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金融体制、融资约束与投资——来自OECD的实证分析R．SemenovDepartment of Economics，University of Nijmegen，Nijmegen（荷兰内梅亨大学，经济学院）这篇论文考查了OECD的11个国家中现金流量对企业投资的影响.我们发现不同国家之间投资对企业内部可获取资金的敏感性具有显著差异,并且银企之间具有明显的紧密关系的国家的敏感性比银企之间具有公平关系的国家的低.同时，我们发现融资约束与整体金融发展指标不存在关系.我们的结论与资本市场信息和激励问题对企业投资具有重要作用这种观点一致，并且紧密的银企关系会减少这些问题从而增加企业获取外部融资的渠道。
一、引言各个国家的企业在显著不同的金融体制下运行。
金融发展水平的差别(例如，相对GDP的信用额度和相对GDP的相应股票市场的资本化程度），在所有者和管理者关系、企业和债权人的模式中，企业控制的市场活动水平可以很好地被记录.在完美资本市场,对于具有正的净现值投资机会的企业将一直获得资金。
然而，经济理论表明市场摩擦，诸如信息不对称和激励问题会使获得外部资本更加昂贵，并且具有盈利投资机会的企业不一定能够获取所需资本.这表明融资要素，例如内部产生资金数量、新债务和权益的可得性，共同决定了企业的投资决策.现今已经有大量考查外部资金可得性对投资决策的影响的实证资料（可参考，例如Fazzari（1998）、 Hoshi(1991)、 Chapman（1996）、Samuel(1998））.大多数研究结果表明金融变量例如现金流量有助于解释企业的投资水平。
这项研究结果解释表明企业投资受限于外部资金的可得性。
很多模型强调运行正常的金融中介和金融市场有助于改善信息不对称和交易成本，减缓不对称问题,从而促使储蓄资金投着长期和高回报的项目,并且提高资源的有效配置（参看Levine（1997)的评论文章）。
因而我们预期用于更加发达的金融体制的国家的企业将更容易获得外部融资.几位学者已经指出建立企业和金融中介机构可进一步缓解金融市场摩擦。
金融体系中英文对照外文翻译文献(文档含英文原文和中文翻译)Comparative Financial Systems1 What is a Financial System?The purpose of a financial system is to channel funds from agents with surpluses to agents with deficits. In the traditional literature there have be en two approaches to analyzing this process. The first is to consider how agents interact through financial markets. The second looks at the operation offinancial intermediaries such as banks and insurance companies. Fifty years ago, the financial system co uld be neatly bifurcated in this way. Rich house-holds and large firms used the equity and bond markets,while less wealthy house-holds and medium and small firms used banks, insurance companies and other financial institutions. Table 1, for example, shows the ownership of corporate equities in 1950. Households owned over 90 percent. By 2000 it can be seen that the situation had changed dramatically.By then households held less than 40 percent, nonbank intermediaries, primarily pension funds and mutual funds, held over 40 percent. This change illustrates why it is no longer possible to consider the role of financial markets and financial institutions separately. Rather than intermediating directly between households and firms, financial institutions have increasingly come to intermediate between households and markets, on the one hand, and between firms and markets,on the other. This makes it necessary to consider the financial system as anirreducible whole.The notion that a financial system transfers resources between households and firms is, of course, a simplification. Governments usually play a significant role in the financial system. They are major borrowers, particularlyduring times of war, recession, or when large infrastructure projects are being undertaken. They sometimes also save significant amounts of funds. For example, when countries such as Norway and many Middle Eastern States have access to large amounts of natural resources (oil), the government may acquire large trust funds on behalf of the population.In addition to their roles as borrowers or savers, governments usually playa number of other important roles. Central banks typically issue fiat money and are extensively involved in the payments system. Financial systems with unregulated markets and intermediaries, such as the US in the late nineteenth century, often experience financial crises.The desire to eliminate these crises led many governments to intervene in a significant way in the financial system. Central banks or some other regulatory authority are charged with regulating the banking system and other intermediaries, such as insurance companies. So in most countries governments play an important role in the operation of financialsystems. This intervention means that the political system, which determines the government and its policies, is also relevant for the financial system.There are some historical instances where financial markets and institutions have operated in the absence of a well-defined legal system, relyinginstead on reputation and other im plicit mechanisms. However, in most financial systems the law plays an important role. It determines what kinds ofcontracts are feasible, what kinds of governance mechanisms can be used for corporations, the restrictions that can be placed on securities and so forth. Hence, the legal system is an important component of a financial system.A financial system is much more than all of this, however. An important pre-requisite of the ability to write contracts and enforce rights of various kinds is a system of accounting. In addition to allowing contracts to be written, an accounting system allows investors to value a company more easily and to assess how much it would be prudent to lend to it. Accounting information is only one type of information (albeit the most important) required by financial systems. The incentives to generate and disseminate information are crucial features of a financial system.Without significant amounts of human capital it will not be possible for any of these components of a financial system to operate effectively. Well-trained lawyers, accountants and financial professionals such as bankers are crucial for an effective financial system, as the experience of Eastern Europe demonstrates.The literature on comparative financial systems is at an early stage. Our survey builds on previous overviews by Allen (1993), Allen and Gale (1995) and Thakor (1996). These overviews have focused on two sets of issues.(1)Normative: How effective are different types of financial system atvarious functions?(2) Positive: What drives the evolution of the financial system?The first set of issues is considered in Sections 2-6, which focus on issues of investment and saving, growth, risk sharing, information provision and corporate governance, respectively. Section 7 consider s the influence of law and politics on the financial system while Section 8 looks at the role financial crises have had in shaping the financial system. Section 9 contains concludingremarks.2 Investment and SavingOne of the primary purposes of the financial system is to allow savings to be invested in firms. In a series of important papers, Mayer (1988, 1990) documents how firms obtained funds and financed investment in a number of different countries. Table 2 shows the results from the most recent set of studies, based on data from 1970-1989, using Mayer’s methodology. The figures use data obtained from sources-and-uses-of-funds statements. For France, the data are from Bertero (1994), while for the US, UK, Japan and Germany they are from Corbett and Jenkinson (1996). It can be seen that internal finance is by far the most important source of funds in all countries.Bank finance is moderately important in most countries and particularly important in Japan and France. Bond finance is only important in the US and equity finance is either unimportant or negative (i.e., shares are being repurchased in aggregate) in all countries. Mayer’s studies and those using his methodology have had an important impact because they have raised the question of how important financial marke ts are in terms of providing funds for investment. It seems that, at least in the aggregate, equity markets are unimportant while bond markets are important only in the US. These findings contrast strongly with theemphasis on equity and bond markets in the traditional finance literature. Bank finance is important in all countries,but not as important as internal finance.Another perspective on how the financial system operates is obtained by looking at savings and the holding of financial assets. Table 3 shows t he relative importance of banks and markets in the US, UK, Japan, France and Germany. It can be seen that the US is at one extreme and Germany at the other. In the US, banks are relatively unimportant: the ratio of assets to GDP is only 53%, about a third the German ratio of 152%. On the other hand, the US ratio of equity market capitalization to GDP is 82%, three times the German ratio of 24%. Japan and the UK are interesting intermediate cases where banks and markets are both important. In France, banks are important and markets less so. The US and UK are often referred to as market-based systems while Germany, Japan and France are often referred to as bank-based systems. Table 4 shows the total portfolio allocation of assets ultimately owned by the household sector. In the US and UK, equity is a much more important component of household assets than in Japan,Germany and France. For cash and cash equivalents (which includes bank accounts), the reverse is true. Tables 3 and 4 provide an interesting contrast to Table 2. One would expect that, in the long run, household portfolios would reflect the financing patterns of firms. Since internal finance accrues to equity holders, one might expect that equity would be much more important in Japan, France and Germany. There are, of course, differences in the data sets underlying the different tables. For example, household portfolios consist of financial assets and exclude privately held firms, whereas the sources-and-uses-of-funds data include all firms. Nevertheless, it seem s unlikely that these differences could cause such huge discrepancies. It is puzzling that these different ways of viewing the financial system produce such radically different results.Another puzzle concerning internal versus external finance is the difference between the developed world and emerging countries. Although it is true for the US, UK, Japan, France, Germany and for most other developed countries that internal finance dominates external finance, this is not the case for emerging countries. Singh and Hamid (1992) and Singh (1995) show that, for a range of emerging economies, external finance is more important than internal finance. Moreover, equity is the most important financing instrument and dominates debt. This difference between the industrialized nations and the emerging countries has so far received little attention. There is a large theoretical literature on the operation of and rationale for internal capital markets. Internal capital markets differ from external capital markets because of asymmetric information, investment incentives, asset specificity, control rights, transaction costs or incomplete markets There has also been considerable debate on the relationship between liquidity and investment (see, for example, Fazzari, Hubbard and Petersen(1988), Hoshi, Kashyap and Scharfstein (1991))that the lender will not carry out the threat in practice, the incentive effect disappears. Although the lender’s behavior is now ex post optimal, both parties may be worse off ex ante.The time inconsistency of commitments that are optimal ex ante and suboptimal ex post is typical in contracting problems. The contract commits one to certain courses of action in order to influence the behavior of the other party. Then once that party’s behavior has been determined, the benefit of the commitment disappears and there is now an incentive to depart from it.Whatever agreements have been entered into are subject to revision because both parties can typically be made better offby “renegotiating” the original agreement. The possibility of renegotiation puts additional restrictions on the kind of contract or agreement that is feasible (we are referring here to the contract or agreement as executed, ratherthan the contract as originally written or conceived) and, to that extent, tends to reduce the welfare of both parties ex ante. Anything that gives the parties a greater power to commit themselves to the terms of the contract will, conversely, be welfare-enhancing.Dewatripont and Maskin (1995) (included as a chapter in this section) have suggested that financial markets have an advantage over financial intermediaries in maintaining commitments to refuse further funding. If the firm obtains its funding from the bond market, th en, in the event that it needs additional investment, it will have to go back to the bond market. Because the bonds are widely held, however, the firm will find it difficult to renegotiate with the bond holders. Apart from the transaction costs involved in negotiating with a large number of bond holders, there is a free-rider problem. Each bond holder would like to maintain his original claim over the returns to the project, while allowing the others to renegotiate their claims in order to finance the additional investment. The free-rider problem, which is often thought of as the curse of cooperative enterprises, turns out to be a virtue in disguise when it comes to maintaining commitments.From a theoretical point of view, there are many ways of maintaining a commitment. Financial institutions may develop a valuable reputation for maintaining commitments. In any one case, it is worth incurring the small cost of a sub-optimal action in order to maintain the value of the reputation. Incomplete information about the borrower’s type may lead to a similar outcome. If default causes the institution to change its beliefs about the defaulter’s type, then it may be optimal to refuse to deal with a firm after it has defaulted. Institutional strategies such as delegating decisions to agents who are given no discretion to renegotiate may also be an effective commitment device.Several authors have argued that, under certain circumstances, renegotiation is welfare-improving. In that case, the Dewatripont-Maskin argument is turned on its head. Intermediaries that establish long-term relationships with clients may have an advantage over financial markets precisely because it is easier for them to renegotiate contracts.The crucial assumption is that contracts are incomplete. Because of the high transaction costs of writing complete contracts, some potentially Pareto-improving contingencies are left out of contracts and securities. This incompleteness of contracts may make renegotiation desirable. The missing contingencies can be replaced by contract adjustments that are negotiated by the parties ex post, after they observe the realization of variables on which the contingencies would have been based. The incomplete contract determines the status quo for the ex post bargaining game (i.e., renegotiation)that determines the final outcome.An import ant question in this whole area is “How important are these relationships empirically?” Here there does not seem to be a lot of evidence.As far as the importance of renegotiation in the sense of Dewatripont and Maskin (1995), the work of Asquith, Gertner and Scharfstein (1994) suggests that little renegotiation occurs in the case of financially distressed firms.Conventional wisdom holds that banks are so well secured that they can and do “pull the plug” as soon as a borrower becomes distressed, leaving theunsecured creditors and other claimants holding the bag.Petersen and Rajan (1994) suggest that firms that have a longer relationship with a bank do have greater access to credit, controlling for a number of features of the borrowers’ history. It is not clea r from their work exactly what lies behind the value of the relationship. For example, the increased access to credit could be an incentive device or it could be the result ofgreater information or the relationship itself could make the borrower more credit worthy. Berger and Udell (1992) find that banks smooth loan rates in response to interest rate shocks. Petersen and Rajan (1995) and Berlin and Mester (1997) find that smoothing occurs as a firm’s credit risk changes.Berlin and Mester (1998) find that loan rate smoothing is associated with lower bank profits. They argue that this suggests the smoothing does not arise as part of an optimal relationship.This section has pointed to a number of issues for future research.• What is the relationship between th e sources of funds for investment,as revealed by Mayer (1988, 1990), and the portfolio choices of investorsand institutions? The answer to this question may shed some light onthe relative importance of external and internal finance.• Why are financing patterns so different in developing and developedeconomies?• What is the empirical importance of long-term relationships? Is renegotiationimportant is it a good thing or a bad thing?• Do long-term relationships constitute an important advantage of bankbasedsystems over market-based systems?金融体系的比较1、什么是金融体系？一个金融系统的目的（作用）是将资金从盈余者（机构）向短缺者（机构）转移（输送）。
中文3696字本科毕业论文外文翻译出处：Infosys Strategic Vision原文：Insights from Banking SimpleBy Ashok VemuriIntroduction“A simpler way of banking.We treat with you respect. No extraneous features. No hidden fees.” For the unini tiated, this is the mantra of BankSimple, a Brooklyn-based startup which has positioned itself as a consumer-friendly alternative to traditional banks. BankSimple pushes a message of user experience—sophisticated personal finance analytics, a single “do-it-all” card, superior customer service, and no overdraft fees.Though branchless and primarily online-based, BankSimple is also planning to provide some traditional customer service touches, including phone support and mail-in deposits. Interestingly, BankSimple will also likely not be a bank—at least not in the technical, FDIC sense of the word. Rather, BankSimple’s strategy is to be a front-end focused on the customer experience. The back-end core “bank” component will be FDIC-insured partner banks. Unfettered by years of IT investments and entrenched applications, BankSimple’s team has the freedom to build an innovative, user-friendly online interface, customer service program, and the associated mobile and social bells and whistles that more and more consumers are demanding. One way to look at it is as a wrapper insulating the consumer from the accounting, compliance, and technology challenges that many banks face.Like personal finance sites and Wesabe before it, BankSimple is looking to tap into a perceived gap between what major banks provide and what consumers want.A recent survey by ForeSee Results and Forbes found that consumers view online banking as more satisfying than banking done offline. Though good news for the industry as a whole, the survey also found that the five largest banks in the country scored the lowest in the study. Cheaper and more customer friendly, digital banking is the future—but many consumers are finding it is better done with credit unions, community banks, and (down-the-road) startups like BankSimple.As you read, significant investments are being made by banks to improve their online, mobile, and IVR customer-friendliness. Major banks are embracing these channels, and customer satisfaction will likely improve over time. Even so, startups like Bank- Simple should be viewed as a learning opportunity. Their ideas are disruptive and often highlight pain points that need to be addressed. BankSimple’s first two stated philosophies are a good place to start: “A simpler way of banking” and “We treat you with respect.”Ask the Right Questions to Achieve SimplicityBankSimple’s “simpler way of banking” tenet is primarily driven by its business model.A relatively small number financial products and services (bill pay, savings/checking account, loans, account transfers) will allow BankSimple to declutter its offerings.This minimalist approach is embodied in the first planned product—a single card providing checking, savings, rewards, and a line of credit. Obviously, major banks have a much different business model. Higher wallet share is necessary to grow revenue and increase market share. Product innovation and cross selling are two methods used to achieve this.With banks in the midst of a reputation crisis, customer service has taken on more importanceUnfortunately, cross selling efforts often congest and complicate the banking experience. Consumers can get lost in a maze of clicks, confusing products, and fine print. Simplicity and straightforward banking are not easy to implement. If they were, we wouldn’t be having this discussion. However, by asking a few important questions you can set your bank on a path to simplicity:l Where are the headaches? Where are you receiving the most customer service complaints and queries? How long does it take to complete basic activities (i.e., open an account or enroll in online banking)? Once these pain points are identified, process reengineering can be undertaken to improve speed and customer satisfaction.l Are your customers happy with their channel of choice? Certain customers prefer using online banking or mobile banking. Others prefer phone and branch banking. Can all of their needs be met through their channel of choice? Do predominantly mobile bankers have to make unnecessary trips to the bank branch? Availability of products and services through the channel of choice can be a powerful switching mechanism. The usability and simplicity of the online channel is another important consideration. How intuitive is your website? Can customers quickly find what they are looking for? Mapping customer activities while on the site, customer surveys (incentives help encourage participation), and focus groups are some techniques used to identify potential bottlenecks and pain points.l Are the benefits of your products and services clear and understandable? The burgeoning number of products banks offer can be a nightmare for many time and attention-strapped customers. A multitude of channels to navigate through often compounds the complexity. Side-by-side comparisons, easy to understand terms and conditions, and easy access can add a dash of simple to any bank.l Do you really know your customers? Intelligent and effective use of analytics can unlock what products and services are applicable to a given customer. The rise of unstructured analytics allows financial institutions to sift through data outside of the database—blogs, social media sites, emails, wikis, and even audio and video. From unstructured data, banks can derive more complete profiles of their customers. Patterns and preferences can be pinpointed—improving the efficacy of marketing and customer service campaigns.Online Banking: Increasing Adoption, Access, and UsageThe report recommends that banks adopt a more aggressive strategy that will givefinancial institutions a competitive advantage with Internet-savvy and younger consumers who will fuel banks’ profits in the decade ahead. The report surveyed the top 30 U.S. full-service retail bank Web sites and identifies the appropriate level of adoption of four key initiatives that the report recommends. The report also details the current level of Internet access, online banking adoption, and customer satisfaction with the online banking experience. Highlights of this report include: . Internet access now stands at 74 percent and limits the universe of customers who can sign up for onli ne banking. It’s only a matter of time before the younger cohorts who have integrated the Internet into their day-to-day life become an important customer segment and drive online banking adoption higher. Banks have been investing heavily in the online experience and have dramatically increased their online customer satisfaction scores over the past 10 years. Banks now outperform online retailers, once considered the gold standard for quality online experiences.. Banks are executing a number of initiatives that are increasing online banking adoption, access, usage, and relationship depth. Continuing to promote online banking capabilities at every opportunity is essential for success, and, when successful, online banking creates additional “impressions” that enhance brand and cross selling effectiveness.. Mobile banking is an essential ingredient to an online banking strategy and broadens access, increases usage, and provides a platform for innovative products and services in the future. Banks need to expand the capability of their online banking solutions to increase usage and deepen their relationships with customers. In addition to offering mobile banking, banks need to expand their EBPP capabilities with eBills, provide easy to use “lite” personal financial management solutions, and add consumer check image capture to capabilities. “Online banking has continued to gain adoption over the past decade and will eventually outrank branch location in the list of decision criteria when a consumer chooses a bank,” said Bob Landry, vice president of Mercator Advisory Group’s Banking Advisory Service. “While the promise is clear, banks must continue to promote online banking to increase adoption, expand access with mobile banking, and increase usage by adding new capabilities,” Landry added. “Those banks that continue to execute an aggressive online banking strategy will not only reduce costs, they will also be the choice of the next generation of consumers who have integrated the Internet into their lifestyle. They will naturally gravitate to the banks that meet them where they work andMost bank customers (36 percent) prefer to do their banking online compared to any other method, according to a new ABA survey. Last year, 25 percent of customers favored online banking. The annual survey of more than 1,000 consumers was conducted for ABA by Ipsos-Public Affairs, an independent market research firm, on Aug. 14-15, 2010. "Clearly, online banking has fully penetrated the market," says Nessa Feddis, ABA vice president, senior counsel and retail banking expert. "Online banking is the future of banking as more Generation Y-ers enter the marketplace. This means the industry will need to continue investing in technology that supports online banking because consumers see it as quick, convenient, accurate and safe." Survey results showed that the popularity of online banking was not exclusive to the youngest consumers: It was the preferred banking method for all bank customers under the ageof 55. Consumers over 55 still prefer to visit their local branch (33 percent). Online banking for this age group was the second favorite way to conduct banking transactions (20 percent). Among all consumers, the preference for online banking was followed by visiting branches (25 percent), and using ATMs (15 percent). The use of mobile banking (cell phones, PDAs, etc.) was preferred by three percent of consumers, primarily among 18 to 34 year olds. The popularity of ATMs was down in all age groups. Consumers who cited online banking as their favorite banking method were more likely to be under 55 years of age, have an income over $75,000, and live in the Western part of the United States. For the survey, a nationally representative sample of 1,010 randomly-selected adults aged 18 and over residing in the United States was interviewed by telephone via Ipsos' U.S. Telephone Express omnibus. Embrace Social Media to Convey RespectBankSimple promises its cust omers “no more getting passed around the call center.” In other words, “we treat you with respect” boils down to one thing: customer service. From the branch, to the customer service representative, to the IVR, to email and chat, customer service has evolved considerably over the last 50 years. With the banking industry in the midst of a reputation crisis, customer service has taken on even more importance.Traditionally, customer service has been a numbers game. More customer service representatives means more problems solved and questions answered. However, with the growth of social media, banks find themselves with an opportunity to deliver improved customer service with a non-linear cost structure. Online forums provide customers an opportunity to share frustrations, find answers to questions, and help one another out. Twitter and Facebook-based customer service representatives can answer multiple questions at once. Social media can be the catalyst for a customer service revolution if banks approach it with the right mindset.Archaic systems, a lack of integration, and molasses-like processes present a challenge to even the most agile of large banks. As customers become increasingly sophisticated and demanding, these weaknesses are amplified. BankSimple and other digital finance entities should be viewed as a source of inspiration and a guide for innovation and improvement. The future of banking is a blend of simplicity, customer service, digital savvy and product and service diversity. Banking “simple” is just one stone on the path to Bank 2.0.ConvenienceIt’s probably safe to say that most people choose their bank or savings and loan on the basis of location，picking one that’s closest to their home or job.Before you do that，however，drop into the branch you are considering to see how it handles its customer traffic during the peak lunch-hour rush，particularly on Fridays. Is there an express line for customers with simple deposits or withdrawals？Is there a single line that move the people most efficiently to the next available teller？Are there enough tellers？Are there 24-hour automated teller machines？If you work in the city and live in the suburbans，will you be able to do your banking in either place？the answer is obviously.译文：对简便银行的简单见解一、引言本文探讨了简便银行的一些认识和简单的介绍了它的一些功能。
本科毕业设计外文翻译1 期限结构和欧拉离散1.1 SV的J-SD期限模型结构为了对AIN利率行为的动态特征能够给出一个全面、准确的描述，本文给出了一种新的模式。
在这个模型里面，有三个因素需要考虑进去的，例如随机均值漂移，随机波动和跳跃。
Duffie和Kan提出的放射模型，对于分析广泛涉及利率衍生产品的定价的偏微分方程是比较容易解决的。
但是，放射模型的线性性质不能处理非线性的问题。
本文所制定的运行模式目的是为了一下两个主要目标：一方面是描述利率行为的直观特点，另一方面是保留模型的可追踪性和保持其直接的经济解释，以促进资产定价。
基于这两个目标的考虑，本文旨在仿射和非仿射操作之间的寻找适当的权衡。
第一步是建立一个包含上述三个因素的非放射模型，其次是将它转变成一个准放射模型，通过添加假设条件。
首先，让我们从描述非仿射模型开始。
dr t=κ1(μt−λr t−1/κ1−r t−1)dt+√V t dW1,t+(e J t−1)r t dQ tdW2,tdlnV t=κ2(α−lnV t−1)dt+η(1)1dμt=κ3(β−μt−1)dt+η2dW3,t在方程式（1）中，W i，i=1,2,3，表示布朗运动，其相关系数的表达式是(dW1，t，dW i，t)=ρ1，t，i=2,3, Q t代表一个不相关的泊松过程，W i，i=1,2,3，同时由跳跃密度参数λ决定，λ服从P的概率分布（dQ t=1）= λdt，当dQ t=1，短期利率将有一个跳跃，同时独立于Q t，范围在(e J t−1)r t，其中J t～N（μJ，σJ），W t,i=1,2,3, 1,κ2,κ3,а,β,η1,η2 都是参数。
1.2 欧拉离散微分方程的主要特征是微分项的内容物，其必须在通过离散过程获得数值解前移除。
基础的离散方法是利用偏差近似代替微分项。
基于这种想法我们可以实现欧拉算法。
欧拉离散可用于在网格离散时间中估算方差过程的路径。
SV的J-SD模型的离散可描述为r t−r t−1=κ1(μt−λr t−1/κ1−r t−1)+√V tε1t+σJ Jq tV t−V t−1=κ2(α−V t)+η1ε2t (2)μt−μt−1=κ3(β−μt)+η2ε3t。
妙文翻译公司翻译样稿The Chairman announced that the second order of formal business was to approve and adopt the Chart Industries, Inc. 2009 Omnibus Equity Plan. Mr. Biehl moved that stockholders approve and adopt the Chart Industries, Inc. 2009 Omnibus Equity Plan and Mr. Klaben seconded the motion. The Chairman then asked for questions and upon receiving no questions proceeded with the vote. The Chairman then announced that the results of the tabulation of the votes received to date by proxy showed that the proposal to approve and adopt the Chart Industries, Inc. 2009 Omnibus Equity Plan had received at least 20,600,000 votes FOR, which represented approximately 92% of the common shares voted and was more than sufficient to approve the proposal. The Chairman thereupon confirmed the approval and adoption of this Plan. The final report of the Inspector of Elections showed that the proposal received 20,703,821 votes FOR approval from stockholders voting in person or by proxy.The Chairman announced that the third order of formal business was to approve and adopt the Chart Industries, Inc. 2009 Incentive Compensation Plan. Mr. Ludwig moved that stockholders approve and adopt the Chart Industries, Inc. 2009 Incentive Compensation Plan and Mr. Biehl seconded the motion. The Chairman then asked for questions and upon receiving no questions proceeded with the vote. The Chairman announced that the results of the tabulation of the votes received to date by proxy showed that the proposal to approve and adopt the Chart Industries, Inc. 2009 Incentive Compensation Plan had received at least 21,700,000 votes FOR, which represented approximately 97% of the common shares voted and was more than sufficient to approve the proposal. The Chairman thereupon confirmed the approval and adoption of this Plan. The final report of the Inspector of Elections showed that the proposal received 21,871,880 votes FOR from stockholders voting in person or by proxy.The Chairman announced that the fourth order of formal business was to ratify the selection of Ernst & Young LLP as the Company's independent registered public accounting firm to audit the Company's financial statements for the year ending December 31, 2009. Mr. Hoppel moved that the selection of Ernst & Young LLP be ratified and Mr. Biehl seconded the motion. Upon asking for andreceiving no questions, the Chairman proceeded with the vote on the proposal. TheChairman announced that the results of the tabulation of the votes received to date by proxy showed that the proposal to ratify the selection of Ernst & Young LLP as the Company's independent registered public accounting firm to audit the Company's financial statements for the year ending December 31, 2009 had received at least 25,600,000 votes FOR, which represented approximately 99% of the common shares voted, which was more than sufficient to approve the proposal. The Chairman thereupon confirmed the ratification of the selection of the independent registered public accounting firm for 2009. The final report of the Inspector of Elections showed that the proposal received 25,796,976 votes FOR from stockholders voting in personor by proxy.The Chairman then introduced Mr. Larry Cruise and Mr. Rich Greaves, partners of Ernst & Young LLP, the Company's independent registered public accounting firm. The Chairman indicated mat Mr. Cruise and Mr. Greaves would be pleased to entertain questions from those in attendance concerning the Company's financial statements. No questions were raised from those in attendance.主席宣布第二项正式事务为批准及通过查特公司2009年综合购股权计划。
金融文章中英文对照在现代市场经济中，金融的地位越来越突出，起着很重要的作用。
下面是店铺为大家带来了中英文对照的金融文章，欢迎大海阅读!金融文章中英文对照篇1金融时报双语阅读China should let its currency rise. Such has been the desperate, decade-long complaint from the US and its politicians. China’s manipulation of its currency is a popular scapegoat both for the financial crisis and for the extinction of US manufacturing.An appreciation is plainly in China’s urgent interests. And the rest of the world, including the US, is beginning to grasp that it has reason to fear the consequences if it does. On Wednesday and Thursday of this week, China’s authorities at one point allowed the renminbi to appreciate against the dollar by a greater percentage than in any two-day period since its managed rise first started in 2005. These moves remain tiny; but they combine with official criticism of the US, a growing need to combat Chinese inflation and much Chinese commentary favouring a change of policy to suggest that the renminbi may soon be allowed to take flight. A widening of its trading bands might be a first incremental step.Unlike the first managed appreciation, from 2005 to 2008, the current “appreciation” has done nothing to help domestic inflation. By tying to the dollar, a currency sinking like a stone, the renminbi has depreciated against all currencies on a trade-weighted basis, JPMorgan data show. A drastic shift is needed. That will mean exporting its inflation. It also means buying fewer treasuries, or even selling some, which would in turn counteractany efforts at “quantitative easing” – buying bonds to keep US yields low.The dollar would probably tumble, and treasury yields rise. Other effects are less clear. The Australian dollar, long a proxy for Chinese growth, might suffer if China slows, as might other commodity-driven currencies but much depends on China’s own decisions.China’s external reserves are enough, even at current prices, to buy all the gold ever produced. It will be hard to shift policy without causing a big displacement elsewhere in the world. Correcting this global imbalance may be necessary but it will not be easy.Lex专栏：美国担心人民币升值?中国应该让人民币升值——美国及其政界人士为此声嘶力竭地抱怨了10年。
本科毕业设计外文翻译1 期限结构和欧拉离散1.1 SV的J-SD期限模型结构为了对AIN利率行为的动态特征能够给出一个全面、准确的描述，本文给出了一种新的模式。
在这个模型里面，有三个因素需要考虑进去的，例如随机均值漂移，随机波动和跳跃。
Duffie和Kan提出的放射模型，对于分析广泛涉及利率衍生产品的定价的偏微分方程是比较容易解决的。
但是，放射模型的线性性质不能处理非线性的问题。
本文所制定的运行模式目的是为了一下两个主要目标：一方面是描述利率行为的直观特点，另一方面是保留模型的可追踪性和保持其直接的经济解释，以促进资产定价。
基于这两个目标的考虑，本文旨在仿射和非仿射操作之间的寻找适当的权衡。
第一步是建立一个包含上述三个因素的非放射模型，其次是将它转变成一个准放射模型，通过添加假设条件。
首先，让我们从描述非仿射模型开始。
dr t=κ1(μt−λr t−1/κ1−r t−1)dt+√V t dW1,t+(e J t−1)r t dQ tdW2,tdlnV t=κ2(α−lnV t−1)dt+η(1)1dμt=κ3(β−μt−1)dt+η2dW3,t在方程式（1）中，W i，i=1,2,3，表示布朗运动，其相关系数的表达式是(dW1，t，dW i，t)=ρ1，t，i=2,3, Q t代表一个不相关的泊松过程，W i，i=1,2,3，同时由跳跃密度参数λ决定，λ服从P的概率分布（dQ t=1）= λdt，当dQ t=1，短期利率将有一个跳跃，同时独立于Q t，范围在(e J t−1)r t，其中J t～N（μJ，σJ），W t,i=1,2,3, 1,κ2,κ3,а,β,η1,η2 都是参数。
1.2 欧拉离散微分方程的主要特征是微分项的内容物，其必须在通过离散过程获得数值解前移除。
基础的离散方法是利用偏差近似代替微分项。
基于这种想法我们可以实现欧拉算法。
欧拉离散可用于在网格离散时间中估算方差过程的路径。
SV的J-SD模型的离散可描述为r t−r t−1=κ1(μt−λr t−1/κ1−r t−1)+√V tε1t+σJ Jq tV t−V t−1=κ2(α−V t)+η1ε2t (2)μt−μt−1=κ3(β−μt)+η2ε3t。
金融英语阅读 1 ：“The Market”Is aConceptIs the market a place? Or a thing? Neither, really. It's a concept. If you are growing tomatoes in your backyard for sale, you are producing for the market. You might sell some to your neighbor and some in your little stand by the roadside and some to the manager of the local supermarket. But in either case, you are producing for the market. Your efforts are being directed by the market. If people stop buying tomatoes, you will stop producing them. If you mow lawns to earn money, you are producing a service for the market. If your father a steelworker or a bricklayer or a truck driver or a dentist or a grocer, he is producing goods or services for the market.市场是一个地方吗？是一样东西吗？都不是，真的。
市场是一个概念。
如果你在自家的后院种番茄出售，你是在给市场提供产品。
你可以将一些蔬菜卖给邻居，将一些蔬菜摆在路边的小摊上出售，将一些蔬菜卖给当地超级市场的经理，在任何一种情况下，你都是在给市场提供产品。
中文3092字本科毕业论文外文外文题目：Behavioral Finance出处Pacific-Basin Finance Journal V ol.11，No.4，(September 2003)pp.429-437作者：Jay R.Ritter原文： Behavioral FinanceThis article provides a brief introduction to behavioral finance. Behavioral finance encompasses research that drops the traditional assumptions of expected utility maximization with rational investors in efficient markets. The two building blocks of behavioral finance are cognitive psychology (how people think) and the limits to arbitrage (when markets will be inefficient).The growth of behavioral finance research has been fueled by the inability of the traditional framework to explain many empirical patterns, including stock market bubbles in Japan, Taiwan, and the U.S.1. IntroductionBehavioral finance is the paradigm where financial markets are studied using models that are less narrow than those based on Von Neumann-Morgenstern expected utility theory and arbitrage assumptions. Specifically, behavioral finance has two building blocks: cognitive psychology and the limits to arbitrage. Cognitive refers to how people think. There is a huge psychology literature documenting that people make systematic errors in the way that they think: they are overconfident, they put too much weight on recent experience, etc. Their preferences may also create distortions. Behavioral finance uses this body of knowledge, rather than taking the arrogant approach that it should be ignored. Limits to arbitrage refers to predicting in what circumstances arbitrage forces will be effective, and when they won't be.Behavioral finance uses models in which some agents are not fully rational, either because of preferences or because of mistaken beliefs. An example of an assumption about preferences is that people are loss averse - a $2 gain might make people feel better by as much as a $1 loss makes them feel worse. Mistaken beliefs arise because people are bad Bayesians. Modern finance has as a building block the Efficient Markets Hypothesis (EMH). The EMH argues that competition between investors seeking abnormal profits drives prices to their “correct” value. The EMH does not assume that all investors are rational, but it does assume that markets are rational. The EMH does not assume that markets can foresee the future, but it doesassume that markets make unbiased forecasts of the future. In contrast, behavioral finance assumes that, in some circumstances, financial markets are informationally inefficient.Not all misvaluations are caused by psychological biases, however. Some are just due to temporary supply and demand imbalances. For example, the tyranny of indexing can lead to demand shifts that are unrelated to the future cash flows of the firm. When Yahoo was added to the S&P 500 in December 1999, index fund managers had to buy the stock even though it had a limited public float. This extra demand drove up the price by over 50% in a week and over 100% in a month. Eighteen months later, the stock price was down by over 90% from where it was shortly after being added to the S&P.If it is easy to take positions (shorting overvalued stocks or buying undervalued stocks) and these misvaluations are certain to be corrected over a short period, then “arbitrageurs” will take positions and eliminate these mispricings before they become large. But if it is difficult to take these positions, due to short sales constraints, for instance, or if there is no guarantee that the mispricing will be corrected within a reasonable timeframe, then arbitrage will fail to correct themispricing.1 Indeed, arbitrageurs may even choose to avoid the markets where the mispricing is most severe, because the risks are too great. This is especially true when one is dealing with a large market, such as the Japanese stock market in the late 1980s or the U.S. market for technology stocks in the late 1990s. Arbitrageurs that attempted to short Japanese stocks in mid- 1987 and hedge by going long in U.S. stocks were right in the long run, but they lost huge amounts of money in October 1987 when the U.S. market crashed by more than the Japanese market (because of Japanese government intervention). If the arbitrageurs have limited funds, they would be forced to cover their positions just when the relative misvaluations were greatest,resulting in additional buying pressure for Japanese stocks just when they were most overvalued!2. Cognitive BiasesCognitive psychologists have documented many patterns regarding how people behave.Some of these patterns are as follows:HeuristicsHeuristics, or rules of thumb, make decision-making easier. But they can sometimes lead to biases, especially when things change. These can lead to suboptimal investment decisions.When faced with N choices for how to invest retirement money, many people allocate using the 1/N rule. If there are three funds, one-third goes into each. If two are stock funds, two-thirds goes into equities. If one of the three is a stock fund, one-third goes into equities. Recently,Benartzi and Thaler (2001) have documented that many people follow the 1/N rule.OverconfidencePeople are overconfident about their abilities. Entrepreneurs are especially likely to be overconfident. Overconfidence manifests itself in a number of ways. One example is too little diversification, because of a tendency to invest too much in what one is familiar with. Thus, people invest in local companies, even though this is bad from a diversification viewpoint because their real estate (the house they own) is tied to the company’s fortunes. Think of auto industry employees in Detroit, construction industry employees in Hong Kong or Tokyo, or computer hardware engineers in Silicon Valley. People invest way too much in the stock of the company that they work for.Men tend to be more overconfident than women. This manifests itself in many ways,including trading behavior. Barber and Odean (2001) recently analyzed the trading activities of people with discount brokerage accounts. They found that the more people traded, the worse they did, on average. And men traded more, and did worse than, women investors.Mental AccountingPeople sometimes separate decisions that should, in principle, be combined. For example, many people have a household budget for food, and a household budget for entertaining. At home, where the food budget is present, they will not eat lobster or shrimp because they are much more expensive than a fish casserole. But in a restaurant, they will order lobster and shrimp even though the cost is much higher than a simple fish dinner. If they instead ate lobster and shrimp at home, and the simple fish in a restaurant, they could save money. But because they are thinking separately about restaurant meals and food at home, they choose to limit their food at home.FramingFraming is the notion that how a concept is presented to individuals matters. For example, restaurants may advertise “early-bird” specials or “after-theatre” discounts, but they never use peak-period “surcharges.” They get more business if people feel they are getting a discount at off-peak times rather than paying a surcharge at peak periods, even if the prices are identical. Cognitive psychologists have documented that doctors make different recommendations if they see evidence that is presented as “survival probabilities” rather than “mortality rates,” even though survival probabilities plus mortality rates add up to 100%.RepresentativenessPeople underweight long-term averages. People tend to put too much weight on recent experience. This is sometimes known as the “law of small numbers.” As an example, when equity returns have been high for many years (such as 1982-2000 in the U.S. and western Europe), many people begin to believe that high e quity returns are “normal.”ConservatismWhen things change, people tend to be slow to pick up on the changes. In other words,they anchor on the ways things have normally been. The conservatism bias is at war with the representativeness bias. When things change,people might underreact because of the conservatism bias. But if there is a long enough pattern, then they will adjust to it and possibly overreact, underweighting the long-term average.Disposition effectThe disposition effect refers to the pattern that people avoid realizing paper losses and seek to realize paper gains. For example, if someone buys a stock at $30 that then drops to $22 before rising to $28, most people do not want to sell until the stock gets to above $30. The disposition effect manifests itself in lots of small gains being realized, and few small losses. In fact, people act as if they are trying to maximize their taxes! The disposition effect shows up in aggregate stock trading volume. During a bull market, trading volume tends to grow. If the market then turns south, trading volume tends to fall. As an example, trading volume in the Japanese stock market fell by over 80% from the late 1980s to the mid 1990s. The fact thatvolume tends to fall in bear markets results in the commission business of brokerage firms having a high level of systematic risk.One of the major criticisms of behavioral finance is that by choosing which bias to emphasize, one can predict either underreaction or overreaction. This criticism of behavioral finance might be called "model dredging." In other words, one can find a story to fit the facts to ex post explain some puzzling phenomenon. But how does one make ex ante predictions about which biases will dominate? There are two excellent articles that address this issue: Barberis and Thaler (2002), and Hirshliefer (2001). Hirshliefer (p. 1547) in particular addresses the issue of when we would expect one behavioral bias to dominate others. He emphasizes that there is atendency for people to excessively rely on the strength of information signals and under-rely on the weight of information signals. This is sometimes described as the salience effect.3. The limits to arbitrageMisvaluations of financial assets are common, but it is not easy to reliably make abnormal profits off of these misvaluations. Why? Misvaluations are of two types: those that are recurrent or arbitrageable, and those that are nonrepeating and long-term in nature. For the recurrent misvaluations, trading strategies can reliably make money. Because of this, hedge funds and others zero in on these, and keep them from ever getting too big. Thus, the market is pretty efficient for these assets, at least on a relative basis. For the long-term, nonrepeating misvaluations, it is impossible in real time to identify the peaks and troughs until they have passed. Getting in too early risks losses that wipe out capital. Even worse, if limited partners or other investors are supplying funds, withdrawals of capital after a losing streak may actually result in buying or selling pressure that exacerbates the inefficiency.本科毕业论文外文翻译外文题目：Behavioral Finance出处Pacific-Basin Finance Journal V ol.11，No.4,(September 2003)pp.429-437作者：Jay R.Ritter译文：行为金融学本文简要介绍了行为金融学。
Improve the concept of financial supervision in rural areas1Xun QianFarmers in China's vast population, has some large-scale production of the farmers, but also survival-oriented farmers, huge differences between the financial needs of rural finance intermediation makes complex, together with agriculture itself is the profit low, natural and market risks high risk decision to weak agricultural industry characteristics, resulting in the cost of rural financial transactions is far higher than the city, also decided to organize the rural financial system in terms of operation or in the market has its own special characteristics. 20 years of financial reform, financial development while the Chinese city made impressive achievements, but the rural finance is the entire financial system is still the weakest link. Insufficient supply of rural finance, competition is not sufficient, farmers and agricultural enterprises in getting loans and other issues is also very prominent, backward rural financial system can no longer effectively support the development of modern agriculture or the transformation of traditional agriculture and the building of new socialist countryside, which to improve the rural financial supervision new topic.China's rural financial regulatory problems(A) the formation of China's financial regulatory system had "a line three commission " (People's Bank, the Securities Regulatory Commission, Insurance Regulatory Commission and the Banking Regulatory Commission) financial regulatory structure. BankThese stringent requirements, different management and diversification of monitoring has its positive role, but it also had some negative effects. First, inefficient supervision, supervision of internal consumption of high costs, limited financial industry business development and innovation space. Second, the regulatory agencies, regulatory bodies and the information asymmetry between central banks, banking, securities, and insurance mechanisms of coordination between regulatory bodies are not perfect. Information between central banks and regulatory agencies is difficult to share, is difficult to create effective monitoring force. Basically between the various1American Journal of Agricultural Economics，2009.regulators in their respective state regulators, regulatory policies and measures to overlapping or conflicting phenomena have occurred, unable to cope with China's current rural financial market complexity and diversity and so on. Third, financial institutions have liquidity risk or out of the market and so on, may be excessive because the central bank assistance, financial institutions and financial institutions led to the person in charge "capacity risk" and "moral hazard", or for financial institutions regulatory arbitrage possibilities; addition, since the lack of recourse, may adversely affect the financial stability.(B) rural financial ecological environment is not in-depthThe current financial environment in rural county building still remains in the letter the user, village, township, community development credit level, "government-led, human-propelled, departmental interaction" and create a mechanism for financial ecological environment in rural areas lack. Local governments and authorities the importance of financial knowledge of the ecological environment is not deep, implementation and functions of individual local protectionism and heavy, there is interference with the financial sector credit and other daily business situation. Rural credit system lag, lack of bad credit punishment mechanism, rural businesses and residents in the overall credit awareness is not high, rural finance development and expansion of social services and social protection of the environment has not yet formed.(C) China's existing legal system of financial supervision and a number of shortcomings, can not guarantee that financial regulation is reasonable, effective, standardized implementationFirst, regulatory lag, supporting regulations are incomplete, the content is too rough, too simple, the banking, securities and insurance supervision laws and regulations more old, a general lack of quantitative science. Supervisory regulations and standards, regulatory methods and technical means not meet regulatory requirements in the market. Staff in the actual implementation, not easy to grasp the scale, may of operation. Second, the Chinese regulators and the regulated objects exist some interest, and the existing regulations, lack of supervision and regulatory enforcement are to ensure that financial regulation can not be just and reasonable. Finally, China's financial supervision is still difficult to shake off the inertia of the executive-style regulatory impact.(D) of the Rural Financing drifting outside the existing financial regulatoryAccording to IFAD study, Chinese farmers from the informal financial institutions, loans from official credit institutions about 4 times. For farmers, the importance of informal financial markets over the formal financial market. China's mainly rural folk form of finance rural credit cooperatives, Cooperation, private lending, private banks, private funds, microfinance, etc., of which only rural credit cooperatives and microfinance in China's financial supervision under the rest of the financial forms the lack of appropriate supervision. The general lack of rural financial organizations of civil norms, there is a big risk, China's existing laws and regulations on private financial institutions in rural areas is one of "isolation" policy, making a lot of money from the dark into the rural financial market and greater regulation of financial difficulty, on rural financial security is a potential threat.learn from the developed countries(A) improve coordination of rural finance mechanisms for external supervision1. The United States "multiple composite" of the coordination mechanism. U.S. financial cooperation system in rural areas by the federal mid-term credit banks, cooperative banks, federal land banks and federal land bank system composed of three Cooperatives, the Farm Credit Administration (NCUA) leadership, and with the Council under the leadership of the private banks in rural commercial credit, National Rural Credit Bank policy of the United States shared the task of rural financial intermediation. The organizational model is a typical multi-mode hybrid system, three systems have an independent management system, with clear terms of reference. To ensure the healthy development of rural financial institutions, commercial banks in the United States adopted a different regulatory models, specifically setting up a relatively sound financial regulatory system in rural areas, including regulators, industry self-regulation associations, financial intermediation and mutual insurance group clearing center, the four kind of independent agencies and their subsidiary bodies, the functions of different, but share the same objectives as a common rural cooperative financial institutions to serve the regulatory system.2. Germany's "comprehensive regulatory model" of coordination mechanisms. Low concentration of the German banking system, in the very important parts of the bank, the representative of the financial mixed operation. Commonwealth Bank andthe Federal Financial Supervisory Authority the power to regulate the two main regulators of the banking sector there is a clear division of labor, but also close cooperation. Commonwealth Bank in Germany, nine states have branch offices, using their own network advantages to the Federal Financial Supervisory Authority is responsible for daily transmission of data banks focus for the Federal Financial Authority to provide a better basis for the exercise of regulatory functions, but it is not directly involved in the regulation work, nor has the administrative punishment. The Federal Financial Supervisory Authority did not have branches in the states, it is difficult to carry out regular supervision, need to cooperate with the Commonwealth Bank to perform its regulatory functions. Germany's main central banks and industry rely on the federal audit of the regulatory system and risk prevention and protection system to ensure rural finance in the specification on the basis of continuous development.3. Japan's "complement each other-type" coordination mechanism. In Japan, the dual supervision of the implementation of rural finance: first, the Office of Government financial regulation, supervision on the implementation of various financial institutions, to achieve the overall risk control; Second, national and local Forestry and Fisheries Department with the Office of Financial Regulation on the implementation of rural financial institutions supervision, including the Ministry of Agriculture consists of the branch on Norinchukin supervision, Forestry and Fisheries set up in six major areas of agricultural area in County Council on joint supervision of the letter, and all, Road House, County Farmer of the Ministry of Agriculture within its jurisdiction Association for Cooperative Finance Supervision Department(B) the establishment of deposit insurance and emergency rescue system to form a three-tier safety netDeveloped financial system generally established strict internal management system, deposit insurance system and the system of three emergency safety net. As a second-class safety net of deposit insurance system has been very satisfactory. The federal government on rural finance unified compulsory deposit insurance, the specific business operation by the Federal Deposit Insurance Corporation's Savings Association Insurance Fund, and to assume supervision of the insured financial institutions; the German government on the implementation of the voluntary deposit of credit co-insurance, not mandatory insurance, its insurance sector is the industryorganization; Japan's credit co-national compulsory deposit insurance, the insurance agency is a joint venture between Government and the people, by the Government, Norinchukin Bank, Japan Bank, Credit Union and a coalition of agricultural water fishery credit cooperatives Industry Insurance Agency. As a third-class safety net for emergency rescue system, specific measures for implementation in different countries, bank deposits for the brink of bankruptcy, in some countries directly by the central bank to offer special low-interest loans (such as the U.S. and Italy), in some countries by the bank regulatory authorities and other Commercial Bank for the establishmentof special institutions to finance the rescue (such as France and Belgium), a number of countries came forward by the deposit insurance agency to provide funds (such as Japan), more by one or a few large banks in support of official support.(C) rural finance within the industry associations to play a regulatory role1. U.S. Rural Cooperative Finance Association of self-management. In the United States, various credit associations or co-finance up to several dozen, including a long history, nationally renowned for the National Association of Credit (CUNA), a specialized credit services for the Federal Register Association (NAFCU), there are also special school credit for community service credit unions and associations (CCUC), etc.. While the states also have their own Credit Union Association. The trade association is one of the major work to develop a code of conduct,self-regulation management.2. German credit cooperation and other cooperative system of industryself-regulation of mutual integration. German cooperation in the National Credit Union (BVR) is a cooperative bank industry self-regulatory organizations, grass-roots local cooperative banks, cooperative banks and district central cooperative banks, as well as professional co-finance companies, cooperative credit union is a member. Germany 11 contributions from the various types of cooperatives set up jointly organized a regional cooperative audit association, responsible for annual audit of the specialized agencies of the various types of cooperatives, which are also common types of cooperatives at the district level, the industry watchdog, plays an important industry supervisory role.3. Set supervision and service in one of the Japanese Agricultural Association. Japanese government in 1947 promulgated the "Agricultural Cooperative Law," agricultural association provides services for members of cooperative organizations,its not for profit, adhere to the rural communities and members for the service centers, institutional system based on grass-roots level according to facilitate farmers , established the principle manageable. The main source of funding is to absorb the rural deposits, in principle, limited to serving as a member of the farmers and agricultural groups. To ensure financial security cooperation, and healthy run, set up a rural credit insurance, temporary transfers of funds mutual aid system and credit cooperative organizations, and government co-funded deposit insurance system, agricultural disaster compensation system and the agricultural credit guarantee system for the insurance system measures.improve the financial supervision of the concept of rural China(A) improve and perfect the legal system of rural financial regulation, supervision according to lawFinance as the core of the economy, the continued growth of rural finance is more in need of legal regulation and a sound legal environment, accelerate the development of rural finance laws, no legal basis to change the situation, has become the strong demand of rural financial development. Since the reform and opening up, no one for rural finance, rural financial regulation can serve as a basis for law. To achieve effective supervision, the need for additional professional laws, regulations, and specific regulatory measures, regulations and implementation details, so as to achieve from the general administrative supervision to improve the legal system, efforts to establish changed the credit system, and ultimately control law .While in strengthening the legal system, adopt effective measures to strengthen the integrity of the whole community education and step up publicity to raise awareness of the general financial and legal residents, to actively support the work of the national collective finance; education of the population according to lending, and actively with the illegal lending practices fight, really create a sound legal basis, that the law according to the credit environment and legal environment.(B) give full play to grassroots government, professional regulatory functionActively cooperate with local governments at all levels and support the financial regulatory authorities in rural credit markets make an important guarantee for supervision. To actively coordinate local government and non-basic level targetconsistency, to avoid the expense of national interests and local interests of the occurrence.The Chinese government should establish a tax system is different from commercial banks, a low tax or tax-free policy, by policy banks to providelow-interest or interest-free loans of rural finance, rural finance to increase subsidies and assistance. Those relatively large amount of private credit, shall be approved by local authorities just to strengthen the audit checks to the legitimate rights and interests protected.China's rural economy, small and dispersed operations, has not been large-scale establishment of agricultural insurance, in case of force majeure, the rural financial system will face great risk. Chinese financial institutions in the internal governance structure and risk management system has been initially established, the basic external financial regulation in place of the case, should refer to the experience of developed countries, commercial banks in the country to establish a mandatory deposit insurance system and the emergency rescue system, the formation of three protection network.(C) strictly rural financial institutions, "access and" to improve the professional standards of financial supervisionFinancial regulators should be a good loan companies, postal savings banks, rural credit union funds, village banks and other new-type rural financial institutions, market access, ensure that the new-type rural financial institutions in corporate governance, capital adequacy ratio to meet the requirements. Kind in the country selected the new rural financial institutions, better internal control system, modified to add a representative of management to form the template to help set up rural financial institutions, covering credit, billing, savings, cash, security and other risk point of internal control system . Establish small rural banks and other financial institutions, guidance system, the financial regulators to conduct the transition of its guidance, to promote rural financial institutions to a sound system of internal control as soon as possible, improve management, risk control and management mechanisms work well.(D) to play the role of industry self-regulatory associations, to promote the vitality and force the formation of the banking sectorChina was set up in late 2005, China Banking Association of Rural Financial Working Committee, the current to China Banking Regulatory Commission and the provincial government regulatory framework based on an industry self-regulatoryorganization more. Promoting the Development, promoting and developingself-regulatory functions of trade associations, for building a healthy banking system in China is significant. Association to play a functional role to guide the establishment of liaison mechanisms and management of daily work, and improving the industry conventions and regulations, regulators should not control those, which were needed in the work of regulatory bodies, as far as possible by the association responsible for promoting the formation of the energy and banking efforts to achieveself-management and trade association national regulatory authorities to monitor the combination system of regulation.(E) to safeguard the security and financial safety regulation to changes in both the core competitivenessThe nature of financial regulation is intended to innovation and development of the financial industry to create a favorable internal and external environment, rather than constrained the development and expansion of rural finance. For the monitoring and supervision, do not speak the efficiency of regulation, which implies the greatest risk, will affect the long-term development of the rural financial sector.ConclusionIn short, improving financial supervision in terms of its breadth, should be an include government regulation, industry self-regulation, financial institutions, internal control, four levels of social supervision system; its depth, it should be involved in risk prevention, effective access, legal norms, the operation simple and efficient aspects of a systems engineering. Only by striving to improve the new concept of financial supervision, the introduction of new methods of financial supervision in order to receive financial regulation expected results. Only in this way can be established consistent with China's national conditions, but also to adapt to modern requirements of international financial regulatory system in rural China.发展中国农村金融监管的思考Xun Qian农民在中国人口众多,有一些大型生产的农民,但也自给自足的农民,巨大的金融需求之间的差异使农村金融需求很是复杂,连同农业本身是利润低、自然和市场风险高的风险决策农业产业特性,软弱的农村金融交易的成本远高于城市,也决定组织农村金融体系的运行或市场有其自身的特点。
