金融学英文文献翻译
金融学外文翻译---在中国银行和非银行机构对地方经济的影响
中文2850字原文：The Impact of Bank and Non-Bank Financial Institutionson LocalEconomic Growth in ChinaAbstract This paper provides evidence on the relationship between finance and growth in a fast growing country, such as China. Employing data of 27 Chinese provinces over the period 1995–2003, we study whether the financial development of two different types of financial institutions —banks and non-banks —have a (significantly different) impact on local economic growth. Our findings indicate that banking development shows a statistically significant and economically more pronounced impact on local economic growth.Key words Growth . Financial development . Chinese provinces . BanksJEL codes E44 . G211 IntroductionThe relation between finance and growth has been long under debate. Although some researchers have argued that finance only reacts to the expectation of growth, there has been overwhelming evidence that financial development plays an important role in promoting the growth of developed economies (see e.g. Levine (2004) for a survey). Evidence is rather mixed within developing countries. While finance seems to promote growth in some Latin American countries (Haber (1991, 1997)), researchers disagree on the role played by formal and informal finance in China, one of the most important developing countries in the world. Understanding the finance and growth issue in China is of particular importance. China’s case is not unique. Most transition countries, like China, suffer from relatively weak legal and financial systems. Therefore, the Chinese experience could be relevant for other countries with similar growth potential and similar legal and financial systems. In addition, with the increasing globalization of trade and international capital flows, the sustainability of China’s growth and the stability of its financial system matter not only for the country itself, but also for the rest of the world.Recent debate on finance and growth in China boils down to the question on howChinese firms are financed and monitored. One strand of literature reasons that the Chinese legal system and formal financial sector are too weak to enforce sound governance and thus the law, finance and growth nexus does not hold in China (e.g., Allen et al. (2005) and Boyreau-Debray (2003)). Chinese growth then stems from informal financing channels and institutions. The other strand reasons that formal finance in China contributes to growth, despite the relative weakness of the legal system (e.g. Hasan et al. (2006), Ayyagari et al. (2007), Rousseau and Xiao (2007), or (Demitriades et al. 2008)).1 Informal finance serves firms who cannot tap formal finance. However, informal finance cannot serve the needs of the higher end of the market since their monitoring and enforcement mechanisms are insufficiently developed (Ayyagari et al. (2007)). We find that banking development plays an important role in Chinese economic growth. Our evidence taken together with that from other recent papers (e.g. Hasan et al. (2006), Ayyagari et al. (2007), Rousseau and Xiao (2007), and Demetriades et al. (2008)), who also support the role of formal finance in China using different datasets and methods, show that the Allen et al. (2005) conjectures are becoming very much a minority view. Our paper therefore shifts the balance of evidence away from the view that formal finance played little role in financing Chinese economic growth.We contribute to the debate on formal and informal finance by using China’s publicly available macro data, employing a set of new perspectives. First, inspired by the classification in Ayyagari et al. (2007) and Allen et al. (2005), we study the impact of formal and informal finance on growth by exploiting heterogeneity between bank and non bank financial institutions. Ayyagari et al. (2007) separate bank finance which includes local commercial banks and foreign commercial banks, from informal finance which includes financing from informal sources such as non-bank financial institution.2 Allen etal. (2005) also distinguishes financing sources from two groups, bank finance and self fund raising, that includes all other sources such as retained earnings, informal sources, loans from family and friends, trade credit, investment funds, equity and the other category. In either way of classification, these two studies include the non-bank financial institutions as part of informal finance and thus argue that non-bank financial institutions are clearly different from formal sectors.3However, unlike their counterparts that are informal under common law, non-bank financial institutions under China’s law actually operate more as contractual arrangements. Moreover, like formal financial institutions such as banks, non bank financial institutions are also supervised by the Chinese central bank. These facts suggest that though Chinese non-bank financial institutions may belong to informal finance,they actually have characteristics from the formal sector and are in this respect comparable to banks. The uniqueness of China’s non-bank financial institutions therefore allows our study of the heterogeneity between those two types of financial institutions to gain further insights on whether the formal or the informal financial sector leads to growth in China, helping to shed light on the difference in results between Allen et al. (2005) and Ayyagari et al. (2007).Clearly distinguishing non-bank financial institutions from banks in our study has several other merits. First, we add to previous studies employing macro data often consider only banks, as they dominate the Chinese financial sector. Non-bank financial institutions such as rural and urban credit cooperatives, trust and investment companies, and financial companies have been installed as reactions to developments in the formal banking system (see e.g. Laurenceson and Chai (2003), and Kumar et al. (1997)). Second, while cross country differences, such as political and cultural variations as well as heterogeneity in accounting standards, make it difficult to directly compare Chinese banks with t heir international counterparts, China’s non-bank financial institutions can serve as a more appropriate ―reference group‖. For identifying the causality between finance and growth, it will be ideal if the difference between banks and non-bank financial institutions only lies in the reforms they have received. Therefore, under the assumption that better reforms lead to greater efficiency, the testable hypothesis will be that the financial development of institutions having benefited more from reforms exhibits greater correlation with growth. Nonetheless, banks and non-bank financial institutions are also different in some other aspects. For instance, while banks have received much earlier and more profound financial reforms but have granted loans mostly to large and medium sized firms in China, non-bank financial institutions have seldom benefited from reformsbut have mainly extended their loans to small or private firms. Such differences, however, are working in favor of identifying the causality between finance and growth. Empirically bank development being more correlated with economic growth than the development of non-bank financial sector may indicate the importance of the link between financial reforms and financial development and thus economic growth. Otherwise financial development may simply react to the real sector, given the fact that small and private firms are the engine of China’s Growth.In China, most non-bank financial institutions only operate within a province. While banks, especially state-owned banks, have their national-level headquarters, cross-province bank lending seldom happens due to the restriction imposed by the central bank of China. Therefore it is safe for us to compare the performance of those two types of financial institutions at provincial level. Financial development of those financial institutions in each province is measured, in a conventional way, by the ratios of local savings and loans to GDP. The panel dataset we employ covers the period 1995–2003, right after the mid-1990s financial reforms took place. Choosing such a period also helps us alleviating the reverse impact from growth to financial reforms. For instance, the concern that financial reforms were initiated exactly at the time that the economy was expected to boom should then be less of a concern. The growth rates have shown a decreasing trend during our sample period, as the Chinese government has managed to ―soft land‖ the economy since the mid-1990s.Our results show that a clear difference exists between the impact of financial development of banks and non-bank financial institutions on growth. While having extended most of their loans to the large and medium sized firms, banks contribute significantly to local growth. This effect is more pronounced in provinces with foreign entry. As a comparison, non-bank financial institutions, while granting most of their loans to smaller firms in China, seem to be not important for local growth. Such results are robust across different specifications controlling for omitted variables or reverse causality. We attribute this difference to the fact that banks, relative to non-bank financial institutions, have benefited much more from the Chinese ongoing financial reforms. In particular, the reforms include commercialization of state-owned banks, market entry deregulation, and liberalization of interest rates. Our resultssuggest that, despite the relatively weak Chinese financial sector, at margin banks played an important role in the allocation of funds, and in turn spurred growth. Our finding sharpens the insights of Allen et al. (2005) on the one hand, and Ayyagari et al. (2007), Demetriades et al. (2008), and Rousseau and Xiao (2007), on the other hand, which mainly argue that only the informal and formal financial sector drive growth, respectively.There is a large literature investigating the link between financial development and growth.4 Recent empirical evidence employing cross-country datasets show that finance is positively correlated with growth (see e.g. King and Levine (1993a) or Levine and Zervos (1998)). While the initial cross-country studies may suffer from simultaneity bias, the more recent studies focus on finding proper instruments to extract the exogenous part of financial development when trying to deal with the issue of causality (see e.g. La Porta et al. (1998), Levine et al. (2000) or Demirgüç-Kunt and Maksimovic (1998))5. Another way to avoid cross-country differences that may plague identification is to focus on one country only. Jayaratne and Strahan (1996) for example tackle endogeneity by keeping effects other than financial development constant. They use financial deregulation in the early 1970s in a set of U.S.-states as an exogenous shock to local financial development. They find that in the 30 years after the deregulation, the economy grew faster in the deregulated states than in the other states. Guiso et al. (2004) study the effects of differences in local financial development on economic activity in Italy. They find that local financial development enhances the probability that an individual starts a business, increases industrial competition, and in turn spurs firm growth. We contribute to this line of research by focusing on one country and studying different channels of finance that were exposed differently to financial reforms.The remainder of the paper is organized as follows. Section 2 describes the reforms and the development of the Chinese financial system motivating our empirical framework. Section 3 presents our empirical framework as well as the data. Section 4 discusses the results on the effects of financial development on economic growth. The last Section concludes.外文题目：The Impact of Bank and Non-Bank Financial Institutions on Local Economic Growth in China出处：Journal of Financial Services Research. 2010, V olume 37, Numbers 2-3, Pages 179-199.作者：Xiaoqiang Cheng and Hans Degryse译文：在中国银行和非银行机构对地方经济的影响本文提供了一个快速增长的国家财政和经济增长之间的关系，如以中国为例。
金融学融资融券中英文对照外文翻译文献
中英文对照翻译Margin Trading Bans in Experimental Asset MarketsAbstractIn financial markets, professional traders leverage their trades because it allows to trade larger positions with less margin. Violating margin requirements, however, triggers a margin call and open positions are automatically covered until requirements are met again. What impact does margin trading have on the price process and on liquidity in financial asset markets? Since empirical evidence is mixed, we consider this question using experimental asset markets. Starting from an empirically relevant situation where margin purchasing and short selling is permitted, we ban margin purchases and/or short sales using a 2x2 factorial design to a allow for a comparative static analysis. Our results indicate that a ban on margin purchases fosters efficient pricing by narrowing price deviations from fundamental value accompanied with lower volatility and a smaller bid-ask-spread. A ban on short sales, however, tends to distort efficient pricing by widening price deviations accompanied with higher volatility and a large spread.Keywords: margin trading, Asset Market, Price Bubble, Experimental Finance1.IntroductionHowever, regulators can only have a positive impact on the life-cycle of a bubble, if they know how institutional changes affect prices in financial markets. Note that regulation is a double-edged sword since decision errors may lead from bad to worse. Given the systemic risk posed by speculative bubbles and their long history, it may be surprising how little attention bubbles have received in the literature and how little understood they are. This ignorance is partly due to the complex psychological nature of speculative bubbles but also due to the fact that the conventional financial economic theory has ignored the existence of bubbles for a long-time. But even if theories on bubble cycles have empirical relevance, it is clear that the issues surrounding the formation and the bursting of bubbles cannot be analyzed with pencil and paper. Conclusions on bubble cycles must be backed with quantitative data analysis. Given the limited number of observed empirical market crashes and their non-recurring nature, an experimental analysis of bubble formation involving controlled and replicable laboratory conditions seems to be a promising way to proceed.The paper is organized as follows. Section II reviews the related literature, Section 0 presents the details of the experimental design and section IV reports the data analysis. In section V, we summarize our findings and provide concluding remarks.2. Leverage in asset marketsDo margin requirements have any effects on market prices? Fisher (1933) and also Snyder (1930) mentioned the importance of margin debt in generating price bubbles when analyzing the Great Crash of 1929. The ability to leverage purchases lead to a higher demand, ending up in inflated prices. The subsequently appreciated collateral allowed to leverage purchases even more. This upward price spiral was fueled by an expansion of debt. From the end of 1924, brokers’loans rose four and one-half times (by $6.5 billion) and in the final phase broker’s borrowings rose at more than 100% a year until the bubble crashed. Then, after the peak of the bubble, a debt spiral was initiated. Investors lost trust and started to sell assets. Excess supply deflated prices resulting in a depreciation of collateral. Triggered margin calls lead to forced asset sales pushing supply even further. An increase in defaults on debt, and short sales exacerbated supply and finally assets were being sold at fire sale prices. It only took 6 weeks to extinguish half of the total of brokers’credit. Finally, in 1934, the U.S. Congress established federal margin authority to prevent unjustifiable increases or decreases in stock demand since margin requirements can prevent dramatic price fluctuations by limiting leveraged trades on both sides of the stock market: extremely optimistic margin purchasers and extremely pessimistic short sellers.Recent experimental evidence suggests short sale constraints to increase prices. Ackert et al. (2006)and Haruvy and Noussair (2006) find prices to deflate–even below fundamental value in the latter study –while King, Smith, Williams, and Van Boening (1993) find no effect. In a setting with information asymmetries, Fellner and Theissen (2006) find higher prices with short sale constraints but not depending on the divergence of opinion as predicted by Miller (1977). In a setting with smart money traders, Bhojraj, Bloomfield, and Tayler (2009) report short selling to exacerbate overpricing, even though it reduces equilibrium price levels. Hauser and Huber (2012) find short selling constraints with two dependent assets to distort price levels. Our design deviates from the previous studies in several but one important way: We use a more empirically relevant facility in that traders have to provide collateral facing the threat of margin calls.3. Implementing Margin Purchasing and Short SellingWe conducted four computerized treatments utilizing a 2x2 factorial design as displayed in Table II. Starting from an empirically relevant situation where margin purchases Traders execute margin purchases when they purchase shares by using loan, collateralized with shareholdings evaluated at the current market value.11 In this case, traders make a bull market bet, i.e. they borrow cash to buy shares, wait for the price to rise and sell them with a profit. However, a decline in prices depreciates collateral while keeping loan constant. When prices fall below a certain threshold, such that the loan exceeds the value of the shareholdings (i.e. debt > equity), a margin call is triggered. Immediately, i) the trader’s buttons are disabled, ii) outstanding orders are cancelled, and iii) the computer starts selling shares at the current market price until margin requirements are met again or untilall shares have been sold.12 Traders execute short sales when they sell shares without holding them in their inventory, collateralized with sufficient cash at hand.13 In this case, traders make a bear market bet, i.e. they borrow shares to sell them in the market, wait for the price to decline, buy them back with a profit and return them. Note that the amount of debt equals the total amount the trader has to pay to buy back the outstanding shares. Thus, an increase in prices increases debt and reduces collateral (cash minus value of outstanding shares), simultaneously. When prices exceed a certain threshold, such that the amount to buy back outstanding shares exceeds collateral (i.e. debt > equity), a margin call is triggered. Immediately, i)the trader’s buttons are disabled, ii) outstanding orders are cancelled, and iii) the computer starts buying shares at the current market price until margin requirements are met again or until all short positions have been covered. Note that short sellers have to pay dividends for their short positions at the end of each period.14 After period 15, both long and short positions are worthless.15 In any case, a margin callcan lead to bankruptcy. However, the consequences of a margin call hold even during bankruptcy, i.e. outstanding positions continuously being closed although subjects are bankrupt. This is different to any other asset market experiment considering leverage4. Margin traders tend to make less money than othersBy leveraging purchases and sales, traders take more risks to be able to make more money. But do margin traders make more money at all? To evaluate this question, we classify traders into types, i.e. margin traders, who trade on margin at least once, and others. Table X shows the average end- of round-earnings within types for each treatment along with the number of subjects. The spearman rank correlation between type and end of round earnings is negative in both rounds and in all three treatments. The coefficient is significantly different from zero only in MP|NoSS and NoMP|SS when subjects are once experienced . Subjects, who executed both margin purchases and short sales in MP|SS earned less than subjects who refrained from trading on margin. This is significant only for inexperienced subjects . One final note on the distribution of earnings. Comparing the treatments by evaluating the dispersion of earnings using the coefficient of variation , we find that the average CV in the NoMP|NoSS is lower than any other treatment Although not statistically significant, the results indicate that it is less risky to participate in markets with margin bans than in the markets where margintrading is permitted.5. ConclusionIn an attempt to halt the decline in asset values, recent regulatory measures temporarily banned short sales in financial markets. To assess the impact of banning leveraged trading on market mispricing is a complicated task when being reliant on data from real world exchanges only. it is unclear if possible price increases following a ban on short sales would come from new long positions or from covered short positions, and the announcement of such measures affects an uncontrolled reaction of the market. Owed to the uncontrolled uncertainties in the real world, asset mispricing can be measured only with weak confidence.In comparison to other experimental studies where limits to margin debt and short sales are rare, our design involves margin requirements comparable to the real world. Highly levered investors face margin calls that lead to forced liquidation of positions, affecting a reinforcement of the swings of the market. We have studied the impact of leverage on individual portfolio decisions to find an increase in risk taking characterized by higher concentrations of risky assets eventually resulting in individual bankruptcies. Thus, our experimental results are in line with theories of margin trading by Irvine Fischer (1933) and by recent heterogeneous agents models (Geanakoplos 2009) which conjecture such effects on asset pricing and portfolio decisions. As in any laboratory experiment, the results are restricted to the chosen parameters. The baselineSmith et al. (1988) asset market design has been challenged in recent studies (e.g. Kirchler et al. 2011), arguing that some subjects are confused about the declining fundamental value and believe that prices keep a similar level in the course of time. So it would also be interesting to investigate the effects of bans Jena Economic Research Papers 2012 - 05826 of margin purchases and short sales, to see if our treatment effects can be repeated in an environment with non-decreasing fundamental values. However, recent experiments by Hauser and Huber (2012) show similar effects using multiple asset markets with a complexsystem of fundamental values but without margin calls. It would also be interesting to see how margin requirements change performance in multiple sset markets. We leave these open questions to future research.ReferencesAbreu, D., and M.K. Brunnermeier, 2003, Bubbles and crashes, Econometrica 71, 173–204.Ackert, L., N. Charupat, B. Church and R. Deaves, 2006, Margin, Short Selling, and Lotteries in Experimental Asset Markets, Southern Economic Journal 73, 419–436. Adrangi, B. and A. Chatrath, 1999, Margin Requirements and Futures Activity: Evidence from the Soybean and Corn Markets, Journal of Futures Markets, 19, 433-455. Alexander, G.J, and M.A Peterson, 2008, The effect of price tests on trader behavior and market quality: An analysis of Reg SHO, Journal of Financial Markets 11, 84–111.Bai, Y., E.C Chang, and J. Wang, 2006, Asset prices under short-sale constraints, Mimeo. Beber, A., and M. Pagano, 2010, Short-Selling Bans around the World: Evidence from the 2007-09 Crisis, Tinbergen Institute Discussion Papers TI 10-106 / DSF 1.Bernardo, A. and I. Welch, 2002, Financial market runs, NBER Working Papers 9251, National Bureau of Economic Research, Inc.Bhojraj, S., R.J Bloomfield, and W.B Tayler, 2009, Margin trading, overpricing, and synchronization risk, Review of Financial Studies 22, 2059–2085.Blau, B. M., B. F. Van Ness, R. A. Van Ness, 2009, Short Selling and the Weekend Effect for NYSE Securities, Financial Management 38 (No. 3). 603-630Boehmer, E., Z.R Huszar, and B.D Jordan, 2010, The good news in short interest, Journal of Financial Economic 96, 80–97.Boehme, R.D, B.R Danielsen, and S.M Sorescu, 2006, Short-sale constraints, differences of opinion, and overvaluation, Journal of Financial and Quantitative Analysis 41, 455–487.融资融券禁令在实验资产市场摘要在金融市场，因为专业的交易者杠杆交易允许以较少的保证金进行更大的交易。
金融学14章金融答案翻译
CHAPTER 14FORWARD AND FUTURES PRICESObjectives∙ To explain the economic role of futures markets∙ To show what information can and cannot be inferred from forward and futures prices.∙Outline14.1 Distinctions Between Forward and Futures Contracts14.2 The Economic Function of Futures Markets14.3 The Role of Speculators14.4 Relation Between Commodity Spot and Futures Prices14.5 Extracting Information from Commodity Futures Prices14.6 Spot-Futures Price Parity for Gold14.7 Financial Futures14.8 The Implied Risk-Free Rate14.9 The Forward Price Is Not a Forecast of the Spot Price14.10 Forward-Spot Parity with Cash Payouts14.11 Implied Dividends14.12 The Foreign-Exchange Parity Relation14.13 The Role of Expectations in Determining Exchange RatesSummary∙ Futures contracts make it possible to separate the decision of whether to physically store a commodity from thedecision to have financial exposure to its price changes.∙ Speculators in futures markets improve the informational content of futures prices and make futures marketsmore liquid than they would otherwise be.∙ The futures price of wheat cannot exceed the spot price by more than the cost of carry:∙ The forward-spot price parity relation for gold is that the forward price equals the spot price times the cost ofcarry:This relation is maintained by the force of arbitrage . ∙One can infer the implied cost of carry and the implied storage costs from the observed spot and forward prices and the risk-free interest rate. ∙ The forward-spot parity relation for stocks is that the forward price equals the spot price times 1 plus the risk-free rate less the expected cash dividend.This relation can therefore be used to infer the implied dividend from the observed spot and forward prices and the risk-free interest rate. ∙ The forward-spot price parity relation for the dollar/yen exchange rate involves two interest rates:where F is the forward price of the yen, S is the current spot price, r Y is the yen interest rate, and r $ is the dollarinterest rate. ∙ If the forward dollar/yen exchange rate is an unbiased forecast of the future spot exchange rate, then one caninfer that forecast either from the forward rate or from the dollar-denominated and yen-denominated risk-free interest rates.F S C -≤F S r s =++()1F S r D=+-()1F r S r Y11+=+$Solutions to Problems at End of ChapterForward Contracts and Forward-Spot Parity.1. Suppose that you are planning a trip to England. The trip is a year from now, and you have reserved a hotel room in London at a price of ₤50 per day. You do not have to pay for the room in advance. The exchange rate is currently $1.50 to the pound sterling.a.Explain several possible ways that you could completely hedge theexchange rate risk in this situation.b.Suppose that r₤=.12 and r$=.08. Because S=$1.50, what must theforward price of the pound be?c.Show that if F is $0.10 higher than in your answer to part b, therewould be an arbitrage opportunity.SOLUTION:a.Ways to hedge the exchange rate risk:Pay for the room in advanceBuy the pounds you will need in the forward market.Invest the present value of the rental payments in a pound-denominated riskless asset.对冲外汇风险的几种方法：提前对这个房间付款；在期货市场购买英镑；将与现期价值的租金同等的英镑投资于无风险资产。
关于金融的英语作文带翻译
关于金融的英语作文带翻译Financial Industry。
Financial industry is one of the most important industries in the world. It is a key driver of economic growth and development, providing the necessary funds for businesses to invest and expand. The financial industry is comprised of a wide range of institutions and services, including banks, investment firms, insurance companies, and stock exchanges. Each of these institutions plays a unique role in the financial system, and together they form the backbone of the global economy.One of the primary functions of the financial industry is to facilitate the flow of capital. This involves the transfer of funds from those who have excess capital to those who need it. Banks are the primary institutions that facilitate this transfer, through the issuance of loans and other financial instruments. Investment firms also play a key role in the financial industry, by providing investmentopportunities for individuals and institutions. These firms manage investment portfolios on behalf of their clients, and help to diversify their investments across a range of asset classes.Insurance companies are another important component of the financial industry. They provide protection against financial losses due to unforeseen events, such as accidents, natural disasters, and illness. Insurance policies are designed to transfer risk from the policyholder to the insurance company, providing peace of mind and financial security.The stock market is also a critical component of the financial industry. It provides a platform for companies to raise capital by issuing shares of stock to investors. Investors can then buy and sell these shares on the open market, providing liquidity and price discovery. The stock market also provides a barometer of economic activity, reflecting the overall health of the economy and the performance of individual companies.In recent years, the financial industry has undergone significant changes and challenges. The global financial crisis of 2008 exposed weaknesses in the financial system, leading to increased regulation and oversight. The rise of financial technology, or fintech, has also disrupted traditional financial institutions by providing new ways of accessing financial services and products.Despite these challenges, the financial industry remains a critical component of the global economy. It plays a vital role in providing the necessary funds for businesses to grow and innovate, and in protecting individuals and institutions against financial risks. As the world becomes increasingly interconnected and complex, the financial industry will continue to evolve and adapt to meet the needs of a changing world.。
大学各专业名称英文翻译—— 文科方面 ARTS
大学各专业名称英文翻译——文科方面ARTS澳门历史研究Study of the History of Macao办公管理Office Management办公设备运用Using Desktop Publishing in Business比较管理学Comparative Management比较诗学Comparative Poetics比较文化学Comparative Cult urology比较文学研究Study of Comparative Literature必修课4－10学分Restricted (4-10 Credits needed)病理生理学Pathological Physiology财务报告介绍An Introduction to Financial Accounting Statements财务报告运用Using Financial Accounting Statements财务管理学Financial Management财务会计学Financial Accounting财务理论与方法Finance Theory & Methods财政与金融Finance财政与金融学研究Study of Finance财政预算Preparing Financial Forecasts产业经济学Industrial Economics传统文化与现代化Tradition Culture and Modernization当代国际关系研究Contemporary International Relations Studies当代世界发展研究Contemporary World Development Studies当代中国外交与侨务专题研究Monographic Studies of Diplomacy and Overseas C hinese Affairs of Contemporary China德语(第二外语) German (2nd foreign language)第一外语(英语) English (1st foreign language)电力系统Power Electronic Systems电子数据Digital Electronics电子通信Electronic Communications电子原理Electrical Principles断代文化史研究Study of Dynastic History of Culture多媒体：多媒体应用开发Multimedia: Developing Multimedia Application多用户操作系统Multi-User Operating Systems耳鼻喉科学Otolaryngology发展经济学Economics of Development放射生态学Radioecology分布式应用程序的设计与开发：概况Distributed application Design and Developme nt: An Introduction分子细胞与组织生物学Molecular, Cellular and Tissue Biology分子遗传学Molecular Genetics妇产科学Gynecology & Obstetrics高级生物化学Advanced Biochemistry高级水生生物学Advanced Hydrobiology工程实践与应用沟通（提升行业沟通技能）Communication (Developing a Commun ication Strategy for Vocational Purposes)沟通：实用技能Communication: Practical Skills管理经济学Management Economics管理决策Management Decision-Making管理理论研究|| Management Theory Studies管理理论与实践|| Management Theory & Practice管理学研究|| Management Research光化学|| Photochemistry国际关系案例分析|| Case Studies of International Affairs国际关系学导论|| Introduction of International Relations国际金融市场研究|| International Financial Market Study国际金融研究|| Study of International Finance国际经济关系研究|| International Economic Relations国际经济环境|| The International Economic Environment国际经济政治制度比较研究|| Comparative Researches on International Economic & Political Structure国际音标的应用|| Application of International Phonetic Alphabet国际战略与大国关系|| International Strategy国际政治经济学|| International Political Economy国际组织与国际制度|| International organization and International System海外汉学|| Sinology Abroad海外华侨华人概论|| Researches on Overseas Chinese海外华人文学研究|| Study of Overseas Chinese Literature汉语词汇学|| Chinese Lexicology汉语方言调查|| Survey of Chinese Dialects汉语方言概要|| Outline of Chinese Dialects汉语方言学专书选读|| Selected Reading of Chinese Dialectology汉语方言研究|| Studies of Chinese Dialects汉语史名著选读|| Selected Reading of Chinese History汉语音韵学|| Chinese Phonology汉语语法史|| History of Chinese Grammar汉语语法学名著选读|| Selected Reading of Chinese Grammar宏观经济环境|| The Macro Economic Environment宏观经济学|| Macro-economics互联网：WEB服务器的管理|| Internet: Web Server Management互联网：电子商务入门|| Internet : Introducing E Commerce互联网：网络客户服务|| Internet : Internet Client Service互联网：网络配制与管理|| Internet: Configuration 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外文文献翻译 金融类 不良贷款的管理和回收 论文
毕业论文外文资料翻译题目学院经济学院专业金融学班级金融0801学生学号20082207166指导教师二〇一二年四月二十日Applied Economics, the Dryden Press, 2006 P75-78.Non-performing Loans Management and RecoveryWilliam J. Bauman and Alan S. BlinderAbstractWith the deepening of China's economic system reform development and continuous improvement of the system of the market economy, banks ' lending business becomes completely open to individuals, personal loans of business growing, continues to expand the scope of business, especially the development of individual housing loan more quickly. Personal housing loan business in China at the time of its development, there are bad credit risks as well as the competitive situation is not optimistic, to a certain extent, hamper the development of individual housing loans, to sustainable development, research management must be strengthened on a number of issues. This article from the current development status of individual housing loan business to start, pointed out that because of the existing problems as well as problems and focus on how to develop personal housing loan bad credit risk reduction, foreign experiences and lessons learned, and thoughts and countermeasures for management, to promote the healthy and rapid development of the business.Key words:Housing loans to individuals; Bad credit risks; present situation; problem; Countermeasure1. IntroductionUnder the five-category loan classification, substandard, doubtful and loss loans are defined as non-performing loans. Because the reasons behind non-performing loans formation are different, credit associates must take effective measures to manage, recover and dispose of these parts of asset according to their different characteristics. The bank should first find out the responsibilities of the guarantor and dispose of the security in time. Only when they confirm that the guarantor has lost the guarantee abilities and the security is not sufficient to pay off the loan, can they begin to dispose of the non-performing loans.2. ReasonsThere are many reasons why banks have poorly performing loan portfolios. Irrespective of these causes, banks have an obligation to shareholders, depositors and creditors to maximize cash flow from assets, the most troublesome aspect of which has been the poor record of banks in recovering loans. It is this factor that has contributed the most to bank insolvency, and liquidity constraints.There are several complementary options available to banks to restructure problem loans and portfolios, including:•Exercise of collateral (liens against property, inventories) through judicial or extra-judicial means.•Out-of-court settlement that may focus exclusively on debt negotiation, restructuring and repayment, or lead to the financial, physical and operational restructuring of the enterprise.•Bankruptcy/liquidation procedures through formal court proceedings. This may involve liquidation, reorganization or privatization of an enterprise to enforce partial or total loan repayment.(Besides the bank itself, sometimes government also leads a restructuring program to help the bank to solve the problem of NPL in order to stabilize the banking industry or the whole economy, for example, Asset Management Company (AMC), a special purpose company, buys or exchanges NPL from bank and disposes of them).3. Work-Out UnitWith aggregate loan portfolios universally troubled by delinquencies and defaults, some banks have opted to develop work-out units to improve loan portfolio quality. When work-out units are established, they are usually set up to deal with most of a bank's problem loans, effectively sectioning off non-performing loans from the broader bank portfolio of performing loans. The benefits expected from work-out units include;•Concentrated focus on the recovery of problem loans;•More developed banking expertise and credit risk evaluation skills;•Improved internal bank system (early warning systems, collateral requirements, credit information needs).Work-out units can make a significant difference in restructuring loan portfolios, particularly when supported by effective technical assistance.4.Loan Restructuring and Loan "Rollover"Case-by-case loan restructuring is common in market-oriented economies, particularlywhen borrowers are unable to meet the original terms of the loan agreement due to external factors. These restructuring invariably changes in the amount, terms and /or schedule of interest rates, principal repayment, and collateral values. Loan covenants ( ratios, report requirements) often change to facilitate compliance. In some cases, radical measures such as replacing management are involved.This approach is similar to what work-out units attempt to do: recover portions of loan portfolios which have deteriorated and are non-performing. However, workout units are often organized on the basis of sector, location or bank exposure. Case-by-case loan restructuring is conducted on an individualized basis. The benefits of individual case-by-case loan restructurings include:•Reinforcement of the bank-client relationship.•Retention of the loan by the bank on its balance sheet, even if provisions are made for possible losses.•Preservation of the firm's relations with other parties (trade creditors, other banks, buyers, employees), thereby maintaining its reputation without embarrassing and costly bankruptcy / liquidation procedures.As with debt-equity swaps, the risk to the bank is that it is overly optimistic about prospects, and that additional resources are committed to the borrower adding to bank losses and reduced loan able funds at a future date. This has occurred frequently in transition economies (such as China, East European countries, former Soviet Union).In transition economy banks, the closest approximation to the Western loan restructuring has been the loan "rollover" which has been a common practice. Rollovers generally involve the following two techniques:•Simple rollover of principal on/before the due date, with the enterprise meeting interest obligations.•Rollover of principal on/before due date, with interest added back to the principal amount (“interest capitalization").The first technique is legitimate and rational unless the enterprise is unable to repay principal, and likely to remain impaired in the future. The second technique often reflects a troubled loan and enterprise, and has been typically practiced in transition economy banking systems. Further more, the latter technique has been accompanied by accounting treatment which mistakenly recognizes these assets as performing loans, artificially inflating income statements and balance sheet book values.5. Debt-equity Swaps and Loan Sales / Asset SwapDebt-equity swap results in bank ownership of enterprises occur with differing frequencies in different countries. In some countries, bank ownership of enterprises is common (German interlocking directorates), while in other countries it is strictly regulated (USA) or strictly prohibited (In China, debt-equity swap is done through asset management company). By swapping NPL for equity, banks can exercise more directcontrol/supervision over enterprise management while the enterprise benefits from increased debt capacity. The risk to bank is excess exposure to a risky investment which may jeopardize deposit safety and bank capital, and demand scarce management time and resources.Debt-equity swap represents nascent venture capital operation. Perhaps only one in 10 of these investments may succeed, but this should be sufficient to cover the risk of the other nine losing investment. Given existing low book values and the currently thin market that is likely to improve in the coming years, banks are prudent to allocate a small percentage of assets to enterprises they believe will generate significant profit at a later date. At that point, banks can sell their shares, and reap significant profit to bolster capital. All of this makes more sense given the current downside risk, which is limited, as most of these transactions are paper transactions that do not further impair bank liquidity.But bank equity swap may be indicative of the failure of banks in some countries to properly define bank's roles as financial intermediaries, streamline their operations, specialize in a few key areas within the limit of their current managerial and staffing capabilities, write down their assets to more accurate values, and progress toward a more stable and prudently managed system devoid of excess risk. Investment in losing enterprises raises the risk of future liquidity being drained to prop up these enterprises in the hope of eventual profitability, which puts depositors and shareholders at risk.In addition to debt-equity swaps, loan sales swaps are an option that could be used to restructure bank balance sheets. However, this option has not been commonly found in transition economy due to absence of secondary market development.6. Securitization of Non-performing LoanNon-performing loan securitization is a pooling of non-performing loans packaged and issued as securities to investors through arrangements of legal structure, cash flow, and credit rating mechanisms. Non-performing Loans are also known as bad loans, overdue loans, receivables under collection, and loans still under normal payment statuses, but with circulating bonds rated lower than CCC level. During the securitization period, the originator (seller) will select the most ideal portfolio based on a set of eligibility criteria, such as debtors' locations, credit period, currency, and overdue ratings from all available non-performing loans.After the screening process, bank will proceed with the risk assessment, cash flow simulation and credit tranche. The securities are then offered to investors after confirmation from credit rating agencies and regulatory approval obtained. The asset management agency is particularly important to a non-performing loan securitization since the asset management agency's expertise is instrumental to increasing collection rates of these non-performing loans. Investors' risks are minimized through credit enhancement techniques; default risks, prepayment risks, etc. are also emphasized to evaluate the risk profile of non-performing loans.7. In-court Bankruptcy / Liquidation ProceedingsResorting to legal procedures to collect the repayment of non-performing loans is the last defense line. In practice, banks should grasp the timing of litigation. Because blind lawsuits will involve banks' time, energy, money and people. In addition, they could have negative impact on the relationship between banks and their clients.Firstly, before litigation, banks should investigate the borrowers' income resources and asset categories and prevent them from hiding or transferring asset in this period of time. Banks can apply to the court for asset preservation. Secondly, banks should try best to correct the deficiencies of credit documents and win themselves advantageous conditions in litigation. Thirdly, banks should also prepare themselves for the results of reconciliation or failure.Bankruptcy/liquidation is an effective complement to out-of-cnurt approaches, and serves as a last stage of debt collection, providing creditors with control over debtors in financial distress and prompting their restructuring. For this reason, many countries (transition economies) have developed and are seeking to expand the use of formal bankruptcy to broaden the array of dispute resolution mechanisms, provide banks with long needed recourse, and instill greater financial discipline on enterprises.8. Exercise of CollateralWhen a debt matures or is going to mature and the debtor has encountered serious operation difficulties, the debtor cannot repay the loan in cash and the guarantor cannot repay the loan in cash either. Maybe after negotiation, the two parties (the bank and the borrower) or three parties (the bank, the borrower and the guarantor) can reach a consensus. In line with the consensus or the ruling by the court, the debtor or the guarantor can make in-kind repayment of debts, which is one of the important means to dispose of non-performing loans.9. Writing-off Bad LoansIn accordance with relevant state rules and regulation, if the principal of a loan is identified as unrecoverable, the bad loan can be written off. Writing-off of bad loans is the internal activity of a bank. So the bank still enjoys the recourse right and should continue to demand the repayment of the fund.10. ConclusionWere analyzed by the non-performing loans management recycling. Bad credit risk management, there are still many problems to be solved, how the lending business in the international financial place needs to be further research and continue to explore. In short,the management of non-performing loans of China's economic development has made a significant contribution, but there are still shortcomings in their own system, the external competitive environment in the development of the personal loan there are many adverse, which requires countries to fully understand individual housing loans an important role on the basis of, for the banks internal management and external risk management and reasonable planning to ongoing development. Personal loans also have to recognize their own position and where to adopt appropriate strategies and market positioning, innovation, adjustment, reform, focusing on risk management in order to more rapidly grow.ReferencesSteven Husted,Michael Melvin, International Economics [M], (the fifth edition), Higher Education Press, 2002Beck, T., Demirguc-Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to growth: Does firm size matter? The Journal of Finance, 60, 137–177.Peng, Y. (2004). Kinship networks and entrepreneurs in China's transitional economy. American Journal of Sociology, 109,1045–1074Qian, Y. (2000). The process of China’s market transition (1978–1998):The evolutionary, historical, and comparative perspectives. Journal of Institutional and Theoretical Economics, 156, 151–171.Shane, S., & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management Science, 48, 364–381.Newton, K. (2001). Trust, social capital, civil society, and democracy.International Political Science Review, 22, 201–214.Liu, Z. (2003). The economic impact and determinants of investment in human and political capital in China. Economic Development and Cultural Change, 51, 823–850. Birner, R., & Witter, H. (2003). Using social capital to create politicalcapital. In The commons in the New Millennium: Challenges andadaptation (pp. 291–334). Cambridge and London: MIT Press.Applied Economics, the Dryden Press, 2006 P75-78.不良贷款的管理和回收威廉J鲍姆，阿伦S布林德摘要随着我国金融体系建设的进一步发展和市场体制的迅速完善，银行的贷款业务逐渐向个人完全展开，个人贷款的业务种类不断增多，业务范围持续扩大，特别是个人住房贷款业务的发展更为迅猛。
介绍金融学的英语
介绍金融学的英语English:Finance is the study of how individuals, businesses, and organizations manage and allocate their resources over time. It encompasses a wide range of topics, including investing, borrowing, lending, budgeting, and risk management. Financial professionals analyze data to make informed decisions about how to invest money, manage debt, and plan for the future. The field of finance also examines how financial markets operate, including the stock market, bond market, and other key aspects of the global financial system. Additionally, finance plays a crucial role in driving economic growth and development, as it enables businesses to raise capital and individuals to build wealth for the future.中文翻译:金融学是一门研究个人、企业和组织如何在时间上管理和配置资源的学科。
它涵盖了广泛的主题，包括投资、借贷、贷款、预算和风险管理。
金融专业人士分析数据，做出关于如何投资资金、管理债务和规划未来的决策。
金融学英文翻译
金融衍生工具和流通量的上升流通的社会结构性成因激增的短期投机资本,通过这种承受风险的衍生物的流通而变得具体和富有生气,似乎从正在进行的全球经济的基本社会结构的变革中反映，放大和升华(Eatwell and Taylor 2002)。
上述现象更是使重要性日益增强的流动性与金融机构及工具的发展特别是在流动性资本方面的关系得到了不断的发展(Pryke and Allen 2000)。
这似乎是现代资本主义的内在动力强迫他们趋向于追逐更高的，更具全球范围意义的生产标准，那似乎是在产生那样一种能够连接自身成为社会结构价值的，逐渐上升的复杂标准。
虽然在当时并没有发现,从二十世纪七十年代开始欧美工业生产的潜力已经耗尽了(Brenner 1998)，需要一定的空间来补救和修复(Harvey 2000; James 2001)。
许多行业需要探索新的途径来对更边缘的地区进行一体化（特别是南亚地区），以此来支撑受过度的产品生产和过多的资本积累强制驱动的，从而引发的关键性矛盾。
正如斯皮罗所说(1999)，欧美资本主义所产生和吸收的资本量（尤其是欧佩克成员国），在大部分现有的工业部门，已经超过了它能有利润的进行资本再投资的需求量。
因此哈维(1982)所评论说“如果平衡被重新恢复，需要一个过程，即通过运行生产系统消除过剩的资本，那么资本过度积累的趋势将被自动抵消。
”宗主国响应的一个关键性方面是欧美公司全球性的重组，开始把大量工业原材料的生产和原件的制造外包给那些较先进的发展中国家的较发达地区。
通常是南亚，特别是中国是这次重组的主要受惠者(Singh 2002)。
那些先进地区边缘的内陆地区也包括整个国家，比如巴基斯坦，也成为了原材料和手工劳动产品（例如：纺织品）的外包中心。
尽管还有一些国家，特别是虽然不是只在沙哈拉以南的非洲地区，他们参加这个过程仅仅给人以边缘的和偶然的感觉。
正如邦德（2001）的分析师认为，像莫桑比克和乍得这样的国家，似乎被全球经济所孤立除了那些最受剥削的方面。
中文学科的英文翻译
中文学科、专业名称英文学科、专业名称哲学Philosophy马克思主义哲学Philosophy of Marxism中国哲学Chinese Philosophy外国哲学Foreign Philosophies逻辑学Logic伦理学Ethics美学Aesthetics宗教学Science of Religion科学技术哲学Philosophy of Science and Technology经济学Economics理论经济学Theoretical Economics政治经济学Political Economy经济思想史History of Economic Thought经济史History of Economic西方经济学Western Economics世界经济World Economics人口、资源与环境经济学Population, Resources and Environmental Economics应用经济学Applied Economics国民经济学National Economics区域经济学Regional Economics财政学（含税收学）Public Finance (including Taxation)金融学（含保险学）Finance (including Insurance)产业经济学Industrial Economics国际贸易学International Trade劳动经济学Labor Economics统计学Statistics数量经济学Quantitative Economics中文学科、专业名称英文学科、专业名称国防经济学National Defense Economics法学Law法学Science of Law法学理论Jurisprudence法律史Legal History宪法学与行政法学Constitutional Law and Administrative Law刑法学Criminal Jurisprudence民商法学(含劳动法学、社会保障法学) Civil Law and Commercial Law (including Science of Labour Law and Science of Social Security Law )诉讼法学Science of Procedure Laws经济法学Science of Economic Law环境与资源保护法学Science of Environment and Natural Resources Protection Law国际法学(含国际公法学、国际私法学、国际经济法学、) International law (including International Public law, International Private Law and International Economic Law)军事法学Science of Military Law政治学Political Science政治学理论Political Theory中外政治制度Chinese and Foreign Political Institution科学社会主义与国际共产主义运动Scientific Socialism and InternationalCommunist Movement中共党史(含党的学说与党的建设) History of the Communist Party of China(including the Doctrine of China Party and Party Building)马克思主义理论与思想政治教育Education of Marxist Theory and Education in Ideology and Politics国际政治学International Politics国际关系学International Relations外交学Diplomacy社会学Sociology人口学Demography人类学Anthropology民俗学(含中国民间文学) Folklore (including Chinese Folk Literature)民族学Ethnology马克思主义民族理论与政策Marxist Ethnic Theory and Policy中国少数民族经济Chinese Ethnic Economics中国少数民族史Chinese Ethnic History中国少数民族艺术Chinese Ethnic Art教育学Education教育学Education Science教育学原理Educational Principle课程与教学论Curriculum and Teaching Methodology教育史History of Education比较教育学Comparative Education学前教育学Pre-school Education高等教育学Higher Education成人教育学Adult Education职业技术教育学Vocational and Technical Education特殊教育学Special Education教育技术学Education Technology心理学Psychology基础心理学Basic Psychology发展与心理学Developmental and Educational Psychology应用心理学Applied Psychology体育学Science of Physical Culture and Sports体育人文社会学Humane and Sociological Science of Sports运动人体科学Human Movement Science体育教育训练学Theory of Sports Pedagogy and Training民族传统体育学Science of Ethnic Traditional Sports文学Literature中国语言文学Chinese Literature文艺学Theory of Literature and Art语言学及应用语言学Linguistics and Applied Linguistics汉语言文字学Chinese Philology中国古典文献学Study of Chinese Classical Text中国古代文学Ancient Chinese Literature中国现当代文学Modern and Contemporary Chinese Literature中国少数民族语言文学Chinese Ethnic Language andLiterature比较文学与世界文学Comparative Literature and World Literature外国语言文学Foreign Languages and Literatures英语语言文学English Language and Literature俄语语言文学Russian Language and Literature法语语言文学French Language and Literature德语语言文学German Language and Literature日语语言文学Japanese Language and Literature印度语言文学Indian Language and Literature西班牙语语言文学Spanish Language and Literature阿拉伯语语言文学Arabic Language and Literature欧洲语言文学European Language and Literature亚非语言文学Asian-African Language and Literature外国语言学及应用语言学Linguistics and Applied Linguistics inForeign Languages新闻传播学Journalism and Communication新闻学Journalism传播学Communication艺术学Art艺术学Art Theory音乐学Music美术学Fine Arts设计艺术学Artistic Design戏剧戏曲学Theater and Chinese Traditional Opera电影学Film广播电视艺术学Radio and television Art舞蹈学Dance历史学History历史学History史学理论及史学史Historical Theories and History of Historical Science考古学及博物馆学Archaeology and Museology历史地理学Historical Geography历史文献学(含敦煌学、古文字学) Studies of Historical Literature (including Paleography and Studies of Dunhuang)专门史History of Particular Subjects中国古代史Ancient Chinese History中国近现代史Modern and Contemporary Chinese History世界史World History理学Natural Science数学Mathematics基础数学Fundamental Mathematics计算数学Computational Mathematics概率论与数理统计Probability and Mathematical Statistics应用数学Applied mathematics运筹学与控制论Operational Research and Cybernetics物理学Physics理论物理Theoretical Physics粒子物理与原子核物理Particle Physics and Nuclear Physics原子与分子物理Atomic and Molecular Physics等离子体物理Plasma Physics凝聚态物理Condensed Matter Physics声学Acoustics光学Optics无线电物理Radio Physics化学Chemistry无机化学Inorganic Chemistry分析化学Analytical Chemistry有机化学Organic Chemistry物理化学（含化学物理）Physical Chemistry (including Chemical Physics)高分子化学与物理Chemistry and Physics of Polymers天文学Astronomy天体物理Astrophysics天体测量与天体力学Astrometry and Celestial Mechanics地理学Geography自然地理学Physical Geography人文地理学Human Geography地图学与地理信息系统Cartography and Geography Information System大气科学Atmospheric Sciences气象学Meteorology大气物理学与大气环境Atmospheric Physics and Atmospheric Environment 海洋科学Marine Sciences物理海洋学Physical Oceanography海洋化学Marine Chemistry海洋生理学Marine Biology海洋地质学Marine Geology地球物理学Geophysics固体地球物理学Solid Earth Physics空间物理学Space Physics地质学Geology矿物学、岩石学、矿床学Mineralogy, Petrology, Mineral Deposit Geology 地球化学Geochemistry古生物学与地层学（含古人类学）Paleontology and Stratigraphy (including Paleoanthropology)构造地质学Structural Geology第四纪地质学Quaternary Geology生物学Biology植物学Botany动物学Zoology生理学Physiology水生生物学Hydrobiology微生物学Microbiology神经生物学Neurobiology遗传学Genetics发育生物学Developmental Biology细胞生物学Cell Biology生物化学与分子生物学Biochemistry and Molecular Biology生物物理学Biophysics生态学Ecology系统科学Systems Science系统理论Systems Theory系统分析与集成Systems Analysis and Integration科学技术史History of Science and Technology工学Engineering力学Mechanics一般力学与力学基础General and Fundamental Mechanics固体力学Solid Mechanics流体力学Fluid Mechanics工程力学Engineering Mechanics机械工程Mechanical Engineering机械制造及其自动化Mechanical Manufacture and Automation机械电子工程Mechatronic Engineering机械设计与理论Mechanical Design and Theory车辆工程Vehicle Engineering光学工程Optical Engineering仪器科学与技术Instrument Science and Technology精密仪器及机械Precision Instrument and Machinery测试计量技术及仪器Measuring and Testing Technologies and Instruments材料科学与工程Materials Science and Engineering材料物理与化学Materials Physics and Chemistry材料学Materialogy材料加工工程Materials Processing Engineering冶金工程Metallurgical Engineering冶金物理化学Physical Chemistry of Metallurgy钢铁冶金Ferrous Metallurgy有色金属冶金Non-ferrous Metallurgy动力工程及工程热物理Power Engineering and Engineering Thermophysics工程热物理Engineering Thermophysics热能工程Thermal Power Engineering动力机械及工程Power Machinery and Engineering流体机械及工程Fluid Machinery and Engineering制冷及低温工程Refrigeration and Cryogenic Engineering化工过程机械Chemical Process Equipment电气工程Electrical Engineering电机与电器Electric Machines and Electric Apparatus电力系统及其自动化Power System and its Automation高电压与绝缘技术High Voltage and Insulation Technology电力电子与电力传动Power Electronics and Power Drives电工理论与新技术Theory and New Technology of Electrical Engineering电子科学与技术Electronics Science and Technology物理电子学Physical Electronics电路与系统Circuits and Systems微电子学与固体电子学Microelectronics and Solid State Electronics电磁场与微波技术Electromagnetic Field and Microwave Technology信息与通信工程Information and Communication Engineering通信与信息系统Communication and Information Systems信号与信息处理Signal and Information Processing控制科学与工程Control Science and Engineering控制理论与控制工程Control Theory and Control Engineering检测技术与自动化装置Detection Technology and Automatic Equipment系统工程Systems Engineering模式识别与智能系统Pattern Recognition and Intelligent Systems导航、制导与控制Navigation, Guidance and Control计算机科学与技术Computer Science and Technology计算机软件与理论Computer Software and Theory计算机系统结构Computer Systems Organization计算机应用技术Computer Applied Technology建筑学Architecture建筑历史与理论Architectural History and Theory建筑设计及其理论Architectural Design and Theory城市规划与设计（含风景园林规划与设计）Urban Planning and Design (including Landscape Planning and Design)建筑技术科学Building Technology Science土木工程Civil Engineering岩土工程Geotechnical Engineering结构工程Structural Engineering市政工程Municipal Engineering供热、供燃气、通风及空调工程Heating, Gas Supply, Ventilating and Air Conditioning Engineering防灾减灾工程及防护工程Disaster Prevention and Reduction Engineering and ProtectiveEngineering桥梁与隧道工程Bridge and Tunnel Engineering水利工程Hydraulic Engineering水文学及水资源Hydrology and Water Resources水力学及河流动力学Hydraulics and River Dynamics水工结构工程Hydraulic Structure Engineering水利水电工程Hydraulic and Hydro-Power Engineering港口、海岸及近海工程Harbor, Coastal and Offshore Engineering测绘科学与技术Surveying and Mapping大地测量学与测量工程Geodesy and Survey Engineering摄影测量与遥感Photogrammetry and Remote Sensing地图制图学与地理信息工程Cartography and Geographic Information Engineering 化学工程与技术Chemical Engineering and Technology化学工程Chemical Engineering化学工艺Chemical Technology生物化工Biochemical Engineering应用化学Applied Chemistry工业催化Industrial Catalysis地质资源与地质工程Geological Resources and Geological Engineering矿产普查与勘探Mineral Resource Prospecting and Exploration地球探测与信息技术Geodetection and Information Technology地质工程Geological Engineering矿业工程Mineral Engineering采矿工程Mining Engineering矿物加工工程Mineral Processing Engineering安全技术及工程Safety Technology and Engineering石油与天然气工程Oil and Natural Gas Engineering油气井工程Oil-Gas Well Engineering油气田开发工程Oil-Gas Field Development Engineering油气储运工程Oil-Gas Storage and Transportation Engineering纺织科学与工程Textile Science and Engineering纺织工程Textile Engineering纺织材料与纺织品设计Textile Material and Textiles Design纺织化学与染整工程Textile Chemistry and Dyeing and Finishing Engineering服装设计与工程Clothing Design and Engineering轻工技术与工程The Light Industry Technology and Engineering制浆造纸工程Pulp and Paper Engineering制糖工程Sugar Engineering发酵工程Fermentation Engineering皮革化学与工程Leather Chemistry and Engineering交通运输工程Communication and Transportation Engineering道路与铁道工程Highway and Railway Engineering交通信息工程及控制Traffic Information Engineering & Control交通运输规划与管理Transportation Planning and Management载运工具运用工程Vehicle Operation Engineering船舶与海洋工程Naval Architecture and Ocean Engineering船舶与海洋结构物设计制造Design and Construction of Naval Architecture and Ocean Structure轮机工程Marine Engine Engineering水声工程Underwater Acoustics Engineering航空宇航科学与技术Aeronautical and Astronautical Science and Technology飞行器设计Flight Vehicle Design航空宇航推进理论与工程Aerospace Propulsion Theory and Engineering航空宇航器制造工程Manufacturing Engineering of Aerospace Vehicle人机与环境工程Man-Machine and Environmental Engineering兵器科学与技术Armament Science and Technology武器系统与运用工程Weapon Systems and Utilization Engineering兵器发射理论与技术Armament Launch Theory and Technology火炮、自动武器与弹药工程Artillery, Automatic Gun and Ammunition Engineering军事化学与烟火技术Military Chemistry and Pyrotechnics核科学与技术Nuclear Science and Technology核能科学与工程Nuclear Energy Science and Engineering核燃料循环与材料Nuclear Fuel Cycle and Materials核技术及应用Nuclear Technology and Applications辐射防护及环境保护Radiation and Environmental Protection农业工程Agricultural Engineering农业机械化工程Agricultural Mechanization Engineering农业水土工程Agricultural Water-Soil Engineering农业生物环境与能源工程Agricultural Biological Environmental and Energy Engineering农业电气化与自动化Agricultural Electrification and Automation林业工程Forestry Engineering森林工程Forest Engineering木材科学与技术Wood Science and Technology林产化学加工工程Chemical Processing Engineering of Forest Products环境科学与工程Environmental Science and Engineering环境科学Environmental Science环境工程Environmental Engineering生物医学工程Biomedical Engineering食品科学与工程Food Science and Engineering食品科学Food Science粮食、油脂及植物蛋白工程Cereals, Oils and Vegetable Protein Engineering农产品加工及贮藏工程Processing and Storage of Agriculture Products水产品加工及贮藏工程Processing and Storage of Aquatic Products农学Agriculture作物学Crop Science作物栽培学与耕作学Crop Cultivation and Farming System作物遗传育种学Crop Genetics and Breeding园艺学Horticulture果树学Pomology蔬菜学Olericulture茶学Tea Science农业资源利用学Utilization Science of Agricultural Resources土壤学Soil Science植物营养学Plant Nutrition植物保护学Plant Protection植物病理学Plant Pathology农业昆虫与害虫防治Agricultural Entomology and Pest Control农药学Pesticide Science畜牧学Animal Science动物遗传育种与繁殖Animal Genetics, Breeding and ReproductionScience动物营养与饲料科学Animal Nutrition and Feed Science草业科学Practaculture Science特种经济动物饲养学（含蚕、蜂等）The Rearing of Special-type EconomicAnimals (including Silkworm, Honeybees, etc.)兽医学Veterinary Medicine基础兽医学Basic Veterinary Medicine预防兽医学Preventive Veterinary Medicine临床兽医学Clinical Veterinary Medicine林学Forestry林木遗传育种学Forest Tree Genetics and Breeding森林培育学Silviculture森林保护学Forest Protection森林经理学Forest Management野生动植物保护与利用Wildlife Conservation and Utilization园林植物与观赏园艺Ornamental Plants and Horticulture水土保持与荒漠化防治Soil and Water Conservation and Desertification Combating水产学Fisheries Science水产养殖学Aquaculture Science捕捞学Fishing Science渔业资源学Science of Fisheries Resources医学Medicine基础医学Basic Medicine人体解剖与组织胚胎学Human Anatomy, Histology and Embryology免疫学Immunology病原生物学Pathogenic Organisms病理学与病理生理学Pathology and Pathophysiology法医学Forensic Medicine放射医学Radiation Medicine航空航天与航海医学Aerospace and Nautical medicine临床医学Clinical Medicine内科学（含心血管病学、血液病学、呼吸系病学、消化系病学、内分泌与代谢病学、肾脏病学、风湿病学、传染病学）Internal medicine (including Cardiology, Hematology, Respiratory, Gastroenterology, Endocrinology and Metabolism, Nephrology, Rheuma-tology, Infectious Diseases)儿科学Pediatrics老年医学Geriatrics神经病学Neurology精神病与精神卫生学Psychiatry and Mental Health皮肤病与性病学Dermatology and Venereology影像医学与核医学Imaging and Nuclear Medicine临床检验诊断学Clinical Laboratory Diagnostics护理学Nursing外科学（含普通外科学、骨外科学、泌尿外科学、胸心血管外科学、神经外科学、整形外科学、烧伤外科学、野战外科学）Surgery (General Surgery, Orthopedics, Urology, Cardiothoracic Surgery, Neurosurgery, Plastic Surgery, Burn Surgery, Field Surgery)妇产科学Obstetrics and Gynecology眼科学Ophthalmic Specialty耳鼻咽喉科学Otolaryngology肿瘤学Oncology康复医学与理疗学Rehabilitation Medicine & Physical Therapy运动医学Sports Medicine麻醉学Anesthesiology急诊医学Emergency Medicine口腔医学Stomatology口腔基础医学Basic Science of Stomatology口腔临床医学Clinical Science of Stomatology公共卫生与预防医学Public Health and Preventive Medicine流行病与卫生统计学Epidemiology and Health Statistics劳动卫生与环境卫生学Occupational and Environmental Health营养与食品卫生学Nutrition and Food Hygiene儿少卫生与妇幼保健学Maternal, Child and Adolescent Health卫生毒理学Hygiene Toxicology军事预防医学Military Preventive Medicine中医学Chinese Medicine中医基础理论Basic Theories of Chinese Medicine中医临床基础Clinical Foundation of Chinese Medicine中医医史文献History and Literature of Chinese Medicine方剂学Formulas of Chinese Medicine中医诊断学Diagnostics of Chinese Medicine中医内科学Chinese Internal Medicine中医外科学Surgery of Chinese Medicine中医骨伤科学Orthopedics of Chinese Medicine中医妇科学Gynecology of Chinese Medicine中医儿科学Pediatrics of Chinese Medicine中医五官科学Ophthalmology and Otolaryngoloy of Chinese Medicine针灸推拿学Acupuncture and Moxibustion and Tuina of Chinese medicine民族医学Ethnomedicine中西医结合医学Chinese and Western Integrative Medicine中西医结合基础医学Basic Discipline of Chinese and Western Integrative中西医结合临床医学Clinical Discipline of Chinese and Western Integrative Medicine药学Pharmaceutical Science药物化学Medicinal Chemistry药剂学Pharmaceutics生药学Pharmacognosy药物分析学Pharmaceutical Analysis微生物与生化药学Microbial and Biochemical Pharmacy药理学Pharmacology中药学Science of Chinese Pharmacology军事学Military Science军事思想学及军事历史学Military Thought and Military History军事思想学Military Thought军事历史学Military History战略学Science of Strategy军事战略学Military Strategy战争动员学War Mobilization战役学Science of Operations联合战役学Joint Operation军种战役学（含第二炮兵战役学）Armed Service Operation (including Operation of Strategic Missile Force)战术学Science of Tactics合同战术学Combined-Arms Tactics兵种战术学Branch Tactics军队指挥学Science of Command作战指挥学Combat Command军事运筹学Military Operation Research军事通信学Military Communication军事情报学Military Intelligence密码学Cryptography军事教育训练学（含军事体育学）Military Education and Training (including Military Physical Training)军制学Science of Military System军事组织编制学Military Organizational System军队管理学Military Management军队政治工作学Science of Military Political Work军事后勤学与军事装备学Science of Military Logistics and Military Equipment军事后勤学Military Logistics后方专业勤务Rear Special Service军事装备学Military Equipment管理学Management Science管理科学与工程Management Science and Engineering工商管理学Science of Business Administration会计学Accounting企业管理学（含财务管理、市场营销学、人力资源管理学）Corporate Management (including Financial Management, Marketing, and Human Resources Management)旅游管理学Tourist Management技术经济及管理学Technology Economy and Management农林经济管理学Agricultural and Forestry Economics & Management农业经济管理学Agricultural Economics & Management林业经济管理学Forestry Economics & Management公共管理学Science of Public Management行政管理学Administration Management社会医学与卫生事业管理学Social Medicine and Health Management教育经济与管理学Educational Economy and Management社会保障学Social Security土地资源管理学Land Resource Management图书馆、情报与档案学Science of Library, Information and Archival图书馆学Library Science情报学Information Science档案学Archival Science。
不同学科的英文翻译
(含劳动法学、社会保障法学)
Civil Law and Commercial Law
(including Science of Labor Law and Science of Social Security Law )
诉讼法学
Science of Procedure Laws
经济法学
Science of Economic Law
传播学
Communication
艺术类
艺术学
Art
艺术学
Art Theory
音乐学
Music
美术学
Fine Arts
设计艺术学
Artistic Design
戏剧戏曲学
Theater and Chinese Traditional Opera
电影学
Film
广播电视艺术学
Radio and television Art
Studies of Historical Literature
(including Paleography and Studies of Dunhuang)
专门史
History of Particular Subjects
中国古代史
Ancient Chinese History
中国近现代史
Modern and Contemporary Chinese History
and International Economic Law)
军事法学
Science of Military Law
政治、历史及社会科学类
政治学
Political Science
政治学理论
Political Theory
专业名词翻译
哲学Philosophy马克思主义哲学Philosophy of Marxism中国哲学Chinese Philosophy外国哲学Foreign Philosophies逻辑学Logic伦理学Ethics美学Aesthetics宗教学Science of Religion科学技术哲学Philosophy of Science and Technology经济学Economics理论经济学Theoretical Economics政治经济学Political Economy经济思想史History of Economic Thought经济史History of Economic西方经济学Western Economics世界经济World Economics人口、资源与环境经济学Population, Resources and Environmental Economics应用经济学Applied Economics国民经济学National Economics区域经济学Regional Economics财政学（含税收学）Public Finance (including Taxation)金融学（含保险学）Finance (including Insurance)产业经济学Industrial Economics国际贸易学International Trade劳动经济学Labor Economics统计学Statistics数量经济学Quantitative Economics中文学科、专业名称英文学科、专业名称国防经济学National Defense Economics法学Law法学Science of Law法学理论Jurisprudence法律史Legal History宪法学与行政法学Constitutional Law and Administrative Law刑法学Criminal Jurisprudence民商法学(含劳动法学、社会保障法学) Civil Law and Commercial Law (including Science of Labour Law and Science of Social Security Law )诉讼法学Science of Procedure Laws经济法学Science of Economic Law环境与资源保护法学Science of Environment and Natural Resources Protection Law国际法学(含国际公法学、国际私法学、国际经济法学、) International law (including International Public law, International Private Law and International Economic Law)军事法学Science of Military Law政治学Political Science政治学理论Political Theory中外政治制度Chinese and Foreign Political Institution科学社会主义与国际共产主义运动Scientific Socialism and InternationalCommunist Movement中共党史(含党的学说与党的建设) History of the Communist Party of China(including the Doctrine of China Party and Party Building)马克思主义理论与思想政治教育Education of Marxist Theory and Education in Ideology and Politics国际政治学International Politics国际关系学International Relations外交学Diplomacy社会学Sociology社会学Sociology人口学Demography人类学Anthropology民俗学(含中国民间文学) Folklore (including Chinese Folk Literature)民族学Ethnology民族学Ethnology马克思主义民族理论与政策Marxist Ethnic Theory and Policy中国少数民族经济Chinese Ethnic Economics中国少数民族史Chinese Ethnic History中国少数民族艺术Chinese Ethnic Art教育学Education教育学Education Science教育学原理Educational Principle课程与教学论Curriculum and 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Mathematics计算数学Computational Mathematics概率论与数理统计Probability and Mathematical Statistics应用数学Applied mathematics运筹学与控制论Operational Research and Cybernetics物理学Physics理论物理Theoretical Physics粒子物理与原子核物理Particle Physics and Nuclear Physics原子与分子物理Atomic and Molecular Physics等离子体物理Plasma Physics凝聚态物理Condensed Matter Physics声学Acoustics光学Optics无线电物理Radio Physics化学Chemistry无机化学Inorganic Chemistry分析化学Analytical Chemistry有机化学Organic Chemistry物理化学（含化学物理）Physical Chemistry (including Chemical Physics) 高分子化学与物理Chemistry and Physics of Polymers天文学Astronomy天体物理Astrophysics天体测量与天体力学Astrometry and Celestial Mechanics地理学Geography自然地理学Physical Geography人文地理学Human Geography地图学与地理信息系统Cartography and Geography Information System大气科学Atmospheric Sciences气象学Meteorology大气物理学与大气环境Atmospheric Physics and Atmospheric Environment 海洋科学Marine Sciences物理海洋学Physical Oceanography海洋化学Marine Chemistry海洋生理学Marine Biology海洋地质学Marine Geology地球物理学Geophysics固体地球物理学Solid Earth Physics空间物理学Space Physics地质学Geology矿物学、岩石学、矿床学Mineralogy, Petrology, Mineral Deposit Geology地球化学Geochemistry古生物学与地层学（含古人类学）Paleontology and Stratigraphy (including Paleoanthropology)构造地质学Structural Geology第四纪地质学Quaternary Geology生物学Biology植物学Botany动物学Zoology生理学Physiology水生生物学Hydrobiology微生物学Microbiology神经生物学Neurobiology遗传学Genetics发育生物学Developmental Biology细胞生物学Cell Biology生物化学与分子生物学Biochemistry and Molecular Biology生物物理学Biophysics生态学Ecology系统科学Systems Science系统理论Systems Theory系统分析与集成Systems Analysis and Integration科学技术史History of Science and Technology工学Engineering力学Mechanics一般力学与力学基础General and Fundamental Mechanics固体力学Solid Mechanics流体力学Fluid Mechanics工程力学Engineering Mechanics机械工程Mechanical Engineering机械制造及其自动化Mechanical Manufacture and Automation机械电子工程Mechatronic Engineering机械设计与理论Mechanical Design and Theory车辆工程Vehicle Engineering光学工程Optical Engineering仪器科学与技术 Instrument Science and Technology精密仪器及机械Precision Instrument and Machinery测试计量技术及仪器Measuring and Testing Technologies and Instruments材料科学与工程Materials Science and Engineering材料物理与化学Materials Physics and Chemistry材料学Materialogy材料加工工程Materials Processing Engineering冶金工程Metallurgical Engineering冶金物理化学Physical Chemistry of Metallurgy钢铁冶金Ferrous Metallurgy有色金属冶金Non-ferrous Metallurgy动力工程及工程热物理Power Engineering and Engineering Thermophysics工程热物理Engineering Thermophysics热能工程Thermal Power Engineering动力机械及工程Power Machinery and Engineering流体机械及工程Fluid Machinery and Engineering制冷及低温工程Refrigeration and Cryogenic Engineering化工过程机械Chemical Process Equipment电气工程Electrical Engineering电机与电器Electric Machines and Electric Apparatus电力系统及其自动化Power System and its Automation高电压与绝缘技术High V oltage and Insulation Technology电力电子与电力传动Power Electronics and Power Drives电工理论与新技术Theory and New Technology of Electrical Engineering电子科学与技术Electronics Science and Technology物理电子学Physical Electronics电路与系统Circuits and Systems微电子学与固体电子学Microelectronics and Solid State Electronics电磁场与微波技术Electromagnetic Field and Microwave Technology信息与通信工程Information and Communication Engineering通信与信息系统Communication and Information Systems信号与信息处理Signal and Information Processing控制科学与工程Control Science and Engineering控制理论与控制工程Control Theory and Control Engineering检测技术与自动化装置Detection Technology and Automatic Equipment系统工程Systems Engineering模式识别与智能系统Pattern Recognition and Intelligent Systems导航、制导与控制Navigation, Guidance and Control计算机科学与技术Computer Science and Technology计算机软件与理论Computer Software and Theory计算机系统结构Computer Systems Organization计算机应用技术Computer Applied Technology建筑学Architecture建筑历史与理论Architectural History and Theory建筑设计及其理论Architectural Design and Theory城市规划与设计（含风景园林规划与设计）Urban Planning and Design (including Landscape Planning and Design)建筑技术科学Building Technology Science土木工程Civil Engineering岩土工程Geotechnical Engineering结构工程Structural Engineering市政工程Municipal Engineering供热、供燃气、通风及空调工程Heating, Gas Supply, Ventilating and Air Conditioning Engineering防灾减灾工程及防护工程Disaster Prevention and Reduction Engineering and Protective Engineering桥梁与隧道工程Bridge and Tunnel Engineering水利工程Hydraulic Engineering水文学及水资源Hydrology and Water Resources水力学及河流动力学Hydraulics and River Dynamics水工结构工程Hydraulic Structure Engineering水利水电工程Hydraulic and Hydro-Power Engineering港口、海岸及近海工程Harbor, Coastal and Offshore Engineering测绘科学与技术Surveying and Mapping大地测量学与测量工程Geodesy and Survey Engineering摄影测量与遥感Photogrammetry and Remote Sensing地图制图学与地理信息工程Cartography and Geographic Information Engineering化学工程与技术Chemical Engineering and Technology化学工程Chemical Engineering化学工艺Chemical Technology生物化工Biochemical Engineering应用化学Applied Chemistry工业催化Industrial Catalysis地质资源与地质工程Geological Resources and Geological Engineering矿产普查与勘探Mineral Resource Prospecting and Exploration地球探测与信息技术Geodetection and Information Technology地质工程Geological Engineering矿业工程Mineral Engineering采矿工程Mining Engineering矿物加工工程Mineral Processing Engineering安全技术及工程Safety Technology and Engineering石油与天然气工程Oil and Natural Gas Engineering油气井工程Oil-Gas Well Engineering油气田开发工程Oil-Gas Field Development Engineering油气储运工程Oil-Gas Storage and Transportation Engineering纺织科学与工程Textile Science and Engineering纺织工程Textile Engineering纺织材料与纺织品设计Textile Material and Textiles Design纺织化学与染整工程Textile Chemistry and Dyeing and Finishing Engineering服装设计与工程Clothing Design and Engineering轻工技术与工程The Light Industry Technology and Engineering制浆造纸工程Pulp and Paper Engineering制糖工程Sugar Engineering发酵工程Fermentation Engineering皮革化学与工程Leather Chemistry and Engineering交通运输工程Communication and Transportation Engineering道路与铁道工程Highway and Railway Engineering交通信息工程及控制Traffic Information Engineering & Control交通运输规划与管理Transportation Planning and Management载运工具运用工程Vehicle Operation Engineering船舶与海洋工程Naval Architecture and Ocean Engineering船舶与海洋结构物设计制造Design and Construction of Naval Architecture and Ocean Structure轮机工程Marine Engine Engineering水声工程Underwater Acoustics Engineering航空宇航科学与技术Aeronautical and Astronautical Science and Technology飞行器设计Flight Vehicle Design航空宇航推进理论与工程Aerospace Propulsion Theory and Engineering航空宇航器制造工程Manufacturing Engineering of Aerospace Vehicle人机与环境工程Man-Machine and Environmental Engineering兵器科学与技术Armament Science and Technology武器系统与运用工程Weapon Systems and Utilization Engineering兵器发射理论与技术Armament Launch Theory and Technology火炮、自动武器与弹药工程Artillery, Automatic Gun and Ammunition Engineering军事化学与烟火技术Military Chemistry and Pyrotechnics核科学与技术Nuclear Science and Technology核能科学与工程Nuclear Energy Science and Engineering核燃料循环与材料Nuclear Fuel Cycle and Materials核技术及应用Nuclear Technology and Applications辐射防护及环境保护Radiation and Environmental Protection农业工程Agricultural Engineering农业机械化工程Agricultural Mechanization Engineering农业水土工程Agricultural Water-Soil Engineering农业生物环境与能源工程Agricultural Biological Environmental and Energy Engineering农业电气化与自动化Agricultural Electrification and Automation林业工程Forestry Engineering森林工程Forest Engineering木材科学与技术Wood Science and Technology林产化学加工工程Chemical Processing Engineering of Forest Products环境科学与工程Environmental Science and Engineering环境科学Environmental Science环境工程Environmental Engineering生物医学工程Biomedical Engineering食品科学与工程Food Science and Engineering食品科学Food Science粮食、油脂及植物蛋白工程Cereals, Oils and Vegetable Protein Engineering农产品加工及贮藏工程Processing and Storage of Agriculture Products水产品加工及贮藏工程Processing and Storage of Aquatic Products农学Agriculture作物学Crop Science作物栽培学与耕作学Crop Cultivation and Farming System作物遗传育种学Crop Genetics and Breeding园艺学Horticulture果树学Pomology蔬菜学Olericulture茶学Tea Science农业资源利用学Utilization Science of Agricultural Resources土壤学Soil Science植物营养学Plant Nutrition植物保护学Plant Protection植物病理学Plant Pathology农业昆虫与害虫防治Agricultural Entomology and Pest Control农药学Pesticide Science畜牧学Animal Science动物遗传育种与繁殖Animal Genetics, Breeding and ReproductionScience动物营养与饲料科学Animal Nutrition and Feed Science草业科学Practaculture Science特种经济动物饲养学（含蚕、蜂等）The Rearing of Special-type Economic Animals (including Silkworm, Honeybees, etc.)兽医学Veterinary Medicine基础兽医学Basic Veterinary Medicine预防兽医学Preventive Veterinary Medicine临床兽医学Clinical Veterinary Medicine林学Forestry林木遗传育种学Forest Tree Genetics and Breeding森林培育学Silviculture森林保护学Forest Protection森林经理学Forest Management野生动植物保护与利用Wildlife Conservation and Utilization园林植物与观赏园艺Ornamental Plants and Horticulture水土保持与荒漠化防治Soil and Water Conservation and Desertification Combating 水产学Fisheries Science水产养殖学Aquaculture Science捕捞学Fishing Science渔业资源学Science of Fisheries Resources医学Medicine基础医学Basic Medicine人体解剖与组织胚胎学Human Anatomy, Histology and Embryology免疫学Immunology病原生物学Pathogenic Organisms病理学与病理生理学Pathology and Pathophysiology法医学Forensic Medicine放射医学Radiation Medicine航空航天与航海医学Aerospace and Nautical medicine临床医学Clinical Medicine内科学（含心血管病学、血液病学、呼吸系病学、消化系病学、内分泌与代谢病学、肾脏病学、风湿病学、传染病学）Internal medicine (including Cardiology, Hematology, Respiratory, Gastroenterology, Endocrinology and Metabolism, Nephrology, Rheuma-tology, Infectious Diseases)儿科学Pediatrics老年医学Geriatrics神经病学Neurology精神病与精神卫生学Psychiatry and Mental Health皮肤病与性病学Dermatology and Venereology影像医学与核医学Imaging and Nuclear Medicine临床检验诊断学Clinical Laboratory Diagnostics护理学Nursing外科学（含普通外科学、骨外科学、泌尿外科学、胸心血管外科学、神经外科学、整形外科学、烧伤外科学、野战外科学）Surgery (General Surgery, Orthopedics, Urology, Cardiothoracic Surgery, Neurosurgery, Plastic Surgery, Burn Surgery, Field Surgery)妇产科学Obstetrics and Gynecology眼科学Ophthalmic Specialty耳鼻咽喉科学Otolaryngology肿瘤学Oncology康复医学与理疗学Rehabilitation Medicine & Physical Therapy运动医学Sports Medicine麻醉学Anesthesiology急诊医学Emergency Medicine口腔医学Stomatology口腔基础医学Basic Science of Stomatology口腔临床医学Clinical Science of Stomatology公共卫生与预防医学Public Health and Preventive Medicine流行病与卫生统计学Epidemiology and Health Statistics劳动卫生与环境卫生学Occupational and Environmental Health营养与食品卫生学Nutrition and Food Hygiene儿少卫生与妇幼保健学Maternal, Child and Adolescent Health卫生毒理学Hygiene Toxicology军事预防医学Military Preventive Medicine中医学Chinese Medicine中医基础理论Basic Theories of Chinese Medicine中医临床基础Clinical Foundation of Chinese Medicine中医医史文献History and Literature of Chinese Medicine方剂学Formulas of Chinese Medicine中医诊断学Diagnostics of Chinese Medicine中医内科学Chinese Internal Medicine中医外科学Surgery of Chinese Medicine中医骨伤科学Orthopedics of Chinese Medicine中医妇科学Gynecology of Chinese Medicine中医儿科学Pediatrics of Chinese Medicine中医五官科学Ophthalmology and Otolaryngoloy of Chinese Medicine针灸推拿学Acupuncture and Moxibustion and Tuina of Chinese medicine民族医学Ethnomedicine中西医结合医学Chinese and Western Integrative Medicine中西医结合基础医学Basic Discipline of Chinese and Western Integrative中西医结合临床医学Clinical Discipline of Chinese and Western Integrative Medicine药学Pharmaceutical Science药物化学Medicinal Chemistry药剂学Pharmaceutics生药学Pharmacognosy药物分析学Pharmaceutical Analysis微生物与生化药学Microbial and Biochemical Pharmacy药理学Pharmacology中药学Science of Chinese Pharmacology军事学Military Science军事思想学及军事历史学Military Thought and Military History军事思想学Military Thought军事历史学Military History战略学Science of Strategy军事战略学Military Strategy战争动员学War Mobilization战役学Science of Operations联合战役学Joint Operation军种战役学（含第二炮兵战役学）Armed Service Operation (including Operation of Strategic Missile Force)战术学Science of Tactics合同战术学Combined-Arms Tactics兵种战术学Branch Tactics军队指挥学Science of Command作战指挥学Combat Command军事运筹学Military Operation Research军事通信学Military Communication军事情报学Military Intelligence密码学Cryptography军事教育训练学（含军事体育学）Military Education and Training (including Military Physical Training)军制学Science of Military System军事组织编制学Military Organizational System军队管理学Military Management军队政治工作学Science of Military Political Work军事后勤学与军事装备学Science of Military Logistics and Military Equipment军事后勤学Military Logistics后方专业勤务Rear Special Service军事装备学Military Equipment管理学Management Science管理科学与工程Management Science and Engineering工商管理学Science of Business Administration会计学Accounting企业管理学（含财务管理、市场营销学、人力资源管理学）Corporate Management (including Financial Management, Marketing, and Human Resources Management)旅游管理学Tourist Management技术经济及管理学Technology Economy and Management农林经济管理学Agricultural and Forestry Economics & 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《家庭金融》翻译
Household Finance家庭金融John Y. Campbell摘要家庭金融的研究正日益受到挑战，因为家庭的行为很难衡量，并且家庭还受到论文中的模型之外的限制。
参与（participation）、分散化（diversification）和抵押贷款再融资（mortgage refinance）的证据表明许多家庭的投资很有效率，但是还有少数家庭的投资面临着重大失误。
这些家庭比较贫穷，并且受教育程度不高。
有证据表明，家庭意识到这些问题，并试着避免他们不擅长的金融策略。
一些金融产品涉及从不高明家庭到精明家庭的交叉补贴（cross-subsidy），这会抑制能提高社会福利的金融创新。
家庭金融研究的是家庭如何使用金融产品来实现其目的。
家庭金融问题有其特有的特征：家庭金融的计划必须是长期而有限的；他们拥有重要的非交易资产即人力资本；他们持有非流动性资产即房产；他们面临购买力的约束；他们不得不面对税收问题。
当然，家庭资产的需求对资产定价也很重要。
本文中，富裕的并且容忍风险的家庭对均衡的资产回报有着不成比例的影响。
金融研究可以是实证的或规范的（positive or normative）。
实证分析描述了经济主体实际在做什么，而规范分析描述了他们应该做什么。
经济学家曾经假定实际和理想的行为一致，或通过选择一个适当模型使其一致。
家庭金融提出了新的挑战。
许多家庭从金融规划师或其他专家那里寻求建议，然而一些家庭制定的决策很难和这些建议或标准模型一致。
一种方法是保持实际和理想行为会一致的假定不变，考虑带有偏好的非标准行为模型，该模型包含了损失厌恶和心理账户。
另一个方法是考虑家庭非最优偏好。
我采取第二种方法。
我比较了我们所知的家庭实际做什么——实证的家庭金融和我们了解的家庭应该怎样做——规范的家庭金融。
这种比较不是一无是处。
第一，实证的家庭金融要求高质量数据，这很难获得。
第二，规范的家庭金融要求超出教科书上的金融理论。
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）。
(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。
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金融学专业外文翻译------客户角度下的最优选择：银行与保险公司联盟
中文3056字外文题目： A Customer View on the Most Preferred Alliance Structure between Banks and Insurance Structure出处：Zeitschrift für Betriebswirtschaft作者：Pekka Korhonen, Lasse Koskinen and Raimo Voutilainen原文：OverviewIn this paper, we have studied alternative alliance structures between banks and insurance companies from the point of view of Finnish customer representatives. Seven criteria were introduced for the evaluation of six alternative structure models for such alliances. The evaluation was carried out by an expert panel consisting of customer representatives. As a supporting tool, we used the Analytic Hierarchy Process (AHP).The alliance models based on plain cross-selling agreements were considered most preferred.We also studied how familiar the customer representatives were with the alliance problem from the point of view of the bank and insurance executives and that of the supervisory authorities. We observed that the customer representatives did not recognize the problem as well from the point of view of the supervisors as that of the executives. In addition,it was interesting to note that the customer representatives did not consider a risk aspect in the control by ownership alternatives as critical as the executives.Comparing the results in this study to our previous studies, we may conclude that the best compromise model from all three points of view could be the financial conglomerate on the condition that certain supervisory and customer criteria are satisfied to a sufficient degree.A. IntroductionAlliance formation in the financial industry has been a growing trend during the last decade.Insurers in an alliance between banks and insurance companies are most often life insurance companies, but also non-life companies can be found. Financialalliances often include units like mutual fund managing companies, asset management companies, securities brokerages and corporate finance companies. In most European countries, banks are allowed to be “universal”. It is customary that they include the above mentioned functions. The same holds more and more often for insurance companies as well (see, eg. Skipper [2000]).That’s why the various types of alliances on the retail market between banks and insurance companies are of special interest.In our previous papers (V outilainen [2005], Korhonen and V outilainen [2005] and Korhonen, Koskinen, and V outilainen [2005]), we have studied alliance structure alternatives from different perspectives. In V outilainen [2005], we introduced six different alliance structure alternatives and nine criteria relevant for evaluating those alternatives from the perspective of the executives of the banks and insurance companies. The alternatives and the criteria were introduced together with bank and insurance experts. Each expert was interviewed individually. The experts were representatives of the top management of Finnish banks and insurance companies.In the second paper (Korhonen and V outilainen [2005]), the same group of experts were used as a panel to find the most preferred model for a financial alliance. As a decision support system we used the Analytic Hierarchy Process (AHP) developed by Saaty [1980].The problem was a typical AHP-problem: few alternatives and few qualitative criteria.The use of the AHP focused the discussions on the relevant aspects of the choice problem.The final solution was found in two meetings. The second meeting was the initiative of the panel. The panel felt that the problem required more considerations. The panel preferred the Control by ownership models. On the other hand, a risk-averse manager might also prefer looser alliance alternatives.In the third paper (Korhonen et al. [2005]), our aim was to find the best financial alliance compromise structure between the executives of the banks and insurance companies and the bank and insurance supervisory authorities in Finland.1 First, we searched for the best alliance structure from the point of view of supervisory authorities. Together with leaders and experts of the supervisory authorities, we introduced eight criteria for the evaluation of the previously defined six alternative alliance structures. The evaluation was carried out by an expert panel consisting of therepresentatives of the supervisory authorities.The alliance alternatives based on plain cross-selling agreements received the highest ranks in the evaluation of supervisory authorities. Under certain conditions, the financial conglomerate might be an acceptable compromise alternative for the supervisory authorities as well.In this paper, we have approached our problem from the point of view of customers.The importance of this perspective has been emphazised by e.g. Belth [2000]. Customer perspective to mergers is taken in Bank Marketing International [2004]. We did not take a sample from the population of customers, because most customers are not familiar with the problem at all. We were interested in the opinions of “advanced or well informed” customers.To represent those customers, we used leaders and experts of Finnish customerorganizations and labour market organizations (see, Acknowledgements at the end of the paper). As before, each customer representative was interviewed individually. Based on the interviews, we initially introduced seven relevant criteria. The final evaluation was carried out with four criteria. In the evaluation meeting, three out of those seven criteria turned out to be insignificant.We have also studied how well the customer representatives know the alliance problem from the point of view of the bank and insurance executives and that of the supervisory authorities. We asked them to play the role of executives and supervisory authorities and to make the evaluations by using their most important criteria. We also asked them which they would think were the most important executive and supervisory criteria. This provided us with interesting information about the knowledge of the problem of the customer representatives from the perspectives of the other parties. The analysis revealed us which aspects are not yet well known to the customer representatives. Finally, we compare the prioritizations of all three decision maker groups considered in this and the earlier papers.The paper is organized as follows. Section B. reviews our main previous results. In Section C., we provide a brief introduction to the theory of the AHP. The decision criteria from the customer point of view are given in Section D., and in Section E., the results are given and discussed. In Section F., we present the results obtained whenasking the experts to assume the roles of executives and supervisors. In section G., we compare the criteria and the prioritizations of all three decision maker groups. Finally, in Section H., we conclude the paper with general remarks.B. Review of our earlier research on alliance structuresSince this paper is founded on our earlier research on alliance structures, we summarize here our key results.I. Structuring the problemV outilainen [2005] studied alliances between banks and insurance companies. His perspective was that of the top management of a financial enterprise in the retail market.Alliance structures were classified into three main categories depending on the degree of co-operation of the partners. These categories were derived together with representatives of the executive management of Finnish banks and insurance companies. The categories in the increasing order of closeness of the partners were Cross-selling agreements. The parties agree to sell each other’s products to their own customers. The cross-selling is frequently one-sided. Most often a bank sells an insurance company’s products to its custome rs. In principle, it could be vice versa as well. The alliance category can still be divided into two subcategories depending on whether the parties’ service channels are overlapping or not. Non-overlapping service channels can be achieved, for example, if the parties actively try to organize cross-selling in such a way that there is no competition between the parties.Here a service channel can be a branch office network, but also a contact center, subside etc. Especially in the case of overlapping branch networks one easily faces channel conflict: the alliance members do not co-operate effectively in the fear of losing their customers to the other party and consequently the sales provisions etc. Non-overlapping service channels often means that the other party has no service channel at all.Thus the two different sub-models are• Cross-selling agreement, no overlapping service channels (abbreviated CSA1) • Cross-selling agreement, overlapping service channels (CSA2)Alliance of independent partners.The alliance type is a special case of a cross-selling agreement where the alliance is tightened by cross-ownership and/orjoint ownership in third parties. Cross-ownership means a minority stake of the other party’s shares. If the ownership were one-sided, it would probably be a sign of asymmetry and one party’s dominance of the alliance. An example of joint ownership is a mutual fund management company owned jointly by a bank (banks) and an insurance company (insurance companies).One could also think about cross-ownership/joint ownership without a cross-selling agreement, but such a model seldom occurs in practice.The degree of overlapping is also used to divide this category into two different subgoals:• Alliance of independent partners, no overlapping service channels (AIP1)• Alliance of independent partners, overlapping service channels (AIP2)Control by ownership. In both the previous models, earnings and costs are divided. The third category means the model, where all the control is in the hand of one party: a bank can simply own (a control of) an insurance company or vice versa, or a third party owns the both ones.This category is divided into two sub-models depending on the controller:• Control by ownership, when a bank owns an insurance company or vice versa (CBO1)• Control by ownership (financial conglomerate): a holding company owns one or severalbanks and one or several insurance companies (FC)We can notice that the classification of the different alternatives is based on the closeness of the alliance and the degree of the overlapping of the service channels. Criteria. The alliance models were compared and eventually prioritized according to the following criteria (the choice of the criteria was also based on the management views).1. Product development (maximize efficiency),2. One-door-principle (implement as effectively as possible),3. Earnings logics (avoid conflicts),4. Customer relationship management (maximize efficiency),5. Cost and revenue synergies (maximize),6. Channel conflicts (minimize),7. Required solvency capital (optimize the balance),8. Investor power (maximize),9. Sales management (maximize efficiency).According to the interviews the overall importance of earnings logics, synergies and channel conflicts was the greatest one.II. Evaluating with management criteriaKorhonen and V outilainen [2005]) studied the above defined six different possible structure models for alliances and the nine criteria. Searching for the most preferred alliance model is a multiple criteria decision making (MCDM) problem. To solve the problem, the AnalyticHierarchy Process (AHP) was used, see Saaty [1980].The use of the AHP focused the discussions on pairwise comparisons. The panel (the same members as in V outilainen [2005]) was also willing to consider its evaluations in case the inconsistency was too high. The second meeting was the initiative of the panel.The panel members felt that the problem required more considerations.During the second meeting the panel first evaluated critically the original criteria and revised some of them. The resulting criteria were1. Earnings logics (avoid conflicts),2. Customer relationship management (maximize efficiency),3. Cost and revenue synergies (maximize),4. Channel conflicts (minimize),5. Required solvency capital (optimize the balance),6. Sales management (maximize efficiency),7. Economies of scale (maximize),8. Economies of scope (maximize),9. Risk.The panel preferred the Control by ownership models. Actually, the Financial conglomerate was the most preferred. On the other hand, a risk-averse manager might also prefer Cross-selling agreement with no overlapping service channels or even Alliance of independent partners with no overlapping service channels to Financial conglomerate.III. Compromise with supervisorsIn the third paper, Korhonen et al. [2005] broaden the analysis to include the search for the best alliance compromise structure between the executives of the banks and insurance companies and the bank and insurance supervisory authorities. First, the alternative alliance structures were studied from the point of view of supervisory authorities. The leaders and experts of the supervisory authorities introduced eight criteria for the evaluation of the above presented alternative alliance structures.1. Equality of the member companies of the alliance,2. System risk management,3. Capability of the authorities to supervise the alliance as well as possible,4. Flexibility of the alliance with respect to changes in its environment,5. Optimal functioning of insurance and finance markets,6. Synergies brought about by the alliance,7. Sufficiency of capital,8. Dependency of the alliance on the competence of executive management.The ultimate goal was to search for the alternative which bank and insurance supervisory authorities and bank and insurance executive management might accept as a solution to the alliance problem. The Analytic Hierarchy Process (AHP) was again used.The loosely connected alliance models Cross-selling agreements received the highest overall priorities largely because they got very high priorities according to the important criteria System risk management and Capability of the authorities to supervise the alliance as well as possible. The control by ownership models were not considered desirable with respect to these criteria.The result differs sharply from the prioritization made above by the bank and insurance executives. They favoured very clearly the control by ownership models (if the risk factor was not specially emphasized). The executive point of view is in many ways opposite to the supervisory point of view. Also the criteria were different in seven cases out of eight.Business-driven consolidation seems to be in conflict with the supervisory interests.Supervisors seem to think that brought synergies do not outweigh the riskthat enters into large and complex financial institutions.However, the differences between the priorities of the different alliance models in this study were essentially smaller than in the previous study with the executives. Therefore it would be definitely interesting to obtain a compromise solution acceptable for both the executives and the supervisors.译文：客户角度下的最优选择：银行与保险公司联盟概述在本文中，作为芬兰客户代表，我们研究了银行与保险公司之间可选择的合作方式。
金融学专业商业银行信贷风险管理外文文献翻译中3000字
文献出处：Cornett M, Strahan P. The credit risk management of commercial banks [J]. Journal of Financial Economics, 2015, 101(2): 297-312.原文The credit risk management of commercial banksCornett M, Strahan PAbstractCredit risk is one of the most usual ones which any commercial banks may encounter during their operation. Credit risks of commercial banks not only cause losses which result in bankruptcy but also cause the most serious issues of financial and economic crisis of one nation. Referring to credit risk management of Vietnam commercial bank system，the capability of credit risks management of Vietnam commercial banks is still low; The rate of bad debt in the entire system is still much higher than international standards. Take this situation in consideration together with referring to a great number of documentations, I have studied credit risk managementof the three typical commercial bank in Vietnam and analyzed and evaluated the remaining issues in the process of credit risk control by these banks and offer some relevant solutions to the entire system of domestic banks. In credit risk management, I shall focus mainly on unscientific features in econometrics methods of credit risk management issued by commercial banks in Vietnam，which is inclusive of combination of unclear mathematic method and class analysis one to calculate credit risks. Due to the fact that credit risk management after disbursement by most of commercial banks is still weak, it is quite needed to study management after disbursement, particularize the method of identifying credit asset debt, build five-class classification, carry out actual management of credit asset and base on tendency of bad debt to offer solutions for every time period. In conclusion, what motioned herein comes from credit risk management in consideration of prevention, calculation, change and solution as well as risk management institutions.Key words: Risk, credit risk, commercial bank credit.1 Commercial bank credit risk management theoryAlthough Banks have a long history, but the theoretical analysis of credit risk is a relatively short history. By kea ton (Keeton, 1979), stag Ritz and Weiss (Mr. Weiss, 1981) development and formation of the "incomplete information credit rationing models on the market", it is pointed out that the credit market credit risk not only the two typical forms of...Adverse selection and moral hazard, and demonstrates the root of the credit risk, information asymmetry caused by the principal-agent relationship, lead to the emergence of credit rationing. Credit risk management refers to the commercial Banks through the scientific method of various subjective factors could lead to credit losses effectively forecast, analysis, prevention, control and processing. In order to reduce the credit risk, reduce the credit losses and improve the quality of credit, to enhance the capacity of the commercial bank risk control and loss compensation ability of a credit management activity. Depth understanding of credit risk management from the following four to grasp. One is the basis of credit risk management is according to the characteristics of credit requirements, not against the objective law of credit; The second is the credit risk management is scientific, modernization, standardization, quantitative and comprehensive; Three is the credit risk management method is mainly credit risk analysis, risk identification, risk measurement, risk control and risk management; Four is the credit risk management goal is to reduce risk, reduce loss, enhance the ability of commercial Banks operating risk.In order to guarantee bank loans will not be against its customers, to customers, companies, enterprises, such as different customer types before they are allowed to make loans to consider some problems. Also the question bank standard of 5 cabaña will select credit analysis of 5 c as a measure of the basic elements of corporate credit risk:1.1 QualityThe debtor to meet its debt obligations will, is the first indicator of evaluate the credit quality of the debtor. Regarding the quality of the wholesale banking, measure, or can be based on the reputation of the company management/owner eventually and company strategy.1.2 AbilityThe debtor's solvency, include the trend of the vision of the industry, the sustainable development of the company; the financial data mainly embodied in the current ratio and quick ratio. The stability of the corporate cash income directly determines its solvency and probability of default.1.3 CapitalRefers to the capital structure of the debtor or quotas, which indicates that the background of the customer may repay debt, such as debt ratio) or the net value of fixed assets and other financial indicators, etc.Shadow of the company's capital structure financing strategy: equity financing and debt financing.1.4 EnvironmentCompany locates the environment and the adaptability to the environment. Including solvent could affect the debtor's political, economic and market environment, such as the dong to rise and cancel the export tax rebate. As the "green credit, supported by more and more countries and companies, sustainable risk also be incorporated into the environmental risk considerations.1.5 MortgageRepayment of the debt of other potential resources and the resources provided by the additional security. Refuse or insolvent debtor can be used as mortgage/collateral assets, for no credit record (such as trading for the first time) or credit record disputed the debtor2 The commercial bank credit risk management processIn order to effective credit risk management, commercial Banks should grasp the basic application of credit risk management. In general, the credit risk management process can be divided into credit credit risk identification, risk estimate and credit risk handling three phases:2.1 Credit risk identificationCredit risk identification is before in all kinds of credit risk, the risk types and to determine the cause of occurrence of a risk, analysis, in order to achieve the credit risk measurement and processing. Credit risk identification is a qualitative analysis of the risk, is the first step of credit risk management, which is the basis for the rest of the credit risk management. Customer rating system and credit risk classification of the two dimensional rating system is constitute the important content of risk identification. This chapter will make detailed description of the two parts. Before the credit investigation is the commercial bank credit risk identification is the most basic steps, bank loans to the customer before must know the borrowing needs of the clients and purpose. Credit investigation before the concrete has the following contents: understand the purpose of credit, credit purpose including: type, in line with the needs of the business purpose and credit product mix and match the borrower repayment source of credit and credit term and effective mortgage guarantee/warranty or other intangible support.2.2 Credit risk estimateCredit risk estimation is the possibility of Banks in credit risk and the fact that the risk to evaluate the extent of the losses caused by measurement. Its basic requirements: it is estimated that some expected risk the possibility of credit; 2 it is to measure some credit risk fact may cause the loss of the scale. Objective that is both a difficult problem, but such as is not an appraisal, can't the quantitative corresponding countermeasures to prevent and eliminate. With the development of risk management techniques, in the financial markets open, Vietnam's financial regulators and commercial Banks also pay more and more attention to the risk of quantitative, in credit rating and have a certain progress in capital adequacy.Before Banks to make loans to customers, Banks must also understand the purpose of the customer, more understand the usage of loan customers, whether it is feasible, from now on, find a way to manage future loans to avoid the violation of the customer. As a result, Banks should use the loan examination and approval way to deal with.2.3 The processing of credit riskCredit risk after processing is that the Banks in the recognition and valuation risk, the effective measures taken by different for different size of loan risk take different processing method, make the credit risk is reduced to the lowest degree. Risk treatment methods mainly include: risk transfer refers to the bank assumes the credit risk on to others in some way. Transfer way, it is transferred to the customer, such as Banks to raise interest rates, require the borrower to provide mortgage, pledge or other additional conditions, etc.; 2 it is transferred to the insurance company, the bank will those particularly risky, once happened will loss serious loans directly to the insurance company insured, or by the customer to the insurance company insured to transfer risk;3 Commercial bank credit risk management regulation.In the risk management of commercial Banks to improve themselves at the same time, regulators and external credit rating agencies to the commercial bank credit risk management has a different regulation method.3.1 The China banking regulatory commission five classificationsThe CBRC requires commercial Banks asset quality for five categories, to reflect the face possible credit losses. System is classifying loans into five categories according to the inherent risk level could be divided into normal commercial loans, concern, loss of secondary, suspicious, five categories.The China banking regulatory commission five classifications has the advantage that the bank asset quality can be compared more easily, also can take credit quality ofthe whole global. Disadvantage is that some small and medium-sized Banks because of the lack of independent audit and internal audit, classification standard is difficult to unity, the China banking regulatory commission five classifications often find selective examination questions.3.2 Stress tests, a rating agencyRating agencies will be according to the information disclosure and audit results and adjusting the bank's credit rating. Stress test is a credit rating agency for checking the quality of commercial bank credit and common ways of anti-risk ability. Because of the influence of the stress tests, for what has happened, to predict the result may worsen the credit quality; Or for the possibility of events, predict the results of the impact of credit quality. Similar stress tests include, an industry is a strong shock cases the possibility of default, or large credit customer default could lead to credit quality decline.3.3 The new Basel capital accordNew Basel capital agreement hereinafter referred to as the new Basel agreement (hereinafter referred to as Basel II) in English, is by the bank for international settlements under the Basel committee on banking supervision (BCBS), and content for 1988 years the old Basel capital accord (Basel I) have had to make significant changes, in order to standardize the international risk management system, improve the international financial services of risk management ability.译文商业银行信贷风险管理作者：Cornett M, Strahan P摘要信贷风险是商业银行经营过程中所面临的最主要的风险之一。
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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。
在中国，商业银行的信贷业务的操作也有着很大的惯性，信贷扩张机制容易形成，这就造成了很多金融腐败行为和权力寻租行为的发生，最直接的表现就是大量的贷款和金钱的腐败行为。
与此同时，它也造成了债权股额被银行的体制所限制，贷款增量很难按照效率原则进行最优配置；贷款担保机制是不完美的，贷款的安全性得不到保证，即使是在强制执行的情况下，仍然有很多企业不能正常处理。
最终导致了银行更多的不履约贷款的产生，使得商业银行的贷款风险最大化。
（3）内部管理机制不健全大多数商业银行对于内部工作规定的实施是比较松散的，需要加强信贷风险体系的管理，内部监管体系也是不健全的，商业银行需要重新定义每个部门的责任。
信贷管理体系中存在漏洞，忽视了管理者的管理，主管法律的人是不充分的，一些贷款失去了法律保护。
信贷的每个环节都需要加强水平制衡和垂直限制，一些基层水平的主管有着太多的权力，管理目标评估方法不科学，监管和限制机制没有真正发挥作用，再加上主管对企业业务规划准备的不充分，导致了一些基层主管人员任意发放贷款、投资和担保。
销售信贷的过程也同样需要完善和加强，中国的商业银行需要走向世界，变为世界性的银行，因此特别要积极地适应现代银行业的迅速发展。
第二，形成我国商业银行在信贷风险管理过程中的对策（1）提高信贷风险预警和预防技术的效率要提高商业银行的风险管理水平，引进国际上先进的风险管理技术和方法。
使用计量经济学模型能够显著地提高商业银行信贷决策的效率，该模型可通过以下步骤来实施：首先，在一段期间内测量企业贷款的预期违约概率。
其次，计算银行贷款的损失率标准差。
第三，在预期违约概率和一定期间内贷款数量的基础上，计算个人贷款业务的流失率和标准差，从而计算出个人银行贷款的预期损失和意外损失。
（2）完善审批分离制度首先，建立特别的组织，对贷款信用审核委员会负责，而贷款信用审批委员会负责信用风险评估。
其次，减少审批委员会的人数，加强信贷决策支持系统。
第三，设立审批人员，并提供信息由第三方调查机构评估借款人，对贷款材料进行验证，确认提交。
（3）加强商业银行的内部管理机制首先，在操作风险控制方面，商业银行首先应该建立操作风险分类和评分标准，统一银行的评价和测量标准。
梳理控制风险，开展银行卡，电子银行渠道，在一些领域如风险评估领域采用信息科学技术，使用风险识别技术，采用操作风险控制的自我评估技术、数据分析方法和工具，如定性定量判断风险和风险损失，并建立整改验收机制。
第二，注意引入信贷风险信息管理系统，信贷管理信息系统对于银行的信贷决策和信贷风险管理有着举足轻重的作用。
而且，对于风险测量和监管来说，信息系统要依靠电脑，能够有效提高管理的效率。
结论因为银行的坏账和坏账的持续增加，银行的信贷风险管理已经变成了一个很重要的问题，我国商业银行的信贷风险预防和控制是最紧要的问题，必须引起足够的重视，并且采取有效的措施及早预防。
尽管在目前，大多数银行都把谨慎、分离、分立的行业编制体系作为信贷政策审批的基础，但贷款项目个性化突出，差异很大。
项目预算，还款来源不确定等高风险的因素的存在。
因此，中国的商业银行需要加强信贷风险的研究，完善相关管理机制。
英文原文Commercial bank credit risk management researchU wei-quan ZhaoAssets of the business of commercial banks in our country, generally including loans, securities investment, cash deposit and four types of assets, such as trade, among them, the credit loans business is business, is the main business types of commercial banks in china, in all the business of commercial bank, a large proportion of credit assets. In western commercial banks, credit assets generally around 40% to 50%, the proportion of commercial banks in our country , this ratio is higher, at 50% to 50%. Credit risk is to point to a bank in one of the main risk of operation, is also the main challenges facing the bank management in the process of, therefore, the management of credit risk on bank, through set up specialized agencies to deal with, taking various measures to deal with, but because most of the credit risk of bank’s loan business, is a variety of bank loan business, the main assets, so in terms of credit risk management, the loan business of commercial bank is relatively loose, and other management is not balanced, this is due to the excessive concentration of loan business enterprise intangible assets to increase the bank’s credit risk. Therefore, to strengthen the risk management of credit business is also very important for the development of commercial banks.First, the current situation of commercial bank credit risk analysis(1)The credit risk identification and measurement of outdated technologyOur country commercial bank development time is shorter, the relatively small data samples, and cannot effectively extract the information of reason, the underlying database need long-term accumulation will be more perfect, in a short period of time can’t form a complete system of customer data. And our country’s commercial banks generally do not attach importance to establish credit database, coupled with the commercial bank also has a variety of management of the medium caliber inconsistent, inconsistent data, and in some credit database has been established, data doubt the authenticity and integrity of the system, these problems directly cause the bank credit risk objectively and fair evaluation. At the same time, our country commercial bank credit risk management is still very poor means and technology, many foreign advanced credit risk management tools have been used, especially the credit risk evaluation and the credit risk prevention technology, etc.(2) The lack of credit risk treatment meansCredit risk management is the need to will be down to the lower management process of credit risk, credit risk is objective existence, which means that the bank will take a certain amount of credit risk. In our country, credit risk control and processing mechanism is relatively weak, means and methods are very single, only mortgage loan guarantees with a third party, and the securitization of credit assets and other control methods of credit risk is not effective use, the overall management of credit assets are truly carried out. Because in the operation of the credit business of commercial banks in china has a system of inertia, and credit expansion mechanism isrelatively easy to form, this creates a lot of financial corruption and rent-seeking behavior occurs, the most direct performance is massive loans, lending and money corruption violations; at the same time it also caused the loan stock is restricted by the structure of the bank, loan increment is difficult to optimize configuration in accordance with the principle of efficient, the safety of the loans not guaranteed, even in the existence of enforcement of a large number of enterprise cannot cope with, and finally caused the formation of more banks non-performing loans, the maximum loan risk of commercial banks.(3) Of the internal management is not soundMost of the commercial banks to lax enforcement of the regulations for the internal work, need to improve the credit risk system, internal supervision mechanism is not sound, commercial banks need to redefine the responsibilities of each department, loopholes in the credit management system, ignore the management of the managers, the person in charge of legal knowledge is insufficient, some loans loan loss of legal protection. Credit on each link of the need to strengthen horizontal checks and balances, vertical restrictions, some president too much power at the grass-roots level, the governor of the management goal assessment method is not scientific, supervision and restraint mechanism is not really play a role, add to the governor on business planning is not enough, cause some grass-roots governors indiscriminate batch of loan, investment, guarantee. Selling credit process also need to improve, especially to actively adapt to the rapid development of modern banking, for commercial banks in china to the world, become a bank in the world.Second, consummates our country the development of commercial banks in credit risk management countermeasures(1) Improve the efficiency of credit risk warning and prevention technologyTo strengthen the commercial bank risk management level, the introduction of the international advanced risk management techniques and methods, using the econometric model can greatly improve the efficiency of the bank’s credit decisions. The model can be through the following steps to set up:First of all, within a certain period of time measurement of the expected default probability of loan enterprise;Secondly, calculate the bank loans, the loss ratio of standard deviation,Third, attrition rate and standard deviation of personal loan business on the basis of the expected default probability and loans within a certain time, counting from the individual bank loans expected loss and unexpected loss.(2) Perfect the system of separation of approvingFirst of all, set up special organizations, responsible for the performance loan credit audit committee is responsible for credit risk assessment. Second, reduce the number of the members of the committee for examination and approval, to strengthen the credit decision support system. Three , designed for examination and approval by staff, and provide information by a third party survey to evaluate borrowers, lending material for validation, and verify the submitted.(3) Improve the internal management system of commercial banksFirst of all, in terms of operational risk control, commercial banks should firstdevelop operational risk classification and grading standard, unified risk assessment and measurement standard of the bank. Carding control risks, to carry out the bank card, electronic banking channels, information science and technology in areas such as risk assessment, using risk identification, operation risk and control self-assessment, loss of data analysis methods and tools such as qualitative quantitative judgment risks and risk level, and establish the mechanism of rectification acceptance.Second, pay attention to the introduction of information management system of credit risk. Credit management information system (CMSI) to bank credit decision-making and bank credit risk management has the vital significance, and information systems rely on computer for risk measurement and supervision, can greatly improve the efficiency of management.ConclusionBecause the bank bad debt and bad debt continues to increase, the bank’s credit management has become a very important problem, our country commercial bank credit risk prevention and control is the most pressing problem, must cause enough attention and take effective measures to prevent early. Although at present, most banks have done careful, separation, divisions compiling system of industry as the basis for examination and approval of the credit policy. But loan project personalized prominent, difference is very big, project budget, source of repayment uncertainty of higher risk factors. Therefore, china’s commercial banks is necessary to strengthen the research of the credit risk, perfecting its corresponding management mechanism.。