to make nal XXX.3.XXX LeasingXXX whether a small company will choose to lease or not。

One of the most important factors is the cost of leasing versus the cost of purchasing。

Small XXX associated with each n in order to make an XXX.Another factor that can XXX is the length of the XXX。

XXX.4.nIn n。

leasing XXX。

it is XXX.At the turn of the 20th century。

mass n methods neered by Ford Motor Company led people to believe that large-scale business enterprises were the way of the XXX well into the late20th century。

证券市场行为金融中英文对照外文翻译文献

中英文对照外文翻译文献中英文对照外文翻译文献(文档含英文原文和中文翻译)外文翻译：Behavioral Finance1. 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 will not 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 does assume 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. However, 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 US market for technology stocks in the late 1990s. Arbitrageurs that attempted to short Japanese stocks in mid-1987 and hedge by going long in US stocks were right in the long run, but they lost huge amounts of money in October 1987 when the US 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!5. ConclusionsThis brief introduction to behavioral finance has only touched on a few points. More extensive analysis can be found in Barberis and Thaler (2003), Hirshleifer (2001), Shefrin (2000), and Shiller (2000).It is very difficult to find trading strategies that reliably make money. This does not imply that financial markets are informationally efficient, however. Low-frequency misvaluations may be large, without presenting any opportunity to reliably make money. As an example, individuals or institutions who shorted Japanese stocks in 1987–1988 when they were substantially overvalued, or Taiwanese stocks in early 1989 when they were substantially overvalued, or TMT stocks in the US, Europe, and Hong Kong in early 1999 when they were substantially overvalued, all lost enormous amounts of money as these stocks became even more overvalued. Most of these shortsellers, who were right in the long run, were wiped out before the misvaluations started to disappear. Thus, the forces of arbitrage, which work well for high-frequency events, work very poorly for low-frequency eventsBehavioral finance is, relatively speaking, in its infancy. It is not a separate discipline, but instead will increasingly be part of mainstream finance.行为金融1.引言行为金融学就是用来研究金融市场的一种新型的模型。

金融资产证券化中英文对照外文翻译文献

金融资产证券化中英文对照外文翻译文献(文档含英文原文和中文翻译)Securitization of Financial assetsAsset-Backed Securitization (ABS) is a financial tool which allows financial institutions (usually commercial banks) to move unmarketable assets (e.g.lease assets mortgage assets or commercial papers) from their balance sheets in exchange for a long term loan which can be ploughed back into more profitable investments. More precisely ,the financial assets are converted into bonds (so called notes ) and the proceeds of their market issuance become a long term loan for the assets owner (the originator ).We will look at the ABS operation mainlyfrom the point of view of this financial institution.Our analysis will concentrate on the critical phase of the ABS operation avoiding to describe in detail the role of some of the participating operators, such as banks and insurance companies, which provide the credit protection (risk hedging) of the operation .It should be noted that the issue of credit protection is an interesting research topic in itself .However ,the corresponding features such as credit guarantees and cash flow riskiness are beyond the scope of this paper .In an ABS, the assets are sold by the originator to a special purpose vehicle (SPV), an institution created solely for that purpose .The SPV funds the purchase through issuing debt securities-the notes-which are collateralized by the assets. Note that the assets transfer is a true sale. Thus , if the originator becomes insolvent or is involved in bankruptcy the transferred financial assets will not be part of the bankruptcy the transferred financial assets will not be part of the bankruptcy assets. This makes the notes an interesting investment opportunity .In apass through payment scheme the final investors who buy these notes receive periodic inflows (interests on their investments). These are directly relatedto the periodic installments paid by the holders of the assets (e.g. lessees or mortgage holders) to the originator (e.g. the lessor ). Using the ABS structure the originator bypasses the problem of an impossible outright sale of its assets and thus reduces its overall exposure to them. For instance ,lease or mortgage contracts which tie up the capital of leasing companies can be moved into notes. This replacement of illiquid assets improves the return on equity (ROE).From the point of view of the originator, an ABS allows the achievement of three mainFinancial objectives:1.Replacement of the assets in the balance sheet, therebyimproving ROE and allowing ( if the originator is a bank)a more flexible keeping of the asset/liability compositionconstraints imposed by the control authorities (i.e. the Central Bank).2.Diversification of fund sources. Althrough the originatormay be low rated, its notes usually get a higher rating(e.g. AAA) due to the presence of banks and insurancecompanies which guarantee the whole operation .This implies that such notes can be dealt on the main financialmarkets allowing the originator to reach markets which would otherwise be unaccessible for him since attended only by more established companies.3.Higher rated notes are more reliable investments and thusare allowed to pay lower interest rates to holders. If the cost to get a higher rating is lower than the saving obtained by issuing notes which higher rating, then the global cost to acquire funds decreases. Let us assume that an institution with a BB rating can get money at a rate such as Libor (London interbank offering rate) plus 150 basis points. Such an institution, as originator, may decide pay an additional 100 basis points to get credit warranties 1 and be able to issue notes with rating AAA at the cost of Libor plus 10 basis points. In this case an ABS will produce a saving on interest rates of 40 basis points. This situation applies in practice, since there is no efficient market for the underlying assets. The interest in this financial operation drastically increased in the last years all over Europe. In Italy, one of the most recent and relevant ABS has been performed by the pulic institution in charge of the management of the social security system, i.e. the Istituto Nazionale dellaPrevidenza Sociale (INPS).This operation has allowed INPS to move delinquent contributions from its balance sheet.Other transactions of this type took place in the area of public housing agencies.The interest in this financial operation drastically increased in the last years all over Europe. In Italy, one of the most recent and relevant ABS has been performed by the public institution in charge of the management of the social security system, i.e. the Istituto Nazionale della Previdenza Sociale (INPS). This operation has allowed INPS to move delinquent con-tributions from its balance sheet. Other transactions of this type took place in the area of public housing agencies.Many papers dealing with ABS from a modeling point of view have appeared in the last few years. Since an extensive review is beyond the scope of this paper we will only mention the papers by Kang and Zenios [6,7] and by Mansini and Speranza [12,13] and refer to the references given therein. For a better insight in the complex problem of securitization we suggest the textbooks [3,5,15].In particular, motivated by the analysis of a real-worldcase, Mansini in [11] and then Mansini and Speranza in [12] have studied the problem of optimally selecting the assets to refund the loan. In other case only lease assets are considered, although many other types of assets have the same basic characteristics. In their paper the outstanding principal of the assets is computed based on constant general installments (the so called French amortization). The resulting problem of selecting assets at unique date can be modeled as a d-dimensional knapsack problem, which is hardly tractable by exact algorithms but is typically solved by constructive heuristics (see e.g.[1,16]) or metaheuristics (see e.g.[2,4]. The authors also show that in the special case where all lease assets share the same financial characteristics (amortization rule, internal interest rate and term ) all but one constraint turn out to be redundant and hence the model reduces to a classical 0-1 knapsack problem (KP), which is relatively easy to handle (cf.[8,9,14]). See [10] for a general introduction to knapsack problems. Their work does not take into account the occurrence of a different rule for the asset amortization. In many practical applications (both for lease and mortgage contracts) thecustomers receiving the assets choose to pay back their debt by constant periodic principal installments (the rule is known as Italian amortization). Up to now this common rule has been totally ignored in models formalization.The objective of this paper is twofold .First of all we innovate with respect to previous modeling approaches by introducing a general model to select financial assets at multiple dates. The motivation derives from the practical need of finding alternative and possibly more effective formulations for the problem of asset selection in ABS to achieve a better utilization for the long term loan.Secondly, we analyze the frequently encountered practical case in which the assets (lease or mortgage contracts) are paid back by constant periodic principal installments ( Italian amortization rule). In this way the paper aim to provide analysis of an alternative amortization rule available in practices as well as the development of better tools for the institutions responsible for the planning and management of ABS.Before defining the new model we should give a more detailed sketch of the ABS process. To help the reader invisualizing and better understanding the structure of an ABS process. The SPV issues notes on the financial market receiving funds from institutional investors who purchase the notes and hold them until maturity subject to the availability of acceptable short-term financing. The proceeds obtained by the notes’issuance are used by the SPV to make revolving purchases of the unrated assets from the originator. The latter receives a long term loan which is payable solely by assets. In particular, the originator has to select the assets to be handed over for the loan reimbursement. These assets are“converted into” the notes issued by the SPV.The assets which are included in an ABS process have to be selected in a way such that the sum of their outstanding principals never exceeds the outstanding principal of the received loan (from now on simply the main outstanding principal) at any point in time. Now in order to maximize the financial gain of the operation the critical problem for the originator consists of minimizing the gap between the main outstanding principal and the outstanding principal of the selected assets over all points in time. This gap constitutes a loss of profit due to missing moreprofitable investments with higher yields.Actually the area of the main outstanding principal covered by the sum of outstanding principals of the handed-over assets yields a return for the originator ( e.g. the lessor) depending on the difference between the percent interest rate per year that the originator got from its customers (e.g. the lessees) and the lower percent interest rate paid to the note holders. If the sum of the outstanding principals of the selected assets has a global reimbursement profile which decreases more rapidly than that of the main outstanding principal, then the originator gets funds from its customers in advance with respect to the deadline at which it should pay the capital installment to the SPV. Such funds have to be reinvested in some predefined type of investments indicated in the ABS agreement. These investments last for a brief period (from the date in which they are available to the following date of reimbursement for the main loan) and usually yield a very low interest rate. Given the rate B payed for the notes it frequently happens that B is close to zero and may also be negative involving a loss for the originator. This justifies the interest in minimizing thegap between the two profiles and stresses the importance of studying alternative shapes for the outstanding principals.Another important aspect in an ABS process is the risk of assets prepayment (cf.Schwartz and Torous [18]).A decline in interest rates may cause an earlier repayment of the outstanding principals of the assets and hence has a negative effect on the value of the objective function over time since the gap towards the main outstanding principal increases.For some types of assets such as auto loans or credit card receivables this prepayment is unusual. However, leasing-like assets do face the risk of interest-rate based prepayment. Since prepayment events are non-predictable they cannot be taken explicitly into account in a deterministic off-line optimization model. Implicitly, it is assumed that all assets have the same probability of prepayment. In all cases where the risk of early paybacks is particularly high, a re-optimization of the whole ABS process at a later point in time is strongly recommended.Concerning the time line, in our case the assets arehanded over by the originator and purchased by the SPV starting at a closing date (initial date for the loan) and on a Fixed basis thereafter during the so called revolving period.. Each date at which a purchase takes place is called settlement date. The assets handed over by the originator at the closing date and thereafter at the settlement dates are collectively referred to as the initial and subsequent portfolios, respectively. Issued notes yield an interest payable on periodic bases (usually quarterly) and are redeemed at different final maturity dates. For this reason, notes are divided into tranches characterized by different deadlines.The reimbursement to the holders of the principals of a tranche of notes corresponds to a reimbursement installment of the main outstanding principal. Hence, the outline of the outstanding principal of the loan has as many installments (steps)as the number of notes with different maturity issued on the market.The main source of payment of interest and principal on notes are recoveries arising out of the assets. In particular, the cash-flow deriving from assets is used by the SPV to satisfy its obligations to the holders of notes.Naturally, the outstanding principal of an asset depends on the rule used for amortization.As mentioned above, two different rules mainly appear in practice, In the first rule, usually known as French amortization, the general periodic installment (sum of periodic interests and principal installment) is constant over time. In this case the customers who hold assets (mortgage or lease contracts) have to pay the same geometrically over time .In this case the customers who hold assets (mortgage or lease contracts) have to pay the same constant amount at each deadline. Since the principal installments increase geometrically over time (see figure 2(b) ), the outstanding principal can be approximated by a concave piece-wise linear function.Source: D. Bertsimas and R. Demir. Securitization of Financial Assets: Approximation in Theory and Practice. Computational Optimization and Applications, 2008(29), P147-171翻译:金融资产证券化资产证券化(ABS)是一种金融工具,它可以让金融机构(通常是商业银行)的流动资产(如租赁资产滞销,抵押资产或商业证件)在他们的资产负债表中转换为长期贷款。

金融资产证券化中英文对照外文翻译文献

金融资产证券化中英文对照外文翻译文献Financial Asset nAsset-Backed n (ABS) ___ ns。

typically commercial banks。

to remove unmarketable assets。

such as lease assets。

mortgage assets。

or commercial papers。

from their balance sheets in exchange for a long-term loan that can be ___。

the financial assets are transformed into bonds。

known as notes。

and the proceeds from their market issuance e a long-term loan for the asset owner。

also known as the originator。

This article will primarily focus on the n of ABS.ABS nThe ABS ___:1.___ a pool of financial assets that it intends to securitize.2.___ of the assets to a special purpose vehicle (SPV)。

which is created for the sole purpose of holding the assets and issuing the notes.3.The SPV issues the notes。

which are backed by the cash flows generated by the underlying assets.4.The notes are sold to investors in the capital markets。

融资与证券【外文翻译】

本科毕业论文（设计）外文翻译原文：Financing and SecuritiesI. Traditional FinancingTraditionally, real estate financing has been provided by the German banking system through universal and mortgage banks . The banks basically offer unstructured financing in the form of“universal loans". This loan is based on the current market value which is determined by an expert. The market value forms the basis for the lending value.A first mortgage is granted for 60 % of the property's lending value and entered in the land register as a first-ranking mortgage. The remaining amount up to 80 % of the lending value is granted in the form of a personal loan, any amount exceeding this as an open credit. In some cases, the property is even financed entirely with borrowed capital.The loans are long-term. The debt is serviced through current payments of interest and principal, which gradually reduces the financing bank's risk. The location and quality of the property, the reliability and solvency of the borrower, the amount of capital the borrower is putting up himself and any right to use granted to third parties are the main criteria for the granting of loans.Furthermore, there are refinancing possibilities for banks, especially for mortgage bond banks, which may - in accordance with the German Mortgage Bond Act-issue mortgage bonds and sell them on the capital market in order to refinance the loans granted. Mortgage bonds are securities backed by mortgages. Therefore, only mortgages which provide security for loans up to an amount of 60 % of the lending value may be considered. The assessment is made on the basis of the Regulation on the Assessment of Lending Values which came into effect at the beginning of August 2006. This is the first regulation to lay down standard, transparent requirements on valuation methods and the qualifications of experts for all bond issuers.II. Forms of FinancingQuestions relating to financing arise with virtually every real estate purchase. Even if sufficient equity is available, it is sensible to use other financing instruments to exploit the difference between the borrowing costs and the income from the real estate so as to improve the return of equity (leverage effect). A large number of financing alternatives are available for this purpose. Innovative and flexible financing alternatives have now established themselves alongside the traditional bank loan. In the final analysis, the choice of the right financing concept is the basis for a successful real estate investment.The different forms of financing can be broken down as follows.Figure 3. Different forms of financing1. Loansa) Types of LoanLoans can, first and foremost, be differentiated according to the different terms of payment for the borrower. With an annuity loan, the borrower pays the same instalments throughout the repayment period. A portion of each instalment is used to repay the capital borrowed, the rest as interest payments. As the loan is repaid, the interest portion decreases and the loan repayment portion increases. This contrastswith the instalment loan where a certain fixed portion of the capital is repaid in each instalment and interest is charged on the outstanding borrowed capital. This means that the instalment payments decrease over the term of the loan as the interest to be paid decreases. Finally, there is the interest-only loan where only interest is paid over the term and the entire original loan amount is paid on maturity. Interest-only loans are often taken out in conjunction with a life insurance policy. In this case, the principal is repaid at the end of the loan term with the money paid out when the insurance policy matures. With this form of financing, the borrower has to pay both the interest on the loan and the insurance premiums.2. Property Leasinga) FundamentalsLeasing financing is of great importance for financial engineering. Since the first leasing companies were established in Germany in 1962, the importance of leasing has grown considerably. Leasing financing is continuing to grow rapidly from year to year.In principle, leasing is also an attractive alternative for financing real estate. The lessee conserves his own funds, frees up the balance sheet and thus also improves his own equity ratio. On the other hand, the leasing payments are deducted from the current earnings of the lessee.The basic philosophy of leasing is, from an economic point of view, not to own the commodity leased, i.e. the real estate, but rather to use it. The lessee can obtain use of the leased property without investing any capital or at least considerably reducing his capital investment. There are no statutory regulations on leasing contracts. The contents of leasing contracts are largely determined by the extensive court rulings and provisions under tax law. Leasing contracts can therefore be regarded as long-term rental agreements with special characteristics.The basis of leasing is a long-term contract between a lessee and a leasing company (lessor) which cannot be terminated during the primary leasing period.The lessor acquires the commodity (frequently also from the lessee – sale and lease back) and makes it available to the lessee for use for a contractually fixed period (primary leasing period). The contract term is between 40% and 90% of the usual operationalservice life for tax reasons (leasing ordinance of the tax authorities). In the case of real estate leasing, contracts are therefore concluded for terms of between 10 and max. 30 years. At the end of the term, the lessee must return the leased property or can exercise certain options.Just as with a rent, the leasing company is both under civil law and normally also the economic owner of the leased property and therefore also includes it in the balance sheet. The lessee is the user who pays a certain fee to the leasing company for permission to use the property. The basis for calculating the leasing payment is the refinancing loan of the leasing company. The lessor generally finances the acquisition or construction of the leased property by means of loans and must service this debt which comprises payments of interest and the principal during the term. For the lessee, the leasing payment is therefore made up of a socalled depreciation charge and a finance charge as well as a margin for administration, risk and profit of the leasing company.At least three parties are always involved in real estate leasing: A leasing company (the lessor), a lessee and one or several financing banks. If the leased property has still to be built, a provider of construction services is the fourth party.The leasing company is generally a holding company under which various specialpurpose vehicle companies operate as wholly owned subsidiaries. A leasing company therefore establishes its own SPV (property holding company) to handle a leasing contract.3. Mezzanine FinancingMezzanine capital is "equity interim financing" with profit participation which closes the financing gap between the equity the real estate investor has available and the lending value or loan promised by the financing bank. It is therefore the part of the real estate financing which is neither provided by equity nor by secured borrowed capital.Mezzanine financing is primarily found in German law in two different forms.The mezzanine investor either grants a subordinated loan or acquires a dormant equity holding. In the case of the subordinated loan, the lender concludes a loancontract with the borrower. The loan contract also contains a so-called subordination agreement according to which, in the event of insolvency, the claims under the mezzanine loan are subordinate to the claims of all other creditors of the company with the exception of the shareholders. The investor does not therefore participate in the loss (but can participate in the profits) and receives fixed interest on the capital he has provided during the contract term..Subordinated loans are generally agreed for terms of five to ten years. Mezzanine loans are normally unsecured.The mezzanine investor becomes a partner in the borrower on conclusion of a dormant partnership agreement..One typical aspect of the dormant partnership is that the lender participates in the commercial enterprise of someone else by making a capital contribution. A dormant participation must by law involve profitsharing，loss-sharing may be agreed in the contract. Furthermore, the contract can also include continuous minimum interest which has to be paid to the investor,regardless of the company's results. A dormant participation gives the dormant partner certain supervisory rights. For example, the dormant partner is entitled to demand a copy of the annual financial statements and check them for correctness by examining the books and records. A dormant participation is shown as borrowed capital in the balance sheet. However, other contractual forms are conceivable so that a separate item is formed between equity and borrowed capital in the company's balance sheet.The costs of mezzanine financing are higher than those of a conventional bank loan owing to the risk involved. In addition to a share in the profits, dormant partners or subordinated lenders are often granted a right of conversion. This means that the lender is given the right to convert his capital, in whole or in part, into direct equity and as a result become a shareholder. Such a right is often linked to a negative development of the company. The advantage for the borrower is that,when claims to repayment are converted into equity, the repayment claims are reduced or are even eliminated completely. The disadvantage is that a usually unwanted third party becomes a shareholder.4. SecuritisationWith securitisation, receivables are packaged as securities and issued as bonds on the capital market. Securitisation therefore replaces traditional financing instruments such as bank loans and gives a broader range of financing sources.Securitisation permits real estate investors to gain direct access to the capital market.The basic structure of securitisation is that the respective assets are transferred to a bankruptcy-remote financing vehicle in the form of a corporation which issues bonds to investors to refinance the assets. Assets are removed from the company's balance sheet in the form of asset-backed securities (ABS) and refinanced on the international capital markets through a company established solely for the purposeof financing.In connection with the financing of real estate, it is above all future flows of receivables arising from rental contracts, future rental contracts, remaining real estate values or proceeds from the sale of real estate which are securitised.The heart of an ABS transaction is a special-purpose entity, or special-purpose vehicle SPV. This is a body corporate, e.g. a limited company or a limited partnership, established solely for the purposes of financing, which is legally independent and bankruptcy-remote. It issues bonds or certificates to investors for its refinancing. The special-purpose vehicle acquires the financial assets (e.g. the receivables from rental contracts) from the selling company (originator) and finances the purchase price by issuing suitable securities on the capital market on the basis of the assets. The SPV is obliged to make the interest and redemption payments to the investors. It discharges this obligation by passing on the receivables regularly collected from the seller of the receivables (originator) to the investors. The receivables are purchased without recourse, i.e. the default risk passes to the SPV. It is restricted in its business activities to these functions.A company which securitises receivables is called the originator. It sells its receivables to the SPV and, in return, receives the cash value of its receivables from the SPV. The originator is normally only liable for the existence of receivables but not for the enforcement of receivables. Therefore, they no longer have to be included in the originator's balance sheet. The originator therefore has indirect access to the capital market through the ABS transaction.If the transaction volume is high enough(ABS transactions are frequently concluded for approx. €€ 200 million upwards), such a financing structure can also be used to finance the acquisition of real estate.The acquiring company (originator) transfers the receivables from the rental contracts to the specialpurpose vehicle which pays a consideration (= cash value of the future receivables = purchase price) to the originator. The special-purpose vehicle, in turn, refinances itself by issuing securities on the international capital market and pays interest and makes redemption payments on the securities it has issued by collecting the receivables from the transferred rental contracts.The assignment of rent receivables means the assignment of future receivables, which poses no problems under German law.Property securitisation can present many advantages, e.g.:• It provides cash,• It releases the equity tied up in the real estate in the balance sheet,• There are trade t ax benefits due to the reduction of long-term liabilities• It gives a flexible framework for arranging financing,• The company can optimise the real estate portfolio,• It improves the return on equity.With property securitisation, there are no restrictions as regards the suitability of various types of real estate. As long as the transaction volume justifies the increased expense for securitisation compared with a classic loan, all types of real estate can be securitised. The preconditions for the securitisation of a real estate portfolio are as follows:•The real estate generates the necessary cash flows to make interest and redemption payments (stable cash flow).• The real estate must be homogeneous.• There must be a relatively high number of individ ual receivables (i.e. several rental contracts).Source: Carsten Hoth,2007. “Financing and Securities” . Real Estate Investments In Gemany,pp.88-93.译文：融资与证券一、传统融资传统上,德国银行系统通过一般银行和抵押贷款银行向房地产提供资金。

金融学专业私募股权投资资料外文翻译文献

金融学专业私募股权投资资料外文翻译文献外文题目：Financial Foreign Direct Investment: The Role of Private Equity Investments in the Globalization of Firms fromEmerging Markets原文：1. IntroductionInternational business and economic development are closely related. When applying to emerging markets, foreign direct investment (FDI) and development economics are two sides of the same coin. In terms of the classical OLI model of the economics of international business, the multinational enterprises (MNE) brings into play the ownership advantage while the governments of emerging markets bring into play the location advantage (Dunning 2000). For most part, the economics and the strategy of international business focused on the MNE while economic geography from Koopman (1957) to Krugman (1991) and later (as well as development economics) have focused on the country in which the investment takes place.This paper brings together international business development economics andinternational trade to gain better insights into an important and fascinating phenomenon in the arena of international business –the recent growth of private equity investments in emerging markets. The tremendous growth of private equity investments in emerging markets is evident from the data presented in Table 1. The total went up almost ten times, from about $3.5B to more than $33B in the period 2003-2006. Emerging Asia led the emerging markets with $19.4B raised in 2006 by 93 funds; about a third of the money that was raised by these funds went to China and India.The main argument that is presented and discussed in this paper is that private equity investments in emerging markets is another expression of foreign direct investment (FDI) where firms from the developed countries export specific factors of production (their ownership advantage) to small countries and emerging markets (new locations) as a way to generate value to all stakeholders. The firms in the developed countries in this case are specialized financial institutions (private equity funds) (Yoshikawa et al. 2006) and the factor of production that they export is high-risk sector specific capital. We dubbed this form of FDI as financial foreign direct investment (FFDI), but the process and the rational are the same as in the classical FDI analysis. FFDI (synonymous–but not restricted to–for private equity throughout this paper) is a subset of FDI that is solely devoted–as the name implies–for investments in private firms in purpose of generating high return on- investment over a relatively short period (5-7 years). The term “short” is relative and in comparison with the typical investment periods of the investors of private equity funds (e.g., pension funds, endowment funds and the like). At the extreme, i.e., in venture capital investments, investors take into account upfront that some of their investments will be written off at the prospects that few will generate return that will more than compensate those sunk investments (hence the “high-r isk” referral). Sector specific capital is a general phenomenon. In many industries such investment is more than mere financial investment and is augmented by specific information that the investor may posses in the form of managerial expertise, deal structuring specialty, networking capabilities and the like. In the case of the high-risk capital industry there is a need to bridge the gap between the risk perception of the investment project by theentrepreneurs or the “insiders” and the investors (most often risk-averse investors), the “outsiders”. This is accomplished by a combination of validation processes and screening mechanisms that are engaged by the private equity funds. In this regard they act as financial and risk intermediaries (Coval/Thakor 2005, provide an analytical framework for this approach). The value of the general partners of private equity funds depends on the quality of the risk intermediation that they perform for their investors. This makes them credible and reliable processors of information.Table 1: Emerging Markets Private Equity Funds Raising, 2003-2006 (US$ Millions)Emerging Asia CEERussiaLatham Sub-SaharaAfricaMiddle-EastAfricaMultipleRegionsTotal2003 2,200 406 417 NA 350 116 3,489 2004 2,800 1,777 714 NA 545 618 6,454 2005 15,446 2,711 1,272 791 1,915 3,630 25,765 2006 19,386 3,272 2,656 2,353 2,946 2,580 33,193 Source: EMPEA (Emerging Markets Private Equity Association) 2007.The discussion and the analysis presented in this paper draw on three different bodies of literature; the literature of finance and growth from development economics, (Levine 1997, 2004), the literature on comparative advantage in the discussion of patterns of trade (Deardorff 2004) and the literature of imperfect contracts in micro economics and in financial economics (Hart 2001, Zingales 2000).Financial foreign direct investment as practiced by private equity funds can be a powerful contributor to economic and business growth in emerging markets. FFDI changes the scene of international business as it contributes to a change in the relations between firms in developed countries and firms in the emerging markets. The unique relatively short term nature of a private equity investment makes it an appropriate instrument for the transition period that the world of international business is experiencing regarding the role of emerging markets and the role of China and India in particular. This is so because the short term nature of private equity investments allows firms in emerging markets for sufficient time for transfer ofinformation and learning and yet allow the local stakeholders to resume full ownership once the process is completed.The relations between the development economics literature on finance and growth and the international business literature is presented and discussed in the next section of the paper. It is shown that the two bodies of literatures are quite related once one penetrates the specific lingo employed by each one of them. The problems in the institutional setting and the lack of sufficient development of the capital markets in most emerging markets are overcome by creating specific international alliances that generate local comparative advantage. In section three, the concept of local comparative advantage (Deardorff 2004) is used for better understanding of FFDI. The perfect and efficient financial market of the Modern Theory of Finance is replaced by a set of imperfect contracts negotiated and renegotiated between domestic firms in emerging markets and private equity funds from the US and other major capital markets. This issue is discussed and analyzed in section four of the paper. Private equity funds drew a fair amount of criticism lately. The potential of private equity investment in emerging markets is discussed in section five of the paper. The conclusions of the study are briefly discussed in section six, the last section of the paper.2. Finance, Growth and International BusinessIn a survey paper on the relations between financial development and economic growth Levine (1997) states that: “…the development of financial markets and institutions are critical and inextricable part of the growth process”. He continues and says that: “…financial development is a good predictor of future rates of econom ic growth, capital accumulationand technological change. Moreover, cross-country, case study, industry- and firm- level analyses document extensive periods when financial development-or the lack thereof-crucially affect the speed and the pattern of econom ic development”, (Levine 1997, p. 689). Levine makes two other important points; first that the discussion of finance and developments takes place outside the state-contingent world of Arrow (1964) and Debreu (1959) and the discussion takes place in an incomplete world with imperfect (monopolistic) competition. The second point is that there arethree main research questions in the field of finance and development that needs more attention. (1) Why does financial structure change as countries grow? (2) Why do countries at similar stages of economic development have different looking financial systems? and (3) are there longterm economic growth advantages to adopting legal and policy changes that create one type of financial system vis-à-vis another?The three research questions raised by Levine deal with different aspects of the location of foreign direct investment. In particular, the three research questions deal with the gap between the potential of a certain country, or countries, as a site for an international oriented investment and the actual investment that has taken place. This is particularly true where the investment from the developed countries is in the form of high-risk sector specific capital such as provided by private equity funds. The potential of some countries in attracting private equity funds is not being fully realized due to the absence of an appropriate financial system. A well developed financial system is necessary to enhance the import of sector specific (high-risk) capital, a necessary condition for FFDI.As the financial structure of a country changes (as the country grows), it is suggested by Levine in his first question that different types of FDI can be accommodated. The development of FDI in China is an evidence of this process. Yet, as it is proposed in Levine’s second question, the financial markets of countries with similar rate of growth develop in different pace and in a different way. There are long-term economic growth advantages of adopting certain patterns of development for the financial market of a given country. In many cases FDI and FFDI do depend on relatively transparent and enforceable corporate governance. Morck, Wolfenzon, and Yeung (2005) demonstrated that economic entrenchment has a high price in foregone growth opportunities.There are three related problems in creating a domestic financial system for private equity and venture capital investments:How to mobilize the type and the quantity of savings (capital) appropriate for such investments where most of the capital should be imported from the major capital markets of the world?How to generate credible information and trust? How to monitor managementand to exert corporate control?The only feasible way to accommodate private equity and venture capital investments in emerging markets is to import sector specific high-risk capital from the US and other major capital markets. The term sector specific capital recognizes the fact that capital is not a unified factor of production (in the same way that there are different types of labor there are different types of capital). High-risk sector specific capital relates to the portfolio of the investors and to the relational capital of the specific financial intermediaries (i.e., the private equity funds). Most of the high-risk capital in the world is coming from large institutional investors in the US and it is a part of their assets’ management program. (A good example of how such capital relates to the total portfolio is the investment policy of CALPERS the largest pension fund in the US). Due to internal and external regulations, financial institutions cannot make investment unless there is an acceptable level of transparency and corporate governance in the country where the money is invested. Whether such a process is possible in a given developing country and what are the chances that if implemented it will succeed is a very important question. Horii, Ohdoi, and Yamamoto (2005) deal with this issue. They address the question why some developing countries are less successful than others in adopting technologies and more effective financial markets techniques. To quote Horii et al. (2005, p. 2): “A fundamental question is why some countries are stuck with poor performance even though it results in primitive financial ma rkets and unproductive technologies”. They conclude that in some cases the expected increase in the income inequality due to the financial led technological changes deters people from adopting financial, legal, and political reforms that will lead to financial, business, and economic development. Morck, Wolfenzon, and Yeung (2005) provide somewhat different answer, also focusing on income distribution but from a point of view of economic entrenchment and rent seeking behavior.Nowhere the relationship between finance, growth, and international business is more pronounced than in the impressive development of the private equity funds devoted for investment in emerging markets. Table 1 presents data on the growth of private equity funds raised for investment in emerging markets by regions.The amounts of money raised by private equity funds dedicated for investmentsin emerging markets went up tremendously in the last five years. More importantly significant amounts were invested to support domestic companies in emerging markets to become more competitive in the global markets by providing their own brands of products to the world’s consumers. Lenovo is a case in point when a major investment by three American private equity funds (Texas Pacific Group, General Atlantic, and Newbridge Capital) was made in a Chinese company with the purpose of making Lenovo a leading competitor in the global market.译文：金融类对外直接投资：私募股权投资在新兴市场全球化企业中的角色一、简介国际商业和经济发展密切相关。

融资融券英文资料

Topic:Margin:Borrowing Money To Pay for Stocks"Margin" is borrowing money from your broker to buy a stock and using your investment as collateral. Investors generally use margin to increase their purchasing power so that they can own more stock without fully paying for it. But margin exposes investors to the potential for higher losses. Here's what you need to know about margin.Understand How Margin WorksLet's say you buy a stock for $50 and the price of the stock rises to $75. If you bought the stock in a cash account and paid for it in full, you'll earn a 50 percent return on your investment. But if you bought the stock on margin – paying $25 in cash and borrowing $25 from your broker – you'll earn a 100 percent return on the money you invested. Of course, you'll still owe your firm $25 plus interest.The downside to using margin is that if the stock price decreases, substantial losses can mount quickly. For example, let's say the stock you bought for $50 falls to $25. If you fully paid for the stock, you'll lose 50 percent of your money. But if you bought on margin, you'll lose 100 percent, and you still must come up with the interest you owe on the loan.In volatile markets, investors who put up an initial margin payment for a stock may, from time to time, be required to provide additional cash if the price of the stock falls. Some investors have been shocked to find out that the brokerage firm has the right to sell their securities that were bought on margin –without any notification and potentially at a substantial loss to the investor. If your broker sells your stock after the price hasplummeted, then you've lost out on the chance to recoup your losses if the market bounces back.Recognize the RisksMargin accounts can be very risky and they are not suitable for everyone. Before opening a margin account, you should fully understand that:You can lose more money than you have invested;You may have to deposit additional cash or securities in your account on short notice to cover market losses;You may be forced to sell some or all of your securities when falling stock prices reduce the value of your securities; andYour brokerage firm may sell some or all of your securities without consulting you to pay off the loan it made to you.You can protect yourself by knowing how a margin account works and what happens if the price of the stock purchased on margin declines. Know that your firm charges you interest for borrowing money and how that will affect the total return on your investments. Be sure to ask your broker whether it makes sense for you to trade on margin in light of your financial resources, investment objectives, and tolerance for risk.Read Your Margin AgreementTo open a margin account, your broker is required to obtain your signature. The agreement may be part of your account opening agreement or may be a separate agreement. The margin agreement states that you must abide by the rules of the Federal Reserve Board, the New York Stock Exchange, the National Association of SecuritiesDealers, Inc., and the firm where you have set up your margin account. Be sure to carefully review the agreement before you sign it.As with most loans, the margin agreement explains the terms and conditions of the margin account. The agreement describes how the interest on the loan is calculated, how you are responsible for repaying the loan, and how the securities you purchase serve as collateral for the loan. Carefully review the agreement to determine what notice, if any, your firm must give you before selling your securities to collect the money you have borrowed.Know the Margin RulesThe Federal Reserve Board and many self-regulatory organizations (SROs), such as the NYSE and FINRA, have rules that govern margin trading. Brokerage firms can establish their own requirements as long as they are at least as restrictive as the Federal Reserve Board and SRO rules. Here are some of the key rules you should know:Before You Trade – Minimum MarginBefore trading on margin, FINRA, for example, requires you to deposit with your brokerage firm a minimum of $2,000 or 100 percent of the purchase price, whichever is less. This is known as the "minimum margin." Some firms may require you to deposit more than $2,000.Amount You Can Borrow – Initial MarginAccording to Regulation T of the Federal Reserve Board, you may borrow up to 50 percent of the purchase price of securities that can be purchased on margin. This isknown as the "initial margin." Some firms require you to deposit more than 50 percent of the purchase price. Also be aware that not all securities can be purchased on margin.Amount You Need After You Trade – Maintenance MarginAfter you buy stock on margin, FINRA requires you to keep a minimum amount of equity in your margin account. The equity in your account is the value of your securities less how much you owe to your brokerage firm. The rules require you to have at least 25 percent of the total market value of the securities in your margin account at all times. The 25 percent is called the "maintenance requirement." In fact, many brokerage firms have higher maintenance requirements, typically between 30 to 40 percent, and sometimes higher depending on the type of stock purchased.Here's an example of how maintenance requirements work. Let's say you purchase $16,000 worth of securities by borrowing $8,000 from your firm and paying $8,000 in cash or securities. If the market value of the securities drops to $12,000, the equity in your account will fall to $4,000 ($12,000 - $8,000 = $4,000). If your firm has a 25 percent maintenance requirement, you must have $3,000 in equity in your account (25 percent of $12,000 = $3,000). In this case, you do have enough equity because the $4,000 in equity in your account is greater than the $3,000 maintenance requirement.But if your firm has a maintenance requirement of 40 percent, you would not have enough equity. The firm would require you to have $4,800 in equity (40 percent of $12,000 = $4,800). Your $4,000 in equity is less than the firm's $4,800 maintenance requirement. Asa result, the firm may issue you a "margin call," since the equity in your account has fallen $800 below the firm's maintenance requirement.Understand Margin Calls – You Can Lose Your Money Fast and With No NoticeIf your account falls below the firm's maintenance requirement, your firm generally will make a margin call to ask you to deposit more cash or securities into your account. If you are unable to meet the margin call, your firm will sell your securities to increase the equity in your account up to or above the firm's maintenance requirement.Always remember that your broker may not be required to make a margin call or otherwise tell you that your account has fallen below the firm's maintenance requirement. Your broker may be able to sell your securities at any time without consulting you first. Under most margin agreements, even if your firm offers to give you time to increase the equity in your account, it can sell your securities without waiting for you to meet the margin call.MARGIN FINANCINGWhat is margin financing?An investor who purchases securities may pay for the securities in full or may borrow part of the purchase cost from his brokerage. If the investor chooses to borrow money, he/she has to open a margin account. The portion of the purchase cost that the investor deposits is called "margin". The investor's credit facility is secured against the purchased securities or other securities held inhis/her margin account as collateral. After selling the securities, the investor has to repay the borrowed money in accordance with the terms of the margin facility. The profit is the difference between the purchase cost and the sale proceeds, reduced by transaction costs and the interest charged on the margin loan.Our ServicesSun Hung Kai Financial is one of the largest securities margin financing providers in Hong Kong and also one of the key players in Hong Kong for providing IPO financing.We offer our customers margin financing at a competitive rate. You can now leverage your enhanced buying power to either increase or expand your investment portfolio by seizing timely investment opportunities.Customers can open a margin securities trading account ("Margin account"), with Sun Hung Kai Investment Services Limited or with SHK Online (Securities) Limited. You can borrow funds to leverage your securities trading by utilizing your existing marginable securities acceptable to Sun Hung Kai Financial as "collateral". However, your securities in a margin account may be subject to re-pledging by Sun Hung Kai Financial in order to accommodate your financial requirements.。

金融资产证券化外文文献资料及翻译(可编辑)

金融资产证券化外文文献资料及翻译（可编辑）金融资产证券化外文文献资料及翻译Securitization of Financial assetsAsset-Backed Securitization ABS is a financial tool which allows financial institutions usually commercial banks to move unmarketable assets //.se assets mortgage assets or commercial papers from their balance sheets in exchange for a long term loan which can be ploughed back into more profitable investments. More precisely ,the financial assets are converted into bonds so called notes and the proceeds of their market issuance become a long term loan for the assets owner the originator .We will look at the ABS operation mainly from the point of view of this financial institution Our analysis will concentrate on the critical phase of the ABS operation avoiding to describe in detail the role of some of the participating operators, such as banks and insurance companies, which provide the credit protection risk hedging of the operation .It should be noted that the issue of credit protection is an interesting research topic initself .However ,the corresponding features such as credit guarantees and cash flow riskiness are beyond the scope of this paper In an ABS, the assets are sold by the originator to a special purpose vehicle SPV, an institution created solely for that purpose .The SPV funds the purchase through issuing debt securities-the notes-which are collateralized by the assets. Note that the assets transfer is atrue sale. Thus , if the originator becomes insolvent or is involved inbankruptcy the transferred financial assets will not be part of the bankruptcy the transferred financial assets will not be part of the bankruptcy assets. This makes the notes an interesting investment opportunity .In apass through payment scheme the final investors who buy these notes receive periodic inflows interests on their investments. These are directly related to the periodic installments paid by the holders of the assets e.g. lessees or mortgage holders to the originator e.g. the lessor . Using the ABS structure the originator bypasses the problem of an impossible outright sale of its assets and thus reducesits overall exposure to them. For instance ,lease or mortgage contracts which tie up the capital of leasing companies can be moved into notes. This replacement of illiquid assets improves the return on equity ROE From the point of view of the originator, an ABS allows the achievement of three mainFinancial objectives:Replacement of the assets in the balance sheet, thereby improving ROE and allowing if the originator is a bank a more flexible keeping of the asset/liability composition constraints imposed by the control authorities i.e. the Central Bank.Diversification of fund sources. Althrough the originator may be low rated, its notes usually get a higher rating e.g. AAA due to the presenceof banks and insurance companies which guarantee the wholeoperation .This implies that such notes can be dealt on the main financial markets allowing the originator to reach markets which wouldotherwise be unaccessible for him since attended only by more established companies.Higher rated notes are more reliable investments and thus areallowed to pay lower interest rates to holders. If the cost to get a higher rating is lower than the saving obtained by issuing notes which higher rating, then the global cost to acquire funds decreases. Let us assume that an institution with a BB rating can get money at a rate such as Libor London interbank offering rate plus 150 basis points. Such an institution, as originator, may decide pay an additional 100 basis points to get credit warranties 1 and be able to issue notes with rating AAA at the cost of Libor plus 10 basis points. In this case an ABS will produce a saving on interest rates of 40 basis points. This situation applies in practice, since there is no efficient market for the underlying assets. The interest in this financial operation drastically increased in the last years all over Europe. In Italy, one of the most recent and relevant ABS has been performed by the pulic institution in charge of the management of the social security system, i.e. theIstituto Nazionale della Previdenza Sociale INPS.This operation has allowed INPS to move delinquent contributions from its balance sheet. Other transactions of this type took place in the area of public housing agencies The interest in this financialoperation drastically increased in the last years all over Europe.In Italy, one of the most recent and relevant ABS has been performed by the public institution in charge of the management of the socialsecurity system, i.e. the Istituto Nazionale della Previdenza Sociale INPS. This operation has allowed INPS to move delinquent con-tributions from its balance sheet. Other transactions of this type took place in the area of public housing agencies Many papers dealing with ABS from a modeling point of view have appeared in the last few years. Since an extensive review is beyond the scope of this paper we will only mention the papers by Kang and Zenios [6,7] and by Mansini and Speranza [12,13] and refer to the references given therein. For a better insight in the complex problem of securitization we suggest the textbooks [3,5,15] In particular, motivated by the analysis of a real-world case, Mansini in [11] and then Mansini and Speranza in [12] have studied the problem of optimally selecting the assets to refund the loan. In other case only lease assets are considered, although many other types of assets have the same basic characteristics. In their paper the outstanding principal of the assets is computed based on constant general installments the so called French amortization. The resulting problem of selecting assets at unique date can be modeled as a d-dimensional knapsack problem, which is hardly tractable by exact algorithms but is typically solved by constructive heuristics see e.g.[1,16] or metaheuristics see e.g.[2,4]. The authorsalso show that in the special case where all lease assets share the same financial characteristics amortization rule, internal interest rate and term all but one constraint turn out to be redundant and hence the model reduces to a classical 0-1 knapsack problem KP, which isrelatively easy to handle cf.[8,9,14]. See [10] for a generalintroduction to knapsack problems. Their work does not take into account the occurrence of a different rule for the asset amortization. In many practical applications both for lease and mortgage contracts the customers receiving the assets choose to pay back their debt by constant periodic principal installments the rule is known as Italian amortization. Up to now this common rule has been totally ignored in models formalization The objective of this paper is twofold .First ofall we innovate with respect to previous modeling approaches by introducing a general model to select financial assets at multiple dates. The motivation derives from the practical need of finding alternativeand possibly more effective formulations for the problem of asset selection in ABS to achieve a better utilization for the long term loan. Secondly, we analyze the frequently encountered practical case in which the assets lease or mortgage contracts are paid back by constantperiodic principal installments Italian amortization rule. In this way the paper aim to provide analysis of an alternative amortization rule available in practices as well as the development of better tools forthe institutions responsible for the planning and management of ABSBeforedefining the new model we should give a more detailed sketch of the ABS process. To help the reader in visualizing and better understanding the structure of an ABS process. The SPV issues notes on the financial market receiving funds from institutional investors who purchase thenotes and hold them until maturity subject to the availability of acceptable short-term financing. The procee ds obtained by the notes’ issuance are used by the SPV to make revolving purchases of the unrated assets from the originator. The latter receives a long term loan whichis payable solely by assets. In particular, the originator has to select the assets to be handed over for the loan reimbursement. These assets are“converted into” the notes issued by the SPV.The assets which are included in an ABS process have to be selected in a way such that the sum of their outstanding principals never exceeds the outstanding principal of the received loan from now on simply the main outstanding principal at any point in time. Now in order to imize the financial gain of the operation the critical problem for the originator consists of minimizing the gap between the main outstanding principal and the outstanding principal of the selected assets over all points in time. This gap constitutes a loss of profit due to missing more profitable investments with higher yields.Actually the area of the main outstanding principal covered by the sum of outstanding principals of the handed-over assets yields a return for the originator e.g. the lessor depending on the difference between the percent interest rate per year that the originator got from its customers e.g. the lessees and the lower percent interest rate paid to the note holders. If the sum of the outstanding principals of the selected assets has a global reimbursement profile which decreases more rapidly than that of the main outstanding principal, then the originatorgets funds from its customers in advance with respect to the deadline at which it should pay the capital installment to the SPV. Such funds haveto be reinvested in some predefined type of investments indicated in the ABS agreement. These investments last for a brief period from the datein which they are available to the following date of reimbursement forthe main loan and usually yield a very low interest rate. Given the rateB payed for the notes it frequently happens that B is close to zero and may also be negative involving a loss for the originator. This justifies the interest in minimizing the gap between the two profiles and stresses the importance of studying alternative shapes for the outstanding principals.Another important aspect in an ABS process is the risk of assets prepayment cf.Schwartz and Torous [18].A decline in interest rates may cause an earlier repayment of the outstanding principals of the assetsand hence has a negative effect on the value of the objective function over time since the gap towards the main outstanding principal increases.For some types of assets such as auto loans or credit cardreceivables this prepayment is unusual. However, leasing-like assetsdo face the risk of interest-rate based prepayment. Since prepayment events are non-predictable they cannot be taken explicitly into accountin a deterministic off-line optimization model. Implicitly, it is assumed that all assets have the same probability of prepayment. In all cases where the risk of early paybacks is particularly high, a re-optimization of the whole ABS process at a later point in time is strongly recommended.Concerning the time line, in our case the assets are handed over by the originator and purchased by the SPV starting at a closing date initial date for the loan and on a Fixed basis thereafter during the so called revolving periodEach date at which a purchase takes place is called settlement date. The assets handed over by the originator at the closing date and thereafter at the settlement dates are collectively referred to as the initial and subsequent portfolios, respectively. Issued notes yield an interest payable on periodic bases usually quarterly and are redeemed at different final maturity dates. For this reason, notes are divided into tranches characterized by different deadlines The reimbursement to the holders of the principals of a tranche of notes corresponds to a reimbursement installment of the main outstanding principalHence, the outline of the outstanding principal of the loan has as many installments stepsas the number of notes with different maturity issued on the market The main source of payment of interest and principalon notes are recoveries arising out of the assets. In particular, the cash-flow deriving from assets is used by the SPV to satisfy its obligations to the holders of notes. Naturally, the outstanding principal of an asset depends on the rule used for amortization As mentioned above, two different rules mainly appear in practice, In the first rule, usually known as French amortization, the general periodicinstallment sum of periodic interests and principal installment is constant over time. In this case the customers who hold assets mortgage or lease contracts have to pay the same geometrically over time .In this case the customers who hold assets mortgage or lease contracts have to pay the same constant amount at each deadline. Since the principal installments increase geometrically over time see figure 2b , the outstanding principal can be approximated by a concave piece-wise linear function Source: D. Bertsimas and R. Demir. Securitization of Financial Assets: Approximation in Theory and Practice. Computational Optimization and Applications, 200829, P147-171附录B:中文翻译金融资产证券化资产证券化ABS是一种金融工具,它可以让金融机构通常是商业银行的流动资产如租赁资产滞销,抵押资产或商业证件在他们的资产负债表中转换为长期贷款。

中小企业融资中英文对照外文翻译文献

中小企业融资中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Financing of SMEsJan Bartholdy, Cesario MateusOriginally Published in“Financing of SMEs”.London business review.AbstractThe main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking OrderTheory and the traditional Static Trade-off theory are For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financialintermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers.Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing.Trade credits are also used to develop long term relationships between the supplier and the buyers. This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck drive r delivering the goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .Financing motivesThe basis for this view is that firms compete with financial institutions in offering credit to other firms. The traditional view offinancial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financial institution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.But with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. How can non-financial institutions compete in this market? Petersen and Rajan [1997] briefly discusses several ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier maybe able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to the issuer’s general knowledge of the firm and the industry. In the empirical work below the variables explaining the use of trade credit are credit risk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delivery value of the goods and services.2.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms such as small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangibleassets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the e xpected bankruptcy costs and the “negative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, thatproposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. The theory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.译文：中小企业融资摘要中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。

融资问题外文翻译文献

融资问题外文翻译文献(文档含英文原文和中文翻译)原文:Chinese Listed Companies Preference to Equity Fund:Non-Systematic FactorsAbstract ：This article concentrates on the listed companies’ financing activities in China, analyses the reasons that why the listed companies prefer to equity fund from the aspect of non-systematic factors by using western financing theories, such as financing cost, types and qualities of the enterprises’ assets, profitability, industry factors, shareholding structure factors, level of financial management and society culture, and concludes that the preference to equity fund is a reasonable choice to the listed companies according to Chinese financing environment. At last, there are someconcise suggestions be given to rectify the companies’ prefer ence to equity fund. Keywords: Equity fund, Non-systematic factors, financial cost1. IntroductionThe listed companies in China prefer to equity fund, According to the statistic data showed in <China Securities Journal>, the amount of the listed companies finance in capital market account to 95.87 billions in 1997, among which equity fund take the proportion of 72.5%, and the proportion is 72.6% in 1998 and 72.3% in 1999, on the other hand, the proportion of debt fund to total fund is respective 17.8%, 24.9% and 25.1% in those three years. The proportion of equity fund to total fund is lower in the developed capital market than that in China. Take US for example, when American enterprises need to fund in the capital market, they prefer to debt fund than equity fund. The statistic data shows that, from 1970 to 1985, the American enterprises’ debt fund financed occupied the 91.7% proportion of outside financing, more than equity fund. Yan Dawu etc. found that, approximately 3/4 of the listed companies preferred to equity fund in China. Many researchers agree upon that the listed companies’ outside financing following this order: first one is equity fund, second one is convertible bond, third one is short-term liabilities, last one is long-term liabilities. Ma ny researchers usually analyze our national listed companies’ preference to equity fund with the systematic factors arising in the reform of our national economy. They thought that it just because of those systematic facts that made the listed companies’ financial activities betray to western classical financing theory. For example, the “picking order” theory claims that when enterprise need fund, they should turn to inside fund (depreciation and retained earnings) first, and then debt fund, and the last choice is equity fund. In this article, the author thinks that it is because of the specific financial environment that activates the enterprises’ such preference, and try to interpret the reasons of that preference to equity fund by combination of non-systematic factors and western financial theories.2. Financings cost of the listed company and preference to equity fund According to western financing the theories, capital cost of equity fund is more than capital cost of debt fund, thus the enterprise should choose debt fund first, then is theturn to equity fund when it fund outside. We should understand that this conception of “capital cost” is taken into account by investors, it is somewhat opportunity cost of the investors, can also be called expected returns. It contains of risk-free rate of returns and risk rate of returns arising from the investors’ risk investment. It is different with financing cost in essence. Financing cost is the cost arising from enterprises’ financing activities and using fund, we can call it fund cost. If capital market is efficient, capital cost should equal to fund cost, that is to say, what investors gain in capital market should equal to what fund raisers pay, or the transfer of fund is inevitable. But in an inefficient capital market, the price of stock will be different from its value because of investors’ action of speculation; they only chase capital gain and don’t want to hold the stocks in a long time and receive dividends. Thus the listed companies can gain fund with its fund cost being lower than capital cost.But in our national capital market, capital cost of equity fund is very low; it is because of the following factors: first, the high P/E Ratio (Price Earning Ratio) of new issued shares. According to calculat ion, average P/E Ratio of Chinese listed companies’ shares is between 30 and 40, it also is maintained at 20 although drops somewhat recently. But the normal P/E Ratio should be under 20 according to experience. We can observe the P/E was only 13.2 from 1874 to 1988 in US, and only 10 in Hong Kong. High P/E Ratio means high share issue price, then the capital cost of equity fund drops even given the same level of dividend. Second, low dividend policy in the listed companies, capital cost of equity fund decided by dividend pay-out ratio and price of per share. In China, many listed companies pay little or even no dividends to their shareholders. According to statistic data, there were 488 listed companies paid no dividend to their shareholders in 1998, 58.44 percents of all listed companies, there were 590, 59.83 percents in 1999, even 2000 in which China Securities Regulatory Commission issue new files to rule dividend policy of companies, there were only 699 companies which pay dividends, 18.47 percents more than that in 1999, but dividend payout ratio deduce 22%. Thus capital cost of equity is very low. Third, there is no rigidity on equity fund, if the listed companies choose equity fund, they can use the fund forever and has no obligation to return this fund. Most of listedcompanies are controlled by Government in China, taking financing risk into account, the major stockholders prefers to equity fund. The management also prefer equity fund because its lower fund cost and needn’t to be paid off, then the ir position will be more stable than financing in equity fund. We can conclude from the above analysis that cost of equity fund is lower than cost of debt fund in Chinese listed companies and the listed companies prefer to such low-cost fund.3. Types and qualities of assets in listed companies and preference to equity fund Static Trade-off Theory tells us, the value of enterprise with financial leverage is decided by the value of self-owned capital; value arising from tax benefit, cost of financial embarrassment and agency cost. Cost of financial embarrassment and agency cost are negative correlative to the types and qualities of companies’ assets, if the enterprise has more intangible assets, more assets with lower quality, it will has lower liquidity and its assets have lower mortgage value. When this kind of enterprise faces to great financial risk, it will have no way to solve its questions by selling its assets. Furthermore, because care for the ability of turning into cash of the mortgage assets, the creditors will high the level of rate and lay additional items in financial contract to rule the debtor’s action, all of those will enhance the agency cost and deduce the companies’ value. Qualcomm is supplier of wireless data and communication service in America, it is the inventor and user of CDMA and it also occupies the technology of HDR. The market value of its share is 1120 billions dollars at the end of March, 2000, but the quantities of long-term liabilities is zero. Why? Some reasons may be that there are some competitors in the market who own analogous technologies and the management of Qualcomm Company takes conservative attitude in financing activities. But the most important factor may be Qualcomm Company owns a mass of intangible assets which will have lower convertibility and the company’s value will decline when it has no enough money to pay for its debt.Many listed companies in China are transformed from the national enterprises. In the transformation, these listed companies take over the high-quality assets of the national enterprises, but with the development of economy, some projects can not coincidewith the market demand and the values of relative assets decline. On the other hand, there are many intangible assets in new high-tech companies. State-owned companies and high-tech companies are the most parts of the capital market. We can conclude that the qualities of listed companies’ assets are very low. This point is supported by the index of P/B (Price-to-Book value) which is usually thought as one of the most important indexes which can weigh the qualities of the listed companies’ assets. According to statistic data coming from Shenzhen Securities Information Company, by the end of November 14, 2003, there were 412 companies whose P/B is less than 2, take the 30% proportions of total listed companies which issue A-share in China, among them, there were 150 companies whose P/B is less than 1.53, and weighted average P/B of the stock market is 2.42. Lower qualities of assets means more cost may be brought out from debt fund and lower total value of the listed companies. Thus the listed companies prefer to equity fund when need outside financial support in China.4. Profitability and preference to equity fundFinancial Leverage Theory tells us that a small change in company’s profit may make great change in company’s EPS (Earnings per share). Just like leverage, we can get an amplified action by use of it. Debt fund can supply us with this leverage, by use of debt fund, these companies which have high level of profitability will get higher level of EPS because debt fund produces more profit for shareholders than interest shareholder shall pay. On the contrary, these companies which have low level of profitability will get lower level of EPS by use of debt fund because debt fund can not produce enough profit for shareholder to fulfill the demand of paying off the interests. Edison International Company has steady amount of customers and many intangible assets, these supply it with high level of profitability and ability to gain debt fund, its debt account to 67.2% proportions of its total assets in 1999.Listed companies in developed countries or regions always have high level of profitability. Take US for example, there are many listed companies which have excellent performance in American capital market when do business, such as J.P Morgan, its EPS is $11.16 per share in 1999. Besides it, GM, GE, Coca Cola, IBM,Intel, Microsoft, Dell etc. all always are profitable. In Hong Kong, most of those companies whose stock included in Hang Sang Index have the level of EPS more than 1 HKD, many are more than 2 HKD. Such as Cheung Kong (Holdings) Limited, its EPS is 7.66 HKD. But listed companies do not have such excellent performance in profitability in China inland. Their profitability is common low. Take the performance of 2000 for example, the weighted average EPS of total listed companies is only 0.20 Yuan per share, and the weighted average P/B is 2.65 Yuan per share, 8.55 percents of these listed companies have negative profit. With low or no profit, the benefit nixes, listed companies’ preference to equity fund is a reasonable phenomenon. Can be gained from debt fund is very little; the listed companies can even suffer from the financia l distress caused by debt fund. So with the consideration of shareholders’ interest, the listed companies prefer to equity fund when need outside financial support in China.5. Shareholding structure factors and preference to equity fundListed companies not only face to external financing environmental impacts, but also the structure of the companies shares. Shareholding structure of Chinese listed companies shows characteristics as followed: I. Ownership structure is fairly complex. In addition to the public shares, there are shares held with inland fund and foreign stocks, state-owned shares, legal person shares, and internal employee shares, transferred allotted shares, A shares, B shares, H shares And N shares, and other distinction. From 1995 to 2003, Chinese companies’ outstanding shares of the total equity share almost have no change, even declined slightly. II. There are different prices, dividends, and rights of shares issued by same enterprise. III. The over-concentration of shares. We use the quantity of shares of the three major shareholders who top the list of shareholders of the listed companies to measure the concentration of stock. We study he concentration of stock of these companies which issue new share publicly in the years from 1995 to 2003 and focus on the situation of Chinese listed companies over the same period. The results showed that: from 1995 to 2003, the company-Which once transferred or allotted shares-whose top three shareholders’ shareholding ratio are generally higher than t he average level of all thelisted companies, and most of these company's top three shareholders holding 40 percent or higher percent of companies’ shares. In some years, the maximum number even is more than 90 percent, indicating that the company with the implementation of transferred and allotted shares have relatively high concentration rate of shares and major shareholders have absolute control over it. In short, transferring allotting shares and the issuance of additional shares have a certain relevanc e to the company’s concentration of ownership structure; the company's financing policy is largely controlled by the major shareholders.Chinese listed companies’ special shareholding structure effects its financing action. Because stockholders of the state-owned shares, legal person shares, social and outstanding shares, foreign share have a different objective function, their modes of financing preferences vary, and their preference affect the financing structure of listed companies. Controlling shareholders which hold state-owned shares account for the status of enterprises and carry out financing decisions in accordance with their own objective function. When the objective function conflict with the other shareholders benefit, they often damage the interests of other shareholders by use of the status of controlling. As the first major shareholders of the companies, government has multiple objectives, not always market-oriented, it prefers to use safe fund such as equity fund to maintain the value of state-owned assets, thus resulting in listed company’s preference to equity financing. Debt financing bring business with greater pressure to pay off the par value and interests. Therefore, the state-owned companies are showing a more offensive attitude to debt fund, again because of Chinese state-controlled listed companies have the absolute status in all listed company.From: International Journal of Business and Management; October, 2009.译文：中国上市公司偏好股权融资：非制度性因素摘要：本文把重点集中于中国上市公司的融资活动，运用西方融资理论，从非制度性因素方面，如融资成本、企业资产类型和质量、盈利能力、行业因素、股权结构因素、财务管理水平和社会文化，分析了中国上市公司倾向于股权融资的原因，并得出结论，股权融资偏好是上市公司根据中国融资环境的一种合理的选择。

金融学毕业论文外文翻译中英文全

金融学毕业论文外文翻译中英文全标准化工作室编码[XX968T-XX89628-XJ668-XT689N]Improve the concept of financial supervision in rural areas1Xun QianFarmers in China's vast population, has some large-scaleproduction of the farmers, but also survival-oriented farmers, huge differences between the financial needs of rural financeintermediation 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 enterprisesin 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 oftraditional 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 BankingRegulatory Commission) financial regulatory structure. Bank These 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 industry1American Journal of Agricultural Economics，2009.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 arenot perfect. Information between central banks and regulatory agencies is difficult to share, is difficult to create effective monitoring force. Basically between the various 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 regulationis 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 lackof 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 existingfinancial regulatoryAccording to IFAD study, Chinese farmers from the informalfinancial 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 ofcivil norms, there is a big risk, China's existing laws andregulations on private financial institutions in rural areas is oneof "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 forexternal 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 and the 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 administrativepunishment. 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 riskprevention 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 andFisheries 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 theletter, 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 governmenton 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 industry organization; 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 establishment of 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 industry self-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 agenciesof 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 JapaneseAgricultural 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 tofacilitate 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, nolegal 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 basisfor 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 ultimatelycontrol 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 target consistency, 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 provide low-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 localauthorities 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" toimprove the professional standards of financial supervision Financial 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 thenew-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 internalcontrol system, modified to add a representative of management toform the template to help set up rural financial institutions, covering credit, billing, savings, cash, security and other riskpoint of internal control system . Establish small rural banks and other financial institutions, guidance system, the financialregulators to conduct the transition of its guidance, to promoterural 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 sector China 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 basedon an industry self-regulatory organization more. Promoting the Development, promoting and developing self-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 achieve self-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, donot 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。

银行金融数据分析中英文对照外文翻译文献

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

融资租赁中英文对照外文翻译文献

中英文对照外文翻译文献中英文资料外文翻译附录1：（原文）The Determinants of the Leasing of Small Companies1, international for small and medium-sized companies were discussedAt the beginning of the 20th century, appear with ford motor as a representative of the mass production methods, people believed in the enterprise of large-scale business is the trend of The Times. But last of the twentieth century ago in economics leading view also think big enterprise is efficient, the scale become the pronoun of efficiency, enterprise's economic development of large-scale become direction. Yet the century in the 1970s, a kind of traditional ideas beganchallenged. In 1973, the British scholar schumacher (E.F.S chumacher) published a small is a good book. Quickly and has caused a great echo. The author thinks that the western countries specialization, large-scale production pattern looks is solved "production problem", but actually is an illusion. This mode of production caused economic inefficiency, environmental pollution, resource exhaustion, and fostered many social problems. Therefore, must choose again a development pattern or way. Schumacher pointed out the development of large-scale and automation error, advocated the development of small and medium-sized intermediate technology. He thinks. To make the society "enduring" development, must go miniaturization, among the development of roads, especially to the development of small and medium-sized enterprises and "intermediate technology". British prime minister Tony Blair also put forward by 2005 to the development of small businesses of British construction become heaven ".2, small and medium-sized enterprises in China's economy contributionSmall and medium-sized enterprises is an important means of technical innovation. Before world war ii, the century with different since the 1960s and 1970s gradually arisen on information technology and biotechnology as the core of the new technology revolution is mainly in small and medium-sized enterprises, and at least in lots of small and medium-sized enterprises tody develops. In the middle of the century ago, rich economies in the proportion ofsmall and medium-sized enterprises has been declining trend; In the middle of the century especially after the 1960s and 1970s, and small and medium-sized enterprises and started mass development (see Storey, D.J., 1994). This suggests that small and medium-sized enterprise is to adapt to this new trend of technological progress. According to statistics, so far, small and medium-sized enterprises in China has more than 800 thousand, accounts for the enterprise 99% of all. In since 1960s of rapid economic growth, industrial output value of new 76% above is created by small and medium-sized enterprises. Small and medium-sized enterprise output and realize profits tax have accounted for 60% of the national respectively and 407., in recent years in the total export, small and medium-sized enterprises accounted for about 60 percent. "no doubt, small and medium-sized enterprises has become the new growth point of boosting the national economy, promoting China's economic boom is the main driving force of uplink. About smes in the country's economy, the importance of roughly boils down to:First, provide employment opportunity, absorbing surplus labor force. Compared with large enterprises and small and medium sized enterprises are using more labor-intensive technology, so the development of small and medium-sized enterprises can help alleviate current employment pressure. In fact, although small and medium-sized enterprise role far more than that, but it is small and medium-sized enterprises of this feature, to medium and small-sized enterprisesfor people increasingly attention. Our country the industry and commerce registration of small and medium-sized enterprises, more than 1,500 million, accounts for the total enterprises ninety-nine percent, to be town provides seventy-five percent of the jobs.Second, create the mainstay of GDP. According to the above information: small and medium-sized enterprises in the national industrial output account for about 60, realize profits tax of up to 40%. Table 3-1 for our independent accounting industrial enterprises in 1995-2000 some data, including various types of enterprise of gross industrial output and the proportion of total assets, value added of industry and the proportion of total assets and profit tax amount to total assets ratio (namely fund LiShuiLv). We can find that, regardless of in the output value on the proportions still in proportion of small and medium-sized enterprises are superior to large enterprises. This shows that every unit fund of small and medium-sized enterprises than large enterprise creates more social wealth. But, in addition to 2000, small and medium-sized enterprises outside the capital LiShuiLv below large enterprises. So, in proportion with capital value LiShuiLv appears between some contradictions. Because the latter reflects the former distribution relationship, this is because of hard to get the bank low-interest loans to small and medium-sized enterprises to use capital interest of proportion of those enterprises.Lease financing background is socialized production developed market economydevelopment to a higher level, industrial products, developed countries and its relative surplus of industrial capital seek and develop new market, therefore in the investigation of its function and advantages, cannot be separated from the historical background. Only understand this historical background, can answer financing lease why produced in the 1950s and to worldwide development, rather than creating and developing in other time periods. Financing lease improved social reproduction pace, acceleration of capital goods circulation and consumption, drive investment demand and the fellowship demand expanded. Eventually have a promotion aggregate demand growth, and thus to promote full employment and economic development.3. Move investment demandBritish lease experts, the bott who specially in the world on the lease yearbook of literary theory and the effect. He said: "in fact, some governments are shifting in full-scale lease to stimulate domestic investment. They moved to increase employment desire from an" '. He in investigating the German and British examples. Conclusion: lease industry in ensuring the role of main domestic investment was profound. Governments also encourage leasing company for capital equipment finance to expand exports, in order to improve their producers in the international market competition in position. Lease financing are able to expand domestic demand, increase employment in plays a unique role, reason mainly has two sides, the first, the financing lease of the equipment suppliedwhatever is located where requires some personnel, this undoubtedly will increase employment; Second, governments for lease provides preferential tax reduced leasing companies and enterprise's financing cost, thus make many enterprises want to use lease form to carry on an investment, investment increase is apparent.4 our experienceOur country economy in the 1990s, has maintained a strong growth momentum. During this decade, there are eight years is the Clinton administration office. China's President economic commission chairman is 2001 Nobel Prize winner Joseph. SiDiGeLiCi as he died, but also by the Nobel Prize winner, lemon, the author of the article George gram rove lady janet "Aaron, which are both as a new Keynesian representative figures, they advocate information asymmetry theory that completely on market economic regulation is not solve all problems. As a free economy does not guarantee during the trade information symmetry, causing some areas of adverse selection (vicious circle) and moral hazard (credit crisis), this shows that our country was inclined to conditionally government intervention and control the market. Our country government to use tax and interest rate leverage to regulate the market, with investment policy caused investment direction. These again and lease have internal relations. Our so-called tuyuhun equipment leasing the financing lease of by the financing involving rates, strong city in the policy has led to $rising interest rates to leasebring the opportunity of the development. Our tax on rental industry has certain preferential, while rental industry is more relying on talent advantage and control the ownership of the lease objects legal status, make full use of our country to encourage investment preferential policies, and designed the system "lease", such as: "leveraged lease", "tax leasing", etc in accord with the government encourages investment direction lease modes, enlarged policy efforts, promote the economic development of our country. From our lease data can be found in a decade ago our lease permeability (leasing forehead occupies equipment investment proportion) is 32%, lease the forehead is $120 billion, after 10 years (1999), the leasing of statistical data, the lease 34.4% permeability is the forehead is 2260 billion dollars. Lease lease frontal doubled. Its economic permeability (rental amount of GDP) 30% of the proportion of GDP of China accounts for almost a third. Lease with the China economic double forehead, but no major permeability changes show that lease is not omnipotent, just a economic levers, from our own experience, lease for economic development in the ability to move around." Lease has so magical function, it mainly in the operation of the real rights and use "separation" concept in action, property and rights separation gave lease activities to enlarge government control of the will, become market between government and market between effective macro-control measures. From since 9/11, our country and take several rate cuts and tax adjustment policy, as well as expand access to war, lay particular stresson government input control economy components.Lease financing background is socialized production developed market economy development to a higher level, industrial products, developed countries and its relative surplus of industrial capital seek and develop new market, therefore in the investigation of its function and advantages, cannot be separated from the historical background. Only understand this historical background, can answer financing lease why produced in the 1950s and to worldwide development, rather than creating and developing in other time periods. Financing lease improved social reproduction pace, acceleration of capital goods circulation and consumption, drive investment demand and the fellowship demand expanded. Eventually have a promotion aggregate demand growth, and thus to promote full employment and economic development.附录2：（译文）小型公司融资租赁的决定因素l、国际对中小型公司的探讨20世纪初，出现以福特汽车为代表的大规模生产方式，人们相信企业的大规模经营是大势所趋。

创业融资中英文对照外文翻译文献

创业融资中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Entrepreneurial FinancingThe financing of startups entails potentially extreme adverse selection costs given the absent track record of the firms seeking capital, and given the risky nature of the industries in which many of them operate. Exacerbating the problem, this scenario often involves an innovator who has extensive technical knowledge but has neither the accumulated reputation nor the bondable wealth necessary to convey this information credibly.Barry characterizes venture capital as having evolved precisely to fill this startup financing niche:At the level of small, risky ventures, access to capital markets is restricted. Not all entrepreneurs can self-finance their projects, and not all can find bankers or angels who will carry the shortfall. Venture capitalists offer them a source of funds that is specifically designed for use in risky settings. The venture capitalists themselves perform due diligence prior to investing, and information gleaned in that process can greatly reduce the adverse selection problem..This outlook raises several questions. Why is it assumed that banks cannot (or choose not to) perform the same level of due diligence as venture capitalists (VCs)? In what sense is venture capital “designed” for risky settings? The puzzle deepens when one notes that straight debt is typically advocated as a solution to the adverse selection problem whereas in practice VCs often hold convertible preferred equity. Indeed, a defining characteristic of the venture capital market is that contracts are fairly high-powered in the sense that expected payoffs come disproportionately from the equity component or “upside”.These questions can be addressed by reflecting upon the costly due diligence to w hich Barry refers. By directly revealing the project’s quality, due diligence reduces information asymmetry between entrepreneurs and the VC. By contrast, if quality were signaled—the traditional solution to the adverse selection problem—costly due diligence would be unnecessary since there would be no more information to convey.In otherwise, either signaling or costly due diligence can solve the adverse selection problem. The two mechanisms are substitutes; the question then becomes which is more cost-effective.The first contribution of the paper is to show that signaling can be prohibitively expensive in entrepreneurial financing markets, and so costly due diligence dominates. The “cost” of signaling is driven by the incentives of bad firms to pool. Yet,for startups, if funding is not obtained then the firm may have almost no value. With such low reservation values, bad entrepreneurs attempt to pool at nearly any cost. As the analysis shows, securities is unattractive enough to drive out bad entrepreneurs—and thus to serve as a credible signal—tend to be unattractive to good entrepreneurs as well. Costly due diligence emerges as the preferred solution.As testament to the empirical importance of due diligence costs in venture capital markets, Fried and Hans characterize the VC funding process as composed of six distinct, progressively rigorous stages of screening. This due diligence takes an average of 97 days to complete even before the first round of funding is initiated. The majority of funding proposals do not successfully pass through the first screen, let alone subsequent screens, and the full process is described as “much more involved in bank loan reviews.The second contribution of the paper is to illustrate a link between costly due diligence and high-powered (or equity-like) financial contracts. The intuition behind this link is simple. By definition, low-powered contracts are safe; i.e., expected payoffs vary little across firms. High-powered contracts magnify the differential in payoff between funding good and bad projects, and hence magnify the incentives to screen out bad projects. In effect, high-powered contracts make the VC bear the cost of choosing entrepreneurs unwisely. Therefore high-powered contracts encourage due diligence.To summarize, this model is designed to make three simple points: (1) upside sharing is to be expected given costly evaluation, (2) such costly evaluations serve as a substitute traditional solutions to the adverse selection problem, and (3) traditional solutions are dominated for parameterizations of the model that correspond to venturecapital markets.Following the path-breaking empirical work of Saar, a theoretical literature on VC contract design emerged. One common feature of these papers is that they rationalize the optimality of convertible securities. A second common feature of these models is the admission of agency costs. For example, VCs and entrepreneurs may have different preferences regarding project risk or exit strategy.In part, the literature’s relia nce on agency costs owes to a widespread belief in their empirical relevance. It is also presumably related to the aforementioned consensus: since debt is considered the optimal response to adverse selection, non-debt securities must imply the presence of another market friction. On the other hand, it is clear how agency costs could lead to equity-like securities. Conflicts-of-interest over future actions are mitigated by granting both parties roughly symmetrical payoffs, which leads to upside-sharing. Of course, the omission of agency problems from the current model is not intended to suggest that they are unimportant empirically. Rather, the lesson is that agency costs are not a necessary condition for equity-like securities.Perhaps surprisingly, the theoretical results most closely related to this paper are contained in analyses of publicly traded securities. Assuming liquidity is exogenous and that prices are set by competitive market makers, Boot and Thakor show that splitting securities into an information-sensitive piece and a safer piece may either increase or decrease traders’ incentives to produce information. Fulghieri and Lukin study a similar environment but split the firm’s claims into a piece sold to outside investors and another piece that is retained, again analyzing the interaction between security design and information acquisition.Two important distinctions set my results apart from these models of public trading. First, their models exogenously rule out signaling, so it not possible to examine whether traditional solutions to adverse selection are dominated and, if so, under what conditions. Second, it is not clear how the results of these public trading models might be extended to entrepreneurial finance markets since the assumption that drives their results—losses by liquidity traders with perfectly inelasticdemand—has no obvious counterpart in an entrepreneurial finance setting.The economy consists of entrepreneurs with projects requiring capital investment K. The value of funded projects is 1 with probability πτ, where τ∈{G, B} is an indicator of project quality, and λ< 1 otherwise.Funded projects have expected value Vi = πτ 1 + (1 − πτ)λ. It is assumed thatλ< K. Otherwise the model would admit riskless debt, which would eliminate the adverse selection problem.Entrepreneurs have reservation value V; that is, contracts are acceptable only if the residual claim has expected value V or higher. In a model of mature firm financing, V is most clearly interpreted as the value of assets-in-place, because this is the continuation value of the firm in the absence of new investment. Such an interpretation is valid in entrepreneurial settings as well because without attracting financing the entrepreneur owns the existing assets outright. The key difference is one of magnitude. Compared to models of mature firms, in entrepreneurial settings the value of assets-in-place is small relative to other parameters.The net present value of projects, Vτ−V − K, is assumed to satisfyEVG − V − K ≥0 ≥EV B − V − K. (1) Equation (1) justifies the nomenclature “good” and “bad.” The net present value of a project is positive if and only if the project is good. Finally, it is assumed that net present values satisfyθ(EG − V − K) + (1 −θ)(EB − V − K) ≥0, (2) where θis the proportion of good projects in the economy. Because net present values are positive (on average), the model admits pooling equilibrium.One source of capital is an uninformed investor who conducts a mechanical credit evaluation based on observable characteristics. This investor may be thought of as a proxy for the competitive commercial banking market. Consistent with this interpretation, it will be shown that this investor takes debt in equilibrium. Briefly, the intuition is that when one is uninformed, one solves the adverse selection problem in the traditional way. As mentioned in the introduction, this solution is debt.An alternative source of capital is an investor endowed with technology that canevaluate project quality. This investor is referred to as a VC. Consistent with this identification, it will be shown that the VC takes high-powered contracts in equilibrium. Likewise, it needs to be shown that the VC actually employs the screening technology. A priori, this usage is not obvious. In particular, if the financial contract is very generous (if it leaves the VC with a large stake), then it may be profitable to forego the costly evaluation in favor of funding all projects. Such an outcome would benefit bad entrepreneurs, because they too would like to attract funding provided they can pool with good firms and thereby obtain mispriced financing. By limiting this pooling, costly due diligence effects a transfer from bad entrepreneurs to good entrepreneurs, and in the process, directs real investment toward better projects.Entrepreneurs seeking venture capital finance form a (randomly ordered) queue, and the VC sequentially evaluates them. For each entrepreneur, upon paying a cost C the VC receives a signal s ∈{G, B} withPr{s = G | entrepreneur is bad} = Pr{s = B | entrepreneur is good} =ε(3) The unconditional probability of a good signal is θ(1 − ε) + (1 − θ)ε, so VCs expect to evaluate 1/(θ(1 − ε) + (1 − θ)ε) entrepreneurs before a goo d one is found. The financial contract must be sufficiently generous (ex ante) as to compensate the VC for both capital contribution K and expected evaluation costs C= C/(θ(1 − ε) + (1 − θ)ε) incurred in the process of obtaining each good signal.This game admits three types of Bayesian Nash equilibrium. In separating equilibrium, good entrepreneurs offer a security which bad entrepreneurs find too unpleasant to mimic (choosing instead to receive reservation utility V). Adverse selection in the queue becomes degenerate since only good firms are active. VC equilibrium serve as a second solution. In this scenario, the entrepreneurs’ contracts induce the investor to evaluate all firms in the queue. Finally, pooling can be thought of as the case in which good entrepreneurs find both of the aforementioned solutions to adverse selection too expensive.In this paper, I limit attention to debt and equity. Earlier drafts consideredarbitrary securities, with similar resulting intuition: high-powered securities promote due diligence, whereas low-powered securities are more effective signaling devices. The restriction to standard securities simplifies the presentation, retains the crucial intuition, and facilitates comparison of my results with those of the existing literature.This paper argues that in entrepreneurial finance markets, direct revelation of project quality (via the due diligence of VCs) is more cost-effective than signaling quality. This theme ties into an empirical literature showing that the due diligence process in those markets is quite extensive. Indeed, due diligence is a defining feature of the VC market.Several features of the model are quite strong and give the appearance that the mechanisms considered for resolving adverse selection are perfect substitutes. In a richer model, the two mechanisms could work as partial complements as well. Generally, a role exists for both entrepreneurial signaling and VC due diligence. Earlier drafts of the paper show complement may be motivated in multiple ways. For example, suppose entrepreneurs have noisy private information. Then the optimal security may involve signaling, thus eliminating entrepreneurs with bad information. But to the extent that the pool has residual uncertainty even after this self-selection, costly due diligence may still add value.Information acquisition occurs outside venture capital markets, of course. This model may shed light on the usage of unit IPOs, which are bundles of stocks and warrants often used for particularly small, risky offerings. The inclusion of warrants is puzzling from an adverse selection perspective, since the existing literature argues that securities should emphasize payoffs in bad states. The logic of this paper suggests that these securities, which emphasize good states to an extreme, motivate investors to evaluate projects and might be used when other mechanisms of dealing with adverse selection are too expensive.Finally, the model’s conclusions are not tied to the assumption that good entrepreneurs choose the contract. A connection between information acquisition incentives and the shape of the security exists independently of the contract’s origins. One could equivalently model a general partner in a venture capital fund raisingmoney from limited partners, announcing what securities the fund intends to hold. The more equity-like the securities are, the stronger the general partner’s information acquisition incentives.Source: Chris Yung. Entrepreneurial Financing And Costly Due Diligence. The Financial Review, 2009(44),pp137-149.译文：创业融资由于缺乏融资的信用记录以及所经营公司存在的风险性，初创企业的融资通常情况下都需要很高的逆向选择成本。

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中英文对照翻译Margin Trading Bans in Experimental Asset MarketsAbstractIn financial markets, professional traders leverage their trades because it allows to trade larger positions with less margin. Violating margin requirements, however, triggers a margin call and open positions are automatically covered until requirements are met again. What impact does margin trading have on the price process and on liquidity in financial asset markets? Since empirical evidence is mixed, we consider this question using experimental asset markets. Starting from an empirically relevant situation where margin purchasing and short selling is permitted, we ban margin purchases and/or short sales using a 2x2 factorial design to a allow for a comparative static analysis. Our results indicate that a ban on margin purchases fosters efficient pricing by narrowing price deviations from fundamental value accompanied with lower volatility and a smaller bid-ask-spread. A ban on short sales, however, tends to distort efficient pricing by widening price deviations accompanied with higher volatility and a large spread.Keywords: margin trading, Asset Market, Price Bubble, Experimental Finance1.IntroductionHowever, regulators can only have a positive impact on the life-cycle of a bubble, if they know how institutional changes affect prices in financial markets. Note that regulation is a double-edged sword since decision errors may lead from bad to worse. Given the systemic risk posed by speculative bubbles and their long history, it may be surprising how little attention bubbles have received in the literature and how little understood they are. This ignorance is partly due to the complex psychological nature of speculative bubbles but also due to the fact that the conventional financial economic theory has ignored the existence of bubbles for a long-time. But even if theories on bubble cycles have empirical relevance, it is clear that the issues surrounding the formation and the bursting of bubbles cannot be analyzed with pencil and paper. Conclusions on bubble cycles must be backed with quantitative data analysis. Given the limited number of observed empirical market crashes and their non-recurring nature, an experimental analysis of bubble formation involving controlled and replicable laboratory conditions seems to be a promising way to proceed.The paper is organized as follows. Section II reviews the related literature, Section 0 presents the details of the experimental design and section IV reports the data analysis. In section V, we summarize our findings and provide concluding remarks.2. Leverage in asset marketsDo margin requirements have any effects on market prices? Fisher (1933) and also Snyder (1930) mentioned the importance of margin debt in generating price bubbles when analyzing the Great Crash of 1929. The ability to leverage purchases lead to a higher demand, ending up in inflated prices. The subsequently appreciated collateral allowed to leverage purchases even more. This upward price spiral was fueled by an expansion of debt. From the end of 1924, brokers’loans rose four and one-half times (by $6.5 billion) and in the final phase broker’s borrowings rose at more than 100% a year until the bubble crashed. Then, after the peak of the bubble, a debt spiral was initiated. Investors lost trust and started to sell assets. Excess supply deflated prices resulting in a depreciation of collateral. Triggered margin calls lead to forced asset sales pushing supply even further. An increase in defaults on debt, and short sales exacerbated supply and finally assets were being sold at fire sale prices. It only took 6 weeks to extinguish half of the total of brokers’credit. Finally, in 1934, the U.S. Congress established federal margin authority to prevent unjustifiable increases or decreases in stock demand since margin requirements can prevent dramatic price fluctuations by limiting leveraged trades on both sides of the stock market: extremely optimistic margin purchasers and extremely pessimistic short sellers.Recent experimental evidence suggests short sale constraints to increase prices. Ackert et al. (2006)and Haruvy and Noussair (2006) find prices to deflate–even below fundamental value in the latter study –while King, Smith, Williams, and Van Boening (1993) find no effect. In a setting with information asymmetries, Fellner and Theissen (2006) find higher prices with short sale constraints but not depending on the divergence of opinion as predicted by Miller (1977). In a setting with smart money traders, Bhojraj, Bloomfield, and Tayler (2009) report short selling to exacerbate overpricing, even though it reduces equilibrium price levels. Hauser and Huber (2012) find short selling constraints with two dependent assets to distort price levels. Our design deviates from the previous studies in several but one important way: We use a more empirically relevant facility in that traders have to provide collateral facing the threat of margin calls.3. Implementing Margin Purchasing and Short SellingWe conducted four computerized treatments utilizing a 2x2 factorial design as displayed in Table II. Starting from an empirically relevant situation where margin purchases Traders execute margin purchases when they purchase shares by using loan, collateralized with shareholdings evaluated at the current market value.11 In this case, traders make a bull market bet, i.e. they borrow cash to buy shares, wait for the price to rise and sell them with a profit. However, a decline in prices depreciates collateral while keeping loan constant. When prices fall below a certain threshold, such that the loan exceeds the value of the shareholdings (i.e. debt > equity), a margin call is triggered. Immediately, i) the trader’s buttons are disabled, ii) outstanding orders are cancelled, and iii) the computer starts selling shares at the current market price until margin requirements are met again or untilall shares have been sold.12 Traders execute short sales when they sell shares without holding them in their inventory, collateralized with sufficient cash at hand.13 In this case, traders make a bear market bet, i.e. they borrow shares to sell them in the market, wait for the price to decline, buy them back with a profit and return them. Note that the amount of debt equals the total amount the trader has to pay to buy back the outstanding shares. Thus, an increase in prices increases debt and reduces collateral (cash minus value of outstanding shares), simultaneously. When prices exceed a certain threshold, such that the amount to buy back outstanding shares exceeds collateral (i.e. debt > equity), a margin call is triggered. Immediately, i)the trader’s buttons are disabled, ii) outstanding orders are cancelled, and iii) the computer starts buying shares at the current market price until margin requirements are met again or until all short positions have been covered. Note that short sellers have to pay dividends for their short positions at the end of each period.14 After period 15, both long and short positions are worthless.15 In any case, a margin callcan lead to bankruptcy. However, the consequences of a margin call hold even during bankruptcy, i.e. outstanding positions continuously being closed although subjects are bankrupt. This is different to any other asset market experiment considering leverage4. Margin traders tend to make less money than othersBy leveraging purchases and sales, traders take more risks to be able to make more money. But do margin traders make more money at all? To evaluate this question, we classify traders into types, i.e. margin traders, who trade on margin at least once, and others. Table X shows the average end- of round-earnings within types for each treatment along with the number of subjects. The spearman rank correlation between type and end of round earnings is negative in both rounds and in all three treatments. The coefficient is significantly different from zero only in MP|NoSS and NoMP|SS when subjects are once experienced . Subjects, who executed both margin purchases and short sales in MP|SS earned less than subjects who refrained from trading on margin. This is significant only for inexperienced subjects . One final note on the distribution of earnings. Comparing the treatments by evaluating the dispersion of earnings using the coefficient of variation , we find that the average CV in the NoMP|NoSS is lower than any other treatment Although not statistically significant, the results indicate that it is less risky to participate in markets with margin bans than in the markets where margintrading is permitted.5. ConclusionIn an attempt to halt the decline in asset values, recent regulatory measures temporarily banned short sales in financial markets. To assess the impact of banning leveraged trading on market mispricing is a complicated task when being reliant on data from real world exchanges only. it is unclear if possible price increases following a ban on short sales would come from new long positions or from covered short positions, and the announcement of such measures affects an uncontrolled reaction of the market. Owed to the uncontrolled uncertainties in the real world, asset mispricing can be measured only with weak confidence.In comparison to other experimental studies where limits to margin debt and short sales are rare, our design involves margin requirements comparable to the real world. Highly levered investors face margin calls that lead to forced liquidation of positions, affecting a reinforcement of the swings of the market. We have studied the impact of leverage on individual portfolio decisions to find an increase in risk taking characterized by higher concentrations of risky assets eventually resulting in individual bankruptcies. Thus, our experimental results are in line with theories of margin trading by Irvine Fischer (1933) and by recent heterogeneous agents models (Geanakoplos 2009) which conjecture such effects on asset pricing and portfolio decisions. As in any laboratory experiment, the results are restricted to the chosen parameters. The baselineSmith et al. (1988) asset market design has been challenged in recent studies (e.g. Kirchler et al. 2011), arguing that some subjects are confused about the declining fundamental value and believe that prices keep a similar level in the course of time. So it would also be interesting to investigate the effects of bans Jena Economic Research Papers 2012 - 05826 of margin purchases and short sales, to see if our treatment effects can be repeated in an environment with non-decreasing fundamental values. However, recent experiments by Hauser and Huber (2012) show similar effects using multiple asset markets with a complexsystem of fundamental values but without margin calls. It would also be interesting to see how margin requirements change performance in multiple sset markets. We leave these open questions to future research.ReferencesAbreu, D., and M.K. Brunnermeier, 2003, Bubbles and crashes, Econometrica 71, 173–204.Ackert, L., N. Charupat, B. Church and R. Deaves, 2006, Margin, Short Selling, and Lotteries in Experimental Asset Markets, Southern Economic Journal 73, 419–436. Adrangi, B. and A. Chatrath, 1999, Margin Requirements and Futures Activity: Evidence from the Soybean and Corn Markets, Journal of Futures Markets, 19, 433-455. Alexander, G.J, and M.A Peterson, 2008, The effect of price tests on trader behavior and market quality: An analysis of Reg SHO, Journal of Financial Markets 11, 84–111.Bai, Y., E.C Chang, and J. Wang, 2006, Asset prices under short-sale constraints, Mimeo. Beber, A., and M. Pagano, 2010, Short-Selling Bans around the World: Evidence from the 2007-09 Crisis, Tinbergen Institute Discussion Papers TI 10-106 / DSF 1.Bernardo, A. and I. Welch, 2002, Financial market runs, NBER Working Papers 9251, National Bureau of Economic Research, Inc.Bhojraj, S., R.J Bloomfield, and W.B Tayler, 2009, Margin trading, overpricing, and synchronization risk, Review of Financial Studies 22, 2059–2085.Blau, B. M., B. F. Van Ness, R. A. Van Ness, 2009, Short Selling and the Weekend Effect for NYSE Securities, Financial Management 38 (No. 3). 603-630Boehmer, E., Z.R Huszar, and B.D Jordan, 2010, The good news in short interest, Journal of Financial Economic 96, 80–97.Boehme, R.D, B.R Danielsen, and S.M Sorescu, 2006, Short-sale constraints, differences of opinion, and overvaluation, Journal of Financial and Quantitative Analysis 41, 455–487.融资融券禁令在实验资产市场摘要在金融市场，因为专业的交易者杠杆交易允许以较少的保证金进行更大的交易。