金融资产证券化中英文对照外文翻译文献

合集下载

证券公司资产证券化业务管理规定中英文版

■ ・Westlaw-cHiMA证券公司资产证券化业务管理规定第一章总则Chapter 1: Gen eral Provisi ons第一条为了规范证券公司资产证券化业务活动，保障投资者的合法权益，根据《中华人民共和国证券法》、《中华人民共和国信托法》、《证券公司监督管理条例》和其他相关法律、行政法规，制定本规定。

Article 1 With a view to regulat ing the asset securitizati on bus in ess of securities companies, and safeguarding the legitimate rights and interests of investors, these Provisions are formulated pursuant to the Securities Law of the People's Republic of China , the Trust Law of the People's Republic of China, the Regulati ons on the Supervisi on and Admini strati on of Securities Compa ni es, and other releva nt laws and adm ini strative regulati ons.第二条证券公司资产证券化业务是指证券公司以特殊目的载体管理人身份，按照约定从原始权益人受让或者以其他方式获得基础资产，并且以该基础资产产生的现金流为支持，发行资产支持证券的业务活动。

Article 2 The asset securitizati on bus in ess of a securities compa ny shall refer to the bus in ess activities whereby the securities compa ny, in the capacity as the man ager of a special purpose vehicle, acquires underlying assets from originators by acting as the transferee or otherwise as agreed upon, and issues asset-backed securities supported by the cash flow gen erated by such un derl ying assets.前款所指特殊目的载体，是指证券公司为开展资产证券化业务专门设立的专项资产管理计划(以下简称专项计划”或者中国证监会认可的其他特殊目的载体。

不良资产证券化理论研究外文文献翻译

外文文献翻译原文+译文文献出处作者：Chacko G期刊：International Journal of Applied Financial Management Perspectives2016年，第2卷，第3期，31-39.原文The theory study of Non-performing assets securitizationChacko GAbstractThe securities and exchange commission (SEC) defines asset securitization as a new financing techniques: the lack of liquidity of assets, in most cases) are combined and translated into a more freely in the capital market financing tool to issue and sell. In general, asset securitization is the lack of liquidity but has the stable future cash flow of assets as a basis, through restructuring and credit enhancement, available for investment capital market securities issued a way of financing.Key words: Non-performing assets; Securitization; Characteristic; Theory study1 IntroductionSince the 1970 s, asset securitization as an important financial innovation, in a mature financial market development for many years, the United States, Europe, Japan and some mature financial markets have the asset securitization as an important financial tool, its essence is the issuer will be of the future cash flow of earnings of the securitization of financial assets transferred to investors, asset securitization brings the benefits of western developed countries are increasingly aware of the importance of asset securitization. In the process of the implementation of asset securitization, with the western developed countries continuously to the deepening of the research and practice, such as housing mortgage loan securitization, Banks non-performing assets securitization is accompanied with the further development of asset securitization. In the late 1980 s, to solve the problem of bank a lot of bad assets, the first has been successfully used in the securitization of non-performing assets in the United States, very successful. Asset securitization as a means of financing with the advantages of low cost, intensive attention by countries with alarge number of non-performing assets, in the full market economy countries, solve the problem of non-performing assets, asset securitization become one of the first method. It can accelerate the assets turnover, thus speeding up the liquidity of assets, sped up the asset disposal efficiency, to deepen the reform of the capital market provides a strong support. In addition, the securitization of non-performing assets from the bank, the development of the internal cause, the banking system since the date of birth, there are two internal structural contradictions: one is the liquidity structure contradiction. Another is the information of asymmetric information structure contradiction. Two inherent structural contradictions, make the banking industry has been under double pressures of credit risk and liquidity risk. With economy virtualization degree deepening, the financial impact on the real economy strength increasing, credit card receivables securitization within the banking system, car loan securitization, etc all kinds of forms of asset securitization have started to use, the us savings and loan crisis the problem of structural contradictions increasingly sharp and complicated, financial and even the entire national economy security hidden trouble. East Asian financial crisis, the Russian financial crisis and the financial crisis of South America have been warning to people. Therefore, asset securitization as solving the problem of non-performing bank assets and an important way to reduce the incidence of the financial crisis, more and more highlights its advantages.2 Literature reviewAsset securitization development since the last century to now, for the influence of the worlds financial increasingly significant, for a country's financial stability plays a more and more important role, but different countries have different standards, the definition of to him is not unified. In many related literature about the concept of asset securitization has certain differences in its connotation. Trace the source of the asset securitization is a word, it is the American banker Lewis Rainer in a conversation first, then the word more and more popular. Asset securitization is the meaning of the original, enterprises supported by their own all or part of the assets in the process of capital market financing. It is a replace of financing bank as intermediary. It includes enterprise supported by all of its assets to issue shares, issuing bonds, and other financing way. Later with the development of asset securitization, it is divided into physical assets securitization asset securitization (level) and securitization of financial assets (secondary asset securitization), financial asset securitization, refers to the lack of liquidity, but it is predictable and stable cashflow income assets together, converted into circulation in the capital market securities a way of financing.For asset securitization research mainly concentrated in the following aspects: first, asset securitization is helpful to reduce risk, Benefits and Berger (1987) with risk allocation model prove that securitization will help dissolve the enterprise risk. Second, asset securitization is an effective method for optimization of corporate capital structure. Skarabot (2002), the company model is verified through the establishment of a more assets securitization is an effective method for optimization of corporate capital structure. Third, the relationship between information asymmetry and asset securitization, such as Greenbaum and Thakor (1987) established signal model results show that there is information asymmetry and no government intervention, bank will high-quality assets securitization.3 The basic theory3.1 The conceptNon-performing bank asset securitization is a set of bad assets loans or less liquid assets, through asset integration processing, in the future has a predictable and stable cash flow income, after insurance institutions of credit guarantee at the same time, improve the reliability of assets after converted into circulation in the capital market securities a way of financing.3.2 FeaturesNon-performing bank asset securitization is a kind of important financial innovation of the 20th century tool, compared with other financing way has its own characteristics.Firstly, the selectivity of assetsTo set up asset pool, the core of asset securitization, namely to the asset pool of assets to choose, not debt enterprise all the assets or the issuer can enter pool, especially full of bad credit, hollow is resolute can't into the pool of assets, only those who are predictable, can produce stable future cash flow of assets can enter pool, investors' investment in the future, namely the full amount of principal and interest back to provide security, to ensure the normal operation of non-performing bank asset securitization, and otherwise, if the poor quality assets into the pool, interruption, cannot maintain regular payments to investors, the operation of non-performing bank asset securitization will be hindered, unsustainable. So assets choice of non-performing bank asset securitization operation has a crucial effect, the stand or fall of asset selection directly determinesthe success or failure of securitization, it is the core element of the asset securitization.Secondly, assets source dispersionThe source of the pooling of assets has the characteristics of scattered, it is not like or all of the listed companies are the assets of the enterprise itself, and asset securitization into the pool of assets can be a part of the enterprise property, can also is the enterprise of all assets. At the same time into the pool of assets can be dispersed in a place, can also be scattered in multiple regions, also can be at home, also can be assets abroad. Dispersive of the assets, can avoid the risk of regional, such doing can prevent overall bad assets, such as a place of bad assets does not affect other parts of the quality of assets, if the proportion of assets again small, there is little influence on the overall assets. Issuers will come from different parts of assets integration, filtering and elaborate filter, and homogenous assets to bundle and package, through these assets as collateral to support the issuing bank non-performing assets securitization products. Asset source dispersion is the objective requirement of non-performing assets securitization, only to do so is likely to form a certain scale of many kinds of similar assets to support the issue of securities.Thirdly, the division of assetsAssets of segmentation is one of the important characteristics of non-performing bank asset securitization, the division of assets is the pooling of assets with the original debt assets to be isolated, reach the legal recognition of the actual sales, after the debt enterprises even bankruptcy liquidation to participate in the securitization of assets has no recourse. In order to achieve the smooth progress of non-performing bank asset securitization, there must be the introduction of a special agency to exercise the function, the establishment of the SPV (special purpose vehicle) just to satisfy the functional requirements, it is an operating assets securitization independent agency, is an independent corporate body, not participate in the business of has nothing to do with the asset securitization, SPV such intervention is essentially have the effect of the firewall, investors can focus on into the pool of assets quality, don't have to be careful debt enterprise management situation and the bankruptcy liquidation. Only into the pool of assets to take risks, and at the same time its revenues. Asset isolation played a real debt companies and investors of the division of rights and interests, promote the smooth progress of non-performing bank asset securitization, it is the necessary link of bank non-performing assets securitization.Fourth, the reliability of the assetsBanks non-performing assets securitization of the ultimate goal is to sell non-performing bank asset securitization products, so it must be to accurately assess the risk of product, determine the expected default rates, and evaluate comprehensive market conditions and other factors, to determine the accurate pricing, at the same time, the determination of price and meet the demand of the stability of the investor benefits, in order to achieve this goal, you must first through the credit guarantee institutions for product guarantee, the stability of the products to strengthen, namely each issue for investors to the stability of the principal and interest on time full specified amount pays to strengthen, in order to attract buyers investment in the Banks non-performing assets securitization, credit enhancement with internal credit enhancement and external credit enhancement in two ways, including assigning priorities within level classification and so on, the external includes third-party guarantees and other ways such as obligation.4 The basic principles of asset securitization4.1 Principle of asset reorganizationAssets reorganization principle is the re-engineering of assets and match, returns to split, the process of asset securitization to reach equilibrium. Portfolio has three characteristics: first, the assets are scattered. Reorganization of assets can be a all the assets of the business can also be a part of the property, it can also be multiple enterprise with capital assets, the distribution of the assets can also be in different areas, such doing can avoid certain regional economic risks. Second, composed of assets must be stable cash flow income in the future. It is advantageous to the issuing bank non-performing assets securitization products, to finance. Third, the participation subject interest balance. Asset restructuring must take care of the interests of all aspects, to promote the development of asset securitization.4.2 Risk isolation principleRisk isolation principle is refers to in the process of asset securitization, use the special purpose vehicle will restructure assets and enterprise assets to the risk of isolation, reach the legal recognition of the "true sale" is the original enterprise bankruptcy and liquidation even happen in the future also have no right of recourse, the reorganization of the assets in essence to form the property rights of isolation and risk of break up, so as to achieve the goal of real sales. Investors can focus on assets in the pool. There is no need to care about the risk of the original enterprise. Risk isolation is the most critical step asset securitization.4.3 Credit enhancement principleCredit enhancement principle is the steps necessary to asset securitization product distribution, it mainly refers to the issue of securitized products through the credit guarantee institutions guarantee to improve the reliability of the principal and interest paid to investors. Credit enhancement is to guard against the risk of asset securitization is quite useful measures. Credit enhancement can spread risk, and distributed to investors willing to take risks, to take risks at the same time, also can let investors enjoy greater investment returns. Overall, participants for credit enhancement can get higher returns. Usually use most internal credit enhancement and credit enhancement techniques have external credit enhancement.译文不良资产证券化理论研究Chacko G摘要美国证券交易委员会（ＳＥＣ）将资产证券化定义为一种新的融资技术：即将缺乏流动性的资产（大多数情况）进行组合并转化为一种更自由地在资本市场上发行和出售的融资工具。

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）。

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。

金融学融资融券中英文对照外文翻译文献

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

证券市场发展与经济增长外文文献翻译中英文2020

证券市场发展与经济增长外文文献翻译中英文2020英文The relationship of renewable energy consumption to stock marketdevelopment and economic growth in IranSeyedeh Razmi，Bahareh Bajgiran，etcAbstractThis paper investigates the relationship of two types of renewable energy consumption (total hydropower, wind, solar and nuclear energies, and total combustible renewable and waste) to stock market value and economic growth in Iran. An autoregressive distributive lag (ARDL) model was used for data from 1990 to 2014 and results show that stock market value affects both groups of renewable energies in the long run. Growth rate significantly affects total hydropower, wind, solar, and nuclear energies in both the short and long run, although it is only significant in the short run for combustible renewable and waste energies. Neither type of renewable energy consumption affects growth in either the short or long run.Keywords：Renewable energy consumption，Stock market，Growth，ARDLSustainable development, as one of the main goals of every economy, encourages policymakers to use energy sources that emit the fewest pollutants to the environment. Today, renewable energy resources havebecome increasingly more important due to the fact that they have fewer negative impacts on the environment than other sources of energies and the growing limitations of fossil fuels. Most developed countries that are in agreement with the International Atomic Energy Agency and the Kyoto Protocol have established a framework to encourage greater usage of renewable energy sources Maji. Consequently, countries that are rich in non-renewable energies should consider ways to offset the economic slowdown that would be caused due to the loss of demand from developed countries. Apart from environmental issues, substituting domestic renewable energies also protects countries against external economic crises. As countries reduce fuel imports, their economies become less vulnerable to external crises. The importance of economic growth as the main objective of all economies has led a lot of studies towards finding the impact of renewable energies on economic growth. For example, one study using the ARDL method discovered that renewable energy and economic growth have a negative relationship in the long run in Nigeria, although an insignificant relationship exists in the short run. A negative impact of renewable energy on economic growth was also found in Turkey, South Africa, and Mexico by Ocal and Aslan. However, Destek found a positive relationship between the two variables was discovered for India. Aïssa et al tried to discover the relationship among renewable energy, output, and trade by using panel cointegrationof 11 African countries. They did not find any causality between renewable energy with output and trade in the short run. However, in the long run, Jebli and Youssef discovered the impact of renewable energy on output.Apergis and Payne employed panel cointegration for investigating the casual relationship between renewable energy consumption and economic growth for OECD countries. They found bidirectional causality between variables both in the short and long run. Similar results were discovered for Central American countries by Apergis and Payne. Using panel data, Chang et al found bidirectional causality between economic growth and renewable energy for G7 countries. However, these results were not approved for individual countries. Tugcu et al also discovered similar results for G7 countries. Using the panel cointegration method, Pao et al investigated the causal effect of clean and non-clean energies on economic growth for Mexico, Indonesia, South Korea, and Turkey. They found one-way causality running from renewable energy to economic growth in the long-run and two-way causality in short-run.Apart from economic growth, financial market development indexes are among the variables of interest to economists in energy studies. Financial market development can affect energy demand by influencing economic growth as well as reducing households’ constraints. Financial markets affect economic growth by transferring funds, determiningcapital prices, facilitating transactions, as well as distributing risk management. Facilitating consumer lending is another impact of financial markets on energy consumption, as easier access to financing for energy purchases increases consumer demand for energy. In other words, financial market development may increase energy consumption by reducing financial risk and lending costs and increasing access to financial investments and advanced technologies. Financial market development can also reduce the risks to consumers and businesses and thereby become an important factor in generating wealth in the economy. Therefore, the existence of financial market development is considered as a reliable lever for consumers and businesses which increases economic activity and energy demand.Kakar et al considered the relationship between financial market development, economic growth, and energy consumption in Pakistan in the 1980s. Using Johansen cointegration and Granger causality, the results showed the long-run effects of the financial market development on energy consumption, however its impact in the short run was negligible. Several studies have confirmed the relationship between financial development, energy consumption and economic growth. Stock market developments also play an important role in allocating funds for clean energy projects. Sadorsky stated that stock market developments would increase the demand for energy in emerging economies, whileChang indicated that the development of market capitalism in emerging countries would stimulate investment and energy consumption. This study investigates the relationship between renewable energy consumption, the stock market value,1 and GDP growth in Iran. It must be noted that, to the best knowledge of the authors, there have not been any studies on financial market development and renewable energies thus far; therefore, this research has referred to studies on total energy consumption and financial market development.Renewable energies can play an important role in reducing emissions of pollutants, such as carbon dioxide and other greenhouse gases. Features such as environmental compatibility, fewer pollutive effects, renewability, and global reliability have led these types of energies to play an important role in the world's energy supply system on a day-to-day basis. Nowadays, Iran is suffering from air pollution, and the impact on public health is a well-known problem. Therefore, consuming renewable energies can be effective in both achieving clean air and increasing the overall health and well-being of the society. According to recent changes in Iran's energy consumption laws, governmental units such as the Ministry of Energy and the Ministry of Oil have been obliged to support clean energy consumption.Iran has many capacities in which to use hydro, wind, solar and other kinds of renewable energies due to its geographic environment.Despite its high potential for employing renewable resources, renewable energies have not yet been properly exploited. Renewable energy consumption in Iran is still less than 4% of total energy consumption. Therefore, Iran needs to devote particular attention to the various aspects of renewable energies to maintain its position as an energy supplier. Regarding foreign sanctions that have reduced the speed of foreign investment in non-renewable energy, the Iranian government also needs to increase its support to the private sector to attract more investment in renewable energies. This research helps policymakers in Iran and other countries meet their goals for using renewable energies by investigating the relationships of the three aforementioned variables.This study differs from other research on this issue as most papers in this field study economic growth, non-renewable energy consumption, and pollution (CO2) by panel data models. For our research objective, we make three key contributions. First, financial markets, especially the stock market, can help developing industries to raise and circulate capital within the broader economic system. While many studies have examined the relationship between financial development and economic growth with non-renewable energies, there is a gap in research pertaining to renewable energies. The study covers this gap by focusing on of renewable energy that have largely been ignored in prior research. Second, in contrast to the studies applying cross-country panel causality testing,especially in developed countries, we apply an ARDL model as a robust methodology for Iran's economy. Third, studies on renewable energies typically use one type of renewable energy source, while this study compares two groups of renewable energies: total hydropower, wind, solar, and nuclear energies and combustible renewable and waste energies. We examine the effect of economic growth on the two types of renewable energy consumption and conversely, the effect of the two types of renewable energy consumption on economic growth. This type of analysis has the potential to support future policy recommendations.For our estimation model we have carried out the following steps. First, after a thorough review of theoretical and empirical studies, we have selected our models. Next, we have verified the unit roots and integration tests for long-run relationships. Subsequently, we have applied two models for each of the long-run and short-run analyses. In each model, the dependent variables are: economic growth and renewable energy type. Finally, we have conducted diagnostic tests to confirm the reliability of the results.This paper examines the relationship between two types of renewable energy consumption, including consumption of hydro, solar, wind and nuclear energies as well as that of combustible renewables and waste energies, stock market value, and economic growth in Iran over the period 1990–2014 using the ARDL method. Such a study on Iran is verynecessary, as studies in this area are rare, and only small steps have been taken towards using renewable energies. The use of renewable energy in Iran is still less than 4% of the total energy consumption in the country. Therefore, more robust studies must be done regarding renewable energies. Results show the existence of short- and long-run relationships between variables in two models where the dependent variables are re (consumption of water, solar, wind and nuclear energies), gr (economic growth rate), and rec (consumption of combustible renewable and waste energies).The coefficient of st (stock market value) is insignificant for both re and rec as dependent variables in the short run, meaning that in the short run, financial markets have no effect on renewable energy consumption; however, it is positively significant in the long run for both groups. Therefore, the stock market value is an important positive factor affecting renewable energies in the long run. Growth rate significantly affects re in both the short and long run, although it is only significant in the short run for rec as a dependent variable. Neither type of renewable energy affects growth in the short run and long run. This result is similar to Dogan that found little effect of renewable energy consumption on economic growth in Turkey. Destek found negative effect of renewable energy consumption for South Africa and Mexico. However, Adams et al discovered positive effect of renewable energy consumption on economicgrowth in 30 Sub-Saharan African (SSA) countries.By examining the relationship among two groups of renewable energy consumption, stock market value, and economic growth, the results of this study highlight a few points for policymakers in Iran who are looking for ways to improve public health by using clean energies. First, stock market development in Iran has led to an increase in renewable energy consumption for total hydropower, wind, solar, and nuclear energies, while has not affected the consumption of combustible renewable and waste energies. The positive effect of stock market value on long-run economic growth shows that stock market development can increase renewable energy consumption in the long run. Second, economic growth can also lead to an increase in renewable energy consumption of the first group so policies towards increasing economic growth also lead to renewable energy consumption of first group. Third, given Iran's recent investments in the development and use of renewable energy technologies, the results of this research show that the country should continue to develop its renewable energy infrastructure in order to reap the full benefits.Responses to the following questions can be a guide for policymakers to achieve sustainable development and to increase the health and well-being of the society.•Do renewable energies have a positive effect on economic growth?•Does the value of the stock market have a positive effect on economic growth?•Does the value of the stock market have a positive effect on renewable energy?If the value of the stock market affects both economic growth and renewable energy consumption, it can serve as a stimulus for using renewable energy and achieving sustainable development. Economic policymakers can increase renewable energy consumption by better understanding the nuances of the effects of stock market value and economic growth on each group of renewable energy and use this knowledge to facilitate the development of the applicable renewable energies for the improvement and spread of clean air.中文证券市场发展和经济增长的关系伊朗可再生能源消费Seyedeh Razmi，Bahareh Bajgiran等摘要本文研究了伊朗两类可再生能源消耗（水电，风能，太阳能和核能总量以及可燃可再生和废物总量）与证券市场价值和经济增长之间的关系。

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。

金融资产证券化【外文翻译】

eriuqca ot tsoc lab olg eht neht ,gni tar rehgih htiw seton gniussi yb deniatbo gnivas
yap ot dewolla era suht dna stnem tsevni elbailer erom era seton detar rehgiH .3
01 sulp robiL fo tsoc eht ta AAA gnitar htiw seton eussi ot elba eb dna 1sei tnarraw na hcuS .stni op sisab 051 sulp )etar gnireff o knabretni nodnoL( robiL sa hcus etar tiderc teg ot stni op sisab 001 lan oi tidda na yap ot ediced yam ,rotanigiro sa ,noituti tsni
.)EOR( y tiuqe no nruter eht sevorpmi stessa
sti secuder s uht dna stessa sti f o elas thgirtuo elbissopmi na f o melborp eht sessapyb
eht pu ei t hcihw stcartnoc egagtrom ro esael ,ecnatsni roF .meht ot erusopxe llarevo
sisab 04 fo setar tseretni no gnivas a ecudorp lliw SBA na esac siht nI .stniop sisab
a ta yenom teg nac gnitar BB a htiw noituti tsni na taht emussa su teL .sesaerced sdnuf

证券市场发展与经济增长外文文献翻译中英文2020

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。

股市金融全球化中英文对照外文翻译文献

股市金融全球化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:Taking Stock Seriously: Equity-Market Performance,Government Policy, and Financial GlobalizationMosley, Layna Singer, David AndrewAre equity markets just another facet of global finance, or are they unique in their responses to—and influences on—government policies and institutions? Recent work has explored the impact of political factors on bond market behavior and foreign direct investment, but little attention has been paid to stock markets. On the basis of the particular concerns of equity investors, we hypothesize a positive association between stock-market valuations and levels of democracy, shareholder rights, legal traditions, and capital-account liberalization, a negative association with real interest rates, and no association with fiscal deficits or surpluses. We assess our expectations by analyzing the political and institutional determinants of aggregate price-to-earnings ratios for a sample of up to 37 countries from 1985 to 2004, using both cross-sectional and time-series cross-sectional analyses. We find support for most, but not all, of our hypotheses. Our findings suggest that we must disaggregate the effects of different asset markets to understand the impact of economicglobalization on government policies.How do government policies and institutions affect equity-market performance a cross countries? As stock markets grow broader and deeper in both the developed and developing worlds, this question becomes more critical. In 2004, global stock-market capitalization stood at $37.2 trillion, compared to global GDP of $41.3 trillion. While this figure was slightly less than global commercial bank assets, it markedly exceeded the total size of outstanding public debt securities, which were $23.1 trillion.1 The bulk of global stock-market capitalization represents developed-country equity markets, but less developed country markets—which accounted for 14 percent of total capitalization in 2004—are quickly gaining ground. Some emerging market countries, such as Malaysia, Singapore, and South Africa, have total stock-market capitalizations that exceed their respective gross domestic products .Equity markets enhance corporate efficiency, spur innovation, and provide a valuable source of capital for long-term economic development. They also provide a useful mechanism for governments to raise capital through the sale of state-owned enterprises. Moreover, equity-market investments consti tute an important element of individuals’ assets, particularly as governments shift their pension systems toward the private sector. In short, it is clear that equities constitute an increasingly important capital market in the world economy. However, we currentlyknow very little about how government policy choices and political institutions influence equity investors’ decisions.T he few extant analyses of stock markets and politics tend to focus on one or two developed countries, or on sectoral variation within a particular market, rather than on the determinants of national-level market outcomes in a broader cross-country context. For instance, David Leblang and Bumba Mukherjee consider the impact of government partisanship and elections on stock market outcomes in the United States and Great Britain. In a wider study, Fiona McGillivray (2003) considers the impact of partisan changes and electoral institutions on stock-market outcomes in fourteen advanced democracies. Her analyses, however, focus largely on industry-level variation, arguing that shifts in political constellations change investors’ expectationsregarding which sectors will benefit from public policies. Indeed, McGillivray is interested less in equity-market outcomes per se than in using such outcomes as a proxy measure of the expectations of economic actors regarding political decisions. Similarly, William Bernhard and David Leblang consider the impact of politics and political uncertainty on daily market behavior in several advanced democracies. Unlike most analyses, theirs considers outcomes in multiple asset markets, including currencies, equities, and government bonds. Bernhard and Leblang’s aim, however, is to explore the consequences of discrete politicalevents—such as elections and cabinet formations—on capital markets, rather than to assess the broader impact of public policy and institutions on capital market outcomes.This article seeks to round out the literature on financial globalization by exploring the linkages between equity-market outcomes and national government policies and institutions. Its contribution is both theoretical and empirical. Theoretically, we elaborate on the politics of equity-market performance, focusing in particular on the effects of government policies and institutions on stockmarket valuations. We rely on the relatively developed literature on foreign direct investment and sovereign bond markets to underscore the distinctiveness of equity-market reactions to government policies. Empirically, we conduct a novel evaluation of the correlates of total-market, price-to-earnings ratios (P ⁄E) for a sample of up to 37 developed and emerging market countries during the 1985–2004 period. Cross-sectional and time-series cross-sectional (TSCS) analyses reveal that levels of democracy, market liquidity, shareholder rights, and capital-account liberalization are positively associated with equity-market valuations, while real interest rates are negatively associated. We also find that investors are positively disposed toward equity markets in emerging-market countries, and negatively disposed toward markets with high dividend payout ratios. Interestingly, many of the political and economic factors—includinginflation, and fiscal policy—deemed highly salient to investors in other financial markets are not statistically associated with stock-market valuations. These results are robust to the inclusion of a number of control variables, including capital-asset pricing model (CAPM) factors and alternative pricing model considerations.Note that the responses of investors to policies and institutions also have implications for future government policy choices. For instance, if a nation’s economy relies more heavily on FDI than on sovereign lending or bank financing, its government may face few pressures to reduce public spending. On the other hand, if a government relies heavily on the bond market to finance its expenditures, but has a relatively low level of stock-market capitalization, it may face greater pressures for fiscal and monetary tightening. And if a country relies on a varied menu of financial inflows, as most do, asset holders will express diverse preferences over public policy. Untangling the various financial-market influences on government policy making is clearly a long term research project. This article, which focuses on the political determinants of equity investors’ behavior, complements similar analyses of sovereign bond markets and foreign direct investment. Once we understand how investors in each market react to government policies and institutions, we can then advance to a broader analysis of the impact of financial markets—along with domestic institutions, interest groups, and other factors—on governmentpolicy making and institutional design.Stock-market performance is increasingly a target of analysis by political scientists, because equity investors may be highly sensitive to the effects of certain government policies and institutions on their investments. Equity investments are generally very liquid, and the time horizons of equity investors are often relatively short. As a result, changes in government policies can trigger a swift response by investors. Government policies that enhance investor confidence—either directly, by providing shareholder protections and ease of exit, or indirectly, by expanding the economy and improving corporate earnings—will be rewarded by higher stock prices and market valuations. On the other hand, investors can quickly withdraw their funds if governments choose market-unfriendly policies, thereby generating downward pressure on stock prices and valuations. Stock markets, in short, are a valuable indicator of financial actors’ preferences over government institutions and policy outcomes.A fitting alternative measure of performance is the ratio of the stock price to company earnings—or, in other words, the price that equity investors are willing to pay for an expected stream of profits. As with stock prices, these ratios reflect investors’ expectations about future earnings, b ut they also signal investors’ preferences over time-varying government policy and largely invariant political institutions. Because ofthe latter, cross-national variation in P ⁄E ratios persists even when national stock markets are hit simultaneously by global price shocks.The extant literature on the linkages between globalization and domestic politics has paid scant attention to the diverse ways in which countries are integrated into the world economy. By assuming that financial markets impose a unified influence on government policies, prior studies have overlooked the stark variation in the preferences of investors across different types of financial assets. In this article, we argue that equity investors are becoming an increasingly influential force in the global economy, and that their preferences diverge from those of other financial actors in important ways. To illustrate this divergence, we present empirical analyses of the political and institutional determinants of equity market performance across a sample of developed and developing countries. Among the most interesting findings are that market valuations are significantly associated with capital-account openness, shareholder protections, levels of development, and alternative domestic investments. In addition, equity investors appear indifferent toward government fiscal balances and the partisan orientations of government leaders. Given that countries are integrated into the global financial system in different ways, these findings lead to the question of how government policy makers might reconcile the competing interests of different types of financial investors.译文：股市严重性讨论：股权市场现象，政府政策与金融全球化在政府的政策和体制影响中，股市是另一个全球金融市场，还是有其独特的反应？最近的工作探讨了政治因素对债券市场的行为和外国直接投资的影响，但很少注意到股票市场。

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。

商业银行不良贷款证券化外文文献翻译

外文文献翻译原文+译文原文The study on the securitization of non-performance loans of commercial banksAhmad WAbstractCommercial Banks non-performing assets is to point to in a good operating state, not normal brings to the commercial bank interest income in time even can't take back the principal bank assets in a timely manner. The essence of the non-performing assets is an additional commercial Banks operating costs. The seriousness of the problem, however, far from it, because the bank in the special position in social economic life and the important role of non-performing assets in which could lead to an increase in commercial Banks operating costs at the same time, also implies a higher social costs. Throughout the history of the world, all previous banking crises, financial crisis and the outbreak of the global economic crisis, with Banks non-performing assets. Unwind the bad assets, and eliminate the root causes of bad assets are imperative. Keywords: Non-performing loans; Asset securitization; Commercial Banks1 IntroductionNon-performing assets disposal of the most common method is operated Banks, specific include: collection, debt restructuring, on the basis of repay the principal reduction, litigation and court execution, loan interest cancel after verification, etc. Among them, the collection, a debt restructuring and reduction method of interest is the premise of the borrower has certain repayment sincerity and reimbursement ability. Action to perform, loans verification method is suitable for borrowing the lack of sincerity reimbursement or reimbursement ability. Many reasons for the formation of non-performing assets of commercial Banks, credit conditions are an important reason. Credit system is imperfect, bilk not directly caused a large number of enterprises also phenomenon. Many private enterprises and unable to repay bank loans, its legal representative or the shareholders itself will not be affected by any; moreover, they can through the prior registered a new company to continue to run their business. It is because of bad credit environment, led to made the borrower's subjective repaymentwillingness is not strong, lack of credit consciousness, so the collection way to deal with the effect of bad assets always is not very good, a lot of the time can only play the role of interrupt litigation efficiency., with some success, of course, but generally this borrowing has full mortgage or guarantee. Debt restructuring, breaks the interest is the bank to the borrower has certain repayment willingness, but a kind of measures taken by the reimbursement ability is insufficient. Such treatment clause contains both the preferential policies of the bank to the borrower, and the limitation of the bank. Debt restructuring is mainly for the duration of the loan, mortgage, guarantee, loan, make changes to form new loans, to reduce risk. Reduction of interest by a certain amount of relief, recover all loan principal. These two approaches in the bank received a lot of use. Litigation and court execution way has always been one of the important ways of bad assets disposal, bad credit environment, concentrated in many borrowers bilk not also, the bank must take compulsory means of recovery of the loans. As Banks and borrowers are format contract signed, the guarantor, so the problem of loans made to basically guaranteed. But the problem is the execution phase, if the lack of sufficient assets available for execution, the loans are still hard to fully recover, sometimes even the action to perform advancements cannot take back. Even so, as a result of litigation compulsory execution, these ways of disposal gradually become one of the most main way. Finally, on the premise of any loan, it will not be repaid, Banks into bad debt verification procedures. Visible, the non-performing assets of commercial Banks have formed a set of business process, according to the customer's specific repayment willingness and repayment capacity, formulate the corresponding disposal measures, and the process is in the process of improving.2 The affect factors of the non-performing loan recovery2.1 Loan timeIn theory, the loan last failed to repay the longer, may also produce bad debt loss, the greater the non-performing loans of borrowing the earlier time, time will be long overdue, and recovery rate is generally low. Countries to borrow after transfer, a large number of non-performing loans to appear, but state-owned enterprises did not returnthe bank loans as a must, the idea has not changed, also think that is a country in support, and the commercial bank reform has not yet started, have to bear the certain function of finance. Appear in this phase of the non-performing loan is a big difficulty, in their evaluations, to especially pay attention to this stage of the lent loans, in has been calculated based on the assessment of the value should be lowered accordingly.2.2 Loan sectorDifferent industry development direction, development potential, payment is also different. But more important is the nature of industry difference also means different organic composition, the different proportion of tangible and intangible assets, can be used for the assets of a mortgage. Enterprises of different industries in the face of the repayment pressure or liquidation, creditors can perform an asset and its degree, and thus to creditors have different ability of guarantee. The real estate, construction even if there will be a lot of bad debts occur to pay off the building and construction materials, realizable ability, such as financial services when bad debts occur or bankruptcy is available to sell anything.2.3 The enterprise ownershipNon-performing loan ratio highest is state-owned enterprises and collective enterprises, and foreign enterprises and individual enterprises is generally lower. According to incomplete statistics of non-performing loans of state-owned enterprises and collective enterprises accounted for the big four Banks non-performing loans is about 75% of the total. For a long time, the main commercial Banks is a state of absolute holding, so its loan direction mainly in the face of state-owned enterprises and collective enterprises, in the process of loan, sometimes under the intervention of the government, the bank will be for some, redundant construction, low management level of the product unsalable make loans to the state-owned enterprises, such loans are usually difficult to recover. And many of the state-owned enterprises in the business at the same time also in bear the heavy burden on society, such companies can once cannot reimbursement is not bankruptcy liquidation, because it will affect the stability of the local society to a certain extent. The state-owned enterprises and local government relations are complex, is likely to encounter in the process ofrecovery of loans the government. So we can expect, state-owned enterprises non-performing loan recovery rate is relatively low.2.4 Loan purposesThe purpose of the enterprise loans directly affect the loans become non-performing loans after its recovery, loans for infrastructure construction such as highway, hydropower station, even out of business, but has invested assets can still corresponding cash. As for working capital turnover or to repay debt, once enterprises shut down at this moment, it will be difficult to get a loan.2.5 Enterprise operating conditionsEnterprise only keep operating, will speed up the turnover of assets and value-added, its assets only in continuous operation at the same time, will be to the value of its future cash flow measurement. If the enterprise is unable to maintain normal operation, under the period of shut down or even bankruptcy, on the one hand, the source of enterprises to raise funds dried up, room for turnover decreases, and on the other hand, itself can no longer produce inflows, on the degree of guarantee creditors will decline.3 Theory of asset securitization and the process3.1 DefinitionsOf future earnings of the asset securitization is simply the assets transferred to investors in the form of securities issuance, its low cost, high rate of financing characteristics have drawn the attention of the governments and financial institutions. Since the United States created the beginning of asset securitization, in just a few decades the development has begun to take shape, more developed in many areas, asset securitization has become a of non-performing assets of Banks and other financial institutions to solve the important means. Law fare that asset securitization is savers and borrowers by financial markets to some or all of the matching process and tools, under the arrangement, the development of the market credit replaced by Banks or other financial institutions to provide closed market credibility. American Yale set professor argues that "asset securitization can be broadly defined as a process, through this process will have a common characteristic of loans, consumer installmentcontracts, leases, accounts receivable and other illiquid assets into market-oriented investment characteristics of interest-bearing securities. "Visible, the meaning of asset securitization, which consists of a series of financial asset through restructuring, the construction of asset pool, in order to get more stable cash flow, and then through a variety of credit enhancement, in order to achieve the standard of securities issuance, so as to issue securities, and based on the payment of securities of the asset pool cash flow.3.2 The theory analysisBasic operation principle of asset securitization together is the securitizations of assets, the restructuring its cash flow and handed it to investors. Because our country banking non-performing loans is not completely get rid of the constraint, staying in more than two system, formed the situation of non-performing loans is basically equivalent to default loans. Therefore, for single non-performing loans, because the borrower has defaulted, difficult to timely recovery of the loans in the future through the normal way, so its cash flow is uncertain, extreme without any occurrence of cash flow is possible. So, expect the cash flow of non-performing assets of Banks is a very difficult thing, this factor has become a part of the opposition of non-performing assets securitization of scholars is a major reason.But, in fact, for a group of loans, even though the cash flow is the combination of the combination of each loan sum of cash flows, but because of the role of the law of large Numbers, the combination of the cash flow may present a certain regularity, the premise is the number of borrowers in loan portfolio enough, correlation between small enough, industry and region, the loan scale widely enough and so on. So the individual loans often large deviation, but can the whole portfolio cash flow has credible estimates. On this basis, it can be bad assets together, structural reorganization, and divided the resale market for securities investors. Bad assets the damage to the financial sector and the whole regional economy is self-evident, bad assets for the financial system is always a great safety hidden trouble, while asset securitization is the most common especially in some developed areas in the world of the methods to solve the problem of non-performing assets. This section is to analyzethe necessity and feasibility of securitization of non-performing assets.文献出处：Ahmad W. The study on the securitization of non-performance loans of commercial banks [J]. Journal f Basic and Applied Scientific Research, 2016, 4(3): 241-250.译文商业银行不良贷款证券化研究Ahmad W摘要商业银行不良资产是指处于非良好经营状态，不能及时给商业银行带来正常利息收入甚至不能及时收回本金的银行资产。

经济学人双语阅读：证券化重新启动

【经济学人】双语阅读：证券化重新启动Leaders社论Securitisation证券化It's back重新启动Once a cause of the financial world's problems, securitisation is now part of the solution 证券化曾经是导致金融危机的因素之一，如今却能帮助解决金融难题GIVEN their role in the 2008 meltdown, and their subsequent branding as toxic sludge, it is not surprising that securitised financial products have had a quiet few years.鉴于2008年经济危机时所扮演的角色，以及随后被贴上的有毒污泥的标签，证券化金融产品这几年的表现并不出乎人的意料。

Yet the transformation of mortgages, credit-card debt and other recurring cashflows into new marketable securities is enjoying something of a resurgence.然而抵押贷款、信用卡债务和其他一些循环的现金流向新的可交易证券的转变目前正在振兴。

Once apparently destined for the financial history books, the alphabet soup of ABSs, MBSs, CLOs and others had a bumper year in 2013. More growth is expected this year.尽管曾经有过惨痛的经历，但是资产担保证券、抵押贷款证券和贷款抵押债券以及其他许多以字母简称命名的证券在2013年却大获丰收。

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。

广发银行资产证券化案例

广发银行资产证券化案例（中英文版）Case Study: Guangfa Bank Asset Securitization广发银行资产证券化案例研究Asset securitization is a financial instrument that allows banks to convert illiquid assets into liquid securities.Guangfa Bank, a leading commercial bank in China, has successfully implemented an asset securitization program, which has demonstrated significant benefits for the bank and its stakeholders.资产证券化是一种金融工具，它使得银行能够将非流动资产转化为流动的证券。

广发银行作为我国一家领先的商业银行，成功实施了一项资产证券化计划，这对其及其利益相关方带来了显著的好处。

The securitization process involved the bundling of various assets, such as loans and mortgages, into a single security.This security was then sold to investors, who received regular payments based on the cash flows from the underlying assets.By doing this, Guangfa Bank was able to free up capital that was tied up in these assets, and reinvest it in other areas of the bank.证券化过程包括将各种资产，如贷款和按揭贷款，捆绑成单一证券。

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。

金融资产证券化中英文对照外文翻译文献

证券公司资产证券化业务管理规定中英文版

不良资产证券化理论研究外文文献翻译

金融体系中英文对照外文翻译文献

证券市场行为金融中英文对照外文翻译文献

金融学融资融券中英文对照外文翻译文献

证券市场发展与经济增长外文文献翻译中英文2020

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【外文翻译】

证券市场发展与经济增长外文文献翻译中英文2020

融资与证券【外文翻译】

股市金融全球化中英文对照外文翻译文献

金融资产证券化外文文献资料及翻译(可编辑)

商业银行不良贷款证券化外文文献翻译

经济学人双语阅读：证券化 重新启动

金融学毕业论文外文翻译中英文全

广发银行资产证券化案例

融资租赁中英文对照外文翻译文献

经济学人双语阅读：证券化重新启动