商业银行绿色信贷研究外文文献翻译

商业银行信贷风险管理外文文献翻译中文3000多字Credit risk management is a XXX business。

financing ns。

payment and settlement。

and other XXX。

credit XXX risk factor for commercial banks。

XXX such as life risk and uncertainty.Effective credit risk management is essential for commercial banks to minimize the impact of credit losses。

This involves identifying and assessing potential risks。

XXX strategies。

XXX。

By doing so。

commercial banks XXX the potential for credit losses.One of the key components of credit risk management iscredit analysis。

This involves evaluating the orthiness of borrowers to determine the likelihood of default。

Credit analysis XXX's financial history。

credit score。

collateral。

XXX credit analysis。

commercial banks can make informed lending ns and minimize the risk of default.Another important aspect of credit risk management is credit XXX can also help commercial banks XXX.In n。

文献信息：文献标题：Credit Risk Management Strategies and Their Impact on Performance of Commercial Banks in Kenya（信贷风险管理策略及其对肯尼亚商业银行绩效的影响）国外作者：Samuel Warui Mutua，Muoni Gekara文献出处：《Imperial Journal of Interdisciplinary Research》,2017, 3(4):1896-1904字数统计：英文2891单词，15678字符；中文4915汉字外文文献：Credit Risk Management Strategies and Their Impact on Performance of Commercial Banks in Kenya Abstract Credit risk management strategies are amongst the most critical factors to consider for any financial institution involved in any lending activity. Financial institutions have often find themselves making decisions between lending to potential borrowers thus effectively growing their balance sheets and effectively increasing their returns and being cautious in lending to caution themselves against any potential losses. Specifically, the research sought to examine credit risk management strategies and their impact on performance of commercial banks in Kenya. The research was guided by the liquidity theory of credit, portfolio theory, credit risk theory and the tax theory of credit.The research was based on a descriptive design which involves describing the current state of affairs by use of data collected through questionnaires and interviews. The research was focused on selected Tier III commercial banks in Kenya namely Consolidated Bank, African Banking Corporation and Credit Bank with reference to the loans department. The sampled population consists of 62 staff members from loans department of Consolidated Bank, African Banking Corporation and CreditBank. Primary data was collectedthrough the use of closed ended questionnaires, pick and drop procedure was used to collect data through use of the registered offices of the targeted loans departments of the target banks. Data analysis was done both quantitatively using tables and charts; this was then summarized, coded, tabulated and analyzed using both descriptive statistics and measures of variability with aid of SPSS package. Tables and graphs were used to present the data collected for ease of understanding and analysis. From the findings, the study concludes that credit risk management strategies including credit risk rating risks, credit approval risks, portfolio management risks and security perfection risks positively affect performance of commercial banks in Kenya.Key words: Credit risk management practices, commercial banks1.IntroductionCredit risk refers to the potential for loss as a resultof failure of counter party to meet their obligations of paying the financial institution according to the agreed terms. Credit exposures may arise from both banking and trading books. Management of credit risks requires a framework of well set out policies and procedures covering measurement and management of the credit risk (Barth et al, 2004).While financial institutions have faced difficulties over the years for a multitude of reasons, the major cause of serious banking problems continues to be directly related to lax credit standards for borrowers and counterparties, poor portfolio risk management, or a lack of attention to changes in economic or other circumstances that can lead to a deterioration in the credit standing of a bank’s counterparties. This experience is common in both the developed and developing countries.For most banks, loans are the largest and most obvious source of credit risk; however, other sources of credit risk exist throughout the activities of a bank,including in the banking book and in the trading book, and both on and off the balance sheet. Banks are increasingly facing credit risk (or counterparty risk) in various financial instruments other thanloans, including acceptances, interbank transactions, trade financing, foreign exchange transactions, financial futures, swaps,bonds, equities, options, and in the extension of commitments and guarantees, and the settlement of transactions.Each bank should develop a credit risk strategy or plan that establishes the objectives guiding thebank’s credit-granting activities and adopt the necessary policies and procedures for conducting such activities. The credit risk strategy, as well as significant credit risk policies, should be approved and periodically (at least annually) reviewed by the board of directors. The board needs to recognize thatthe strategy and policies must cover the many activities of the bank in which credit exposure is a significant risk (Haron et al, 2007).Credit Management is a financial management aspect that includes credit underwriting that encompasses analysis, approval, security perfection, portfolio management and debt recovery. Nzotta (2004) indicated that credit management directly influences the success or failures of financial institution involved in lending activities. He indicated that on the hindsight of lending being directly proportionalto the quantum of deposits received from the public, any unwise credit underwriting would translateto loss of depositors’ funds and losses to the financial institutions thereof.According to a report by Earnest and Young of 2013 on the banking environment in East Africa, it is reported that banks in Kenya, Tanzania, Uganda and Rwanda recorded growth rates in asset book of 16%, 14%, 13% and 12% respectively. This was on the advent of introduction of credit bureaus that was expected to improve on credit underwriting by improving decision making by 89% and effectively help reduce Non Performing portfolios across the board by 94%. Between the year 2009 and 2013, banks in Tanzania grew their CAGR by 17.5% with loans and advances outpacing overall asset growth which grew by 22.5% over the same period. In Uganda, the CAGR of banks grew by 13% whilst the growth in Rwanda was 12% in an economy that grew by 4.6%. In the period under review high loan provisioning occasioned by aggressive pursuit by various players to grow their balance sheets withouta simultaneous enhanced credit underwriting amongst other factors was highlighted as a reason high provisions were witnessed.Josiah Aduda and James Gitonga (2011) carried out a research on the relationship between credit risk management and profitability among the commercial banks in Kenya. They found out that a strong relationship does exist between credit management and profitability and that most banks held to this belief. Gatuhu (2011) conducted a research on the effect of financial performance of credit management on the financial performance of microfinance institutions in Kenya. Gatuhu found that there existed a strong relationship between credit appraisal of microfinance institutions, credit risk control and collection policy and the overall performance of microfinance institutions in Kenya. The period commencing second half of the year 2015 to the first half of 2016 witnessed particularly difficult times for the banking industry in Kenya with 3 out the then existing 43 commercial banks going under or being placed under statutory management. These were influenced by in one way directly or indirectly to issues revolving around weak credit management strategies.2.Statement of the ProblemThe main objective of any institution involved in money lending is to ensure that a healthy return is realized adequate to cover for all the risks assumedin addition to covering the foregone time value for money. In trying to attain this objective, prudence must be exercised to en sure that unnecessaryrisk isn’t taken that would most probably lead to unprecedented losses. It is for this reason that various institutions involved in money lending are guided by various frameworks to ensure care is exercised in making such decisions.There is an extensive literature on the managementof credit risk in commercial banks. Kealhofer (2003) did a research study on risk-adjusted performance measures in commercial banks. The measures, however, focus on risk-return trade-off, i.e. measuring the risk inherent in each activity and charge it accordingly for the capital required to support it. Greuning and Bratanovic (2003), studied sound credit granting process; maintaining an appropriate credit administration that involves monitoring process as well as adequate controls over credit risk.Clear established process for approving new credits and extending the existingcredits has been observed to be very important while managing credit risk (Heffernan, 2003). Mwirigi, (2006) didan assessment of the credit risk management techniques adopted by various MFIs in Kenya and ascertained that a considerable number of them had credit policies to enable them make informed credit decisions that stroke a balance between businessandrisk perspectives. Ndwiga, (2010) and Chege, (2010) both did a research to ascertain the relationship between credit risk management and the financial performance of MFIs in Kenya.There is no known study that has been done on strategic credit policies for risk management, thus knowledge gap. This study aims at establishing the credit risk management used by commercial banks and how they affect performance of the commercial banks. This research study is motivated to bridge the gap by investigating credit risk management strategies employed by commercial banks, especially Tier III banks in Kenya and how this impacts on their financial performance. In the commercial banks, management of credit risk has caused bank losses in developing countries, including Kenya. Effective credit risk management system minimizes the credit risk, hence the level of loan losses.3.Theoretical Review3.1.Liquidity Theory of CreditThis theory, first proposed by (Emery, 2009), proposes that credit rationed firms use more trade credit than those with normal access to financial institutions. The central point of this notion is that when a firm is financially inhibited the offer of trade credit can make up for the decline of credit offer from lending institutions.Inaccordwith thisview,those firms presenting good liquidity or better access to capital markets can finance those that are credit rationed. Several methodologies have tried to obtain empirical confirmation in order to support this assumption. Nielsen (2012), using small firms as proxy for credit rationed firms, firms find that when there is liquidity tightening in the economy, to ensure their sustainability, they are obligated to advance credit terms to their customers. As financially liberal firms are less likely to seek trade credit terms and more likely toextend the same, a negative relation between a buyers’ access to other sources of financing and trade credit is expected. (Petersen & Rajan, 2007) obtained evidence supporting this negative relation.3.2.Portfolio TheoryPortfolio theory of investment tries to optimize the expected portfolio return for a given proportion of portfolio risk or equivalently decrease the risk for a given level of anticipated return, by carefully choosing the mixed proportions of several assets. Portfolio theory is extensively used in practice in the financial sector and several of its inventors won a Nobel Prize for the same. In modern years the basic portfolio theory has been widely criticized by fields such as behavioral economics (Markowitz, 1952). Portfolio theory was devel oped in 1950’s all through to the early 1970’s and was considered a vital progression in the mathematical modeling of finance. Many theoretical and practical criticisms have since been developed against the same. This include the fact that financial returns do not follow a Gaussian distribution or indeed any symmetric distribution and those correlations between asset classes (Sproul, 1998)3.3.Tax Theory of CreditThe rationale of whether or not to accept a trade credit is based on the ability to access other sources of finances. A buyer is obliged to compare different financing options to find out which will be the most economically viable for them in making cost savings. In any business deal, payment may be on the spot or deferred to a date in the future, in which case a deferred cost element is attached to it in the form of interest. Thus, to find the best sources of funding, the buyer ought to investigate the real cost of borrowing. (Brick and Fung, 1984) suggest that, the tax effect should be considered in order to compare the trade credit cost with the cost of other financing options. The main reason for this is that if sellers and buyers are in different tax brackets, they have different costs of borrowing as their interests are tax allowable. The autho rs’ hypothesis is that; businesses in a high tax bracket tend to advance more trade credit thanthosein low brackets. Subsequently, only buyers in a low tax bracket than the seller will accept credit terms, since those in a higher tax brackets couldborrow more cheaply and directly from a financial organization. Another assumption is that businesses associated with a given sector and placed in a tax bracket below the specific sector average; cannot benefit from offering trade credit. Thus, (Brick and Fung 1984) propose that firms can’t use and offer trade credit.3.4.Credit Risk TheoryUntil barely the 1970s’, Credit risk had not been widely studied, although people have been facing credit risk ever since the very early times. Before 1974, early literature on credit risk used traditional actuarial methods of assessing the same, whosemajor challenge lies in their extensive dependence on historical data. Up to now there are three quantitative approaches of analyzing credit risk: structural approach, reduced form appraisal and incomplete information approach (Crosbie et al, 2003). Melton 1974, presented the credit risk theory else called the structural theory; which said the default event originates from a firm’s asset development displayed by a diffusion process with constant parameters.Such models are ordinarily defined as ‘Structural model’ and based on variables connected to a particular issuer. An evolution of this grouping is characterized by asset of models where the loss provisional on default is exogenously precise. In these models, the nonpayment can happenthroughout all the life of a corporate bond and not only at maturity (Longstaff and Schwartz, 1995).4.MethodologyThe study used descriptive research designAccording to Oso and Onen (2009) prior to carrying out the study there is need to determine the respondents, the data collection procedures, tools and instruments which would aid in data collection. According to Kothari, 2007. It involves describing the current state of affairs by use of data collected through questionnaires and interviews. Descriptive research design is qualitative whose main purpose is description of the state of affairs as it exists.Descriptive research seeks to establish factors associated with certain occurrences, outcomes, conditions or types of behavior. A complete set of people, events or objects from which the study seeks to generalize the results is known aspopulation (Mugenda, 2009). The study will concentrate on the 20 Tier III Commercial Banks Licensed by Central Bank of Kenya.Stratified sampling technique will be used in the collectionofsampleswherethe20TierIIIcommercial banks will be stratified into three categories which are; Government owned, Local Investors owned and Foreign Investor owned, further into male and female, also a mix of Experienced Managers, Senior Officers and Junior Credit officers, out of which 62 Employees will be selected to participate in the study. Purposive sampling will also be used so as to include Heads of Credit Units and also ensure all key credit operational areas are covered in the sample.In this study, a population consists of 62 staff from loans department of Consolidated Bank, African Banking Corporation and Credit Bank.The main tool for data collection in this study was a questionnaire. A closed ended questionnaire was preferred. The questions were designed based on Likert scale which allowed the respondentsto express their view on the study variables. According to Kothari (2007) open - ended questions allow respondents to give answers in their own way, whilst Closed - ended questions or forced choice questions provide an assortment of alternative answers from which the respondent is constrained to choose.The data collected was analyzed and interpretations drawn based on the analysis. Descriptive statistics was used in the analysis of quantitative data. The statistical tool for the analysis was the statistical package for the social sciences (SPSS) Version 20, which was used to analyze the data whereby the questionnaires would be coded and frequency distributions and percentages run.5.ConclusionsThey have a positive significant relationship on performance of commercial banksin Kenya. Sound credit rating mechanism is perceived as a great contributor towards the performance of credit facilities in commercial banks. This by and large affects the performance of the banks as a whole since the banks’ profitability are hinged on its credit services. There needs to be frequent credit trainings to improve onstaff competencies to ensure they are always kept abreast with developments in the industry to ensure appropriate credit underwriting is always done, this will inturn ensure, proper segmentation and accounts review is also done with an aim to ensure the credit element in a bank is well covered.There is need for inclusion of collateral appraisal. Since the credit approval risks are in turn influenced by therisk appetite of various commercial banks, a matrix acceptable to all banks based on factors such as capital strength and customer bases should be developed to ensure that an institution doesn’t necessarily take up risks that is too high that might impairably damage their overall financial strength and health should any unprecedented shocks materialize due to the risks taken by a bank.There is however need to review the provision requirementsas detailed by the Prudential Guidelines (PGs) to realign the same with the evolving banking environment which has seen a significant shift since the PGs were last reviewed. An all-inclusive forumto realign the provision requirement should be held between all the relevant stakeholders including the regulator (CBK) and the Commercial banks to arrive at ideal reviewed rates in line with the evolved banking environment.There is however need for Tier III banks to be more risk averse to unsecured lending and opt for asset backed lending. This is more so influencedby the fact that their balance sheets are relatively smaller which makes them unable to withstand shocks that may emanate from provisioning that would be occasionedby higherrequirements toprovision forthe unsecured borrowings or weakly secured exposures.中文译文：信贷风险管理策略及其对肯尼亚商业银行绩效的影响摘要信用风险管理策略是所有参与贷款活动的金融机构最重要的考虑因素之一。

我国商业银行开展绿色信贷业务研究摘要多年来，在经济发展的过程中，人们并没有同步重视保护自己赖以生存的环境，目前，环保问题已经成了全世界关注的重点问题。

尤其是进入二十一世纪以来，世界各国更是做出了很多的努力和尝试，我国现在也进入了经济结构绿色转型的阶段，从2007年以后，我国政府不断推出相关的指南和规定，促使商业银行、广大企业和全社会都进入环保的进程，并且取得了较好的成效。

本文先对绿色信贷、赤道原则和商业银行信贷风险等基础概念进行评析，为我国推行绿色信贷进行理论基础的铺垫，在此基础上，重点对我国的银行业进行绿色信贷的实践现状进行分析，找出其不足，并且提供了改进的措施和建议，旨在促进我国的经济转型顺利进行，经济实现健康的、可持续发展。

关键词商业银行；绿色信贷；可持续发展；社会责任Study on Green Credit of China’s Commercial BanksAbstractIn the process of economic development,many serious environmental problems appear because the lack of protecting environment at the same time.Nowadays,the environmental problems have become a focus issue that all countries concerned.And many countries struggled to find a way to solve this problem,especially as we entered the 21st Century.China has came into the green transformation of economic structure,since 2007,our government continued to come up with many relevant guide and rules,which forced the commercial banks、all the companies and the whole society to think about protecting the environment,in this way,the green credit works.This paper first analyses the green credit environment economics、the Equator Principle and risk precaution of the commercial banks,on the basis of all these conceptions,in the green credit practice status analysis of China’s banking institutions,find out all the drawbacks of the commercial banks and give advice to all the institutions.The main purpose is to help the economic develop in a healthy and sustainable way.Key words: Commercial Banks; Green Credit Mechanism; Sustainable Development;Social Responsibility目录摘要 (1)Abstract (2)目录 (3)第1章绪论 (5)1.1研究背景 (5)1.2国内外研究现状 (5)1.2.1国外研究现状 (5)1.2.2国内研究现状 (6)1.3研究目的和意义 (7)1.3.1研究目的 (7)1.3.2研究意义 (7)第2章绿色信贷和商业银行信贷风险管理相关理论 (7)2.1绿色信贷的概述 (7)2.1.1绿色信贷的概念 (7)2.1.2绿色信贷的特点 (8)2.1.3绿色信贷的发展 (8)2.2商业银行信贷风险管理 (9)2.2.1商业银行信贷风险管理的定义 (9)2.2.2商业银行信贷风险管理的内容 (9)2.3赤道原则概述 (9)2.3.1赤道原则的概念 (9)2.3.2赤道原则的内容 (9)2.3.3赤道原则的借鉴 (10)2.4本章小结 (10)第3章商业银行绿色信贷业务发展现状和存在的问题 (11)3.1商业银行绿色信贷业务的发展现状 (11)3.1.1商业银行简介 (11)3.1.2商业银行绿色信贷业务总体状况 (11)3.2申请绿色信贷企业自身存在的问题 (11)3.2.1 企业抗风险能力弱 (11)3.2.2 信息反馈来源少 (12)3.2.3 企业管理体制不规范 (12)3.2.4 易发生道德风险 (12)3.3 商业银行信用风险管理存在的问题 (12)3.2.1相关技术型人才缺失 (12)3.2.2信贷风险评估体制不健全 (12)3.4本章小结 (13)第4章绿色信贷风险防范的对策和建议 (13)4.1商业银行绿色信贷风险防范的对策 (13)4.1.1推进绿色信贷机制建设 (13)4.1.2建立绿色信贷长效机制 (13)4.1.3嘉庆绿色信贷统计监测 (13)4.2商业银行信贷风险防范的建议 (13)4.2.1完善绿色信贷风险评估体系 (13)4.2.2发行绿色金融创新产品 (14)4.2.3完善绿色信贷监督责任机制 (14)4.2.4加强绿色信贷激励机制 (14)4.3本章小结 (14)结论 (14)参考文献 (15)致谢 (16)第1章绪论1.1研究背景目前，我国的经济发展速度迅猛，据国家统计局数据显示，即便是最近几年的国际形势动荡复杂，我国2015年的国内生产总值达到了676708亿元，并且每个季度都实现了同比增长，这比我国实行改革开放的1978年的3650亿元GDP 总量，翻了超过一百八十倍，由此可见我国的经济发展势头增长喜人，但是，由于在发展的前期，政府和企业的目光都不够长远，对环境保护和节约资源这些重要的方面并不够在意，因此，目前我国的大部分地区都尝到了这样发展的恶果，比如北京全年大部分时间收到雾霾的困扰，黄河流域的省市受到水土流失的困扰，直接导致了我国走上了先污染、再治理的老路，这些环境问题不仅给一个省或者市这样的区域内的人民的生活带来了不便，并且也不断地向外扩张，不仅对我国的大部分地区都有影响，同时也随着大自然的活动，对世界各国都造成影响。

商业银行风险管理中英文对照外文翻译文献(文档含英文原文和中文翻译)“RISK MANAGEMENT IN COMMERCIAL BANKS”(A CASE STUDY OF PUBLIC AND PRIVATE SECTOR BANKS) - ABSTRACT ONLY1. PREAMBLE:1.1 Risk Management:The future of banking will undoubtedly rest on risk management dynamics. Only those banks that have efficient risk management system will survive in the market in the long run. The effective management of credit risk is a critical component of comprehensive risk management essential for long-term success of a banking institution. Credit risk is the oldest and biggest risk that bank, by virtue of its very nature of business, inherits. This has however, acquired a greater significance in the recent past for various reasons. Foremost among them is the wind of economic liberalization that is blowing across the globe. India is no exception to this swing towards market driven economy. Competition from within and outside the country has intensified. This has resulted in multiplicity of risks both in number and volume resulting in volatile markets. A precursor to successful management of credit risk is a clear understanding about risks involved in lending, quantifications of risks within each item of the portfolio and reaching a conclusion as to the likely composite credit risk profile of a bank.The corner stone of credit risk management is the establishment of a framework that defines corporate priorities, loan approval process, credit risk rating system, risk-adjusted pricing system, loan-review mechanism and comprehensive reporting system.1.2 Significance of the study:The fundamental business of lending has brought trouble to individual banks and entire banking system. It is, therefore, imperative that the banks are adequate systems for credit assessment of individual projects and evaluating risk associated therewith as well as the industry as a whole. Generally, Banks in India evaluate a proposal through the traditional tools of project financing, computing maximum permissible limits, assessing management capabilities and prescribing a ceiling for an industry exposure. As banks move in to a new high powered world of financial operations and trading, with new risks, the need is felt for more sophisticated and versatile instruments for risk assessment, monitoring and controlling risk exposures. It is, therefore, time that banks managements equip themselves fully to grapple with the demands of creating tools and systems capable of assessing, monitoring and controlling risk exposures in a more scientific manner.Credit Risk, that is, default by the borrower to repay lent money, remains the most important risk to manage till date. The predominance of credit risk is even reflected in the composition of economic capital, which banks are required to keep a side for protection against various risks. According to one estimate, Credit Risk takes about 70% and 30%remaining is shared between the other two primary risks, namely Market risk (change in the market price and operational risk i.e., failure of internal controls, etc.). Quality borrowers (Tier-I borrowers) were able to access the capital market directly without going through the debt route. Hence, the credit route is now more open to lesser mortals (Tier-II borrowers).With margin levels going down, banks are unable to absorb the level of loan losses. There has been very little effort to develop a method where risks could be identified and measured. Most of the banks have developed internal rating systems for their borrowers, but there hasbeen very little study to compare such ratings with the final asset classification and also to fine-tune the rating system. Also risks peculiar to each industry are not identified and evaluated openly. Data collection is regular driven. Data on industry-wise, region-wise lending, industry-wise rehabilitated loan, can provide an insight into the future course to be adopted.Better and effective strategic credit risk management process is a better way to Manage portfolio credit risk. The process provides a framework to ensure consistency between strategy and implementation that reduces potential volatility in earnings and maximize shareholders wealth. Beyond and over riding the specifics of risk modeling issues, the challenge is moving towards improved credit risk management lies in addressing banks’readiness and openness to accept change to a more transparent system, to rapidly metamorphosing markets, to more effective and efficient ways of operating and to meet market requirements and increased answerability to stake holders.There is a need for Strategic approach to Credit Risk Management (CRM) in Indian Commercial Banks, particularly in view of;(1) Higher NPAs level in comparison with global benchmark(2) RBI’ s stipulation about dividend distribution by the banks(3) Revised NPAs level and CAR norms(4) New Basel Capital Accord (Basel –II) revolutionAccording to the study conducted by ICRA Limited, the gross NPAs as a proportion of total advances for Indian Banks was 9.40 percent for financial year 2003 and 10.60 percent for financial year 20021. The value of the gross NPAs as ratio for financial year 2003 for the global benchmark banks was as low as 2.26 percent. Net NPAs as a proportion of net advances of Indian banks was 4.33 percent for financial year 2003 and 5.39 percent for financial year 2002. As against this, the value of net NPAs ratio for financial year 2003 for the global benchmark banks was 0.37 percent. Further, it was found that, the total advances of the banking sector to the commercial and agricultural sectors stood at Rs.8,00,000 crore. Of this, Rs.75,000 crore, or 9.40 percent of the total advances is bad and doubtful debt. The size of the NPAs portfolio in the Indian banking industry is close to Rs.1,00,000 crore which is around 6 percent of India’ s GDP2.The RBI has recently announced that the banks should not pay dividends at more than 33.33 percent of their net profit. It has further provided that the banks having NPA levels less than 3 percent and having Capital Adequacy Reserve Ratio (CARR) of more than 11 percent for the last two years will only be eligible to declare dividends without the permission from RBI3. This step is for strengthening the balance sheet of all the banks in the country. The banks should provide sufficient provisions from their profits so as to bring down the net NPAs level to 3 percent of their advances.NPAs are the primary indicators of credit risk. Capital Adequacy Ratio (CAR) is another measure of credit risk. CAR is supposed to act as a buffer against credit loss, which isset at 9 percent under the RBI stipulation4. With a view to moving towards International best practices and to ensure greater transparency, it has been decided to adopt the ’ 90 days’ ‘ over due’ norm for identification of NPAs from the year ending March 31, 2004.The New Basel Capital Accord is scheduled to be implemented by the end of 2006. All the banking supervisors may have to join the Accord. Even the domestic banks in addition to internationally active banks may have to conform to the Accord principles in the coming decades. The RBI as the regulator of the Indian banking industry has shown keen interest in strengthening the system, and the individual banks have responded in good measure in orienting themselves towards global best practices.1.3 Credit Risk Management(CRM) dynamics:The world over, credit risk has proved to be the most critical of all risks faced by a banking institution. A study of bank failures in New England found that, of the 62 banks in existence before 1984, which failed from 1989 to 1992, in 58 cases it was observed that loans and advances were not being repaid in time 5 . This signifies the role of credit risk management and therefore it forms the basis of present research analysis.Researchers and risk management practitioners have constantly tried to improve on current techniques and in recent years, enormous strides have been made in the art and science of credit risk measurement and management6. Much of the progress in this field has resulted form the limitations of traditional approaches to credit risk management and with the current Bank for International Settlement’ (BIS) regulatory model. Even in banks which regularly fine-tune credit policies and streamline credit processes, it is a real challenge for credit risk managers to correctly identify pockets of risk concentration, quantify extent of risk carried, identify opportunities for diversification and balance the risk-return trade-off in their credit portfolio.The two distinct dimensions of credit risk management can readily be identified as preventive measures and curative measures. Preventive measures include risk assessment, risk measurement and risk pricing, early warning system to pick early signals of future defaults and better credit portfolio diversification. The curative measures, on the other hand, aim at minimizing post-sanction loan losses through such steps as securitization, derivative trading, risk sharing, legal enforcement etc. It is widely believed that an ounce of prevention is worth a pound of cure. Therefore, the focus of the study is on preventive measures in tune with the norms prescribed by New Basel Capital Accord.The study also intends to throw some light on the two most significant developments impacting the fundamentals of credit risk management practices of banking industry – New Basel Capital Accord and Risk Based Supervision. Apart from highlighting the salient features of credit risk management prescriptions under New Basel Accord, attempts are made to codify the response of Indian banking professionals to various proposals under the accord. Similarly, RBI proposed Risk Based Supervision (RBS) is examined to capture its direction and implementation problems。

文献信息标题：The Research of Commercial Banking Financial Statement Analysis作者：Jimmy H期刊：Global Journal of Management and Business Research，第1卷，第2期，页码：32-41.年份：2016原文The Study on the Financial Statement Analysis of Commercial BankingJimmy H1 IntroductionIn the economic globalization, the earth is becoming a global village today, accounting as a business analysis system of a "language of business" in the economic and social status has been more and more obvious, the world is more and more attention to it all the more powerful function. Because of financial statements can record the economic business of the enterprises and institutions, so as the international accounting financial statements of general carrier of the "language of business", has become the focus of the enterprise information users rushed to. World investment guru warren buffet once said: "to invest in a company, I basically see the financial statements of the enterprise. “In addition, more information on the financial statements of the user, such as creditors, government and the public when making decisions, and basically to must carry on the analysis of financial statements, and then make a relevant conclusion. The current society, the analysis of financial statements, there are many analysis perspective, and enterprise value perspective is just one of them. Itself in the global market economy condition, enterprises can be treated as a commodity trading, the enterprise itself can be treated as a kind of commodities can be traded in the property market, for the goods from the various stakeholders, if interested in this product of the enterprise, will want to know the value of the enterprise. Therefore, the enterprise's financial statements will be regarded as a kind of to each relevant information users interested in enterprise's help, help them to make economic decisions related tools, i.e., the financial statements of the enterprise can beseen as reflecting a kind of carrier of enterprise value, at the same time is to analysis enterprise's financial statements can be thought of as a tool of enterprise value.2 Literature reviewWatkins (2009) proposed to focus on an analysis of the financial information and financial measures to consolidate the traditional hospital, used to reveal the relationship between hospital of non-financial information, to enhance the comprehensive analysis of the company, should focus on the analysis of non-financial information; Miguel (2010) pointed out that if is analyzed from the perspective of the creditors, just use the financial data index in the financial statements to calculate, to predict the strength enterprise's solvency, it is not accurate, need use credit risk at the same time the calculation result is analyzed, so as to effectively help the oblige. Isabel (2013) pointed out that when it comes to analyze the Banks and other creditors, if the financial statement analysis, to predict the solvency of the company, credit risk and so on to provide reliable reference; David (2014) pointed out that the current accounting information, if it can't completely and fully meet your analysis all the needs of the decisions, then you should be facing the other analysis to the company, with additional information analysis; Eustachio (2010) pointed out that can use the method of data mining to analyze the financial statements of the enterprise, make false statements to disclose to the company. In addition, Jose (2013) put forward from the perspective of financial statement analysis, should be to analyze the structure of financial ratio analysis, to analysis the company's financial statements; Drancy (2014) for the analysis of enterprise financial report is never should not is the ratio of single mechanical calculation, should be a combination of qualitative analysis with quantitative analysis to the integrated system., he argues, can be analyzed from the perspective of accounting policy choice, also can be done from the perspective of enterprise financial strategic analysis, of course not to say that may not be the Angle of financial ratios, even from the perspective of revenue and the enterprise developmental enterprises can analyze financial statements of the enterprise; Marcus (2014) pointed out that the future of the enterprise business process may encounter unforeseen various types of pressure and risk, through the scientific framework shouldarrange, analysis of the financial statements of the original, find in the financial statements have been able to significantly prompt inadaptability of enterprise, to build a new financial analysis framework, the value creation, strategy, value chain, such as ecological into the new system of financial analysis. Should expand new analysis framework for the development of later with the analysis of the enterprise value objectives, with the starting point of the analysis of the strategic analysis, value driving factors analysis as the main body, which is forms a new analysis framework.3 Commercial Banks, financial statement analysisThe upgrade of a financial statement is a kind of contract, as investors make investment decisions, Banks credit decisions, acquisition decisions of enterprise, evaluation of audit risk of certified public accountants, use financial statement analysis, is a kind of important carrier transmission of accounting information. Financial statements are to the enterprise in a certain period of the financial position and operating results in writing of the relevant information such as the summary of the documents. Its main function has the following two points: first of all, is the enterprise's revenue, cost structure, the size of the profits and dividends to investors, the daily operating results of an enterprise. The second is the enterprise capital chain information, enterprise's financing situation, enterprise's solvency and the future development potential and other relevant information, these can all be statements reflect the enterprise's financial position of the enterprise. Is the analysis of financial statements, financial statements and the related information as a starting point of the enterprise, in some special way, to the enterprise's operating results, financial condition, and so on and so forth were analyzed, and the purpose is to understand the past, the evaluation now, predict the future, to help enterprises to make decisions related to the interests of body. And under the condition of market economy, the enterprise itself is a kind of commodities can be traded in the property market, as the goods from the stakeholders, such as investors, creditors, managers, etc., it is necessary to evaluate the value of the enterprise, the most common is oriented to the way the world is the analysis of financial statements, but due to the accounting standards of commercial Banks and general manufacturing enterprises is not the same,want to evaluate the value of commercial Banks, if still use the original analysis method, the conclusion must be inaccurate. In financial statement analysis is needed to adopt to the financial statements of the general analysis method for analysis, but also to specific issues specific analysis, different from the general enterprise's financial statement analysis method. But no matter what kind of financial statement analysis method, the ultimate goal is to provide the interests of enterprises related body helps them to make economic decision-making information, namely the financial statement analysis itself can be regarded as an effective way to reflect the enterprise value of commercial bank.4 The enterprise value analysis theory and methodValues and price theory is a classical economics and modern economics have to mention a theory, is both ancient and modern, both basic theory and reality. Historically, there have been many famous economist, has carried on the thorough positive exploration on this issue. In this article, the use of enterprise value is a broad sense and narrow sense. Generalized enterprise value refers to the enterprise's own business value, analysis and evaluation on the enterprise itself, using all the collected information on the market, based on the analysis of independent cognitive level of the above analysis platform, the management circumstance of the enterprise to carry on the summary, and hope to the future of the enterprise a certain period of production and business operation activities of predict cash flows, and thus to calculate how much business can create in the fixed number of year of the expected value. In the narrow sense definition of enterprise value, Copeland and others in the 1998 book "evaluation" pointed out: the shareholders value by the value of the value of enterprises is focused on the profitability and development potential; investors can for existing shareholders want companies or is to provide a better profitability potential investment. Shareholder value is how much of a future can obtain benefits, if the future can get more profits, shareholders will now give up capital liquidity, namely shareholders if they could get more value-added part of the future capital, the shareholders will only be for the current liquidity of sacrifice in his hands. So, investors will be investment is valued enterprise future profitability, investors want togain more cash flow from investment returns, not only is the enterprise current assets generate future cash flows and excess profit ability to bring the cash flow to investors.5 The financial statement analysis can reveal the enterprise valueEnterprise financial statements, financial statement analysis to the enterprise can be regarded as a kind of can reveal an effective means of enterprise value. Financial statement is a reflection of the daily business activities of the enterprise; reflect the statements of the enterprise value. Usually when an enterprise is analyzed using three statements, respectively, the balance sheet, income statement and statement of cash flows. The balance sheet can be seen as points on a particular day accounting personnel to the enterprise value taken a snapshot, use at a specific date financial status to reflect the enterprise value. The income statement is to measure performance of enterprise in a certain period of time, is through reflect the performance of enterprises in a certain period to reflect the enterprise value of the report. The cash flow statement reflects through the inflows and outflows of cash flow of the enterprise actual situation reveal the enterprise value. Thus, analysis of financial statements of the enterprise value can be revealed, namely the enterprise financial statements reflect the enterprise value of the carrier, financial statement analysis is an effective tool of enterprise value.译文商业银行财务报表分析研究Jimmy H1 引言当今世界，正逐步经济全球化，会计作为商业分析体系中的一门“商业语言”在经济社会中的地位已经越来越明显了，世人对它越发强大的功能越来越关注。

商业银行信用风险外文翻译文献(文档含英文原文和中文翻译)估计技术和规模的希腊商业银行效率：信用风险、资产负债表的活动和国际业务的影响1.介绍希腊银行业经历了近几年重大的结构调整。

重要的结构性、政策和环境的变化经常强调的学者和从业人员有欧盟单一市场的建立，欧元的介绍，国际化的竞争、利率自由化、放松管制和最近的兼并和收购浪潮。

希腊的银行业也经历了相当大的改善，通信和计算技术，因为银行有扩张和现代化其分销网络，其中除了传统的分支机构和自动取款机，现在包括网上银行等替代分销渠道。

作为希腊银行（2004 年）的年度报告的重点，希腊银行亦在升级其信用风险测量与管理系统，通过引入信用评分和概率默认模型近年来采取的主要步骤。

此外，他们扩展他们的产品/服务组合，包括保险、经纪业务和资产管理等活动，同时也增加了他们的资产负债表操作和非利息收入。

最后，专注于巴尔干地区（如阿尔巴尼亚、保加利亚、前南斯拉夫马其顿共和国、罗马尼亚、塞尔维亚）的更广泛市场的全球化增加的趋势已添加到希腊银行在塞浦路斯和美国以前有限的国际活动。

在国外经营的子公司的业绩预计将有父的银行，从而对未来的决定为进一步国际化的尝试对性能的影响。

本研究的目的是要运用数据包络分析（DEA）和重新效率的希腊银行部门，同时考虑到几个以上讨论的问题进行调查。

我们因此区分我们的论文从以前的希腊银行产业重点并在几个方面，下面讨论添加的见解。

首先，我们第一次对效率的希腊银行的信用风险的影响通过检查其中包括贷款损失准备金作为附加输入Charnes et al.(1990 年)、德雷克（2001 年）、德雷克和大厅(2003 年)，和德雷克等人（2006 年）。

作为美斯特(1996) 点出"除非质量和风险控制的一个人也许会很容易误判一家银行的水平的低效；例如精打细算的银行信用评价或生产过高风险的贷款可能会被贴上标签一样高效，当相比银行花资源，以确保它们的贷款有较高的质量"(p.1026)。

《绿色物流发展中英文对照外文文献翻译》摘要：is seen as the actions of which the objective is to minimize costs and maximize profits. The term was used mostly in purely business areas exhibiting companies and in financial reports. But, for many years, the term logistics was used in conjunction with the "green" by creating "Green Logistics" - the term containing costs, yet did not appear on financial reports and on the environment and society. The term green logistics is defined as supply chain management practices and strategies that reduce the environmental and energy footprint of freight distribution, which focuses on material handling, waste management, packaging and transport (Rodrigue et al., 2012). Green logistics consists of all activities related to the eco-efficient management of the forward and reverse flows of products and information between the point of origin and the point of consumption whose purpose is to meet or exceed customer demand (Mesjasz-Lech, 2011). Lee Klassen (2008) describe green logistics as Green Supply Chain Management that can be defined as an organizations activity taking into account environmental issues and integrating it into supply chain management in order to change the environmental performance of suppliers and customers (Lee Klassen, 2008). Green logistics activities include，environmental impact of different distribution strategies, reducing the energy usage in logistics activities, reducing waste and managing its treatment (Sibihi Eglese, 2009). From the sustainable development point of view, green logistics can be defined as, producing and distributing goods in a sustainable way, taking account of environmental and social factors (Sibihi Eglese, 2009). This broad definition of green logistics is in line with the WCED (1987) definition of sustainable development and definitions of corporate responsibility (Lyon Maxwell, 2008). The three pillars of Sustainable Development can be applied to green logistics (see Figure 1). As mentioned in the definitions of green logistics before, in the past, companies coordinated their logistics activities comprising freight transport, warehousing, packaging, materials handling and data collection and management to meet customer requirements at minimum cost which just refers to the monetary terms (Nowakowska-Grunt, 2008). Now, the environment has become a concern. It is treated as a factor of the cost. Some companies have already taken external costs of logistics associated especially with the environmental issues such as climate change, pollution and noise into account. Green logistics is therefore defined as efforts to examine ways of reducing these externalities and achieving a more sustainable balance between environmental, economic and social objectives, (see Figure 1). All efforts in the green logistics area are therefore focused on contributing towards, and ensuring, sustainability (Hans, 2011).，represents also three perspectives: public (public to private), operational (operational to strategic) and local (local to global). The first perspective of green logistics relates to pressure groups which began to lobby government intervention to mitigate the damaging effects of freight movement and public agencies sought to improve their understanding of the problem and find means of addressing it. The public sector interest in this subject has been complemented by a growth in the private sector involvement in green logistics research as business has begun to formulate environmental strategies both at a corporate level and more specifically for logistics. Operational to strategic as a second general trend has been a broadening of the corporate commitment to green logistics, from the adoption of a few minor operational changes to the embedding of environmental principles in strategic planning. Local to global perspective is focused on the local environmental impact of air pollution, vibration, noise, accidents and visual intrusion. With climate change now the dominant environmental issue of the age, the impact of logisticson global atmospheric conditions has become a major focus of many researchers (McKinnon A., Browne Whiteing, 2010). 3.Green logistics and reverse logistics文献信息：文献标题：The development of green logistics for implementation sustainable development strategy in companies（发展绿色物流，实现企业可持续发展战略）国外作者：Oksana Seroka-Stolka文献出处：《Procedia-Social and Behavioral Sciences》 2014,151:302-309字数统计：英文 2505 单词，14890 字符；中文 4265 汉字外文文献：The development of green logistics for implementation sustainable development strategy in companies AbstractWhile environmental issues have become critical concerns all overthe world, organizations are constantly under pressure to develop environmentally responsible and friendly operations. Commitment to the natural environment has become an important variable. Therefore, the interest in developing green logistics from companies, government, and the public is increasing dramatically especially because traditional logistics cannot meet the requirements of modern society and has huge impact on the environment. The purpose of this paper is to present determinant factors that can influence the development of green logistic concept in companies as an element of Sustainable Development.Keywords:Greenlogistics,environmental sustainability,Sustainable Development, factors, environmenta practices, company.1.IntroductionIn recent years there has been increasing concern about the environmental effects on the planet of human activity. That is why it has had ab increasing amount of attentionin the popular press, in governmental agendas, in the academic literature and from the general public. Stakeholders are increasingly pressuring firms to assume responsibility for any negative effects their business activities might cause as well. The results are that firms are considering the incorporation of environmental thinking into their business strategies in Polish companies (Romanowska, 2004). The rising attention to the greener solutions doesnt leave logistics aside because it plays a very important role, as it is one of the main pollution sources and resource user. 2.Green logistics and sustainable developmentTypically, logistics is seen as the actions of which the objective is to minimize costs and maximize profits. The term was used mostly in purely business areas exhibiting companies and in financial reports. But, for many years, the term logistics was used in conjunction with the "green" by creating "Green Logistics" - the term containing costs, yet did not appear on financial reports and on the environment and society. The term green logistics is defined as supply chain management practices and strategies that reduce the environmental and energy footprint of freight distribution, which focuses on material handling, waste management, packaging and transport (Rodrigue et al., 2012). Green logistics consists of all activities related to the eco-efficient management of the forward and reverse flows of products and information between the point of origin and the point of consumption whose purpose is to meet or exceed customer demand (Mesjasz-Lech, 2011). Lee Klassen (2008) describe green logistics as Green Supply Chain Management that can be defined as an organizations activity taking into account environmental issues and integrating it into supply chain management in order to change the environmental performance of suppliers and customers (Lee Klassen, 2008). Green logistics activities includemeasuring the environmental impact of different distribution strategies, reducing the energy usage in logistics activities, reducing waste and managing its treatment (Sibihi Eglese, 2009). From the sustainable development point of view, green logistics can be defined as, producing and distributing goods in a sustainable way, taking account of environmental and social factors (Sibihi Eglese, 2009). This broad definition of green logistics is in line with the WCED (1987) definition of sustainable development anddefinitions of corporate responsibility (Lyon Maxwell, 2008). The three pillars of Sustainable Development can be applied to green logistics (see Figure 1). As mentioned in the definitions of green logistics before, in the past, companies coordinated their logistics activities comprising freight transport, warehousing, packaging, materials handling and data collection and management to meet customer requirements at minimum cost which just refers to the monetary terms (Nowakowska-Grunt, 2008). Now, the environment has become a concern. It is treated as a factor of the cost. Some companies have already taken external costs of logistics associated especially with the environmental issues such as climate change, pollution and noise into account. Green logistics is therefore defined as efforts to examine ways of reducing these externalities and achieving a more sustainable balance between environmental, economic and social objectives, (see Figure 1). All efforts in the green logistics area are therefore focused on contributing towards, and ensuring, sustainability (Hans, 2011).conomicFigure 1. Green logistics as an element of sustainable development.Over the past 40 years, "Green Logistics" has represented a lot of nature trails, the most distinguishable as follows:․ reduction in transport costs,․ city logistics,˙ corporate environmental strategies towards logistics,˙ reverse logistics,˙ green supply chain ma nagement.The green logistics represents also three perspectives: public (public to private), operational (operational to strategic) and local (local to global). The first perspective of green logistics relates to pressure groups which began to lobby government intervention to mitigate the damaging effects of freight movement and publicagencies sought to improve their understanding of the problem and find means of addressing it. The public sector interest in this subject has been complemented by a growth in the private sector involvement in green logistics research as business has begun to formulate environmental strategies both at a corporate level and more specifically for logistics. Operational to strategic as a second general trend has been a broadening of the corporate commitment to green logistics, from the adoption of a few minor operational changes to the embedding of environmental principles in strategic planning. Local to global perspective is focused on the local environmental impact of air pollution, vibration, noise, accidents and visual intrusion. With climate change now the dominant environmental issue of the age, the impact of logistics on global atmospheric conditions has become a major focus of many researchers (McKinnon A., Browne Whiteing, 2010). 3.Green logistics and reverse logisticsIt is worth mentioning about the reverse logistics which is a part of green logistics. Rogers and Tibben-Lembke (1999) briefly consider the differences between reverse logistics and green logistics. In reverse logistics there should be some flow of products or goods back from the consumer to an earlier stage of the supply chain. The reduction of waste that this implies certainly means that reverse logistics should be included within green logistics. Currently, the term "green logistics" is often used interchangeably with "reverse logistics", but in contrast to the reverse logistics, green logistics"summarizes logistics activities that are primarily motivated by environmental considerations" (Scott, Lundgren Thompson, 2011). First of all, the most significant difference is that reverse logistics concentrates on saving money and increasing value by reusing or reselling materials to recover lost profits and reduce operational costs. In turn green logistics focuses on transportation issues, recycling and re-use. Green logistics is about using material friendly options for transportation and centered on saving money but places priority on the companys image (Nylund, 2012). DeBrito (2003) clarifies that green logistics focuses on the forward flow of the supply chain while reverse logistics is viewed as sustainable development. The prominent environmental issues in [green] logistics are consumption of non- renewable natural resources, and both hazardous and non- hazardous waste disposal (DeBrito, 2003).Green logistics is often known as ecological logistics defined as understanding and minimizing the ecological impacts of logistics (Rogers and Tibben-Lembke, 1998). These activities are designed to measure environmental impacts on transport reducing energy consumption, and reducing the use of materials (see Figure 2).Figure 2. Comparison of green logistics and reverse logistics4.The drivers of green logistics4.1.Factors affecting green logistics from a wide perspectiveSchmied (2010) distinguishes four factors affecting green logistics company, customers, politics, and society. According to Figure 3, it can be concluded that each of the factors may affect green solutions (Schmied, 2010). From the consumers point of view they have their own requirements for green products and services. Customers especially with high environmental awareness may require products delivered with clean vehicles or in such manner that the emissions are minimized, forcing suppliers to go to green solutions. This should be a key drive for companies that are taking measures in green logistics. By understanding the consumers important role in green logistics it can be beneficial for the company. Perhaps the biggest affect from customers may be home delivery, as they are the direct users of this service.Figure 3. General factors affecting green logistics4.2.Determinant factors of green logistics at a corporate levelMany researchers have proposed various explanations as to what factors influence a firms adoption of environmental practices. Generally, we can distinguish external and internal factors of environmental practices (Murillo-Luna, Garcs- Ayerbe Rivera-Torres, 2011). Stakeholder pressure, environmental regulations, company size, industrial sector and geographical location, internationalization, position in the value chain, strategic attitude, managerial attitudes and motivations, managers characteristics and human resources are relevant environmental and organizational variables frequently appearing in the related research (Gonzalez - Benito Gonzalez Benito, 2006). Among many factors there are some which can be the barriers to greenpractices. Chan (2008) identifies six types of barriers from the information provided by the managers of a sample of 83 hotels. Using an exploratory analysis, he finds that the six types of barriers are negatively related to environmental behavior: 1) lack of know-how and skills,2) lack of professional advice, 3) uncertainty of outcome, 4) participation of certifiers/verifiers, 5) lack of resources and 6) implementation and maintenance costs. Although organizational and environmentalfactors have been taken into account in several studies on green issues, these factors have been considered very rare in the studies of environmental management in the logistics industry. Lin Ho (2010) conducted a survey in 353 Chinese companies in the logistics industry. They proposed 32 variables describing 10 dimensions of determinants characteristic of the adoption of green practices in logistics companies (see Figure 4).Figure 4. Determinant factors of green management practices in logistics industry. A conceptual model derived from Lin Ho (2010).The research findings by Lin Ho, (2010) reveal that pressure resulting from legal regulations of the State, governmental support, organizational support and the quality of human resources have a significantly positive influence on the adoption of green practices for Chinese logistics companies (Lin Ho, 2010). Environmental uncertainty and the complexity of green practice show significantly negative influences on environmental practices. Surprisingly, the influence of customer pressure is not significant for Chinese logistics companies (Lin Ho, 2010). It is interesting because most of the studies from the EU associated with environmental issues indicate the influence of customer pressure and their environmental awareness on environmental practices but these findings are focused on manufacturing firms. Their study also provides the empirical evidence that technological factors have significant influence on the adoption of green practices when compared to organizational and environmental factors (Lin, Ho, 2010). Similar findings come from Polish studies, which indicate a weak and insignificant correlation between theenvironmental awareness of management staff and the eco-effectiveness of environmental practices (Seroka- Stolka Nowakowska-Grunt, 2012). Greening the supply chain is a growing concern for many business enterprises and a challenge for logistics management. The structure of the green supply chain is relevant to implementing a green logistics system, as a green supply chain creates green environment for green logistics in a sustainable development which, again, paves a green channel towards green logistics and, simultaneously, supports and promotes the development of green logistics. A real sense of green action can be achieved by supply chain management at a corporate level. It is worth mentioning that while adopting a green logistics approach towards supply chain, strategies can be additionally emphasized. Environmental logistics practices must be incorporated into corporate environmental strategies. When it comes to the product design and production planning, the most common is the fact that usually they emphasize the product design and the development that comes from the improvements of their competitive and commercial attributes, and these are factors such as price, quality, features and performance. Trowbridge (2006) distinguishes both internal and external driving forces of the implementation of GSCM at a chip manufacturer. The internal ones include the willingness to improve risk management due to potential interruptions in the supply chain, and the collaboration with suppliers to find alternative materials and equipment that minimize the environmental impact. The external ones include customers, investors and non-governmental organizations (Trowbridge, 2006). This is similar to the findings of Gonzlez-Benito Gonzlez-Benito (2006) which indicate that Spanish companies perceive two different sources of environmental pressure: governmental and non-governmental. However, only the latter is able to explain the implementation of environmental logistics practices in a significant way, perhaps because these practices are proactive and voluntary and governmental pressure focuses on the observance of regulations. They also prove that the environmental awareness of managers is also able to explain a significant part of the implementationof environmental logistics practices.Hu Hsu (2010) explore the factors that are critical for the implementation of green supply chain management (GSCM) practices in the Taiwanese electrical and electronics industries referring to the European Union directives, and they extract 20 critical factors in four dimensions (supplier management, product recycling, organization involvement and life cycle management) (Hu Hsu, 2010). Diabat Govindan (2011) introduce the review of studies which present different factors of green supply chain management. Diabat Govindan (2011) present 11 types of driving forces ( and interactions between them), which have been analyzed using Interpretive Structural Modeling (ISM). The research results show that the government regulations and legislation and reverse logistics are significant driving forces to achieve cooperation between product designers and suppliers to reduce and eliminate the environmental impact ofproducts. Environmental cooperation with suppliers and customers and ISO 14001 certification are placed at an intermediate level of the ISM model. Green design, integrating quality environmental management into the planning and operation process, reducing energy consumption, and reusing and recycling materials and packaging are at the top level of the ISM hierarchy (Diabat Govindan, 2011).The ISM model for the driving forces affecting the implementation of green supply chain management is presented in Figure 5.Fig 5. ISM model for the drivers affecting the implementation of green supply chain management according to Diabat Govindan, 2011.5.ConclusionsCompanies are constantly under pressure to develop environmentally friendly and responsible operations, and commitment to the natural environment is an important variable within the competitive scenarios. Organizations face either internal or external factors of green logistics at a corporate level. The review of the literature indicates some interesting findings. First all, managers must take into account that incorporating environmental issues into corporate strategies depends on various factors which can change over time. Determinant factors of adoption ofenvironmental logistics practices vary among companies and depend on sector of activity, geographical location and the level of customer environmental requirements. The findings of the influence on green logistics varies according to customer pressure on companys environmental behaviour and it may be associated with the different position of companies standing in the supply chain. Organizational factors are very important for most industries but technological factors should be taken into accountin the future by logistics managers. Pressure through legislation is not the only way offostering the environmental behaviour of a firm, rather, there are other means suchas increasing the environmental awareness of managers, but it is a long term objective at a corporate level.中文译文：发展绿色物流，实现企业可持续发展战略摘要当环境问题成为世界各地重要的关注点，社会组织在压力下不断地发展环境责任和友好行动时，对自然环境的承诺已经变成一个重要的变量。

我国商业银行绿色信贷运营效率的DEA-Malmquist实证作者：段进东，王雯佳，卞丽君来源：《中外企业家》 2017年第9期近些年来，我国商业银行在绿色信贷相关政策的引导和鼓励下，积极开展绿色金融业务，但各行绿色信贷履行情况差异较大。

由DEA-Malmquist模型检验发现，大部分银行近四年绿色信贷的运营效率都在降低，其中国有银行还逊色于其他银行，主因是受技术水平与纯技术效率的影响。

为此，需要加快技术创新、强化内部管理、重视规模效率和拓宽服务对象，以提升各大银行绿色信贷的运营效率。

绿色信贷以其“重责任、助转型、强引导”的特征受到了很多银行的青睐，各大银行根据国家相关经济与环境政策，在进行贷款审批时，利用利率杠杆影响信贷资金流向，通过提高项目准入门槛、增加贷款利率、设置贷款额度限制对“高能耗、高污染”行业展开信贷管理，同时加大对环境友好型企业的扶持力度，使其产生更大的生态效益，最终实现金融业与生态的科学发展。

一、绿色信贷效率的测算方法对商业银行绿色信贷的运营效率进行测评，国内外学者大多基于定性的方法进行探讨，尽管有部分学者采用实证的方式就绿色信贷与企业以及与银行之间的效益问题展开了研究，但均未涉及到对绿色信贷运营效率的研究。

（一）效率测算方法比较目前对商业银行的效率测评有着多种计算方式，可分为财务指标分析法与前沿分析法两大类。

前者需要计算不同的财务指标，如盈利能力、成长能力等来对银行的效率展开研究。

虽然简洁明了、限制少，操作的可行性较大，但研究过程不够深入，指标种类繁多。

此外，同一类指标从不同的角度可能甚至得出相对立的结论，难以全面地反映银行的效率情况。

这一分析方法在研究的早期运用得较多，而近年来只是作为研究的辅助手段。

前沿分析法包括自由分布法（DFA）、随机前沿法（SFA）、厚前沿方法（TFA）为主的参数分析法和由无界分析法（FDH）和数据包络分析法（DEA）组成的非参数分析法，是通过测量某个样本银行与前沿效率银行（在给定的条件下，达到成本最低化或者收益最大化的银行）之间的距离，以此来测算该样本的效率，但是需要注意的是该效率是相对的。

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

商业银行信贷风险管理外文文献翻译中文3000多字This article discusses the importance of credit risk management for commercial banks。

It highlights the us methods used by banks to manage credit risk。

including credit scoring。

credit limits。

loan loss ns。

and collateral requirements。

The article also examines the impact of regulatory requirements on credit risk management practices and the role of corporate governance in ensuring effective risk management。

Overall。

the article emphasizes the need for banks to adopt a comprehensive and proactive approach to credit risk management in order to maintain financial stability and avoid costly losses.In today's increasingly complex financial environment。

effective credit risk management is essential for the long-term success of commercial banks。

Banks face numerous challenges in managing credit risk。

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

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

70880 银行管理论文我国商业银行绿色信贷问题研究一、绿色信贷内涵Green-credit policy即绿色信贷，是一项创新的政策。

它是以遏制高污染、高耗能型产业为宗旨的全新工具。

中国环保总局、人民银行、银监会为响应科学发展观的号召，第一次将环保检测标准、环境治理、环保建设作为企业贷款准入的门槛，隔断“两高一低”产业盲目扩张的经济命脉，迫使其改善管理方式，转变经济发展方式。

绿色信贷是环保部门和银行业携手打造的遏制环境污染型、高耗能型企业的重要壁垒，是促进发展节能减排产业的重要举措。

二、我国商业银行绿色信贷发展的现状和问题商业银行积极进行绿色调整，我国银行业金融机构绿色信贷体系构建趋于完成。

2007年9月，中国工商银行率先出台了《关于推进“绿色信贷”建设的意见》，在商业银行推行绿色信贷进程中起到了表率作用；20xx年5月，工行又再次明确了“绿色信贷”的内涵、本行绩效目标和绿色信贷相关政策导向，要求工行内部对于自身信贷结构进行全线“绿色”调整。

20xx年，中国银行发布了《支持节能减排信贷指引》：严格信贷准入条件和项目准入标准，实施信贷审批环境否决权制度，实行行业差别化授权管理。

中行加大对于部分“两高”行业的审批权限监察力度的同时，回收部分权限。

中行强调要做好贷前、贷中及贷后调查工作，利用名单管理方式，将“两高行业”具体评估情况列入审批名单。

制度短板制约绿色信贷发展。

国家对于绿色信贷还没有成熟的实施政策和实施细则，缺乏相关的激励政策和明确的处罚标准，操作性不强，导致银行仍旧以盈利多少为主要衡量标尺。

另外，信息沟通共享机制也不健全，环境污染信息尚未全面完整纳入银行征信系统，导致金融机构难以全面及时掌握企业的环境信息，环境信息的不足严重制约着绿色信贷的实施。

金融机构自身障碍。

我国金融机构，特别是一些大型国有银行的管理者，将环保问题推脱给相关环保部门、大型企业集团，仍然将盈利作为其经营的唯一标尺，这就从根本上阻碍了商业银行绿色信贷的推行。

商业银行绿色信贷业务研究作者：杨梦来源：《商场现代化》2018年第17期摘要：随着绿色金融理念在中国市场的提出，多家商业银行响应国家的号召，开展绿色信贷业务。

本文以兴业银行为例，首先简单介绍该银行绿色信贷业务的发展现状，同时通过数据分析的方式对绿色金融项目的开展做出的贡献给出肯定；接着通过建立简单线性模型分析绿色信贷对兴业银行净利润的影响，并对模型结果展开分析；最后通过分析兴业银行在绿色信贷业务上的优势，为中国商业银行在绿色信贷领域的完善给出一些建议。

关键词：兴业银行；绿色金融；绿色信贷一、引言在十九大报告中，首次提出建设“富强民主文明和谐美丽”的社会主义现代化强国的目标，印证了生态文明建设位于国家战略目标的重要地位。

由于我国改革开放以来经济飞跃发展，随之而来的环境问题也更加凸显，解决大气污染、水污染等问题迫在眉睫。

环境保护项目具有明显的外部性，企业积极性难以调动，使许多政策难以发挥效果，而绿色金融的引入充分发挥了商业银行在市场中资金配置作用。

商业银行为响应国家政策的同时，大力开展绿色信贷业务，这不仅为商业银行进行业务转型提供了机遇，也为众多商业银行提供了更加广泛的利润来源。

兴业银行抓住此次契机，经过十多年的发展，逐渐成为国内绿色银行的领跑者，发展的业务涵盖绿色租赁、绿色信托、绿色基金、消费金融等方面，成功打造了一条拥有自己特色的绿色金融业务链。

二、绿色信贷的含义随着世界各国提出低碳可持续经济发展的理念，绿色金融应运而生，并且自2007年首次提出后，各国商业银行相应开展绿色信贷业务，但国内外均没有对绿色信贷给予准确定义。

国际上通常将可持续融资或环境融资称为绿色信贷，认为商业银行对企业进行放贷时必须将环境问题作为贷款利息定价的标准之一；在国内，环保总局协同人民银行和银监会出台的《关于落实环境保护政策法规防范信贷风险的意见》定义了“绿色信贷”的内涵，其内涵主要包括两点：帮助贷款企业降低能耗、节约资源，使其扭转浪费资源、污染环境的经营模式；金融业的发展过程中应密切关注环保产业，尽可能将资金配置到对生态环境友好的企业。

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。

《商业银行绿色信贷风险管理研究》一、引言随着全球气候变化和环境问题日益严重，绿色金融和可持续发展已成为各国政府和金融机构关注的焦点。

作为金融体系的重要组成部分，商业银行在推动绿色信贷发展、支持绿色产业的同时，也面临着绿色信贷风险管理的挑战。

本文旨在探讨商业银行绿色信贷风险管理的现状、问题及应对策略，以期为商业银行在绿色信贷业务中的风险管理提供参考。

二、商业银行绿色信贷风险管理的现状当前，商业银行在发展绿色信贷业务方面取得了显著成效，但仍存在诸多问题。

一方面，商业银行在支持绿色产业、推动经济可持续发展方面发挥了积极作用；另一方面，由于环境风险、政策风险、技术风险等不确定因素，绿色信贷业务也带来了较大的风险。

目前，商业银行的绿色信贷风险管理主要集中在信贷审批、贷后管理、风险评估等方面。

三、商业银行绿色信贷风险管理的主要问题（一）环境风险环境风险是绿色信贷业务面临的主要风险之一。

由于项目所处的环境不同，可能导致项目运营过程中出现各种环境问题，如气候异常、自然灾害等，进而影响项目的正常运营和信贷资产的安全。

（二）政策风险政策风险是政策调整、法规变化等因素给绿色信贷业务带来的风险。

随着国家对环保政策的不断调整和升级，商业银行需及时调整绿色信贷政策，以适应政策变化带来的风险。

（三）技术风险技术风险是技术更新换代、技术应用不成熟等因素给绿色信贷业务带来的风险。

随着科技的不断进步，一些新兴的绿色产业和技术需要不断更新和升级，这对商业银行的绿色信贷风险管理提出了更高的要求。

四、商业银行绿色信贷风险管理策略（一）完善风险管理体系商业银行应建立完善的绿色信贷风险管理体系，包括建立专门的风险管理机构、制定完善的风险管理制度和流程等。

同时，要加强内部监管和审计，确保风险管理工作的有效实施。

（二）加强环境风险评估商业银行应加强环境风险评估工作，对项目所处的环境进行全面、客观的评估，以确定项目的环境风险等级和可能带来的损失。

商业银行信贷风险管理外文文献翻译中文3000多字文献出处：Ayeni R K, Oke M O. The commercial bank credit risk management [J]. Australian journal of business and management research, 2022, 12(2): 31-38. 原文The commercial bank credit risk managementAyeni R K, Oke M OAbstractCommercial Banks is an important part of the financial sector, deposit and loan business, not only bear the financing function, and the burden of the payment and settlement and so on many functions. In commercial Banks and credit losses from is influenced by many factors existing in life risk or uncertainty, this is commercial bank's risk.According to the reasons of the risk analysis, it is generally believed risk of commercial bank credit risk, interest rate risk, exchange rate risk, liquidity risk, operational risk or operational risk, legal risk, country risk, etc. Among them, the credit risk is the main risk faced by commercial Banks. General credit risk refers to the risk for each customer default triggered; Narrow sense of credit risk is to point to a bank can not recover the loan principal and interest on schedule uncertainty, namely, Banks in the credit expected return can't realize the possibility of life. American commercial Banks due to historical reasons and institutional reasons, non-performing loan ratio is generally on the high side, asset quality problem is very serious, therefore, the credit risk is Vietnam the biggest risk facing the commercial Banks. Key words: Commercial Banks; Credit risk; Risk management 1 Literature review Commercial bank risk management experiences from the head of the traditional analysis, financial ratio analysis, statistical method is applied to the model of quantitative risk management now has gone througha long history of more than 300 years, the credit risk management, risk identification and analysis, resist the strategy of the risk, risk monitoring and early warning method has formed the one whole set to complete. Now more science, system, perfecting the credit risk of awakes risk rating system is concentrated in the western developed countries, in the bank's riskmanagement practices in these countries on the basis of summarizing and refining of the new Basel capital accord has become a national bank regulatory reference standards.Developed in the 1950 s the modern financial theory is the theoretical basis of commercial bank credit risk management. Mainly includes: notes, black and Schultz’s portfolio management theory of option pricing theory, Steger Ritz information asymmetry theory proposed by and comply with the birth and development of financial derivatives in the 1970 s and put forward the theory of Vary (value at risk), etc.Until the 1970 s, the measurement of credit risk relies mainly on the various financial statements provide the static data and macroeconomic indicators on the credit of the wind relative competent or qualitative analysis. As it is the cult of the \c\Since the 1980 s, because of the impact of the global debt crisis, the international banking is begun to pay attention to the prevention and management of credit risk. The Basel accords in 1988, and put forward the credit risk of the ownership management way, on this basis, the banking industry to form the traditional quantitative analysis of credit risk management method. Mainly includes: credit scoring method and neural network analysis method.Since the 1990 s, due to declining profits and off-balance-sheet business commercial bank loans risk increasing, prompting Banks to adopt a more economic method to measure and control the credit risk, and thedevelopment of modern financial theory of credit tool innovation, to carry out the new credit risk measurement model. Compared with the traditional credit risk management methods, the modern credit risk quantitative model based on modern finance theory on the basis of the analysis of the risk and pricing, the introduction of mathematical statistics, system Ding Cheng, even science research methods, such as physics, the bank faces a variety of risk identification, measurement, method of adjusting and monitoring of a series of procedures. These models and methods has become the current banking institutions in risk and miscellaneous, competitive on the market for survival and development of theimportant means to protect.At present, the world's most popular four kinds of modern Credit Risk measurement model is respectively. Morgan bank development based on the borrowing enterprise registration transfer Credit Metrics model, developed by Moody’s KMV model based on borrowing enterprise equity changes, Credit Suisse fop in actuarial science principle of the development of Credit Risk model, and McKinsey & company development based on macroeconomic variables affect corporate default probability of Credit Portfolio View model.2 Customers of commercial bank credit policy choice in the United States Choice of credit customers is a very rigorous process. American commercial Banks attaches great importance to industry analysis, one is to set up the independent team research industry and industry, they can track comprehensive industry fundamentals, according to the overall economic development trend and the main enterprise in the industry's performance judgment, to decide to enter or exit, and continuous tracking study; The second is in the process of research work in the business management for institutional arrangements. The commercial Banks in the process of asset management has three levels, namely investment policycommittee, the research team and a portfolio manager. Asset management department study the researchers responsible for recommendation has investment value of listed companies of 77 companies, after consultation with traders submit a special committee to choose around 50 kinds of stocks to buy and sell. This arrangement is also suitable for loan management. Banks have a batch of CFA, engaged in the industry market analysis, industry analysis and capital to help raise the level of scientific decision and risk prevention. Investment banking industry research team and credit business industry research team are independent of each other, independent judgment; three is detailed research field and research content. Commercial Banks sort of clients by industry in the United States, each type of customer segmentation again for key customers and developing customers and keep customers. FANNIE MAE is equipped with a special housing price research department, responsible for different zip code area real estate price trend in the future. Banks in general has also established industry, industry andcustomer information system, make sure there are accurate, reliable and continuous research information; Four is a set of mature methods. American commercial Banks asset management division formed in more than 200 years of investment philosophy emphasizes the following aspects: panoramic investment, emphasis on the investment value of the impact of economic, social and political environment widely evaluated, thematic analysis judgment, carefully assess the specific industry, department of industry and the affected factors and possible results, to choose investment industries and enterprises. The thorough study on the proposed investment company, predict stock price change trend; Strict process, evaluate the intrinsic value of the target price to buy and sell products. American commercial Banks by risk management team is responsible for assessing risk and growth industry. In terms of risk analysis, must be from a globalperspective analysis of various factors affecting industrial risk: industry maturity, cycle, profitability, industry impact dependency, substitute products and regulatory environment. By refining industry door the risk analysis and evaluation of the industry, different risk weighting of each industry is equal to the Banks in the industry department internal exposure to various fields, and using the weighted average method to calculate the industry department's risk rating, and 30 sectors according to the risk rank.In trade credit policy, the commercial bank system was studied for the big industry. Science and technology industry, the real estate industry, metals and mining, the media industry, industrial, health care, government and agency services, logging and packaging industry, automotive and transportation industry, the financial services industry, energy industry, electronic industry, national defense and aerospace, banking, consumer and retail industry, building materials, chemical industry, capital and other 18 industries in residential construction. American commercial Banks to industry has formed a characteristic service, special commitment, management and service advantage to accumulate. At the same time, in order to develop small and medium-sized enterprise market, the industry segment also carried on the thorough research, identified the credit policy of the industry, including waste disposal, home care, life help equipment, hotels, motels, building contractors, convenience stores, gasstations, government suppliers, hospitals, real estate investors, professional real estate developers, housing developers, lay pavilion, food sales, bar dry cleaners, auto repair tools, used car dealers, car dealers, entertainment, sports venues, amusement park, bowling alley, cinema), etc.American commercial Banks also stipulates the lending industry is prohibited.3 American commercial Banks credit risk management measuresAmerican legal principle limit creditors by controlling the enterprise to realize its own interests, creditors can only be acquired according to various enterprises credit loan decision-making, management and financial information beforehand and monitoring, and after the event when an enterprise is difficult to timely payments to resort to legal solution. Therefore, the fact relations more based on short-term trading. Because it could not according to the relationship with the enterprise long-term for more information, Banks have more power through the analysis of the borrowing enterprise deals of default information (with all the Banks' trading), the condition of market value data and financial risk. By means of perfect social credit system and the developed capital market, the commercial Banks can use more accurate and timely customer credit information and market data for risk analysis, so as to avoid the traditional rely on qualitative analysis methods of risk analysis. Large American commercial Banks usually establish the credit risk management system, and use modern risk measurement method to calculate the degree of risk. On the basis of calculating various kinds of risk assets, the United States commercial Banks emphasize on portfolio risk assessment and measurement. Credit risk measurement of single focus is to ensure that each loan risk can be effectively controlled, and the focus of the portfolio risk management is to ensure that the portfolio risk and return matches the optimal scheme. Loan portfolio management is the core of through quota management, avoid loan risk concentration, efforts in the region, products, industry, industry and individual credit scale to achieve diversification, prevent excessive inputs of a field. Not only that, the commercial bank assets in recent years also reflects the diversity of obvious characteristics, credit bank credit assetsproportion to drop, rising proportion of money market and capital market other products.。

毕设附件外文文献翻译来源出处：WO Omonge.The study on green credit of commercial banks[J]. The Journal of Environment & Development, 2015, 13(2): 119-134.原文The study on green credit of commercial banksWO OmongeAbstract Green credit is the commercial Banks and other financial institutions on the basis of the country's environmental economic policy and industrial policy, new projects of energy intensive high polluting enterprises investment loans and working capital limit and punitive interest rates; For research and development and production of pollution treatment facilities, engaged in the ecological protection and construction, the development and utilization of new energy, engaged in production and green manufacturing as well as the ecological agriculture circular economy of enterprises or institutions to provide loans to support and preferential interest rates low means of monetary policy. Green credit is an important trend in the development of modern finance; it is the change and development of traditional financial concept. Keywords: green credit; the equator principles; green strategy; commercial Banks1 IntroductionGreen credit emphasize the way of a kind of scientific development, hope that through the financial sector to guide the flow of funds, consciously encourage society to reduce environmental pollution, protect the ecological balance and saving natural resources, avoid blind pursue quantitative expansion, is heavily dependent on resources and the consumption of resources of economic development pattern, form scientific and harmonious in the whole society sustainable development mechanism. From the sixties and seventies of the last century began, with Europe and the United States, Japan and other developed countries economy high speed development, the contradiction between economic growth and environmental degradation are becoming more and more outstanding, become a serious social problem. The big financial institutions of developed countries have set standards for admittance into the project loan environmentand social responsibility actively, establish a good corporate image. In June 2003, by citi bank, abn amro and deutsche state Banks and other seven countries 10 famous commercial Banks, the first voluntary commitment to sustainable development of the financial industry benchmark-the "equator principles". Subsequently, HSBC and standard chartered bank and bank of America and other well-known Banks response. So far, already has 67 commercial bank's commitment to comply with the "equator principles", they are well-funded, financial business covers more than 100 countries, the total project financing accounts for more than 85% of total global project financing market share. Many Banks in the developing world will also be environmental and social impact as they make loans risk assessment content. The launch of the "green credit” is the environmental control measures to concrete implementation by financial leverage. Through setting up environmental barriers to entry in the field of financial credit, to limit and eliminate the new project, shall not provide credit support;To eliminate class project, should stop all kinds of new credit in the form of support, and take steps to recover the loans, from the source to cut off the energy intensive and highly polluting industries disorderly development and the economic lifeline of blind expansion, effectively cutting off serious violators of fund chain, curbing its investment impulse, solve the environmental problems, also through the credit industry structure adjustment.2 The gold standard of green credit-the equator principles2.1 The briefly statement of equator principlesThe equator principles (EPs), which is by the world's major financial institutions according to the international finance corporation and the world bank's policies and guidelines, aims to judgment, evaluation and management of project financing a voluntary environmental and social risk in the financial industry benchmark. It requires the adoption of the principle of Banks around the world for all the project financing of the industry, including mining, oil and gas, and forestry, implement these principles, and to ensure that only those eligible project loans, use of financial leverage to promote projects in environmental protection and social harmonious development play a positive role.2.2 BackgroundRoot of equator principles is that financial institutions to the pressure of the performance of the corporate social responsibility. When Banks to some big project financing, due to the negative environmental impact of project and lead to social problems and controversial, and reputation losses to the bank, including governments, multilateral lending institutions and nongovernmental organizations (Ngos) and community stakeholders believe that the bank has responsibility for environmental and social problems on the project financing of prudential investigate and supervise the project sponsor or borrowers to take effective measures to eliminate or decrease the negative effects of. The international finance corporation and the Netherlands bank nine Banks in London, such as presiding over a meeting to discuss project financing, the environmental and social issues in the meeting by the Dutch bank, Barclays bank, west state bank and the bank on the basis of the international finance corporation environmental and social policy in the work of project finance jointly drafted a set of guidelines about environmental and social risk, that is the equator principles. In June 2009, including four Banks launched 10 big Banks announced that accept the equator principles. In July 2012, according to the international finance corporation revised the equator principles for the correction of performance standard and redistribution.2.3 The equator principles of the main contentThe content and structure of the equator principles is simpler, including the preface, the applicable scope, principles, and notice and disclaimer four parts. Among them, the preface to the equator principles of motivation, purpose and the meaning of the equator principles made brief explanation; Scope of provisions shall be applicable to the equator principles applicable to the global industry project total cost more than $10 million in funding all new project financing and because of the expansion, rebuilding or society have a significant impact on the environment of the original project. Principle, the statement is the core part of the equator principles listed the equator principles of financial institutions to make investment decisions based on 10 special terms and principles, the equator Banks promise will only provide eligible project loans.2.4 The meaning of the equator principlesEquator principles is an important milestone in the banking development, it is the first time in project financing fuzzy explicit and concrete environmental and social standards, make the environmental and social standards of the entire banking industry the basic unified, conducive to the orderly competition between Banks, but also to form a virtuous cycle, enhance the moral standards of the industry,For a single bank to accept the equator principles is beneficial to gain or maintain a good reputation, to protect market share, and conducive to good corporate governance and scientific and accurate assessment of the financial risk, it can also reduce the political risk of the project;For the society as a whole, can make the environmental and social sustainable development strategy into effect, the equator Banks objectively become the private agent, protect the environment and social through financial core role in constructing the harmonious society, can make between people, society and nature to achieve real harmony.3 The application of green credit3.1 The bank ESRM systemCitigroup is one of the important promoter "equator principles", the main writers and positive. In 2003, the bank made the environmental and social risk management (ESRM) system, from the perspective of credit risk and reputation risk to control the environmental and social risk. At the same time, the bank credit support for renewable energy. Beginning from 2007, citigroup to support clean energy and renewable energy in China's investment has more than more than $8000, including four solar energy company and one wind power companies. On May 9, 2007, citigroup announced that it will invest $50 billion over the next 10 years, through methods such as direct investment, financing, in its service market and within the group, together with the customer support alternative energy and clean technology development and mercerization, in response to global warming. The $50 billion investment target is based on the real market activity and customer transactions, and citigroup internal operating energy conservation projects. This goal include citigroup paid $1 billion to support the Clinton climate initiative activity, energy-saving renovation of buildings in the world's major cities to provide aid. Let's the understanding and research of citi ESRM system in detail. The system general global pay for was evaluated by ESRM department of trade and provideconsultation, citi will its input in a system. These transactions in the initial stage of marketing will be input to the system, deal finally or not. ESRM system in order to get work, citigroup has also set up an environmental and social risk policy review committee. The committee consists of senior managers of different business units, and shall be the responsibility of the director of citigroup corporate citizens always. Commission is a year to 2 ~ 3 times meeting, and the department of environmental affairs department, the ESRM, and other operating environment policy initiatives related departments to provide advisory services.Citi's director of corporate citizenship will report to the public affairs committee of the board of directors concrete as city’s environment and society.3.2 The moral concept of bankHSBC Morality refers to the HSBC on bank loans and investment, must follow the highest international standards, under the full consideration of social expectations and the interests of generations. HSBC as early as in 2003 adopted the "equator principles", and in the process of promoting the "equator principles" play an important role. HSBC group to develop a series of covering the sustainable development of environment sensitive industry credit policy, starting from the environmental and social, provided it’s not prepared to provide loans to support the industries and fields. These policies are based on, including the "equator principles", a series of highest international standards, including: forest land and forest products, fresh water infrastructure, chemical, energy, mineral and metal, etc. HSBC will be according to the specific country specific implementation of the sustainable development of the credit policy, and international standards and local policies. Credit managers use environmental monitoring list to fully evaluate the environmental risk in the loan proposal, especially those defined by the government for "play dates" (energy intensive and highly polluting industries. HSBC set up professional background and consulting experience of environment and sustainable development commissioner full-time jobs, to strengthen the environmental assessment of loan business with the customer, to ensure that meet international standards, HSBC group loans to guide the environment and environmental protection regulations of China. In addition, HSBC and local governments, environmentalorganizations and university cooperation, raise the public awareness of environmental protection and sustainable development. HSBC encourage employees to participate in the activities of corporate social responsibility, in order to improve the environmental awareness of the employees, and help strengthen the employees, the connection between the bank and the community. HSBC by reducing their operational use of energy, water and waste generated in the carbon dioxide emissions, and buy China's environmental protection enterprise carbon emissions targets, in 2005 to become the world's first carbon neutral big Banks.译文商业银行绿色信贷问题研究摘要绿色信贷是商业银行等金融机构依据国家的环境经济政策和产业政策,对高耗能高污染型企业的新建项目投资贷款和流动资金进行额度限制并实施惩罚性高利率;而对研发和生产治污设施、从事生态保护与建设、开发和利用新能源、从事循环经济生产和绿色制造以及生态农业的企业或机构提供贷款扶持并实施优惠性低利率的金融政策手段。

原文Bank lending and the environment: policies and opportunitiesPaul ThompsonSenior Lecturer in Accounting, Huddersfield University Business School, Huddersfield, UKIn recent years there has been significant growth in public concern for the state of our natural environment, prompted largely by the phenomena of apparently unusual and destructive weather patterns, declining air quality in urban areas, rising concentrations of greenhouse gases, and so forth. These alarming trends have been linked in part to industry’s unsustainable consumption of natural resources, and the attendant pollution. This realisation has changed the attitude of the general public which now regards business as having a role to play in, if not a responsibility for, safeguarding the environment (Shrivastava, 1993). Furthermore, the governments of many countries, especially developed ones, have begun to implement more detailed legislation to protect the environment. For instance, the UK has witnessed the Environmental Protection Act 1990 and the Environment Act 1995, which have sought to raise environmental standards and more tightly regulate business activity.The effect on businesses has been profound. During the 1980s, environmental issues challenged and changed the attitudes and practices of many natural resource-based companies, resulting in the incorporation of environmental considerations into every stage of a product’s life cycle. The financial consequences of environmental problems and poor corporate environmental performance can be considerable and may threaten corporate viability. For example, Exxon is estimated to have spent US$3.5 billion cleaning up after the Exxon Valdez oil spill in Alaska. This financial burden has been compounded by civil claims for damages in excess of US$15 billion. In the UK, the Atomic Energy Author ity estimated that clean-up costs for decommissioned nuclear power plants in the UK could exceed £8.2 billion (Vaughan, 1994).In the 1990s increased attention has been paid to the rol e of the financial sector in causing environmental damage and, conversely helping to raise environmental standards. In particular, there is an emerging consensus amongst academics and professionals that banks are inextricably linked by their lending and investment practices to commercial activity that degrades the natural environment (Sarokin and Schulkin, 1991; Smith,1994). Moreover, the number of industries under fire from environmentalists has grown very rapidly from a few “smokestack”industries toinclude all constituents of the supply chain, with banking now very much in the firing line (Elkington, 1994).Banking and the environment meet in many ways, most notably through the corporate lending operations of the large banks,which lend considerable sums to commercial customers in order to finance activities which inevitably have an impact on the quality of the natural environment. It thus follows that banks have a role to play in helping to raise environmental standards (Wanless, 1995).This role could be played out in a variety of ways. First, banks could act as environmental policemen, scrutinising borrowers to ensure they comply with environmental standards and denying finance to those that fail to meet such standards. Senior bankers regard policing as falling outside their traditional area of expertise and in any case the job of statutory regulators (Wanless, 1995). Second, banks could take a partnership approach with different sectors of the economy, encouraging borrowers to adopt sound environmental practices and providing them with information to assist with their environmental risk management and in turn reduce harmful environmental impacts. Banks appear more willing to pursue this approach as evidenced by the public awareness and communication initiatives of many high street banks, including Abbey National, NatWest and The Co-operative, and specific ventures like thelatter's National Centre for Business and Ecology which offers advice to business customers on environmental issues. The provision of information could be viewed as avalue-added service, crucially at nil or low cost, by business customers, and hence essentially serve as a means of product differentiation for the banks offering it. Finally, banks could take on a more overtly proactive environmental stance. For instance, they could target their loans at businesses which demonstrate superior environmental performance and/or operate within the environmental technology and service sector (hereafter referred to as the “environmental sector”), or even subsidise loans made to those businesses with proven sound environmental management and for projects which have an obvious environmental benefit. Both Barclays and NatWest have recently introduced subsidised “environmental lending”schemes.Such initiatives effectively amount to a form of “green marketing”.“Green marketing”offers a number of potential benefits to banks, both direct and indirect. The indirect benefit may be in the form of improved public relations that comes from demonstrating to the wider public that the bank is socially and environmentally responsible. Thismay attract new customers on terms preferential to the bank, for instance an inflow of new deposits, despite offering uncompetitive rates of interest, which in turn lower the bank’s cost base. The direct benefit may take the form of attracting more lucrative lending propositions by targeting certain types of businesses. It has been argued that it is beneficial for banks to increase their exposure to three categories of companies: companies that are environmentally aware and effective in environmental risk management, since on the whole their typically faster growth and lower risk profile translates into better credit risks and more profitable transactional opportunities; companies committed to financing high environmental investment, for reasons of compliance with environmental regulations; and companies operating in the environmental sector,since this rapidly expanding sector offers considerable opportunities for new lending (Spencer-Cooke, 1994).The article has two primary aims. First, it attempts to define “environmental risk”from the perspective of a bank. One way that banks can limit their exposure to environmental risks is through a formal lending policy which sets out, amongst other things, the types of clients and sectors the bank will and will not transact with as well as those it is actively targeting. In this way a bank’s lending policy can serve as a key input into the determination of the bank’s marketing strategy with regard to corporate loans. Second, it examines the attitudes, lending policies and marketing strategies of a sample of UK banks with respect to the environment, so as to establish whether, and if so how, a bank’s environmental risk management and marketing strategy interrelate.What is environmental risk?An appropriate starting point for an investigation into the extent to which UK banks take environmental factors into account when making lending decisions is to summarise what constitutes environmental risk in the context of corporate lending. Banks tend to define environmental risk in terms of the financial risk that may affect the present value of their loan portfolio (Smith,1994). Indeed, the object of credit appraisal for a bank as a whole is to approve loans with an acceptable risk-return tradeoff (Berry et al.,1993). Hence, bank lending principles remain centred upon financial risk management and perceptions of environmental risk are considered primarily on this basis. Many commentators have proposed that lenders are confronted with three types of environmental risk –direct, indirect and reputational (Case,1996; Wanless,1995).Direct riskIn certain developed countries a bank may incur direct legal liability for cleaning up contamination that has been caused by an insolvent borrower. These remediation costs can be substantial, even to the point of exceeding the loan principal or the original security value. In the UK the recently enacted Environment Act 1995 has established a regime for compelling polluters, or owners or occupiers of land, to clean up contaminated land to an appropriate standard (Dawson, 1996). If the polluter cannot be found this obligation falls upon the owner or occupier of the land for the time being and, if they are insolvent, the responsibility can fall on the lender that has taken possession of the land (Case, 1996). Consequently, the banks have a vested interest in evaluating environmental risk when deciding whether to lend and how best to secure a loan.Case (1996) argues that “the probability of a bank being held directly liable is low, since these ‘direct’risks, where they may occur, are avoidable given foresight and provided appropriate care and timely action is taken”. However, the present credit exposures of lenders are a legacy of past credit decisions, which are difficult, if not impossible, to unravel and so these “direct”risks can often only be effectively eliminated by not taking security on foreclosure.A recent case shows how the lack of a little careful forethought resulted in a lender losing money (Campbell and Sherer, 1996). One of the high street banks funded the development of a new hotel. The business proved profitable but after a few years the owners decided to sell up and realise a capital gain.During the process of selling it emerged that the hotel had been built on the site of a small petrol station, and that this had caused some contamination of the soil. This prompted the buyers to withdraw from negotiations and the local authority to put a closure order on the business, thereby causing the owners to default on their loan repayments. The bank was forced to make a provision for the debt.Moreover, the owners of the petrol station could not be found which meant that the bank faced not only a loan loss, but also a bill for cleaning up the contamination if it repossessed the hotel.Indirect riskThis arises where a borrower engages in an activity that damages the environment whichresults in an escalation of costs or reduction in revenues: for example, costs of complying with increasingly onerous environmental regulations, fines for non-compliance with environmental legislation, costs for cleaning up a polluted site, and lost revenues owing to damaged reputation, production curtailment or termination. These financial “penalties”will impair the borrower’s pro fitability and cash flows, thereby reducing its ability to repay loans and in turn increasing the risk to the lender. For example, T & N, the UK automotive components company, reported year end losses before tax of £388 million for 1996,largely the result of a £515 million provision and insurance premium aimed at ringfencing future liability to asbestos injury claims.Reputational riskA bank’s reputation could be adversely affected if it is seen to finance, or is in any way associated with, projects and borrowers considered to be environmentally unfriendly, even if the bank is acting in full compliance with the law. Customer boycotts, media exposés and pressure group picketing of branches have made banks acutely aware of the damaging, but indeterminate, impact of associations with customers of ill (environmental) repute. Indeed, some environmental pressure groups in the UK have been instrumental in bringing this issue to the attention of the wider public by provocative campaigns.For example, Friends of the Earth is reported to be planning an assault on financial institutions in the FTSE 100 whose investment activity, they claim, causes damage to the environment. The charity is to “name and shame”such companies by publishing a league table of worst offenders, likely to include a few large UK clearing banks, with the intention of persuading consumers to put their savings elsewhere. They are also planning to approach any banks direct in order to persuade a rethink in their investment strategy and to target high street branches with leaflet campaigns and pickets (English, 1998).A small yet increasing number of banks –The Co-operative Bank is the most notable example –have mitigated reputational risk by adopting and publicising a policy of refusing finance to businesses or for projects they suspect of needlessly harming the environment (Davis and Worthington, 1993; Harvey,1995; Kitson, 1996). Indeed, The Co-operative Bank’s strategy has been regarded by some as a classic niche marketing exercise (Kitson,1996).This type of risk is different from the first two in that it can be present even when the bank does not have a credit exposure with the customer –any transaction with the customer canconstitute “association with”and so be construed as amounting to “partnership in crime”. Whilst it does not directly affect the present value of the existing loan portfolio, it does impact upon future revenue streams, in that it can impair a bank’s ability to generate future custom. Consequently,reputational risk is arguably the most difficult to identify and quantify financially.The above risks are often associated with certain industry sectors, such as chemicals and water, and as such these sectors can be labelled as high environmental risk sectors. However, all borrowers in some way pose an environmental credit risk, even to the point that companies operating in low risk sectors can be exposed to high level of environmental risk if they fail to manage them effectively.Furthermore, the environmental risk profile of existing loan portfolios is largely the result of past credit decisions and circumstances, and the composition of these portfolios can only be practicably changed incrementally over time as new loans replace old. This brings us to the interface between environmental risk management and marketing strategy. The current marketing strategy of a bank clearly plays a role in determining the composition, and hence risk profile, of its loan portfolio, by attracting or deterring particular types of potential borrowers. Environmental risks have prompted many banks to include environmental considera- tions as part of the credit appraisal process (Coulson and Dixon, 1995; UNEP, 1992, 1995; Vaughan, 1994; Wanless, 1995). However, the literature indicates that banks tend to focus on the downside associated with the environment (risk) while neglecting the upside, that is the revenue side of the equation (UNEP,1995). Little research would appear to have been conducted into investigating this assertion that banks concentrate on environmental threats rather than opportunites. A fertile area, therefore, for research would be an exploration of how the main UK banks are responding to the environmental agenda, in particular their general strategy for managing environmental credit risk and to what extent they are capitalising on new lending opportunities created by the environment.Hence, the next section seeks to investigate whether banks have adapted their lending policies to take account of environmental issues.本科毕业论文外文翻译外文题目：Bank lending and the environment: policies and opportunities 出处：International Journal of Bank Marketing作者：Paul Thompson译文：银行贷款和环境政策和机会最近几年，公众对自然环境的关注都有显著的提高,销售量下降和毁灭性的气候模式的空气质量在城市地区出现,温室气体的浓度上升等等，这些现象在很大程度上表现明显异常。