消费金融外文文献翻译

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嘉兴学院本科毕业论文外文翻译论文题目：消费信贷信息系统学院名称：商学院专业班级：金融071班学生姓名：陆万锋外文题目：Consumer credit information systems: a critical review of the literature. Too little attention paid by Lawyers?出处：Published online: 6 July 2007 Springer Science Business Media, LLC 2007作者：Federico Ferretti译文：消费信贷信息系统费德里.科法拉摘要:本文综述了消费信贷报告是最广泛的使用工具，以克服信息不对称和信贷市场逆向选择问题。

尽管有丰富的文学和经济学的一些法规政策研究，但法律界已经几乎没有注意的消费信贷信息体系的法律框架，特别是在欧洲联盟范围内。

然而,关于这个专题的研究，特别有关针对单一市场消费信贷的建立。

这篇文章最后呼吁进一步研究解决消费者的法律保护问题，并告知将来的立法。

关键词:消费信贷报告，文献综述，法律框架简介这项工作探索消费信贷风险管理系统，由贷款人的信用信息作为一种工具使用。

这种装置在承销借贷决定或供应的货物和服务给客户已成为最广泛使用的工具。

贷款人，事实上，获得信贷参考数据库管理的第三方供应商（即所谓的信用咨询机构），以评估消费者的信用申请和他或她的信用。

如今，几乎没有一个国家，没有一个地方的信用信息在共享系统中，如世界银行，而国际组织仍然在实施那几个新兴经济体。

这类系统有彻底综合自己信用授予实践,有时从国家一些微小的方面来看不同的西方经济体。

值得注意的是，消费信贷报告不是由法律规定而是基本共享设备，依靠自愿提供不定数量的贷款，而这又是相同的信贷评级机构和自己客户的数据的客户信贷评级机构。

通过这种方式, 信贷评级机构对他们来自不同银行客户最终保持在全部数据共享机制收集资料的基础上,与此同时,供应相同的银行费用和消费者的信用报告。

金融体系中英文对照外文翻译文献

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

金融监管改革与启示外文文献翻译译文3400多字

文献出处：Brad Dennis., An empirical study on financial regulatory reform and enlightenment: The Case of United States [J]. International Review of Business Research Papers, 2014,17(3): 57-69.（声明：本译文归百度文库所有，完整译文请到百度文库。

）原文An empirical study on financial regulatory reform and enlightenment:The Case of United StatesBrad·DennisAbstractDefects of American current financial regulatory system have been exposed in the Subprime Crisis, which makes America rethink its regulatory philosophy and system. "Dodd-Frank Wall Street Reform and Consumer Protection Act" is a new legislative outcome in America ' s large -scale financial reform. The Act involves newly establishing the Financial Stability Oversight Council to address systematic risks; setting up the Consumer Financial Protection Bureau; creating transparency and accountability for the derivatives markets and ending too big to fail bailouts, etc. KeyWords: Financial regulation; Reform; Systematic risks; Financial Stability Oversight Council; Consumer Financial Protection Bureau1 IntroductionOn July 21, 2010, U.S. President barack Obama signed the final version of the financial reform bill (all referred to as "dodd - frank Wall Street reform and consumer protection act"), making it the formal legislation.This aims to reshape the U.S. financial regulatory system, and put an end to the financial institutions in so-called "too big to fail" situation, consumer financial protection, create a sound financial base development so as to avoid similar financial crisis repeat of the bill is known as the United States since the great depression the severest financial regulatory reform bill.New look at the bill heavy defects of current financial regulatory system, theredistribution complex "double bull" in the financial regulatory system regulatory power.This paper tries to analyze the new law and interpretation, so that we can understand its for the good of our country financial regulation legal system construction has the important enlightenment significance.2 legislative background of America's financial regulatory reform billThe financial crisis has made the United States and the world economy into a severe recession.On the root causes of the financial crisis, opinions vary.Main viewpoints can be summed up in loose monetary environment creates excess liquidity;Unbalanced ratio the real economy and virtual economy and real estate asset bubble burst, financial regulation overlap and vacuum, excessive financial derivatives and the proliferation of financial institutions in the moral risk, the credit rating agency conflicts of interest and unbalanced economic structure, etc.But the defect on the level of financial regulation, is undoubtedly important to the cause of the financial crisis.The new law of marked the U.S. financial reform legislation run successfully crossed the line.Review bill from the proposed, vote, reject, modify, until, through hardships and sign, it is not hard to see the game of different interest groups.On June 17, 2009, the Obama administration formally announced a comprehensive financial regulatory reform bill.The house of representatives and the senate on December 11, respectively, and on May 20, 2010 through their version of the bill.According to the program, each house in coordinating a unified text after the vote again.On June 30, the house of representatives by 237 votes in favor, 192 votes against the results of the version of the financial reform bill passed both houses of unity.On July 15, the United States senate to 60 votes, the result of 39 vote passed the bill's final version, and become law to clear the last obstacle for it.The implementation of the new law is the Obama administration faces the pressure of the mid-term elections and safeguard the interests of the party needs, but more reflects its desire to restore confidence in the U.S. financial system.The senate banking committee chairman Christopher Dodd (Christopher Dodd and house financial services committee chairman Barney Frank (Barney Frank), and other people's unremittingefforts and overcome many fierce lobbying activities of interest groups to enact legislation, will no longer make the taxpayer for Wall Street's mistakes, to protect consumers and the economy "(Obama, 2010)Two of the seven key points of legislation of America's financial regulatory reform bill The name of the new law embodies the American financial regulatory reform and main content of two core pillars: systemic risk prevention and consumer financial protection.Bill legislation mainly includes seven points:(1) set up a consumer financial protection agency (agency).Within the federal reserve system to create a new independent regulator, to ensure that U.S. consumers in the choose and buy mortgages, credit CARDS and other financial products, to obtain the clear and accurate information needed, at the same time to eliminate hidden costs, terms of abuse and fraud.(2) the end financial institutions "too big to fail" that - big - to - fail) under the condition of financial bailout.Take the following measures to end the possibility of financial institution failures require taxpayer bailouts: when financial institutions failing to secure a liquidation procedures;Set tough new capital adequacy and liquidity requirements make financial institutions consciously shoulds not be too much;Update the power of the federal reserve, allow it to provide the system within the scope of the support, but no longer support the individual financial institutions;To establish more strict standard and supervision system to protect the U.S. economy, consumers, investors and the interests of the enterprise.(3) the establishment of financial stability oversight council (FSOC).In order to promote the construction of risk early warning system and regulatory coordination mechanism, set up financial stability monitoring committee to identify and respond to the large financial institutions, financial products and trading behavior caused by systemic risk, in order to avoid such risks threaten the stability of the U.S. economy.(4) to ensure the transparency and reliability of the financial derivatives.To fill the trading risk regulatory loopholes, the new law strengthened to include over-the-counter (OTC) derivatives, production guarantee securities (ABS), hedge funds, mortgage brokers and regulation of payday loans.(5) executive compensation level and structure of corporate governance.In the executive compensation benefits, provide shareholders with voice, make it to the executive compensation levels and compensation for executives fired achieve a nonbinding vote.(6) of investor protection.Set tough new rules to ensure the transparency and reliability of credit rating agencies, to protect the rights and interests of investors and enterprises.(7) to strengthen the implementation of the regulations.Authorized positive regulators to crack down on financial fraud, institutional conflicts of interest and at the expense of U.S. households and business interests to meet the market manipulation behavior of individual self-interest.3 financial regulation reform legislation logic framework(1) for financial business practices, innovation concept of financial regulation.Since the 1970 s, pursues the new liberalism economy, think should implement financial and trade liberalization, reduce regulation, give full play to the function of market's self-adjustment.In 1989 John Williamson (John Williamson) proposed by ten o 'clock the "Washington consensus" that reflects the core concept.Financial legislation in congress is basically in accordance with the new liberalism economy, encourage financial innovation and development, maintain the market value orientation of freedom, but ignored the value of the financial stability and security considerations.From 70-80 - s of the 20th century, the United States financial system was a great revolution, the revolution is mainly characterized by traditional way of bank credit to similar to the shadow banking (shadow banking) credit financing system transformation, changed the whole financial market credit basis (Mr Yi, 2010).Financial institutions profit-driven, often prompted the high-risk financial activities, and risk management system has failed to keep up with the pace of financial product development, thus accumulated a serious risk.When the financial market behavior and credit basis after fundamental changes, if there is no corresponding regulation system arrangement, does not have a suitable for the system of laws and rules of the financial system, also won't be able to form a new way offinancial risk, how to avoid the outbreak of the financial crisis is inevitable (Mr Yi, 2010).After tasted the bitter legacy of the financial crisis, the U.S. government must renew its laissez-faire, the idea of the regulation and legislation.So, billed as the largest and the most severe in the history of financial reform bill arises at the historic moment, reflect efforts continue to increase government intervention in the market, continuously break through the new tendency of government supervision boundary.(2) comply with the financial market structure, the reform of financial regulation mode The development of the structure of the U.S. financial markets In 1999, Clinton approved the financial services modernization act, repealed the glass-steagall act of 1933 relative clauses, which eliminated the banking, securities and insurance agencies from the legal boundary in the scope of our business, became a major event in the late 20th century financial liberalization, marks the formal towards mixed management in us financial sector. With the relaxation of financial regulation, many commercial Banks to financial derivatives "feast". Due to finance expansion is larger than the service of the real economy, buried hidden trouble has been expanded.4 The choice of the U.S. financial regulatory modelSince the formal establishment of mixed management after the financial market structure, the United States gradually form "double bull" umbrella supervision mode."Double" refers to the power of the federal and state sharing financial regulation;"Long" is a multiple departments responsible for the supervision.Because a crisscross network of regulators regulation pattern, there is "repeat" and "supervision vacuum" phenomenon.When mixed management institutions of financial market development, and the corresponding financial regulatory model failed to timely adjust, exposed the contradiction between necessity.On financial regulatory reform in financial supervision mode change.According to the Columbia University school of law professor John Coffey (JohnC. Coffee) about financial regulation "bimodal pattern", the purpose of financial regulation, there are two independent, one is the regulatory prudential regulation related financial institutions;Second, the protection of rights and interests of consumerfinancial regulators.The United States after agency regulation and function of traditional financial supervision mode, to achieve two legislative innovation financial regulatory goals.First of all, to reconstruct of regulators, set up integration and coordination of various financial regulatory powers special agencies - the financial stability oversight council;Secondly, set up a powerful consumer financial protection regulators - consumer financial protection position and function of the financial stability oversight committee before the outbreak of the financial crisis, the United States department of the government in monitoring the country's financial system, specialized agencies not full tracking effect of the potential threat of national economic security.Therefore, when such as insurance giant American international group (AIG), a sharp expansion in scale and connected with other enterprises, custodian of the buried time bomb unconcerned, until the bombs detonated in September 2008, then the global economy into a terrible abyss (Brady Dennis, 2010).The new financial stability oversight council, led by Treasury secretary, by a representative of the 10 federal financial regulators, an independent committee members and five non-voting members of a total of 16 members.Federal financial regulators mainly include the federal reserve, securities and exchange commission (SEC) and commodity futures trading commission (CFTC), the comptroller of the currency (OCC), the federal deposit insurance corporation (FDIC), the federal housing finance agency (FHFA), the national credit union administration (NCUA), and the new consumer financial protection agency (agency).The committee's main job is to identify and deal with the threat to the country's financial stability of systemic mittee shall have the right to decided which aims to expand the scale of the enterprise's financial institutions to the nation's financial system at risk, and make recommendations to the federal reserve, for its capital adequacy ratio, leverage limits, liquidity and risk management puts forward more strict requirements, the committee shall have the right at the same time in terms of capital requirements for not less than minimum standards of the current standard;For non-bank financial firms, such as the committee that the failure or business activities will bring risk to the financial stability, after a two-thirds majorityvote, can require the fed to regulate;Exercise "pre-emptive" regulatory powers, the committee, after a two-thirds majority vote of the approval of the federal reserve requirements of large financial institutions to divest assets, premise is the national threats to financial stability and put the measure as a last resort., under the supervision of the committee have been troubled asset relief program (TARP) funds of large bank holding companies will not be able to simply by spinning off escape regulation at the federal reserve bank.In addition, in the ministry of finance within a new office of financial research.Members of the office by economists, accountants, lawyers and former regulators and other senior experts.Mainly responsible for collecting financial data and economic analysis.In the office of financial research and other agencies, under the support of the committee will collect and analyze relevant data to the risk of identification, monitoring and to congress each year in periodic report and statement will be published information.Consumer financial protection agency, on the eve of the financial crisis, there are seven regulators for housing mortgage loans, credit CARDS and other products to regulate, but none will consumers' rights and interests protection priority, leading to the housing mortgage loan becomes risky products, credit card interest and bank charges surge, non-bank lenders to free from the federal regulatory (Brady Dennis, 2010).So, the new set up specialized consumer protection department.译文金融监管改革与启示：美国的实证研究布拉德摘要次贷危机暴露了美国现行金融监管制度的缺陷，使美国对其监管理念和监管体系进行反思。

金融学英文文献翻译

译文商业银行信贷风险治理研究在我国商业银行的业务中，资产通常包含贷款、证券投资、现金存款以及其他四种类型的资产，比方贸易，在这些资产中，信用贷款业务是一种业务，是我国商业银行的主要的业务种类，在商业银行的全部业务中，信用贷款占据了信用资产中很大一局部比例。

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

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

因此，强化信用资产的风险治理对于商业银行的开展也是非常重要的。

首先，对当前商业银行的信贷风险环境进行分析。

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

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

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

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

〔2〕信贷风险处理手段较少信贷风险治理是指将信贷风险降低到最小的一个过程，信贷风险是客观存在的，这意味着银行是肯定会承当肯定的信用风险的。

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

农村金融小额信贷中英文对照外文翻译文献

农村金融小额信贷中英文对照外文翻译文献(文档含英文原文和中文翻译)RURAL FINANCE: MAINSTREAMING INFORMAL FINANCIAL INSTITUTIONSBy Hans Dieter SeibelAbstractInformal financial institutions (IFIs), among them the ubiquitous rotating savings and credit associations, are of ancient origin. Owned and self-managed by local people, poor and non-poor, they are self-help organizations which mobilize their own resources, cover their costs and finance their growth from their profits. With the expansion of the money economy, they have spread into new areas and grown in numbers, size and diversity; but ultimately, most have remained restricted in size, outreach and duration. Are they best left alone, or should they be helped to upgradetheir operations and be integrated into the wider financial market? Under conducive policy conditions, some have spontaneously taken the opportunity of evolving into semiformal or formal microfinance institutions (MFIs). This has usually yielded great benefits in terms of financial deepening, sustainability and outreach. Donors may build on these indigenous foundations and provide support for various options of institutional development, among them: incentives-driven mainstreaming through networking; encouraging the establishment of new IFIs in areas devoid of financial services; linking IFIs/MFIs to banks; strengthening Non-Governmental Organizations (NGOs) as promoters of good practices; and, in a nonrepressive policy environment, promoting appropriate legal forms, prudential regulation and delegated supervision. Key words: Microfinance, microcredit, microsavings。

金融经济外文文献翻译

郑州大学商学院金融外文文献翻译题目：WTO and Capital Peking’s Economy指导教师：职称：学生姓名：学号：专业：院（系）：完成时间：WTO and Capital Peking’s EconomyJ effrey J . McMillan ABSTRACTChina’s accession to the WTO is an important event of our economic life in the course of reforms and opening. Therefore, Peking Municipal Government has established a special research team, which is designated to the study on the subject of Ch ina’s accession to the WTO and its impacts on the economic development of the capital. Here are only some views on the primary results of the research.I. Impacts on the economy of the capitalChina’s accession to the WTO means that our country will integrate and participate in the course of the economic globalization with an unprecedented extent and depth, and Peking will be in a brand new environment of development. The requirements of the market system reflected by the free trade principles and rules advocated by the WTO and the industrial orientation implied in the furtherance of the new international division of labor are consistent with the general direction of the economic development of the capital. In front of the wider opening of the market system, Peking, a city as the center for international communication, is endowed with resources of advanced technology and education, stronger comprehensive economic power and a fully established foreign-oriented pattern of multiple levels involved in wide fields, and thus Peking is in a more favorable competitive position as compared with other areas possibly with some relative advantages in international competition. Therefore, with correctly determined development strategy and tactics and initiatives in making full use of advantages and avoiding disadvantages, Peking may maximally share the benefits and opportunities brought forth by China’s accession to the WTO and reduce the shocks and pulse, hence facilitating the promotion of the economic development of the capital.II. Basic principles to be observed in developing the economy of the capital upon China’s accession to the WTOUpon China’s accession to the WTO, the economic development of the capital shall abide by the principles of comparative advantages and stick to the principles of reforms and innovation and the principles of the balance of focus on both domestic and foreign opening, thus pushing the economic growth and increasingly expanding the three demands for investment, consumption and import and export.In view of investment, it is initially estimated that for the first years upon China’s accession to the WTO, the domestic investment growth will be impacted by about 1--2%, the growth of the utilization of foreign investment will be impacted by 8--10%, and calculated on the basis of the current investment composition, total investment of fixed assets will witness a growth of 2--3.5%. Based on the elasticity of fixed asset against GDP from 1982 through 1998, the growth of GDP will be promoted by 1.5--2.5%. In view of consumption, during the initial period, China’s accession to the WTO will promote the growth rate of total residential consumption by 1--1.5%, and the growth rate of the ultimate total annual consumption will be promoted by about 0.6%, which means that upon complete realization of the agreement commitments, China’s accession to the WTO will promote the growth of total residential consumption by 5--6% in Peking, with the growth of the ultimate total annual consumption promoted by about 4%, thus bringing forth the growth of GDP by 2--2.5%. In view of import and export, the export of the traditional advantageous products of Peking Municipality will witness more growth, especially that of light textile products and mechanic-electrical products. Upon China’s accession to the WTO, the demands for import of the whole municipality witnesses obvious increase at the growth rate over that of export, and the situation of more import than export may not change. In view of employment, general trend is that the sustained economic growth will bring forth the increase of total employment, and the situation of more supply of labor than demand may be alleviated. Especially, the totalintroduction of foreign investment by Peking will witness more growth, and the development of tertiary industry will be accelerated, which may create new jobs though the pressure of employment is still big in a short term. With the accession to the WTO，the economic development of the capital is sure to face a issue of optimization and upgrading of industrial composition. According to our analysis, the industries with more development opportunities of the capital mainly include agriculture, hi-tech, foods industry, light industry, tourism, scientific, educational, cultural and health causes, information consulting industry, and exhibition industry. The industries with more challenges of the capital include electronic and communication equipment manufacturing industry, petrochemical industry, auto industry, machinery industry, metallurgical industry, building material industry, financial and insurance industry, commercial and beverage industry, transportation and post industry. Accordingly, we will carry out adjustment of industrial composition based on the above-mentioned analysis.III. Impacts on foreign economy and trade of the capitalAt present, there exists obvious gaps between the foreign trade management system of our country and the requirements of the WTO, which are embodied as follows:（1）Incomplete system of laws and regulations;（2）High import tariffs;（3）Numerous onus administrative measures of import and export: currently, 35 varieties of import commodities and 59 varieties of export commodities adopt licensing administration, most of which are not permitted for imposition of import and export restrictions by the WTO;（4）Failure to fully implement non-discriminatory principles, such as not adopting national treatment with foreign investment enterprises;（5）Insufficient transparency in foreign economic and trade policies. （6）The resources control and environment pressurePeking belongs to serious water shortage region, person all the water resources shortage 300 sign a square rice, only occupy quantity for the national personof 1/8, person in world all occupies quantity of 1/30, the water resources supply and demand antinomy's turning worse continuously will be the suburban area economy to develop main check and supervision factor;Resources quantity in land is limited, spare resources shortage, the agriculture uses ground to reduce gradually;The village labor force character is hard to satisfy the objective demand that the economy develops quickly.In the meantime, the suburban area is the ecosystem natural cover of the capital city, the ecosystem environment foundation still weaker, constuct and protect ecosystem environment and carry out and can keep on a development to face huge mission of in the economy the development the process.Face new situation, the suburban area economy the development still exists some antinomies and problem, main performance at:The economic total amount and structure and capital city position,economy movement mechanism and market economy request,the industrialization level and modernization strategy,small town the development and construction internationalize the metropolis,the farmer income growth speed and contract the city country difference, etc. still exists not adapt of place.How develop the niche,science and technology,information of the suburban area well etc. advantage, resolve these antinomies and problem further, BE"15" periodses speed the suburban area economy development step,the exaltation agriculture and village modernize level face of important topic.The influence that joins WTO to the capital city outside traid mainly expresses for the traditional advantage product export growth, the exit of the traditional market steady growth, the newly arisen market export will have already greatlied compare to increase as well, each kind of product that export a business enterprise is subjected to the influence degree dissimilarity, the overseas-funded enterprises advantage is obvious, outside traid the professional company difficulty compare greatly, import may significant growth, serve the trade income and expend all will with sooner the speed increase. Will exceed the goods trade to attain this year according to statistics 40 haveanother hundred million.Drawing on the foreign capital influence to the capital city to mainly express for the policy will make further adjustment;To the special policy of the overseas-funded enterprises to citizen the treatment change;Loosen outward a company the industry realm of the investment;Increase the clarity that the outside company invests law,laws.The impacts of the accession of the WTO on the foreign trade of the capital are mainly reflected as follows: the export of traditional advantageous industries will witness growth, the export of traditional market will witness stable growth, the export of the emerging market will also witness rapid growth, the impacts are different on the products of various export-oriented enterprises whereby the advantages of foreign-invested enterprises are obvious and while the difficulties of professional foreign trade companies may be big. Import may witness a big growth with the incomes and expenditures of trade in services growing even quicker. According to statistics, trade in services will exceed trade in goods by more than RMB4b.The impacts on the introduction of foreign investment of the capital are mainly as follows: policies will be further adjusted; the preferential policies with foreign-invested enterprises will shift to national treatment; the industrial fields will be extended for foreign investment; and the transparency will be enhanced in the laws and regulations on foreign investmentIV. Policy proposals on the foreign economic and trade development of the capital and speeding up the reforms of state-owned foreign trade enterprises.For the institutional reforms of foreign economic and trade systems, the administrative functions of the government will be changed in foreign economy and trade, and the municipal government will adopt measures for streamlining the establishment and institutions, simplifying the procedures of the approval and ratification functions, enhancing efficiency and improving the environment quality; speeding up the construction in foreign-related economic laws and regulations and policies; and making better use of the roles of foreign economic and trade intermediaries and institutions.For trade in goods, mainly making use of the advantages of the capital for creating a good trade environment; implementing the strategy of trade promotion based on science and technology, optimizing the composition of export commodities, increasing the export of hi-tech produces by even greater extent, and especially focusing on developing the software export in Peking; implementing the strategy of “going out” for development of transnational operations; and expending the subjects for operations of foreign trade, thus forming large-scale foreign economic and trade groups.In terms of trade in services, mainly establishing and perfecting the management system of the trade in services and formulating plans; perfecting the policy provisions on service industries and the policies on trade in services; and speeding up the cultivation of the talents in trade of services.In terms of utilization of foreign investment, mainly reinforcing the strength in improving investment climate; adjusting the strategy for introduction of foreign merchants and capital; and expanding the fields, channels and means.The measures for reforms of foreign trade enterprises include expansion of opening, adopting the important way of introduction of foreign investment and the process of industries, with the sales channels of foreign investment, thus reducing the threshold of policies; carrying out enterprise restructuring for advancement by streamlining; allowing for employees’ holding of shares, option incentives, and formulating relaxed systems for maximal maneuvering and scheduling of the initiatives of people; allowing for the adoption of conversion of debts into shares; and allowing for the bankruptcy of foreign trade companies.W T O 与首都北京经济[摘要]中国入世，是中国经济生活和改革开放进程中的重大事件。

消费者行为学中英文对照外文翻译文献

消费者行为研究范式外文翻译文献(含：英文原文及中文译文)英文原文CONSUMER BEHA VIOR RESEARCH PARADIGM CONVERSIONPROCESSHenny LarocheStudy of consumer behavior more than a hundred years the history of the formation of the two paradigms - positivism and non-empirical study of consumer behavior represents the meaning of the basic achievements. Positivist paradigm to non-positivist paradigm shift represents a shift consumer behavior research, consumer behavior research is a revolutionary change. This paradigm shift, but also makes the assumption that consumer behavior research, research methods, study, basic knowledge of related disciplines, and many borrowed paradigm composition have changed dramatically. Background of this changing environment to promote the 20th century, 80 years after the world economic growth and prosperity, the industrial structure has undergone tremendous changes, purchasing power has been an unprecedented increase, the pursuit of individuality and freedom of consumers desire to become increasingly The more intense.I. A review of the transition process of consumer behavior research paradigmThe study of consumer behavior has taken initial shape in Adam Smith et al.'s classical economic theory; a preliminary system was formed in Marshall et al.'s neoclassical economics; consumerism was independent in the 1950s and 1960s. The form of discipline is separated from marketing. In its more than one hundred years of development history, its research paradigm can be summed up as positivism and non-positivism.Moreover, each paradigm breeds many research perspectives. Positivism includes rationality, behavior, cognition, motivation, society, traits, attitude and situational perspective; non-positivist paradigms include interpretivism and postmodernism. The root cause of the shift from positivism to non-positivism in consumer behavior theory is that researchers have changed the assumptions of consumer rationality. Early classical economics and neoclassical economics provided the first theoretical support for the theory of consumer behavior (in fact, the precursor of consumer behavior—the marketing is also born out of economics), and the “economic man” assumes spontaneously. “Infiltrating” consumer behavior research, which can be clearly seen from the theory of the early schools of consumer behavior theory (such as the concept of rationality, behavior) can clearly see the "economic man" rational shadow. However, the main body of economics research is the economic system of the entire society. The research object is also how theeconomic system realizes the coordinated operation, rather than the specific individual's purchase decision and behavior. Economics lays the initial foundation for the study of consumer behavior, but it cannot explain the complexity of consumer behavior. It places too much emphasis on the rational side of consumption and neglects the emotional side of consumption. Therefore, the "economic man" hypothesis restricts the further development of consumer behavior theory. The theory of consumer behavior has to absorb nutrition from other disciplines and describe consumer behavior in more detail. The prosperity of disciplines such as psychology, social psychology, sociology, and anthropology has provided new theoretical material for the study of consumer behavior theory. At this time, consumers are no longer simply based on cost-benefit analysis to pursue utility maximization of “economic people” but “social people”. Social and emotional factors influence their purchasing decisions. It is this transformation that has shaped the development of consumer behavior in the humanities and social sciences. After the 1980s, the sustained development of the world economy and the tremendous abundance of materials have made consumption increasingly a way of pastime and individuality; the proportion of service consumption in people’s consumption structures has been increasing, and service production has increased. The same characteristics as consumption also extend the customer consumption process to the production process, andthe consumer experience also becomes a source of customer value creation. At this point, the study of consumer behavior can no longer be limited to how customers make purchase decisions, but should focus on how consumers' desires are met. As a result, consumers have become “free people” who pursue personality development and release consumer desires. The conversion of the hypotheses of “economic man”, “social man” and “free man” promoted the conversion of consumer behavior theory from positivism to non-positivism.Second, the consumer behavior research under the positivist paradigmThe positivist paradigm of consumer behavior research is deeply influenced by the philosophy of Aristotle, a famous philosopher in the West. Kurt Lewin pointed out in the book Conflict and Comparison of Aristotle's and Galileo's Thought Patterns that Aristotle’s philosophical thoughts have influenced us and influenced the habits of scientific research. People are accustomed to understanding the law of development through laws and frequency of occurrence, and people like to explore the law of development with things that are stable and tendentious, and feel cold about the regularity of infrequent and exceptional things. Lewin said that when someone refers to a child's specific movement in a movie, the first question that psychologists think of is "Does all children have done this action? Or at least it is a common action. "Regularity is alwayscommon, which means that repeatability is an important indicator of whether a phenomenon or thing is worth studying."Positivism is based on Aristotle's thought as its philosophy of science. It assumes that consumers are rational, recognizable, and mentally stable. Their behavioral motivations can all identify controls and predictions. There are simplistic truths in real consumer practices; they emphasize scientific observation and testing, and they observe empirical The evidence, thus obtaining universal rules for predicting and controlling consumer behavior. Therefore, under the paradigm of positivism, the hypothesis underlying consumer behavior research is that consumer behavior is controlled by certain forces, and these forces largely exceed the scope of consumer self-control. The change in consumer behavior is not so much a reflection of the subjective will of consumers as it is the result of various internal and external factors. For example, the behavioral theory of consumer behavior holds that consumers' behavior is mainly caused by external environmental stimuli. Therefore, the hypothesis “the main or sole purpose of motive is to reduce cognitive inconsistency, maintain the balance of inner mind, and consumers always seek the inner balance of behavior”. From a certain point of view, this is also a concept of static behavior. As Firat commented: "Consumer behavior theory believes behavioral consistency and orderliness." Therefore, consumer behavioral characteristics (such ascognitive response, conditioning, personal characteristics, etc.) follow the "consumers are always pursuing "Intrinsic balance" hypothesis that researchers can predict some of the behavior of consumers, and the forecast results have significant implications for the marketing activities of the company.In short, in the positivist consumer research paradigm, consumers are just passive and passive objects. For example, the behavioral hypothesis assumes that consumers lack self-awareness, and therefore believes that through the influence of the environment, the company's marketing strategy can control and guide consumers. This is also a leap forward for people to attack the positivist paradigm, and consumer behavior is also In the fifties and sixties of the 20th century, it was an independent discipline. The positivist paradigm assumes that consumers are passive objects. In fact, this assumption is a serious departure from the customer-oriented marketing philosophy. The American Marketing Association reaffirmed at its 1988 theme conference: “In the study of consumer behavior that generates marketing knowledge, consumers have unfortunately been converted into laboratory guinea pigs, and they have become subjects of observations, interviews, and experiments.”It is precisely because positivism assumes that the consumer is an object that can be recognized, and therefore the consumer's consumption and experience process can be separated and can be subdivided intodifferent components. We can use various objective analytical methods to analyze the different components of the consumption and experience process. These methods mainly include standard questionnaire methods, experimental methods, and personality trait tests. However, these methods cannot fully analyze the rich consumer behavior. Because a certain element of a process is separated and then analyzed in detail, the complexity and interaction of the system are ignored. Braithwaite believes that the standard quantitative survey methods (such as the questionnaire method) will only limit the consumer's description of consumption, resulting in respondents responding negatively to various questions.Although there are quite a few criticisms, we should also see the consumption rules that are abstracted out using traditional methods, which predict and control consumer behavior: the conclusions drawn by some scientific investigation methods are credible within the scope of their observations. . In addition, the quintessence of the positivist paradigm of “creatively constructing consumer behavior theory” also promotes the development of marketing practices.Third, non-positivist-oriented consumer behavior researchThe study of consumer behavior in the non-positivist paradigm no longer treats consumers as passive responders but agents with psychological proactiveness. They have the ability to interpret andconstruct the consumer environment. For example, the concept of interpretation believes that consumer behavior is governed by the content and structure of the subjective will of consumers. Shaughnessy thinks: "In the interpretation of viewing, buying behavior cannot simply be calculated rationally based on the benefits and cost benefits that products can bring, but is a collection of individual experience sensations in the consumption process." Therefore, consumer behavior and decision-making basis It is an inherent subjective value system. The focus of research on consumer behavior in the perspective of postmodern consumer behavior research and interpretation is the subjective value, language, and rhetoric of consumers.Brown believes that in the marketing sense, the concept of interpretation differs from postmodernism in that the former assumes that man is an autonomous subject, a free mind, an individual capable of self-awareness. For example, humanism and phenomenology believe that consumers are internally consistent and rational and can determine their own consumer experience processes and values. Therefore, similar to the traditional view, the interpretation view also assumes that consumers have some of the nature that constitutes their essence. In addition, the concept of interpretation also emphasizes that consumers also have illusions, emotions, and the pursuit of pleasure to experience consumption. They believe that consumers always make internal and consistent statementsand subjective descriptions of the environment, thus making the environment more meaningful and More predictable; moreover, the subjective description of consumers is also assumed to be understood and shared by most people in society.Post-modernist consumerism holds that consumers do not have fixed or existing essential things to drive their behavior. Therefore, self-recognition and subjective feelings depend on specific contexts and atmospheres. These contexts and atmospheres are also affected by social roles among consumers. Therefore, the images and subjective feelings produced by consumption are often changed or transformed. They are influenced by variables such as consumers spending with whom, under what kind of consumption environment, and why. Postmodernism insists that consumer identity is intermittent, incomplete, and easily changeable. Firat believes that consumers' self-image, characteristics, and values are multidimensional, and they are unaware of the inconsistencies between constantly changing, self-contradictory values and lifestyles. Therefore, the outlook of postmodernist consumer behavior focuses on the creativity and self-governance ability that consumers have shown through their own different consumption and lifestyle to change their living environment.Through the analysis of the above-mentioned various perspectives, we can know that when consumers make purchase decisions, they not only focus on product utility, but also focus on the symbolic value of theproduct. The consumer goods' satisfaction with the material needs of consumers is merely an appearance, and what is more important is that we must pay attention to the symbolic value of the products. For consumers, consumption can produce two aspects of symbolic value: the self-identity value of self-identification of consumers and the social symbol value of social identity. In line with this, consumption plays an important role in creating and maintaining the personal and social environmental significance and value of consumers. Therefore, advertising is often seen as a major means of constructing and maintaining the symbolic meaning of symbols. These cultural meanings are often concentrated on the brand, so Elliot believes that brands are often the primary means used to create and maintain symbolism such as identity. Firat believes that this also reflects the conventional connection between consumer culture and human freedom: by changing the product to obtain different images, in order to obtain different self. This freedom to acquire a new image of self is the result of liberation from a single, inflexible, and traditional.However, the concept of interpretation and post-modern non-positivist paradigm have also been criticized in the following aspects: (1) Ignore the restrictive effects of non-discretionary factors on consumer behavior in consumer behavior. Thompson et al. pointed out that the postmodernist conception of consumption is based on an ideal hypothesis:consumers' consumption behavior is based on cultural constraints, historical constraints, and the status quo of actual material development. Therefore, the non-positivist paradigm places special emphasis on consumers' free choice of self-identifying image without any threat of uncertainty and fear. This assumption is clearly unrealistic. (2) Some scholars such as Foxall believe that non-positivist research methods essentially abandon the essence of science and always remove consumption from its content environment. Therefore, their viewpoints and conclusions cannot constitute a complete theoretical system that facilitates in-depth study and understanding. (3) Non-positivist research methods If the conclusions are not based on positivist research results, the explanatory power will be greatly reduced. Non-positivist research methods rely mainly on subjective subjective external proofs, and these interpersonal proofs require a positivist approach. In short, the notion of non-positivist paradigm and the perspective of postmodernism provide different research methods for the study of consumer behavior. They often discuss the major issues of marketing theory and practice from an abstract perspective, so the basic assumptions of these theoretical perspectives are The conclusions are puzzling and difficult to apply to marketer training and education.IV. Comparison and Enlightenment of Consumer Behavior Research ParadigmsObviously, non-positivism is also a response to empirical hegemonism. After World War II, positivism-oriented research methods became the mainstream method of consumer behavior research. Empirical, objective, and scientific procedures constitute the characteristics of the positivist paradigm. The consumer guided by this philosophy of science is a self-centered, self-conscious entity. Non-positivist-oriented research on consumer behavior (especially post-modernism) raises questions and criticizes the philosophical, cultural, and empirical foundations of positivist research. According to Firat and V enkatesh, “Positivism reduces consumer issues to include only simple two-dimensional categories like men and women, consumers and producers. It should be seen that the rationality of non-positivist assumptions, such as There are social, complex, irrational and unpredictable consumer subjects. These consumer characteristics are not only reflected in their purchase process, but also in the consumption experience and value perception, and have already formed the basis for consumption.”(1) Using a scientific attitude to view the confrontation between the paradigms of positivism and non-positivism. Just as Kuhn reflected on the first characteristic of the paradigm definiti on, “Their achievements have attracted an unwavering array of advocators who have separated them from other competing models of scientific activity.” Now, consumer behavior researchers have also launched fierce debates on the twoparadigms of positivism and non-positivism. In the natural sciences, the struggle of scientific theories and the rise and decline of paradigms are all very normal things. Actually, this phenomenon also exists in social sciences. Each theory needs ideas to prove its viability. For the time being, no matter which of the two paradigms in consumer behavior research is more suitable for the development of consumer behavior. We believe that the scientific attitude is the first. The emotional reaction to scientific research is not conducive to the development of science. True scholars are calm and should have a more comprehensive understanding of all research methods, compare their theoretical views with opposing theoretical perspectives, and verify whether they are established. The conclusions drawn either through positivist or non-positivist methods can be assumed to be correct until proven to be wrong.2 Science is a process of seeking truth. The ethnographic method in anthropology is a more scientific method of studying consumer behavior. Whether it is a positivist paradigm or a non-positivist paradigm, one of their commonalities is the pursuit of the authenticity of the research results. Scientific research itself is a kind of behavior seeking truth. It is no longer purely to use the consumer purchase process as the main research object, but should focus on the aspects of value acquisition and consumption. This has become the consensus of scholars. Using this broad behavioral perspective to study consumer behavior also means thatwe are required to look for consumers' actual consumption situations as much as possible, especially those that are meaningful to marketing activities. Some rigorous consumer behavior researchers believe that consumer behavior research should not adopt interviews or experiments, but should try to approach the original consumer behavior. Therefore, the ethnographic of anthropology should become a frontier method of consumer behavior research. It is a method that combines case studies, participation in observation, self-driven, and detailed description. Researchers should work hard to become a member of the consumer, practice it personally, and obtain a detailed record of consumer behavior. Of course, in the process of observing and exploring consumers' inner lives, including their inner activities, many problems will be encountered. These studies are all based on the self-statement of the consumer, and the credibility of the statement can be influenced by factors such as psychological self-defense and lies. In short, the premise of the ethnographic law is that the consumer is a complex person. Researchers want to obtain information about consumer behavior. They must go through in-depth interviews, group meetings, and project management techniques. Researchers should make detailed descriptions and observations of consumer behaviors, and use these “historical materials” to dig out the laws behind consumer behavior.中文译文消费者行为研究范式转换过程作者：Henny Laroche消费者行为学研究一百年多的发展历史所形成的两大范式——实证主义与非实证义代表着消费者行为研究的基本成就。

消费者信贷外文文献翻译2019-2020

消费者信贷外文翻译2019-2020英文Informational synergies in consumer creditMartin Hibbeln, Lars Norden,Piet Usselmannc, Marc GurtlerAbstractWe investigate whether lenders can realize informational synergies by simultaneously obtaining private information from different accounts of the same borrower. Synergies exist if such information is complementary to each other. We focus on consumer credit, using 3.5 million observations from checking accounts and credit card accounts of the same individuals during 2007–2014. First, activity from both accounts is complementary for estimating consumer default beyond credit scores, borrower characteristics and relationship characteristics. Checking accounts display warning indications about consumer default earlier and more accurately than credit card accounts. Second, decision errors are lower when lenders consider cross-product information. The evidence suggests significant informational synergies that are important for the supply and allocation of credit.Keywords: Household finance, Credit risk, Asymmetric information, Account activity, Consumer bankruptcyPrivate information production is critical for lending. It helps lendersto reduce asymmetric information by screening and monitoring of borrowers and it is one of the reasons why financial intermediaries exist (Stiglitz and Weiss, 1981, Diamond, 1984, Ramakrishnan and Thakor, 1984, Boot, 2000). In empirical research, however, there is little direct evidence on private information production, mainly due to the lack of data (Campbell, 2006). Financial intermediaries gather and validate private information by repeatedly interacting with the same borrower across time and/or products (e.g., Petersen and Rajan, 1994, Berger and Udell, 1995, Kysucky and Norden, 2016, Puri et al., 2017). Related research has documented the effects of private information production over time, but almost entirely missing is evidence on private information that banks can obtain when they simultaneously offer multiple products to the same consumer. Is cross-product information complementary in predicting consumer defaults? If yes, how large are the benefits? The importance of this topic has also been recognized by the recent Payment Services Directive (European Union 2015; EU Directive 2015/2366; PSD2). The PSD2, which was adopted by EU member countries in January 2018, aims at strengthening FinTechs by facilitating their electronic access to consumers’ bank accounts. As of September 2019, PSD2 will come into full effect so that banks have to make an interface for secure communication available to Account Information Service Providers (AISPs) and Payment Initiation Services Providers (PISPs). Asa result, private information from multiple sources will be increasingly shared. Cross-product information might create synergies in assessing borrower risk if the information is complementary to each other. Consumers use different products for different purposes and at different frequencies, potentially creating informational synergies. However, the presence of such complementarities is by no means guaranteed. If information in one account is a subset of the information in another account, the former account would not create any synergies.In this paper, we seek to fill this gap by addressing the questions stated above about informational synergies in consumer credit. Understanding how lenders obtain private information from different sources is clearly important because it affects the supply and allocation of credit in the economy. Consumer credit is characterized by a large number of transactions, small volumes and standardized products. Providers of consumer credit typically rely on hard information, which can be public or private, and this reliance is even stronger when consumer debt is securitized (Rajan et al., 2015). We examine whether private hard information from checking accounts with lines of credit and credit card accounts is useful for assessing default risk. For these credit products, it is critical for lenders to produce private information continuously because, unlike mortgages, these products are unsecured and their risk exposure is time-varying.A key feature of our study is that the economic shocks that cause consumer defaults are reflected by consumer credit products. Consumers default because of negative income shocks or positive expenditure shocks that are due to unemployment, credit misuse, marital disruptions, health-care issues or lawsuits (Gross and Souleles, 2002, Chatterjee et al., 2007). Checking accounts with overdraft lines of credit provide the lender with a continuous flow of information about consumer income and expenditures, whereas credit card accounts provide continuous information about consumer expenditures. To monitor the default risk of their borrowers, lenders need to obtain early warning indications about shocks and need to know whether the shocks are temporary or permanent. Account activity information such as overdrafts, cash inflow-to-limit ratios, or the account balance amplitude reflect private hard information that gives the lender a real-time window into the consumer's cash inflows and outflows. Our setting enables us to assess the value of account activity from different credit products of the same consumer, controlling for credit scores, borrower characteristics, and bank-borrower relationship characteristics. We base the analysis on a new panel dataset that comprises 3.5 million monthly observations from checking accounts and credit card accounts of the same individuals. The data come from a large, privately owned bank and span the period from 2007 to 2014.We obtain two main results. First, we find that the activity fromchecking accounts and credit card accounts provides complementary information. Cash inflows and outflows decrease prior to defaults of checking accounts, but they increase prior to defaults of credit card accounts. Importantly, cross-product information is valuable as the activity in one account helps to predict the default risk of the other account and vice versa. The activity in checking accounts is more useful for default prediction of both accounts than the activity in credit card accounts. Checking accounts display warning indications earlier and more accurately than credit card accounts. Second, decision errors are significantly lower when lender consider cross-product information. For example, type I default prediction errors decrease by 33% when checking account information is added to credit card information, and by 2% when credit card information is added to checking account information. The main explanation for this asymmetric impact is that the majority of consumers default because of negative income shocks that are reflected by checking accounts but not by credit card accounts. We conduct several additional checks and show that our main results are robust and not the product of particular choices of samples, methods or model specifications. Furthermore, we are aware of the pros and cons of using data from one bank. On the one hand, it is possible to investigate customer and bank behavior at a relatively deep level with a large number of variables. On the other hand, the data from one bank might not be representative.Nevertheless, we are confident that the results can be generalized. The bank is privately owned and active in several European countries. The dataset is large and covers a relatively long period. The fact that our main findings are consistent with earlier studies suggests that our data are well-suited for the analysis. We note that it is very difficult to obtain the same rich information from a large number of different banks. In the home country of the bank, 98% of customers have a checking account and 36% of customers have a credit card account. Although we focus on two credit products, we believe that the results extend to other credit products with time-varying exposure. We also repeated the main tests for various subsets of customers (splits by age, duration of the bank relationships, credit rating, gender and payment type) and our findings on informational synergies remain robust in any of these tests.We contribute to the literature on banking, consumer credit, and customer relationship management in the following ways. First, there are few studies that examine the link between account activity and information production. These studies consider one source of private information and consequently do not investigate the synergies due to cross-product information. They focus on lending to firms and analyze information from checking accounts (Mester et al., 2007, Jiménez et al., 2009, Norden and Weber, 2010). Norden and Weber (2010) examine whether activity measures from checking accounts provide usefulinformation about borrower defaults. Using data on large firms, small firms and individuals from the period 2002–2006, they find that account activity is useful for monitoring small firms and individuals but not for large firms. Our study makes the next step. The prior studies consider checking accounts as a single source of information, while we analyze defaults and account activity from two different sources of credit information from the same individual. There are some studies on private information production in consumer credit, but none of these studies investigates informational synergies. Allen et al. (2016) find that consumer default rate s increase in markets in which the merging banks’ branch networks overlapped pre-merger. The result indicates post-merger disruptions in bank-consumer relationships and a temporary degradation of banks’ private information production. Agarwal et al. (2018) analyze U.S. data from 2001–2003 and show that credit card customers with close bank relationships exhibit lower default rates and higher credit line usage than non-relationship customers. Puri et al. (2017) investigate the impact of prior bank relationships on the likelihood of consumer loan defaults. The study shows that savings accounts, checking accounts and other products established prior to granting a loan improves banks’ screening and monitoring and reduces consumers’ incentives to default. Their findings highlight a beneficial intertemporal effect of relationships on borrower default risk. Our study complements and extends that study aswe document cross-product informational synergies that arise from simultaneously offering checking accounts and other credit products the same customer. Moreover, Nakamura and Roszbach (2018) investigate bank ratings for small businesses relative to external credit bureau ratings. They show that bank ratings are useful for predicting borrower defaults, but they also show that external credit bureau ratings predict future bank ratings. This predictability of bank ratings is greater for smaller loans. The latter finding suggests that banks might be overconfident in their use of private information. In our study, we show that information on borrower payment behavior helps banks to predict defaults. We consider private hard information resulting from consumers’ account activity, while Nakamura and Roszbach (2018) consider external credit bureau ratings based on public hard information.Second, there is evidence suggesting a link between individual consumption patterns and consumer default risk. Vissing-Jorgensen (2016) documents a link between consumer choice and consumer default risk. She examines credit-financed consumer purchases at a Mexican retail chain to investigate whether the type of purchased products provides information about default risk. The main finding is that credit risk is particularly high for consumers who buy abnormally large fractions of luxury goods relative to their income. This study shows the relevance of consumption patterns for default risk, while our resultshighlight that income shocks play an even more important role in explaining customers’ defaults. Stango and Zinman (2016) show for the U.S. that the dispersion of credit card rates, which different financial institutions offer to the same individuals, is related to their shopping intensity, controlling for the individuals’ credit risk. Our study is complementary since we investigate the synergies in private information due to different sources of credit employed by the same individual.Third, informational synergies in consumer credit are also relevant for the cross-selling of financial products. Cross-selling can lower marketing costs and produ ct prices, increase customers’ switching costs, and lenders can learn more about their customers’ consumption behavior (Kamakura et al., 1991, Akçura and Srinivasan, 2005, Li et al., 2005, Li et al., 2011, Brush et al., 2012, Santikian, 2014). We contribute to this literature by showing additional benefits of cross-selling for customer relationship and credit risk management.To the best of our knowledge, this is the first study that provides comprehensive evidence on informational synergies in consumer credit based on dynamic account activity data. Private hard information helps lenders to reduce informational asymmetries and improve the allocative efficiency in consumer credit markets. Our findings suggest a benefit that is due to the combined production of lending and risk assessment. We note that lenders can take advantage of private information only if theinformation production is not distorted by incentive problems due to compensation schemes, career concerns and credit reputation concerns (e.g., Hertzberg et al., 2010, Berg et al., 2016 Liberman, 2016). The Lucas critique applied to our context suggests that borrowers might change their behavior when banks start acting on this information. However, it is not easy for borrowers to attribute banks’ actio ns to private information and changing the behavior is costly, potentially offsetting the gain. A risk management system based on multiple sources of private information is less likely biased by strategic behavior of the borrower or banker and thereby more reliable than a system based on a single source of private information.中文消费者信贷中的信息协同效应摘要我们调查了贷方是否可以通过从同一借款人的不同账户中同时获取私人信息来实现信息协同作用。

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。

外文翻译--在消费信贷决策中的独立会计作用及财务能力

本科毕业论文外文翻译外文题目：The role of self-accounting and financial capability inconsumer credit decisions出处：Department of Economics and Quantitative Methods—SEFEMEQ作者：Filotto Umberto, Nicolini Gianni原文：The role of self-accounting and financial capability in consumer credit decisionAbstractThe role of financial capability in the consumers’ financial behaviour has been widely analyzed by the literatare．The same happened for the relationship between debt and financial capability，The consensus about the benefits of an increase in the levels of financial literacy collides with a diversity of opinions on what the best solutions to increase financial capability．While methods based on traditional teaching may not be an effective solutions and they could not provide results in the short term，solutions oriented to support consumers in important financial decisions(requests for funding choice of retirement solutions，etc．)may show greater effectiveness· Studies in literature have shown the tendency of subjects with high levels of financial capability to adopt a long term view and to upgrade their daily financial behaviour with attitudes and practices related to self-finance (budget，financial check—up，saving for goals，etc．)The paper focuses on the relationship between financial caDability and self-accounting practices，interpreting the latter as evidence of conduct financially aware．After a review of the literature designed to emphasize the role of self-accounting in the context of personal finance，a financial check．up based tool is proposed，pointing out how the financial accounts’schemes and logics(regular budget，estimates and forecasts checking targets)may find useful application in thecontext of personal financeIntroductionThe relevance of financial capability is determined by the evolution of the market and by the ever increasing degree of financial innovation．The increase in the number of products and services and their articulation in a variety 0f customized solutions have simultaneously expanded the range of possible options but also the complexity of customer choices．All agree that increase in the number of available financial solutions turns into a market improvement only if the customet is able to evaluate the distinguishing characteristics of each one，thus recognizing that most suitable f0r his or her needs；however several studies have shown that the level of knowledge in financial matters is 2enerallv low and，sometimes，it’s not sufi cient to form ulate sound and responsible choices regarding savmg，investment and borrowing．There is vast awareness that a knowledge divide separates the supply and the demand side of the market；because this situation is not considered to be positive for several reasons ，governments，supervisory authoritiesand private organizations have started to study the alternatives available to rebalance the relationship between consumers and financial intermediaries．The diversity of opinions regarding the means of intervention and the target populations has led to the start of a multitude of proj ects and initiatives that difer in purpose，logic and duration．The choices that might seem more natural-the integration of financial capability courses into the scholastic curricula．does not seem to be totally efective and it does ignore adults(the most active in financial term s)who，being no longer of school age，would excluded from such programs.While it would be illogical to ignore a significant part of consumers，letting them to be guided in their personal financial choices only by their own experiences and beliefs，it must be also be considered that it is extremely expensive and complicated to engage in a comprehensive educational program considering also the limitations of time and motivation of the adult population．The assumption that adults should be asked to invest considerable portions of their free time to learn concepts which oftendo not even feel the need to acquire highlights the limitations of a mass approach. More suited to the needs of adult consumers are those solutions that are provided in the proximity of specific financial decisions，focused on topics closely related to the obj ect of choices．From this point of view，financial capability is not any more something generic and standardized(by the logic that“one size fit all”)and becomes a diversified mode of action，oriented through the real consumers needs．This paper focuses on consumer credit，by proposing a decision support tool aimed at those who are considering taking new financing．The goal of the tool is to focus consumers’attention on some critical choices of financing，with a highlight of the possible impact of a specific loan on the financial situation of the borrower．In the first part the authors will focus on the contribution that the planning and control approach，typical of accounting，can provide to financial capability．Once the usability and adaptability of the accounting instruments is tested，the necessary adjustments required to avoid possible behavioural distortions，which occur in case consumers are asked to a self-made diagnosis，will be considered．The second part of the paper presents the tool structure and the estimation of its parameters through an analysis of the Italian marketAccounting，self-accOunting and financial capabilityFinancial capability becomes relevant．talking about consumer credit．when issues such as indebtedness and the equilibrium in consumer finances and his or her capacity of repayment of debts are considered．There are several profiles that come into consideration when the authors analyse the level of consumer comprehension of the risks that come with a new debt．A first element of vulnerability in the consumer logic is“shorterm ism”fLichtenstein& Fischhoff,1 977)．Consumers overweight benefit from the immediate possession of the purchased good，ignoring the effects that loan repayments will have on their future financial situation(Hilgert，Hogarth& Beverly,2003)．A second critical factor is the inability of consumers to evaluate the financial contract，as they concentrate on partial indicators such as the amount of the installment，while ignoring comprehensive measures such as total financial amount ofdebts or the APR．A third critical factor is the tendency of consumers to narrow flaming．Assessments about the sustainability of funding should be based on a comprehensive view of the financial situation，rather than focussing on the analysis of the specific operation．Fragmentation，which follows a myopic view and partial equilibria of medium—to long·term risk，is a characteristic of consumer credit choices，as it happens with all the activities where the limited payment amount leads to focus on a small part of a wider financial balance．The consumer considers the single debt，forgetting about its efect on his or her global financial situation．A fourth element to be considered is the consumers’overconfidence．As GraserWeber (2007)show, consumers tend to attribute to themselves the credit for financial successes，identifying exogenous factors to justify their losses．The trust in a full mastery in financial matters，based on previous financial experiences，is identified as the main cause of overconfidence，which exposes the consumer to take risks and make choices without having the full awareness of the consequences．If the critical factors that expose consumers to a not—optimal financial behaviour are diferent and suggest the need of a financial counseling activity, it is useful to analyze the contribution that accounting principles and solutions can provide on the matter．Using accounting for financial capability purposes is motivated by the common goal of management and control of financial balances that firms and consumers share．Thaler(1 999)emphasizes how individuals feel the need to“record，summarize，analyze，and report the results of financial transactions and other events，doing so with the same purposes of the organizations that use the managerial accounting”．The desire to keep trace of where their money is going and to keep spending under control can replicate the business world’s own accounting practices．Supporting consumers：A proposalAccounting and self-accounting methods have been adopted to develop a tool designed to support consumers that are considering taking a loan．The goal is to define a model of self-assessment enabling consumers to determine the impact of a new loanon their financial situation．To be efective with adults．however the tool has to overcome the abovementioned problems of traditional education．Because adults would allocate only a fraction of their time to learning financial matters only the financial knowledge that is needed has to be delivered and it has to be delivered when is needed．and the way it is acceptable and understandable by the user．This means complying with principles of relevancy, contingency and usability which require to answer properly to specific needs and to actual problems．Ergonomics is thus the underlying rule that mandates the way the tool is conceived and developed；ergonomic principles，referred to the educational contents，impose that the model is“tailor．made’’ and therefore finds its input in the form of the easily available and usable data on the consumer’s financial flows. Regarding the form of the model，ergonomics require that the input information is known(or can be found)by the client，that they are clear and simple，avoiding the use of jargon(FSA，2004)and that attention is paid not to require an excessive amount of input information．Whether the mode1 should require the consumer to find data that he or she does not possess(or that are difficult to obtain)would deprive it of its function as an information intermediary．Being simple and user friendly is necessary in order to reach consumers that lack basic financial knowledge，precisely those with the greatest need for counselling；economizing on the amount of input data required is considered necessary in order to minimize the abandonment of those who，lacking a strong motivation，might consider the opportunity—cost of using of the model as excessively high．For similar reasons，the output of the model must also respect its overall principles：it must be clear and immediately understandabl.As is the case for all forlTIS of financial counselling(the provision of advice on savings．investments．insurance，etc．)，the elaboration of implicit information on customers seeking loan advice occurs on the basis of the kn ow—how and ability of the counsellor in the area of problem—solving；it thus refers to long term financial budgeting，and to estimations of the consumer’s default risk．From the input data relative to the consumer’s periodical cash flow,it is possible to obtain a tailor．made estimate of the consumer’s level of risk and identify his specific financial habits(spending attitudes，tendency to borrow，saving habits，etc．)．Data relative toa consumer’s socio—demographic profile allows the estimation of the consumer’s risk by means of a regression analysis based on the behaviours of a representative sample of consumers．The output of the two different analyses is a statement summarizing the possible effects that the new loan could have on the consumer’s financial situation，highlighting the consequences that their current behaviour and choices could have on the future financial situation.译文：在消费信贷决策中的独立会计作用及财务能力摘要消费者经济行为的作用已被广泛分析为债务与金融能力，对金融知识的碰撞中的水平与多样性的关系，增加效益的共识发生。

消费金融外文文献翻译2017最新译文

消费金融外文文献翻译2017最新译文文献出处:Demetriades P. The Research of consumer finance and economy growth [J]. The Economic Journal, 2017, 1(5): 83-93.原文The Research of consumer finance and economy growthDemetriades PAbstractConsumer finance to expand domestic demand, promoting economicgrowth has become increasingly obvious role. Its sound development is conducive to give full play to the role of consumption to the economic development. Development of consumer credit is to provide continuous and stable impetus for economic growth. As a result of the investment to promote economic growth and not by is never adjust resulting in excess capacity, industry structure imbalance, and many other problems. And can give full play to the advantages of the market economy, consumer demand. Guide the rational allocation of resources, so the consumption is stable and continuous power of economic growth. Consumer finance companies should according to the actual situation, research and development of complete product system, to strengthen the construction of channels, expand the scope of business.Keywords: consumer finance, economic growth, consumer credit1 ItroductionConsumer finance refers to some institutions offering loans to households or individuals, specifically to meet the consumption needs of modern financial services. Consumer finance begin really started fromthe 1990 s, after 20 years of development, for the purpose of individual and household consumption loan scale expands rapidly, the loanapplication is increasingly wide, consumer finance has become the indispensable important component of financial markets. Consumer finance development to a certain extent, meet the residents of the growing material and cultural consumption demand, is conducive to expanding domestic demand, reduce the GDP of excessive dependence on investment and exports, promote healthy economic growth.2 Literature reviewFisher, in his 1930 book presents consumers to buy now and after spending time preference selection theory, namely consumers according to the relevant conditions and to allocate the total lifetime consumption. Further development, the theory, assuming that consumer goods to meetthe needs of the consumers, and the consumer can use for a long time, great changes have taken place in its consumer preference is the case, consumers will be more willing to buy. Even if the current level of wealth is not allowed to buy, the consumer will be achieved by borrowing advanced consumption desire. Milton Friedman in 1957 when consumer spending decisions are often based on permanent income, rather than the current level of income, known if consumers can expect to future income, will adjust current consumption according to the income level oflater. After the annual income level is higher, the more likely they are to make consumers consumption choices. From the micro level, SidneyCoftle in a paper published in 1960, analyzed the consumer finance company profitability. He demonstrates the consumer finance company is the existence of economies of scale, namely to consumer finance company, the more the consumer finance company's cost is lower, the better profit. Franco modigliani, cloth in Nairobi, Anton common life cycle income hypothesis is put forward in 1966.The theory on the premise of the original consumers make consumption choices, this paper studies the consumer life of the relationship between consumption and income level. They believe that human life is composed of three stages, namelyjuvenile period, manhood and old age. Adolescence and old age incomeless than spending, and mature stage income more than spending, so inthe mature stage of income not only meet the demand of this issue, but also supplement the juvenile period and the hole of the elderly. Therefore, the expected life cycle and the cycle of all income become decided to consumption level of the key elements. George Benston mentioned in a paper published in 1977, interest rate cap on consumer borrowing costs. In this paper, he discusses the borrowing costs relationship with interestrates. That same year, Gorge Benston in published another paper analyzes the interest rate risk of consumer credit problem, put forward the change of interest rate's influence on consumer finance were not as serious and unacceptable. The operation of the consumer finance companyloan risk is greater than the interest rate risk. For consumer financial services of a home loan, 1995 economists Hayre California defaults inthe United States are analyzed. He found that the default with age, length of time, housing prices, economic situation, for later consumption financial company to manage and control financial risks provides an important reference. JaPelli and Pagano, a study in 1989 found that exists between the fluctuation of consumer credit and consumption of from the correlation of credit constraints. In deciding whether or not to provide consumer credit, consumer financial services institutions would consider the risk and cost. Stislitz the article published in 1981, the paper expounds how the asymmetric information,the law of consumer credit market and the characteristic of the inner.3 Summary of consumer finance3.1 The meaning of consumer finance and theoretical basisConsumer finance is to provide loans to residents or a single family, to meet the modern consumer consumption in advance the purpose of financial services. Overall, consumer finance, there are two notable characteristics, is a loan applicant is an individual or family, is not aproductive enterprise as a legal person, public welfare social organizations, or government organization with a macroscopic etc. Second, consumer finance to provide a variety of loans used to satisfy consumers' purpose, not for consumers to make personal investment, management, etc. Leading consumer need family, residents, according totheir own needs to provide consumer financial services institutions to apply for a loan, consumer financial provider for the applicant's financial position, credit ability after survey assessment, and make credit decisions. Get consumer finance loans of the individual or family, you can use the loan to buy durable goods such as houses, cars, home appliances, etc., also can pay the family travel, children education,and marriage room decorate general spending individuals or families. For consumer finance to lay the theoretical foundation of basically has the following three aspects: First of all is the insufficient effective demand theory for consumer financial cushion. In the 1820 s, the economist Thomas Malthus, put forward in the process of development of the economy as a whole, effective demand is insufficient. In the 1930 sis a major crisis in the United States during the great depression, Keynes in the Malthusian theory on the basis of realize that demand led to the great depression in the United States. He in Roosevelt's New Deal then, favors a proactive fiscal policy, to stimulate domestic demand. This policy to a certain extent, to stimulate the residents' demand, the U.S. economy hasincreased rapidly, greatly improving the underemployment, people's living standards improve, not economic growth and a series of problems. Consumer finance provided by the consumer credit can made it possible to advance consumption, greatly promoted the increase of aggregate demand.It is universally recognized by the economist's Luke's expected income theory is put forward. The theory support the liquidity of bank assetsis determined by the loan holders and applicants' future earnings,rather than determined by the length of the duration of the loan. If lenders expected income is good, has the stability, the deadline even if very long, also can recover smoothly, profitability and liquidity willbe better. If the loan holders in the foreseeable future income difference, even if the deadline is very short, can also be difficult to achieve the goal of back, so, liquidity is poor. This theory laid the Banks and other financial institutions in lending, should be on thebasis of lenders expected income, comprehensive evaluation of its stability, etc, to establish a reasonable comprehensive credit system, make the residents convenient consumption reasonably smoothly. Three is the establishment of consumer loan credit risk evaluation criteria. In 1941, David Durand establishes a comprehensive evaluation of the risk of consumer credit applicants inventory, with the comprehensive analysisand consideration on the applicants, including from the aspects of age, sex, occupation, property evaluation and analysis, give different scores, finally the score ofaggregation to borrowers, determine whether can give financial consumer loans. David Durand's approach to consumer customers choose pioneered the new train of thought, many organizations to follow suit, facts have proved that this system has the rationality and scientific nature, for the rapid development of the consumer finance in developed countries play a great role in promoting.3.2 Consumer finance operation modeDifferent forms of consumer finance loans, repayment method is diverse. First of all, the installment payment forms of loans. Mainlyfor auto loans and home is loans. Buyers to provide consumer financial services institutions to produce their own identity certificates, certificate of income as a basis to Banks and other financialinstitutions and non-bank financial institutions to apply for a loan,and financial institutions must procedural review, determine the applicant after matched the loan conditions, make consumers agreed tobuy house or car for its consumer goods as collateral, such as the loan to be wired directly into car or housing unit of account, and then are consumers in installment reimbursement consumer loans. Second, it is revolving credit loans. Credit card is the most obvious revolving credit performance consumer financial products. Revolving credit that consumer credit demanders need only one application, after passed thequalification of commercial Banks and credit approval, you can get many loans of commercial Banks.3.3consumer finance economic significance. With the rapid economic development in recent decades, people's living standards increasing quickly, ordinary residents consumption demand is growing. More and more people especially have received higher education of young people, more and more tend to accept before you actually have the purchasing power consumption concept. More and more people have credit consumption demand. They have borrowed from the bank institutions such as a certain amountof loans to buy consumer goods, such as houses, cars, and other consumerspending, such as education, tourism. As you can see, consumer financeto meet the growing demand for credit consumption residents in our country is to adapt to the economic development trend. The rapid development of consumer financial help exporters into consumption power, effectively reduce export dependence, so as to maximize the mobilization of consumption on economic growth. 4 Suggestions on consumer finance to promote economic growth Consumer finance provider to consumers to submit application, evaluation of consumer credit ability, often face big mistake decision-making risk. But that is no solvency, borrowing,satisfy a consumption desire of personal or family use consumer finance provides the convenience of service, to malicious bad loans. Consumer finance loan service provider in order to make the right decisions, reduce the risk of consumer loans, should actively establish theeffective investigationand evaluation system. First, consumer finance lenders should check the applicant's personal information to prove, including applicants real personal income, work unit, addresses, etc. Second, consumer finance provider should establish specialized, system of customer credit files, used to record consumption credit applicants before borrowing of the performance. Consumer finance lenders should through various channels,in a scientific way of marketing, the demand for consumer finance has to, and have certain economic ability to residents of the publicity and innovative services, meet the needs of residents more. Consumer finance lenders should be based on the various aspects of reliable information,for those who are in conformity with the credit terms for primary individual or family. Even those who accord with the family or personal credit institutions lending conditions, not to apply for personal consumption loans, consumption financial institutions can also send the credit application form, the key to promote the crowds, popularize knowledge of consumer finance, financial needs to develop a new consumer market.译文消费金融与经济增长研究Demetriades P 摘要消费金融对扩大内需，带动经济增长的作用已经越来越明显，它的良好发展有利于充分调动消费对经济发展的作用。

金融学外文文献英文文献外文翻译担保的作用和个人担保贷款的关系

金融学外文文献英文文献外文翻译担保的作用和个人担保贷款的关系外文文献原文Material Source: Hitotsubashi University Author: lichiro uesugiRole of collateral and personal guarantees in relationship lending: evidencefrom Japan's SME loan market1 IntroductionA key issue of interest in the recent literature on financial intermediation has been the role of relationship lending. Relationship lending is particularly common in the case of small business lending, because small businesses typically rely on bank loans for a substantial part of their financing needs but also tend to be informationally opaque. An important issue in this context is the use of collateral, which is a common feature of loan contracts between small firms and banks aroundthe world, and a number of theoretical and empirical studies have examined why it is so widespread and how it relates to the incentivesfor borrowers and lenders and the borrower-lender relationship. For instance, it has been argued that in the presence of information asymmetries between creditors and borrowers, collateral may mitigate the problem of adverse selection (Bester, 1985; 1987) and/or the problem of moral hazard (Bester, 1994; Boot, Thakor, and Udell, 1991). Collateral also affects the incentives of creditors, who will use it either as asubstitute for (Manove, Padilla, and Pagano, 2001) or complement to (Rajan and Winton, 1995; Boot 2000; Longhofer and Santos, 2000) screening and monitoring efforts. Another aspect of collateral that studies have concentrated on is that its presence may depend on the length and intimacy of the relationship between creditors and borrowers (Boot, 2000; Boot and Thakor, 1994; Sharpe, 1990). Existing empirical research has yet to reach decisive conclusions about the nature of these relationships.This paper seeks to contribute to the existing literature on collateral using a unique firm-level data set of the small and medium sized enterprise (SME) loan market in Japan. Explicitly differentiating physical collateral (such as real estate) and personal guarantees by business representatives, we investigate how the use of collateral and personal guarantees affects the incentives of borrowers, lenders, and the relationship between them. More specifically, we examine the following three issues. First, we examine whether riskier borrowers are more likely to be required to provide collateral or personal guarantees. Second, we investigate how collateral and personal guarantees affect banks’ monitoring of borrowers. Third, we examine the1correlation between the use of collateral and personal guarantees on the one hand and the closeness of borrower-lender relationships on the other.The data set we employ is based mainly on the “Survey of the Financial Environment” (SFE) conducted by the Small and Medium Enterprise Agency of Japan in October 2002. In order to focus on firms that mostly depend on bank loans for their financing, we limit the sample to firms satisfying the legal definition of an SME in Japan. We then combine the SFE data for each SME with information on their main bank obtained from the bank’s financialstatements in order to control for lender characteristics as well. Furthermore, to control for the effect of government credit guarantees on collateral and personal guarantees, in the main analysis of this paper we exclude from the sample all firms that enjoyed any form of government credit guarantee.As a result of this screening process, we end up with a sample of 1,702 firms. Our main findings can be summarized as follows. We find that firms’ riskiness does not have a significant effect on the likelihood that collateral is used. Thus, we cannot find firm evidence that the use of collateral mitigates moral hazard. We find, however, that banks whose claims are collateralized monitor borrowers more intensively, and that borrowers who have a long-term relationship with their main bank are more likely to pledge collateral. These findings suggest that collateral is complementary to relationship lending. In contrast, the complementarity between relationship lending and personal guarantees is weaker.As far as we know, this is the first empirical study that systematically examines the role of collateral and personal guaranteesin Japan’s SME loan market. The two main contributions of the paper are as follows. First, given that Japan is generally considered to have a relationship-based financial system in which the relationship-lender, the main bank, plays a central role in corporate financing (Rajan and Zingales, 2003), the study helps to improve our understanding of therole of collateral in relationship lending and complements existing studies that focus on the United States and Europe. Second, and more importantly, by distinguishing collateral and personal guarantees, the study detects an important role of collateral in relationship lending that has not been remarked on much before. As we argue below, although a typical SME in Japan has a long-term relationship with its main bank, it actually engages in transactions with several banks, which is not common in other countries. A possible corollary of this is that because of the informational2free-rider problem it creates, this practice may reduce the main bank’s incentive to screen and monitor borrowers. Since collateral defines the order of seniority among creditors, using collateral may mitigate the free-rider problem and enhance the main bank’s screening and monitoring. This incentive effect for the main bank becomes tenuous for personal guarantees, because personal guarantees do not define the seniority among creditors. Thus, our work provides empirical evidence onhow collateral affects relationship lenders’ incentives, and complements previous studies that focus on the problem of borrower incentives (moral hazard and adverse selection).The remainder of the paper is organized as follows. Section 2 develops our empirical hypotheses which are based on previoustheoretical models and empirical research. Section 3 describes the data and variables that are used in the paper, and explains our empirical model.Section 4 presents the results of our empirical analysis, andSection 5 concludes.2 Empirical hypotheses2.1 Borrower riskinessMuch of the empirical literature in this field examines theoretical predictions of asymmetric information models on the relationship between risk and collateral. If the bank cannot discern borrowers’ riskiness (hidden information), then collateral may serve as a screening device to distinguish between borrowers and to mitigate the adverse selection problem (Bester, 1985). This follows from the observation that a lower-risk borrower has a greater incentive to pledge collateral than a risky borrower, because of his lower probability of failure and loss of collateral. Hence, the lower-risk borrower will choose the contract with collateral.On the other hand, if the lender can observe the ex-ante risk, but there are information asymmetries with regard to actions taken by theborrower after the loan is extended, collateral potentially provides an incentive to mitigate moral hazard. Thus, opposite to models focusing on hidden information, those concentrating on hidden action suggest that it is observably riskier borrowers that will pledge collateral, because collateral induces more effort by the borrower (Boot, Thakor, and Udell, 1991), or reduces the incentives of strategic default (Bester, 1994).Because our data base only contains measures of firms’ observed riskiness3(namely, credit scores), we couch our first empirical hypothesis as follows:Hypothesis 1 (H1): The use of collateral is higher among observably higher-risk (low credit score) borrowers if the lender requires collateral in order to mitigate the extent of moral hazard.Alternatively, if borrowers pledge collateral as a signal of their unobserved high credit quality, then there is negative or norelationship between the use of collateral and the credit score.Consistent with the theory of moral hazard, most existing empirical studies, including Berger and Udell (1990; 1995), have found a positive relationship between colla teral and borrowers’ ex-ante risk. Jiménez, Salas and Saurina (2006)directly test the adverse selection and moral hazard hypotheses by separating ex-ante and ex-post measures of borrower riskiness, namely defaults prior to and after the loan origination. Their results suggestthat although observed riskiness increases the likelihood thatcollateral is used, there is also a negative association between collateral and default after the loan has been granted, which is consistent with the adverse selection argument.It should be noted that theories of collateral as a solution tomoral hazard and/or adverse selection problems assume collateral is external to the firm.Unfortunately, our measure of the incidence of collateral does not distinguish between firm (inside) collateral and personal (outside) collateral. Hence, throughout our analysis, we will assume thatcollateral is mostly inside, but allow for the fact that there may also be some outside collateral. As for personal guarantees, they clearly represent outside collateral.2.2 Screening and monitoring by the lenderRecent research on collateral also discusses how collateral affects lenders’ incentives with regard to information production, that is, the screening of borrowers’quality and the monitoring of their performance. These theories ofthe effect of collateral on lenders’ incentives apply to both insideand outside collateral. Manove, Padilla, and Pagano (2001), for instance, argue that, from banks’ point of view, collateral can be considered asa substitute for the evaluation of the actual risk of a borrower. Thus, banks that are highly protected by collateral may perform less screening of the projects they finance than is socially optimal.However, several theoretical studies argue that collateral may complement lenders’ screening and monitoring activities. In the presence of other claimants,4lenders’ incentive to monitor borrowers is reduced due to the informational free-rider problem. In order to enhance lenders’incentive to monitor, loancontracts must be structured in a way that makes lenders’ payoff sensitive to borrowers’ financial health. Rajan and Winton (1995) argue that collateral may serve as a contractual device to increase lenders’ monitoring incentive, becausecollateral is likely to be effective only if its value can be monitored. Moreover, the use of collateral as an incentive will be more extensive when the value of such collateral (as in the case of accounts receivable and inventories, for example) depreciates rapidly if business conditions deteriorate, than when the value of collateral is relatively stable (as in the case of, e.g., real estate). Longhofer and Santos (2000) argue that collateral serves as an incentive for information production by the principal lender in the presence of several creditors, because taking collateral is effective in making its loan senior toother creditors’ claims. Thus, the bank that provides collateralized loan is able to reap the benefits of screening and monitoring activities. Note that this argument does not straightforwardly apply to personalguarantees, because, in general, personal guarantees do not define seniority among several creditors.As we have a proxy variable for the intensity of monitoring by the principal lender, our second hypothesis for the empirical analysis is as follows:Hypothesis 2 (H2): The use of collateral decreases with theintensity of monitoring by the principal lender if collateral reduces lenders’ incentive to exert effort in loan management. Alternatively,if collateral serves as an incentive device to induce monitoring efforts by the principal lender in the presence of other claimants, then we expect a positive relationship between the use of collateral and monitoring intensity. To our knowledge, there are only two existing studies thatempirically assess whether the use of collateral and personal guarantees substitute for or complement screening and monitoring by the lender. Examining Spanish loan data, Jiménez, Salas and Saurina (2006) found that banks with a lower level of expertise (smaller banks and savings banks) in small business lending use collateral more intensively. This is consistent with the theory that collateral is used as asubstitute for the evaluation of credit risk. The present study complements these works investigating the relationship betweencollateral and screening by focusing on the relationship between collateral and monitoring using Japanese firm data. Our proxy variablefor monitoring intensity is the frequency of document submissions to5the main bank.2.3 Relationship between the borrower and the lenderThe existing literature on relationship lending provides conflicting predictions on how the strength of the relationship between borrower and lender affects the likelihood of collateral being pledged. By establishing a solid relationship with the borrower, the lender learns about the hidden attributes and actions of the borrower, thus reducing information asymmetries. Hence, the terms of loan contracts may become more favorable to the borrower if the firm has transactions with a specific relationship lender over a long period of time and thus establishes trust, resulting in a lower likelihood of collateral being pledged (Boot and Thakor, 1994). However, a solid relationship may become detrimental to the borrower if the bank exerts its information monopoly by charging higher interest rates or requiring more collateral (Sharpe, 1990). If such a hold-up problem is indeed common, then there is likely to be a positive correlation between the strength of a relationship and the use of collateral. It should be noted that these theories assume that the collateral is outside collateral. In addition, collateral can also be used as an incentive device in mitigating thesoft-budget constraint problem in relationship lending (Boot, 2000). For example, consider the case where a borrower in difficulty asks the bank for more credit and reduced interest obligations in order to avoid default. Although a transaction-based lender would not lend to such aborrower, a relationship lender that has already made loans might accept the borrower’s request in the hope of recovering a previous loan. However, once the borrower realizes he can renegotiate the loan contract relatively easily, he has an incentive to misbehave ex ante (the soft budget problem). In such cases, collateral will increase the ex-post bargaining power of the lender and hence reduce the extent of the soft-budget constraint problem, because collateral makes the value of the lender’s claim lesssensitive to the borrower’s total net worth. These theoretical considerations apply to inside collateral as well as outside collateral and lead to the following hypothesis:Hypothesis 3 (H3): Borrowers that establish a solid relationshipwith their principal lender are less likely to use collateral if the relationship reduces information asymmetries and enhances mutual trust between the borrower and the lender. Alternatively, borrowers with a strong relationship with their principal lender are more likely to use collateral if the effects of the hold-up problem or the mitigation of the soft-budget constraint problem dominate.6外文文献译文资料来源: 日本一桥大学作者:lichiro uesugi担保的作用和个人担保贷款的关系:来自日本的中小企业贷款市场的证据在中小企业的贷款中关系贷款非常的普遍，小企业的贷款主要是依靠银行融资，但是小企业却存在财务不透明的问题。

(完整版)金融学英文文献翻译

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

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

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

因此，加强信用资产的风险管理对于商业银行的发展也是非常重要的。

首先，对当前商业银行的信贷风险环境进行分析。

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

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

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

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

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

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

金融学毕业论文外文翻译中英文全

金融学毕业论文外文翻译中英文全标准化工作室编码[XX968T-XX89628-XJ668-XT689N]Improve the concept of financial supervision in rural areas1Xun QianFarmers in China's vast population, has some large-scaleproduction of the farmers, but also survival-oriented farmers, huge differences between the financial needs of rural financeintermediation makes complex, together with agriculture itself is the profit low, natural and market risks high risk decision to weak agricultural industry characteristics, resulting in the cost of rural financial transactions is far higher than the city, also decided to organize the rural financial system in terms of operation or in the market has its own special characteristics. 20 years of financial reform, financial development while the Chinese city made impressive achievements, but the rural finance is the entire financial system is still the weakest link. Insufficient supply of rural finance, competition is not sufficient, farmers and agricultural enterprisesin getting loans and other issues is also very prominent, backward rural financial system can no longer effectively support the development of modern agriculture or the transformation oftraditional agriculture and the building of new socialist countryside, which to improve the rural financial supervision new topic.China's rural financial regulatory problems(A) the formation of China's financial regulatory system had "a line three commission " (People's Bank, the Securities Regulatory Commission, Insurance Regulatory Commission and the BankingRegulatory Commission) financial regulatory structure. Bank These stringent requirements, different management and diversification of monitoring has its positive role, but it also had some negative effects. First, inefficient supervision, supervision of internal consumption of high costs, limited financial industry1American Journal of Agricultural Economics，2009.business development and innovation space. Second, the regulatory agencies, regulatory bodies and the information asymmetry between central banks, banking, securities, and insurance mechanisms of coordination between regulatory bodies arenot perfect. Information between central banks and regulatory agencies is difficult to share, is difficult to create effective monitoring force. Basically between the various regulators in their respective state regulators, regulatory policies and measures to overlapping or conflicting phenomena have occurred, unable to cope with China's current rural financial market complexity and diversity and so on. Third, financial institutions have liquidity risk or out of the market and so on, may be excessive because the central bank assistance, financial institutions and financial institutions led to the person in charge "capacity risk" and "moral hazard", or for financial institutions regulatory arbitrage possibilities; addition, since the lack of recourse, may adversely affect the financial stability.(B) rural financial ecological environment is not in-depthThe current financial environment in rural county building still remains in the letter the user, village, township, community development credit level, "government-led, human-propelled, departmental interaction" and create a mechanism for financial ecological environment in rural areas lack. Local governments and authorities the importance of financial knowledge of the ecological environment is not deep, implementation and functions of individual local protectionism and heavy, there is interference with the financial sector credit and other daily business situation. Rural credit system lag, lack of bad credit punishment mechanism, rural businesses and residents in the overall credit awareness is not high, rural finance development and expansion of social services and social protection of the environment has not yet formed.(C) China's existing legal system of financial supervision and a number of shortcomings, can not guarantee that financial regulationis reasonable, effective, standardized implementationFirst, regulatory lag, supporting regulations are incomplete, the content is too rough, too simple, the banking, securities and insurance supervision laws and regulations more old, a general lackof quantitative science. Supervisory regulations and standards, regulatory methods and technical means not meet regulatory requirements in the market. Staff in the actual implementation, not easy to grasp the scale, may of operation. Second, the Chinese regulators and the regulated objects exist some interest, and the existing regulations, lack of supervision and regulatory enforcement are to ensure that financial regulation can not be just and reasonable. Finally, China's financial supervision is still difficult to shake off the inertia of the executive-style regulatory impact.(D) of the Rural Financing drifting outside the existingfinancial regulatoryAccording to IFAD study, Chinese farmers from the informalfinancial institutions, loans from official credit institutions about 4 times. For farmers, the importance of informal financial markets over the formal financial market. China's mainly rural folk form of finance rural credit cooperatives, Cooperation, private lending, private banks, private funds, microfinance, etc., of which only rural credit cooperatives and microfinance in China's financial supervision under the rest of the financial forms the lack of appropriate supervision. The general lack of rural financial organizations ofcivil norms, there is a big risk, China's existing laws andregulations on private financial institutions in rural areas is oneof "isolation" policy, making a lot of money from the dark into the rural financial market and greater regulation of financial difficulty, on rural financial security is a potential threat.learn from the developed countries(A) improve coordination of rural finance mechanisms forexternal supervision1. The United States "multiple composite" of the coordination mechanism. U.S. financial cooperation system in rural areas by the federal mid-term credit banks, cooperative banks, federal land banks and federal land bank system composed of three Cooperatives, the Farm Credit Administration (NCUA) leadership, and with the Council under the leadership of the private banks in rural commercial credit, National Rural Credit Bank policy of the United States shared the task of rural financial intermediation. The organizational model is a typical multi-mode hybrid system, three systems have an independent management system, with clear terms of reference. To ensure the healthy development of rural financial institutions, commercial banks in the United States adopted a different regulatory models, specifically setting up a relatively sound financial regulatory system in rural areas, including regulators, industry self-regulation associations, financial intermediation and mutual insurance group clearing center, the four kind of independent agencies and their subsidiary bodies, the functions of different, but share the same objectives as a common rural cooperative financial institutions to serve the regulatory system.2. Germany's "comprehensive regulatory model" of coordination mechanisms. Low concentration of the German banking system, in the very important parts of the bank, the representative of the financial mixed operation. Commonwealth Bank and the Federal Financial Supervisory Authority the power to regulate the two main regulators of the banking sector there is a clear division of labor, but also close cooperation. Commonwealth Bank in Germany, nine states have branch offices, using their own network advantages to the Federal Financial Supervisory Authority is responsible for daily transmission of data banks focus for the Federal Financial Authority to provide a better basis for the exercise of regulatory functions, but it is not directly involved in the regulation work, nor has the administrativepunishment. The Federal Financial Supervisory Authority did not have branches in the states, it is difficult to carry out regular supervision, need to cooperate with the Commonwealth Bank to perform its regulatory functions. Germany's main central banks and industry rely on the federal audit of the regulatory system and riskprevention and protection system to ensure rural finance in the specification on the basis of continuous development.3. Japan's "complement each other-type" coordination mechanism.In Japan, the dual supervision of the implementation of rural finance: first, the Office of Government financial regulation, supervision on the implementation of various financial institutions, to achieve the overall risk control; Second, national and local Forestry andFisheries Department with the Office of Financial Regulation on the implementation of rural financial institutions supervision, including the Ministry of Agriculture consists of the branch on Norinchukin supervision, Forestry and Fisheries set up in six major areas of agricultural area in County Council on joint supervision of theletter, and all, Road House, County Farmer of the Ministry of Agriculture within its jurisdiction Association for Cooperative Finance Supervision Department(B) the establishment of deposit insurance and emergency rescue system to form a three-tier safety netDeveloped financial system generally established strict internal management system, deposit insurance system and the system of three emergency safety net. As a second-class safety net of deposit insurance system has been very satisfactory. The federal governmenton rural finance unified compulsory deposit insurance, the specific business operation by the Federal Deposit Insurance Corporation's Savings Association Insurance Fund, and to assume supervision of the insured financial institutions; the German government on the implementation of the voluntary deposit of credit co-insurance, not mandatory insurance, its insurance sector is the industry organization; Japan's credit co-national compulsory deposit insurance,the insurance agency is a joint venture between Government and the people, by the Government, Norinchukin Bank, Japan Bank, Credit Union and a coalition of agricultural water fishery credit cooperatives Industry Insurance Agency. As a third-class safety net for emergency rescue system, specific measures for implementation in different countries, bank deposits for the brink of bankruptcy, in some countries directly by the central bank to offer special low-interest loans (such as the U.S. and Italy), in some countries by the bank regulatory authorities and other Commercial Bank for the establishment of special institutions to finance the rescue (such as France and Belgium), a number of countries came forward by the deposit insurance agency to provide funds (such as Japan), more by one or a few large banks in support of official support.(C) rural finance within the industry associations to play a regulatory role1. U.S. Rural Cooperative Finance Association of self-management. In the United States, various credit associations or co-finance up to several dozen, including a long history, nationally renowned for the National Association of Credit (CUNA), a specialized credit services for the Federal Register Association (NAFCU), there are also special school credit for community service credit unions and associations (CCUC), etc.. While the states also have their own Credit Union Association. The trade association is one of the major work to develop a code of conduct, self-regulation management.2. German credit cooperation and other cooperative system of industry self-regulation of mutual integration. German cooperation in the National Credit Union (BVR) is a cooperative bank industry self-regulatory organizations, grass-roots local cooperative banks, cooperative banks and district central cooperative banks, as well as professional co-finance companies, cooperative credit union is a member. Germany 11 contributions from the various types of cooperatives set up jointly organized a regional cooperative audit association, responsible for annual audit of the specialized agenciesof the various types of cooperatives, which are also common types of cooperatives at the district level, the industry watchdog, plays an important industry supervisory role.3. Set supervision and service in one of the JapaneseAgricultural Association. Japanese government in 1947 promulgated the "Agricultural Cooperative Law," agricultural association provides services for members of cooperative organizations, its not for profit, adhere to the rural communities and members for the service centers, institutional system based on grass-roots level according tofacilitate farmers , established the principle manageable. The main source of funding is to absorb the rural deposits, in principle, limited to serving as a member of the farmers and agricultural groups. To ensure financial security cooperation, and healthy run, set up a rural credit insurance, temporary transfers of funds mutual aid system and credit cooperative organizations, and government co-funded deposit insurance system, agricultural disaster compensation system and the agricultural credit guarantee system for the insurance system measures.improve the financial supervision of the concept of rural China(A) improve and perfect the legal system of rural financial regulation, supervision according to lawFinance as the core of the economy, the continued growth of rural finance is more in need of legal regulation and a sound legal environment, accelerate the development of rural finance laws, nolegal basis to change the situation, has become the strong demand of rural financial development. Since the reform and opening up, no one for rural finance, rural financial regulation can serve as a basisfor law. To achieve effective supervision, the need for additional professional laws, regulations, and specific regulatory measures, regulations and implementation details, so as to achieve from the general administrative supervision to improve the legal system,efforts to establish changed the credit system, and ultimatelycontrol law .While in strengthening the legal system, adopt effective measures to strengthen the integrity of the whole community education and step up publicity to raise awareness of the general financial and legal residents, to actively support the work of the national collective finance; education of the population according to lending, and actively with the illegal lending practices fight, really create a sound legal basis, that the law according to the credit environment and legal environment.(B) give full play to grassroots government, professional regulatory functionActively cooperate with local governments at all levels and support the financial regulatory authorities in rural credit markets make an important guarantee for supervision. To actively coordinate local government and non-basic level target consistency, to avoid the expense of national interests and local interests of the occurrence.The Chinese government should establish a tax system is different from commercial banks, a low tax or tax-free policy, by policy banks to provide low-interest or interest-free loans of rural finance,rural finance to increase subsidies and assistance. Those relatively large amount of private credit, shall be approved by localauthorities just to strengthen the audit checks to the legitimate rights and interests protected.China's rural economy, small and dispersed operations, has not been large-scale establishment of agricultural insurance, in case of force majeure, the rural financial system will face great risk. Chinese financial institutions in the internal governance structure and risk management system has been initially established, the basic external financial regulation in place of the case, should refer to the experience of developed countries, commercial banks in the country to establish a mandatory deposit insurance system and the emergency rescue system, the formation of three protection network.(C) strictly rural financial institutions, "access and" toimprove the professional standards of financial supervision Financial regulators should be a good loan companies, postal savings banks, rural credit union funds, village banks and other new-type rural financial institutions, market access, ensure that thenew-type rural financial institutions in corporate governance,capital adequacy ratio to meet the requirements. Kind in the country selected the new rural financial institutions, better internalcontrol system, modified to add a representative of management toform the template to help set up rural financial institutions, covering credit, billing, savings, cash, security and other riskpoint of internal control system . Establish small rural banks and other financial institutions, guidance system, the financialregulators to conduct the transition of its guidance, to promoterural financial institutions to a sound system of internal control as soon as possible, improve management, risk control and management mechanisms work well.(D) to play the role of industry self-regulatory associations, to promote the vitality and force the formation of the banking sector China was set up in late 2005, China Banking Association of Rural Financial Working Committee, the current to China Banking Regulatory Commission and the provincial government regulatory framework basedon an industry self-regulatory organization more. Promoting the Development, promoting and developing self-regulatory functions of trade associations, for building a healthy banking system in China is significant. Association to play a functional role to guide the establishment of liaison mechanisms and management of daily work, and improving the industry conventions and regulations, regulators should not control those, which were needed in the work of regulatory bodies, as far as possible by the association responsible for promoting the formation of the energy and banking efforts to achieve self-management and trade association national regulatory authorities to monitor the combination system of regulation.(E) to safeguard the security and financial safety regulation to changes in both the core competitivenessThe nature of financial regulation is intended to innovation and development of the financial industry to create a favorable internal and external environment, rather than constrained the development and expansion of rural finance. For the monitoring and supervision, donot speak the efficiency of regulation, which implies the greatest risk, will affect the long-term development of the rural financial sector.ConclusionIn short, improving financial supervision in terms of its breadth, should be an include government regulation, industry self-regulation, financial institutions, internal control, four levels of social supervision system; its depth, it should be involved in risk prevention, effective access, legal norms, the operation simple and efficient aspects of a systems engineering. Only by striving to improve the new concept of financial supervision, the introduction of new methods of financial supervision in order to receive financial regulation expected results. Only in this way can be established consistent with China's national conditions, but also to adapt to modern requirements of international financial regulatory system in rural China.发展中国农村金融监管的思考Xun Qian农民在中国人口众多,有一些大型生产的农民,但也自给自足的农民,巨大的金融需求之间的差异使农村金融需求很是复杂,连同农业本身是利润低、自然和市场风险高的风险决策农业产业特性,软弱的农村金融交易的成本远高于城市,也决定组织农村金融体系的运行或市场有其自身的特点。

银行金融数据分析中英文对照外文翻译文献

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

关于互联网金融对居民消费的外文文献

互联网金融对居民消费的影响With the development of the Internet, Internet finance has also appeared. What impact does Internet finance have on consumers' consumption behavior?Internet innovation in finance -- take Hua Bai as an exampleThe so-called Internet finance, in fact, is a new financial model generated after the combination of finance and Internet. Compared with traditional finance, Internet finance is actually based on the data of the Internet and relies on the network as a platform, ultimately realizing the expansion and extension of traditional financial services. The so-called Ant Huayuan is actually a new product under Ant Financial, which is a financial service generated after combining with e-commerce. On Singles' Day in 2015, the number of transactions paid by Ant Huabei reached 60.48 million, and the success rate of payment basically reached 99.99%. For the person in charge of ant Huabian operation, it estimated that after the payment success rate of the flower is improved by 2-3 percentage points, the consumption of 130 million yuan can be generated by one percentage point improvement.▲Internet FinanceCollect data on Internet financeThrough an online survey can know, is expected to a total of 332 copies of questionnaires, and the actual recycling about 332questionnaires, efficiency reached 100%, through the network of the efficient transmission characteristics has certain representativeness questionnaire samples will certainly, so in the process of related research, it provides abundant data resource.Data analysis of Internet financeAfter obtaining certain data, it is necessary to analyze these data. The first is the influence of different factors on the average online shopping amount of each month. Since various innovative products of financial research are mainly studied, and the Internet financial model is generated by combining Ant Huabian with e-commerce as the representative, the relevant questionnaire mainly takes online shopping as the center. From the consumption function, we can also know that there is a certain relationship between income and consumption, and income is related to a person's occupation, age, gender and the city where the person works and other types of factors. The so-called marginal consumption, income level and other influences, the characteristics of various consumption factors are closely correlated. If the linear regression is carried out for these factors, it is obvious that the city type and occupation type are not obvious at the significance level of 0.05. Considering multiple regression, may be because of the characteristics of the variable exists between a contribution of, make individual variables is not obvious, so we're going to make thecollinearity diagnosis for the model of the process, will find that the value of the model is deviating from the ten words, model is the better, simply does not exist a variety of linear features. After removing the insignificant variables, we can return to regression analysis. Through relevant understanding, we can know that gender, age, monthly income level, monthly total online shopping and monthly living consumption have obvious influence characteristics. And through the analysis of the analysis of the age and gender, women on the average number of online shopping is certainly more than men on average the number of online shopping, with online shopping and monthly average amount showed a negative correlation between age and the relationship between the monthly income level and consumption of life and is to present a kind of direct proportion relationship between average monthly online shopping.▲Internet FinanceFor installment payment choice of study, through to the inadequacy of commodity prices installment quota, consumers choose the correlation, after various investigation, can know the price of a commodity as 590 yuan, 600 yuan will be able to achieve, analysis of payment will be 26.5% of the people can analyze payment limit insufficient in commodity prices, Choose to single way to fight to implement instalment, this shows that the installment payment forconsumers there is a very attractive, the appeal may make the lower limit of goods payment in the edit control process, make the price elasticity of change, cool, price elasticity changes, the process of pricing for consumers, has very important reference significance. In the past, it has a certain pricing method for consumer psychology, and in this process, the pricing method will also change. If the attraction of installment payment to consumers exceeds the process of this pricing method, then it will produce an attraction in the process of bringing a strong psychological hint. Rational consumers tend to make some different choices than before.▲Internet FinanceThrough the analysis of the data after the conclusionThe amount of consumers also has a certain influence. According to the results of the survey, it can be known that the average monthly consumption amount can increase by about 25% after the use of Huayuan. If the consumption limit increases by 300~500 yuan, it can increase by 12%; if the consumption limit increases by more than 500 yuan, it accounts for a long time, and the value of the unchanged people is controlled at 53%. After only 1% of people use Huayuan, the average consumption limit of each month will decrease.▲Internet FinanceThese data reflect that in this part of the investigation process,nearly 50% of people's consumption amount will increase after using Huayuan, the average increase amount. It has reached about 150 yuan. Among these users, the monthly online shopping consumption is controlled at 42.77 percent. In general, and their average monthly online consumption control in 320 yuan, although the data without any seasonal consumption characteristics of the price level as well as a variety of subjects is not completely consistent, so may a certain influence on the result, but this value reached 40%, for growth, there are still some problems.▲Internet FinanceFor consumption structure also has a certain influence, yin-hua wang is used, in addition to the total amount have an impact on consumption, in fact for the consumption structure, it also can produce certain change, in Tmall and flower bai installment purchase, merger use spend bai can shaanxi instalment privileges, but only when prices to more than 600 yuan, In order to use the installment payment method, spend bai shopping analysis, payment setting, there are three periods, these three periods can be free of interest, the user only after confirming the receipt of goods on the 10th of the next month, then pay off the first phase of the payment can be. The later payment will be paid back over several months, which means that as long as the product supports installment payment, the users of Ant Huabai will be able to get interestfree repayment for a long period of time. This will also make many users in the face of choosing less than 600 yuan of goods, will be more than 600 yuan of goods will be tempted, have a certain impact.▲Internet finance network diagramSo in the price of consumer goods to choose, because such preferential, make consumers to choose some goods price analysis of more than 600 yuan payment offline, because take bai the existence of this kind of consumer credit, from above consumable funds for each month, consumers are a increases, for some people income level is low, Payment when there is no such an analysis, consumer credit products produced, and their financial status is not able to use a credit card, they are most likely to choose one quality is poor, lower commodity prices, or simply does not have certain purchasing power for some goods, so consumer credit can be completely that some problems are solved, It distracts them from the various consumption pressures they face at present. For those people with unstable income, this kind of consumer credit can also make their consumption curve become very smooth, reduce the impact of unstable income, and relieve the pressure of their life.▲Internet finance network diagramThe process of making people unable to use the same funds is to achieve the best results. Especially for the young generation, people cannot quickly change the concept of consumption. When undertaking large expend to overdraw consumption then, this just is a breakthrough point.▲Internet finance network diagramSummary and suggestions of Internet financeInternet financial innovation, it has brought the very big influence to people's life, through the relevant data can prove that gender, age, income level and consumption amount, for the total amount of online shopping will have a certain influence, and based on these, the use of the Internet financial products ants spend bai, impact on consumer spending behavior, Some analysis has also been made. Through these analysis, we want to make some Suggestions, the first is for consumers, the Internet financial innovation has made some consumers increases, the consumer behavior of flower bai such consumer credit and a variety of electronic currency phenomenon, may produce some consumers excessive consumption, produce certain pressure to the daily lives of consumers, Therefore, for consumers, they should choose rational consumption and make a correct evaluation of the value of goods and their consumption ability.▲Internet finance network diagramFollowed by merchants for groups of advice, don't undergo differentiation marketing, for different consumer groups, the innovative financial products has to be differentiated marketing, but for differentconsumer object, adopt various flexible marketing means, such as for online shopping, shopping more affirmation is a girl, can increase some publicity, Realistic presence of specific women's products, rather than wool harvesting, can increase the use of financial services. Get more users for yourself. In this way, the market share has also been significantly improved. It can also provide differentiated products and services. Based on the theory of industrial organization, the extent to which enterprises control the market depends on how successful they are in differentiating their products. For different consumption levels of consumer groups.▲Internet finance network diagramTheir demand for a variety of financial products and financial services are different, such as in the student body without some income, so their consumption level is not high, can proper makes the lower limit of the installment, reduce to give a detailed their feet long, the time of reimbursement, so as to make the product sales increase. And that they can fully use of price elasticity, better products for a variety of price elasticity, adopt the method of payment by installment, bring attractive at the same time, also make all kinds of psychological suggestion attractive, people to consumption, product sales have brought, businesses can in the process, appropriate price adjustment. For example, the limit of 600 yuan can actually be reduced to 599 yuan.Although this psychological implication is not very obvious, many people are still attracted by the fact that the number at the beginning of the hospital is different after the hospital is lost. In this case, the form of installment payment will play a certain role of icing on the cake. Therefore, financial service institutions and merchants can achieve win-win cooperation.。

金融学外文翻译3000汉字中英对照

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

金融专业英文参考文献

金融专业英文参考文献[1]Microfinance Consensus Guide lines. Robert Peck Christen,Richard Rosenberg. . 2003[2]Micro success story:Transformation of NGOs into Regulated Financial Institution. NimalA.Fernando. . 2004[3]Micro success story:Transformation of NGOs into Regulated Financial Institution. Nimal A Fernando. . 2004[4]"Access for All: Building Inclusive Financial Systems". CGAP. . 2006[5]"Building Inclusive Financial Systems: Donor Guidelines on GoodPractice in Microfinance". CGAP. . 2004[6]Microfinance ConsensusGuidelines: Guiding Principles on Regulation and Supervision ofMicrofinance. Christen R P,Lyman T R,Rosenberg R. . 2003[7]Regulations,market structure,institutions, and the cost of financial intermediation. Demirguc-Kunt A,Laeven L,Levine R. . 2003[8]Financial structure and economic growth: A cross-country comparisonof banks, markets, and development. . 2004[9]Access for all: building inclusive financial systems. Helms B. . 2006[10]Where is credit due? Companies, banks, andlocally differentiated investment growth in Vietnam. Malesky E J,Taussig M. . 2005[11]Commercialization of microfinance: A framework forLatin America. Poyo J,Young R. . 1999[12]Access for all: building inclusive financial systems. Helms B. . 2006[13]Commercialization of microfinance: A framework for Latin America. Poyo J,Young R. . 1999[14]"Building Inclusive Financial Systems: Donor Guidelines on Good Practice inMicrofinance". CGAP. . 2004[15]"Access for All: Building Inclusive Financial Systems". CGAP. . 2006[16]Occupational choice and the process of development. Banerjee A V,Newman A F. .[17]Financial Stability As a Policy Goal. Chant J. Bank of Canada Technical Report . 2003[18]TheRushto Regulate:Legal Frameworks for Microfinance. Robert Peck Christen,Richard Rosenberg. CGAP Occa-sional Paper No.4 . 2000[19]"The Rush to Regulate:Legal Frame-works for Microfinance,". CGAP. CGAP Occasional Papers, No. 4 . 2000[20]Building Inclusive Financial Sectors for Development. UNCDF . 2006[10]Financial and LegalConstraints to Growth: Does Firm Size Matter. Thorsten beck,Asli Demirguee–kunt,Vojislav Maksimovic. The Journal of Finance . 2005[22]Occupational choice and the process ofdevelopment. Banerjee A V,Newman A F. Journal of Politics . 1993[23]Credit Bureaus: A Necessity forMicrofinance?. Campion A,Valenzuela L. Microenterprise Best Practices . 2001[24]Credit Bureaus:A Necessity for Microfinance?. Campion A,Valenzuela L. MicroenterpriseBest Practices . 2001[25]"Financial Institutions witha ’’Double Bottom Line’’". Christen,Rosenberg,Jayadeva. Occasional Paper,No.8, CGAP . 2004[26]"Financial Institutions with a ’’Double Bottom Line’’". Christen,Rosenberg,Jayadeva.Occasional Paper,No.8, CGAP . 2004[27]Microfinance as a Grass-Roots Policy for International Development. Gary M. Woller,,Warner Woodworth. Policy Studies Journal . 2001[28]Income distribution and macroeconomics. Galor O,Zeira J. Review of Economics Studies . 1993[29]Maximizing the outreach of microenterprisefinance. Christen R P,Rhyne E,V ogel R C, et al. USA ID Program and Operations Assessment Report . 1995[30]Maximizing the outreachof microenterprise finance. Christen R P,Rhyne E,V ogel R C, et al. USA ID Program and Operations AssessmentReport . 1995。

消费金融外文文献翻译

消费金融外文文献翻译文献出处：Demetriades P. The Research of consumer finance and economy growth [J]. The Economic Journal, 2016, 4(2): 83-99.原文The Research of consumer finance and economy growthDemetriades PAbstractConsumer finance to expand domestic demand, promoting economic growth has become increasingly obvious role, its sound development is conducive to give full play to the role of consumption to the economic development. Development of consumer credit to provide continuous and stable impetus for economic growth. As a result of the investment to promote economic growth and not by is never adjust resulting in excess capacity, industry structure imbalance, and many other problems. And can give full play to the advantages of the market economy, consumer demand, guide the rational allocation of resources, so the consumption is stable and continuous power of economic growth. Consumer finance companies should according to the actual situation, research and development of complete product system, to strengthen the construction of channels, expand the scope of business.Keywords: consumer finance, economic growth, consumer credit1 IntroductionConsumer finance refers to some institutions offering loans to households or individuals, specifically to meet the consumption needs of modern financial services. Consumerfinance begin really started from the 1990 s, after 20 years of development, for the purpose of individual and household consumption loan scale expands rapidly, the loan application is increasingly wide, consumer finance has become the indispensable important component of financial markets. Consumer finance development to a certain extent, meet the residents of the growing material and cultural consumption demand, is conducive to expanding domestic demand, reduce the GDP of excessive dependence on investment and exports, promote healthy economic growth.2 Literature reviewFisher, in his 1930 book presents consumers to buy now and after spending time preference selection theory, namely consumers according to the relevant conditions and to allocate the total lifetime consumption. Further development, the theory, assuming that consumer goods to meet the needs of the consumers, and the consumer can use for a long time, great changes have taken place in its consumer preference is the case, consumers will be more willing to buy. Even if the current level of wealth is not allowed to buy, the consumer will be achieved by borrowing advanced consumption desire.Milton friedman in 1957 when consumer spending decisions are often based on permanent income, rather than the current level of income, known if consumers can expect to future income, will adjust current consumption according to the income level of later. After the annual income level is higher, the more likely they are to make consumers consumption choices.From the micro level, Sidney Coftle in a paper published in 1960, analyzed the consumer finance company profitability. He demonstrates the consumer finance company is the existence ofeconomies of scale, namely to consumer finance company, the more the consumer finance company's cost is lower, the better profit. Franco Modigliani (Modisliani), cloth in Nairobi, Anton common life cycle income hypothesis is put forward in 1966.The theory on the premise of the original consumers make consumption choices, this paper studies the consumer life of the relationship between consumption and income level. They believe that human life is composed of three stages, namely juvenile period, manhood and old age. Adolescence and old age income less than spending, and mature stage income more than spending, so in the mature stage of income not only meet the demand of this issue, but also supplement the juvenile period and the hole of the elderly. Therefore, the expected life cycle and the cycle of all income become decided to consumption level of the key elements.George Benston mentioned in a paper published in 1977, interest rate cap on consumer borrowing costs. In this paper, he discusses the borrowing costs relationship with interest rates. That same year, Gorge Benston in published another paper analyzes the interest rate risk of consumer credit problem, put forward the change of interest rate's influence on consumer finance were not as serious and unacceptable. The operation of the consumer finance company loan risk is greater than the interest rate risk.For consumer financial services of a home loan, 1995 economists Hayre California defaults in the United States are analyzed.He found that the default with age, length of time, housing prices, and economic situation, for later consumption financial company to manage and control financial risks provides an important reference.JaPelli and Pagano, a study in 1989 found that exists between the fluctuation of consumer credit and consumption of from the correlation of credit constraints. In deciding whether or not to provide consumer credit, consumer financial services institutions would consider the risk and cost. Stislitz the article published in 1981, the paper expounds how the asymmetric information, the law of consumer credit market and the characteristic of the inner.3 The summary of consumer finance3.1 The meaning of consumer finance and theoretical basisConsumer finance is to provide loans to residents or a single family, to meet the modern consumer consumption in advance the purpose of financial services. Overall, consumer finance, there are two notable characteristics, is a loan applicant is an individual or family, is not a productive enterprise as a legal person, public welfare social organizations, or government organization with a macroscopic etc. Second, consumer finance to provide a variety of loans used to satisfy consumers' purpose, not for consumers to make personal investment, management, etc. Leading consumer need family, residents, according to their own needs to provide consumer financial services institutions to apply for a loan, consumer financial provider for the applicant's financial position, credit ability after survey assessment, and make credit decisions. Get consumer finance loans of the individual or family, you can use the loan to buy durable goods such as houses, cars, home appliances, etc., also can pay the family travel, children education, and marriage room decorate general spendingindividuals or families.For consumer finance to lay the theoretical foundation of basically has the following three aspects:First of all is the insufficient effective demand theory for consumer financial cushion. In the 1820 s, the economist Thomas malthus, put forward in the process of development of the economy as a whole, effective demand is insufficient. In the 1930 s is a major crisis in the United States during the great depression, Keynes in the malthusian theory on the basis of realize that demand led to the great depression in the United States. He in Roosevelt's New Deal then, favors a proactive fiscal policy, to stimulate domestic demand. This policy to a certain extent, to stimulate the residents' demand, the U.S. economy has increased rapidly, greatly improving the underemployment, people's living standards improve, not economic growth and a series of problems. Consumer finance provided by the consumer credit can made it possible to advance consumption, greatly promoted the increase of aggregate demand.2 it is universally recognized by the economist's Luke's expected income theory is put forward. The theory support the liquidity of bank assets is determined by the loan holders and applicants' future earnings, rather than determined by the length of the duration of the loan. If lenders expected income is good, has the stability, the deadline even if very long, also can recover smoothly, profitability and liquidity will be better; If the loan holders in the foreseeable future income difference, even if the deadline is very short, can also be difficult to achieve the goal of back, so, liquidity is poor. This theory laid the Banks and other financial institutions in lending, should be on the basis of lenders expected income, comprehensive evaluation of its stability, etc, to establish a reasonable comprehensive credit system, make the residents convenient consumption reasonably smoothly.Three is the establishment of consumer loan credit riskevaluation criteria. In 1941, David Durand establishes a comprehensive evaluation of the risk of consumer credit applicants inventory, with the comprehensive analysis and consideration on the applicants, including from the aspects of age, sex, occupation, property evaluation and analysis, give different scores, finally the score of aggregation to borrowers, determine whether can give financial consumer loans. David Durand's approach to consumer customers choose pioneered the new train of thought, many organizations to follow suit, facts have proved that this system has the rationality and scientific nature, for the rapid development of the consumer finance in developed countries playa great role in promoting.3.2 Consumer finance operation modeDifferent forms of consumer finance loans, repayment method is diverse.First of all, the installment payments form of loans. Mainly for auto loans and home loans. Buyers to provide consumer financial services institutions to produce their own identity certificates, certificate of income as a basis to Banks and other financial institutions and non-bank financial institutions to apply for a loan, and financial institutions must procedural review, determine the applicant after matched the loan conditions, make consumers agreed to buy house or car for its consumer goods as collateral, such as the loan to be wired directly into car or housing unit of account, and then are consumers in installment reimbursement consumer loans.Second, revolving credit loans. Credit card is the most obvious revolving credit performance consumer financial products. Revolving credit that consumer credit demanders needonly one application, after passed the qualification of commercial Banks and credit approval, you can get many loans of commercial Banks.3.3 Consumer finance economic significanceWith the rapid economic development in recent decades, people's living standards increasing quickly, ordinary residents consumption demand is growing. More and more people, especially have received higher education of young people, more and more tend to accept before you actually have the purchasing power consumption concept. More and more people have credit consumption demand. They have borrowed from the bank institutions such as a certain amount of loans to buy consumer goods, such as houses, cars, and other consumer spending, such as education, tourism. As you can see, consumer finance to meet the growing demand for credit consumption residents in our country is to adapt to the economic development trend. The rapid development of consumer financial help exporters into consumptionpower, effectively reduce export dependence, so as to maximize the mobilization of consumption on economic growth.4 Suggestions on consumer finance to promote economic growthConsumer finance provider to consumers to submit application, evaluation of consumer credit ability, often face big mistake decision-making risk. But that is no solvency, borrowing, satisfy a consumption desire of personal or family use consumer finance provides the convenience of service, to malicious bad loans. Consumer finance loan service provider in order to make the right decisions, reduce the risk of consumer loans, should actively establish the effective investigation and evaluationsystem. First, consumer finance lenders should check the applicant's personal information to prove, including applicants real personal incomes, work unit, address, etc. Second, consumer finance provider should establish specialized, system of customer credit files, used to record consumption credit applicants before borrowing of the performance.Consumer finance lenders should through various channels, in a scientific way of marketing, the demand for consumer finance has to, and have certain economic ability to residents of the publicity and innovative services, meet the needs of residents more. Consumer finance lenders should be based on the various aspects of reliable information, for those who are in conformity with the credit terms for primary individual or family. Even those who accord with the family or personal credit institutions lending conditions, not to apply for personal consumption loans, consumption financial institutions can also send the credit application form, the key to promote the crowds, popularize knowledge of consumer finance, financial needs to develop a new consumer market.译文消费金融与经济增长研究Demetriades P摘要消费金融对扩大内需，带动经济增长的作用已经越来越明显，它的良好发展有利于充分调动消费对经济发展的作用。

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