外文文献翻译 金融类 不良贷款的管理和回收 论文

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金融风险管理外文翻译文献(文档含英文原文和中文翻译)原文：Enterprise Risk Management in InsuranceEnterprise Risk Management (hereinafter referred as “ERM”) interests a wide range of professions (e.g., actuaries, corporate financial managers, underwriters, accountants,and internal auditors), however, current ERM solutions often do not cover all risks because they are motivated by the core professional ethics and principles of these professions who design and administer them. In a typical insurance company all such professions work as a group to achieve the overriding corporate objectives.Risk can be defined as factors which prevent an organization in achieving its objectives and risks affect organizations holistically. The management of risk in isolation often misses its big picture. It is argued here that a holistic management of risk is logical and is the ultimate destination of all general management activities.Moreover, risk management should not be a separate function of the business process;rather, managing downside risk and taking the opportunities from upside risk should be thekey management goals. Consequently, ERM is believed as an approach to risk management, which provides a common understanding across the multidisciplinary groups of people of the organization. ERM should be proactive and its focus should be on the organizations future. Organizations often struggle to see and understand the full risk spectrum to which they are exposed and as a result they may fail to identify the most vulnerable areas of the business. The effective management of risk is truly an interdisciplinary exercise grounded on a holistic framework.Whatever name this new type of risk management is given (the literature refers to it by diverse names, such as Enterprise Risk Management, Strategic Risk Management, and Holistic Risk Management) the ultimate focus is management of all significant risks faced by the organization. Risk is an integral part of each and every action of the organization in the sense that an organization is a basket of contracts associated with risk (in terms of losses and opportunities). The idea of ERM is simple and logical, but implementation is difficult. This is because its involvement with a wide stakeholder community, which in turn involves groups from different disciplines with different beliefs and understandings. Indeed, ERM needs theories (which are the interest of academics) but a grand theory of ERM (which invariably involves an interdisciplinary concept) is far from having been achieved.Consequently, for practical proposes, what is needed is the development of a framework(a set of competent theories) and one of the key challenges of this thesis is to establish the key features of such a framework to promote the practice of ERM. Multidisciplinary Views of RiskThe objective of the research is to study the ERM of insurance companies. In line with this it is designed to investigate what is happening practically in the insurance industry at the current time in the name of ERM. The intention is to minimize the gap between the two communities (i.e., academics and practitioners) in order to contribute to the literature of risk management.In recent years ERM has emerged as a topic for discussion in the financial community,in particular, the banks and insurance sectors. Professional organizations have published research reports on ERM. Consulting firms conducted extensive studies and surveys on the topic to support their clients. Rating agencies included theERM concept in their rating criteria. Regulators focused more on the risk management capability of the financial organizations. Academics are slowly responding on the management of risk in a holistic framework following the initiatives of practitioners.The central idea is to bring the organization close to the market economy. Nevertheless,everybody is pushing ERM within the scope of their core professional understanding.The focus of ERM is to manage all risks in a holistic framework whatever the source and nature. There remains a strong ground of knowledge in managing risk on an isolated basis in several academic disciplines (e.g., economics, finance, psychology,sociology, etc.). But little has been done to take a holistic approach of risk beyond disciplinary silos. Moreover, the theoretical understanding of the holistic (i.e., multidisciplinary)properties of risk is still unknown. Consequently, there remains a lack of understanding in terms of a common and interdisciplinary language for ERM.Risk in FinanceIn finance, risky options involve monetary outcomes with explicit probabilities and they are evaluated in terms of their expected value and their riskiness. The traditional approach to risk in finance literature is based on a mean-variance framework of portfolio theory, i.e., selection and diversification. The idea of risk in finance is understood within the scope of systematic (non-diversifiable) risk and unsystematic (diversifiable)risk. It is recognized in finance that systematic risk is positively correlated with the rate of return. In addition, systematic risk is a non-increasing function of a firm’s growth in terms of earnings. Another established concern in finance is default risk and it is argued that the performance of the firm is linked to the firm’s default risk. A large part of finance literature deals with severa l techniques of measuring risks of firms’ investment portfolios (e.g., standard deviation, beta, VaR, etc.). In addition to the portfolio theory, Capital Asset Pricing Model (CAPM) was discovered in finance to price risky assets on the perfect capital markets. Finally, derivative markets grew tremendously with the recognition of option pricing theory.Risk in EconomicsRisk in economics is understood within two separate (independent) categories,i.e.,endogenous (controllable) risk and background (uncontrollable) risk. It is recognized that economic decisions are made under uncertainty in the presence of multiple risks.Expected Utility Theory argues that peoples’ risk attitude on the size of risk (small,medium, large) is derived from the utility-of-wealth function, where the utilities of outcomes are weighted by their probabilities. Economists argue that people are risk averse (neutral) when the size of the risks is large (small).Prospect theory provides a descriptive analysis of choice under risk. In economics, the concept of risk-bearing preferences of agents for independent risks was described under the notion of “ standard risk aversion.” Most of the economic research on risk is originated on the study of decision making behavior on lotteries and other gambles. Risk in PsychologyWhile economics assumes an individual’s risk preference is a function of probabilistic beliefs, psychology explores how human judgment and behavior systematically forms such beliefs. Psychology talks about the risk taking behavior (risk preferences).It looks for the patterns of human reactions to the context, reference point,mental categories and associations that influence how people make decisions.The psychological approach to risk draws upon the notion of loss aversion that manife sts itself in the related notion of “regret.” According to Willett; “risk affects economic activity through the psychological influence of uncertainty.” Managers’ attitude of risk taking is often described from the psychological point of view in terms of feelings.Psychologists argue that risk, as a multidisciplinary concept, can not be reduced meaningfully by a single quantitative treatment. Consequently, managers tend to utilize an array of risk measurers to assist them in the decision making process under uncertainty. Risk perception plays a central role in the psychological research on risk, where the key concern is how people perceive risk and how it differs to the actual outcome. Nevertheless, the psychological research on risk provides fundamental knowledge of how emotions are linked to decision making.Risk in SociologyIn sociology risk is a socially constructed phenomenon (i.e., a social problem) and defined as a strategy referring to instrumental rationality. The sociologicalliterature on risk was originated from anthropology and psychology is dominated by two central concepts. First, risk and culture and second, risk society. The negative consequences of unwanted events (i.e., natural/chemical disasters, food safety) are the key focus of sociological researches on risk. From a sociological perspective entrepreneurs remain liable for the risk of the society and responsible to share it in proportion to their respective contributions. Practically, the responsibilities are imposed and actions are monitored by state regulators and supervisors.Nevertheless, identification of a socially acceptable threshold of risk is a key challenge of many sociological researches on risk.Convergence of Multidisciplinary Views of RiskDifferent disciplinary views of risk are obvious. Whereas, economics and finance study risk by examining the distribution of corporate returns, psychology and sociology interpret risk in terms of its behavioral components. Moreover, economists focus on the economic (i.e., commercial) value of investments in a risky situation.In contrast, sociologists argue on the moral value (i.e., sacrifice) on the risk related activities of the firm. In addition, sociologists’ criticism of economists’concern of risk is that although they rely on risk, time, and preferences while describing the issues related to risk taking, they often miss out their interrelationships(i.e., narrow perspective). Interestingly, there appears some convergence of economics and psychology in the literature of economic psychology. The intention is to include the traditional economic model of individuals’ formal rational action in the understanding of the way they actually think and behave (i.e., irrationality).In addition, behavioral finance is seen as a growing discipline with the origin of economics and psychology. In contrast to efficient market hypothesis behaviour finance provides descriptive models in making judgment under uncertainty.The origin of this convergence was due to the discovery of the prospect theory in the fulfillment of the shortcomings of von Neumann-Morgenstern’s utility theory for providing reasons of human (irrational) behavior under uncertainty (e.g., arbitrage).Although, the overriding enquiry of disciplines is the estimation of risk, they comparing and reducing into a common metric of many types of risks are there ultimate difficulty. The key conclusion of the above analysis suggests that there existoverlaps on the disciplinary views of risk and their interrelations are emerging with the progress of risk research. In particular, the central idea of ERM is to obscure the hidden dependencies of risk beyond disciplinary silos.Insurance Industry PracticeThe practice of ERM in the insurance industry has been drawn from the author’s PhD research completed in 2006. The initiatives of four major global European insurers(hereinafter referred as “CASES”) were studied for this purpose. Out of these four insurers one is a reinsurer and the remaining three are primary insurers. They were at various stages of designing and implementing ERM. A total of fifty-one face-to-face and telephone interviews were conducted with key personnel of the CASES in between the end of 2004 and the beginning of 2006. The comparative analysis (compare-and-contrast) technique was used to analyze the data and they were discussed with several industry and academic experts for the purpose of validation. Thereafter,a conceptual model of ERM was developed from the findings of the data.Findings based on the data are arranged under five dimensions. They are understanding;evaluation; structure; challenges, and performance of ERM. Understanding of ERMIt was found that the key distinction in various perceptions of ERM remains between risk measurement and risk management. Interestingly, tools and processes are found complimentary. In essence, meaning that a tool can not run without a process and vice versa. It is found that the people who work with numbers (e.g.,actuaries, finance people, etc.) are involved in the risk modeling and management(mostly concerned with the financial and core insurance risks) and tend to believe ERM is a tool. On the other hand internal auditors, company secretaries, and operational managers; whose job is related to the human, system and compliance related issues of risk are more likely to see ERM as a process.ERM: A ProcessWithin the understanding of ERM as a process, four key concepts were found. They are harmonization, standardization, integration and centralization. In fact, they are linked to the concept of top-down and bottom-up approaches of ERM.The analysis found four key concepts of ERM. They are harmonization,standardization,integration and centralization (in decreasing order of importance). It was also found that a unique understanding of ERM does not exist within the CASES, rather ERM is seen as a combination of the four concepts and they often overlap. It is revealed that an understanding of these four concepts including their linkages is essential for designing an optimal ERM system.Linkages Amongst the Four ConceptsAlthough harmonization and standardization are seen apparently similar respondents view them differently. Whereas, harmonization allows choices between alternatives,standardization provides no flexibility. Effectively, harmonization offers a range of identical alternatives, out of which one or more can be adopted depending on the given circumstances. Although standardization does not offer such flexibility,it was found as an essential technique of ERM. Whilst harmonization accepts existing divergence to bring a state of comparability, standardization does not necessarily consider existing conventions and definitions. It focuses on a common standard, (a “top-down” approach). Indeed, integration of competent policies and processes,models, and data (either for management use, compliance and reporting) are not possible for global insurers without harmonizing and standardizing them. Hence, the research establishes that a sequence (i.e., harmonization, standardization, integration,and then centralization) is to be maintained when ERM is being developed in practice (from an operational perspective). Above all, the process is found important to achieve a diversified risk culture across the organization to allocate risk management responsibilities to risk owners and risk takers.ERM: A ToolViewed as a tool, ERM encompasses procedures and techniques to model and measure the portfolio of (quantifiable) enterprise risk from insurers’ core disciplinary perspective. The objective is to measure a level of (risk adjusted) capital(i.e., economic capital) and thereafter allocation of capital. In this perspective ERM is thought as a sophisticated version of insurers’ asset-liability management.Most often, extreme and emerging risks, which may bring the organization down,are taken into consideration. Ideally, the procedure of calculating economic capital is closely linked to the market volatility. Moreover, the objective is clear, i.e., meetingthe expectation of shareholders. Consequently, there remains less scope to capture the subjectivity associated with enterprise risks.ERM: An ApproachIn contrast to process and tool, ERM is also found as an approach of managing the entire business from a strategic point of view. Since, risk is so deeply rooted in the insurance business, it is difficult to separate risk from the functions of insurance companies. It is argued that a properly designed ERM infrastructure should align risk to achieve strategic goals. Alternatively, application of an ERM approach of managing business is found central to the value creation of insurance companies.In the study, ERM is believed as an approach of changing the culture of the organization in both marketing and strategic management issues in terms of innovating and pricing products, selecting profitable markets, distributing products, targeting customers and ratings, and thus formulating appropriate corporate strategies. In this holistic approach various strategic, financial and operational concerns are seen integrated to consider all risks across the organization.It is seen that as a process, ERM takes an inductive approach to explore the pitfalls (challenges) of achieving corporate objectives for broader audience (i.e.,stakeholders) emphasizing more on moral and ethical issues. In contrast, as a tool,it takes a deductive approach to meet specific corporate objectives for selected audience(i.e., shareholders) by concentrating more on monitory (financial) outcomes.Clearly, the approaches are complimentary and have overlapping elements. 作者：M Acharyya译文：保险业对企业风险管理的实证研究企业风险管理涉及各种行业(如保险精算师、公司财政经理、保险商、会计和内部审计员)，当前企业风险管理解决方案往往不能涵盖所有的风险，因为这些方案取决于决策者和执行则的专业道德和原则。

商业银行不良贷款原因及处置研究国内外文献综述目录商业银行不良贷款原因及处置研究国内外文献综述 (1)1不良贷款的成因研究 (1)2关于不良贷款的影响 (2)3关于不良贷款的处置 (3)参考文献 (5)1不良贷款的成因研究国外研究方面，Minsky(1986)在“债务一通货紧缩理论”的基础上，对银行内部进行深入研究，得出内在不稳定性假说理论，该理论主要是指银行在逆向选择的影响下，贷款发放对象通常为风险较高的人群，这种情形的存在是因为存在道德风险，且银行与借款人之间信息不对称，借款对象可能将贷款投向风险大的领域以获取更多的利益，不良贷款发生的概率因道德风险和逆向选择的存在而进一步增加[1]。

Berger(1997)表示，银行从业者因自身能力不足，业务素质较低，不能有效识别贷款风险，贷款管理不够科学，这是不良贷款上升的主要原因。

Rajan(2003)运用回归法对印度银行业不良贷款面板数据进行深入研究，指出宏观条件和金融环境对不良贷款有显著影响。

Foack(2001)研究表明经济增长率、借贷环境和实际利率等因素对商业银行不良贷款都有较大的影响[2]。

R Gong（2016）从全球经济发展的大环境出发，对科索沃商业银行不良贷款问题进行了深入研究，他指出受经济全球化的影响，银行之间的联系更为紧密，所以对于不良贷款的产生，不仅要注意地区经济发展状况，同时也要关注全球的经济发展形势[3]。

国内研究方面，尹春芳（2008)指出不良贷款的产生，外部因素起主要作用，如经济周期的变化、金融体制改革的滞后性、政策体系不健全、司法环境不完善等外部力量增加不良贷款发生的概率。

陈晓珊（2009)研究表明，银行集结了社会大部分资金，经济增长也较大程度上依赖银行信用，这是导致不良贷款发生的根源。

王琴（2017）表示，农村商业银行是由信用社改制而成，服务于当地经济，[1]NV Nadham, B Nahid, Determinants of Non Performing Loans in CommercialBanks: A Studyof NBC Bank Dodoma Tanzania, International Journal of Finance & Banking Studies (ISSN: 2147- 4486) - 2016[2]Macroeconomic and bank-specific determinants of non-performing loans in Greece: A comparative study of mortgage, business and consumer loan portfolios[J]. DimitriosP. Louzis, Angelos T. Vouldis, Vasilios L. Metaxas. Journal of Banking and Finance . 2011 (4) [3]R Gong, FH Page, Shadow Banks and Systemic Risks,《Lse Research Online Documents on Economics》-2016当地政府尚不能完全转变对农商行的认识，为发展当地经济，对农商行的贷款干预较大，发放较多政策性贷款，由于该部分贷款盈利能力差，容易形成不良贷款[4]。

附录【原文】Upgrading in Global Value ChainsThe aim of this paper is to explore how small- and medium-sized Latin American enterprises ( SMEs) may participate in global markets in a way that provides for sustainable growth. This may be defined asthe ‘‘highroad’’　to competitiveness, contrasting with the ‘‘low road,’’ typical offirms from developing countries, which often compete by squeezing wages and profit margins rather than by improving productivity, wages, and profits. Thekey difference between the high and the low road to competitiveness is often explained by the different capabilities of firms to ‘‘upgrade.’　In this paper, upgrading refers to the capacity of a firmto innovate to increase the value added of its products and processes (Humphrey & Schmitz, 2002a; Kaplinsky&Readman, 2001; Porter, 1990).Capitalizing on one of the most productive areas of the recent literature on SMEs, we restrict our fieldof research to small enterprises located in clusters.There is now a wealth ofempirical evidence (Humphrey, 1995; Nadvi &Schmitz, 1999; Rabellotti, 1997) showing that small firms in clusters, both indeveloped and developing countries, are able to over come some of the major constraints they usually face:lack of specialized skills, difficult access to technology, inputs, market, information, credit, andexternal services.Nevertheless, the literature on clusters, mainlyfocused on the local sources ofcompetitiveness coming from intracluster vertical and horizontal relationshipsgenerating ‘‘collective efficiency’’　(Schmitz, 1995), has often neglected theincreasing importance of external link ages. Due to recent changes in productionsystems, distribution channels, and financial markets, and to the spread of informationtechnologies, enterprises and clusters are increasingly integrated in value chains thatoften operate across many different countries. The literature on global value chains(GVCs) (Gereffi, 1999; Gereffi& Kaplinsky, 2001) calls attention to the opportunitiesfor local producers to learn from the global leadersof the chains that may be buyers or1producers. The internal governance of the value chain has an importanteffect on the scope of local firms’ upgrading (Humphrey& Schmitz, 2000).Indeed, extensive evidence on Latin America reveals that both the local and the global dimensions matter, and firms often participate in clustersas well as in value chains (Pietrobelli& Rabellotti, 2004). Both forms of organization offer opportunities to foster competitiveness via learning and upgrading. However, they also have remarkable drawbacks, as, for instance, upgrading may be limited in some forms of value chains, andclusters with little developed external economies and joint actions may h ave no influence on competitiveness.Moreover, both strands of literature were conceived and developed toovercome the sectoral dimension in the analysis of industrial organization and dynamism. On the one hand, studies on clusters, focusing on agglomerations of firms specializing in different stages of the filie′re, moved beyond the traditional units of analysis of industrial economics: the firm and the sector. On the other hand, according to the value chain literature, firms from different sectors may all participate in the same value chain (Gereffi, 1994). Nevertheless, SMEs located in clusters and involved in value chains, may undertake a process of upgrading in order toincrease and improve their participation in the global economy, especially as the industrial sector plays a role and affects the upgrading prospectsof SMEs.The contribution this paper makes is by taking into accountall of these dimensions together. Thus, within this general theoretical background, this study aims to investigate the hypothesis that enterpriseupgrading is simultaneously affected by firm-specific efforts and actions, and by the environment in which firms operate. The latter is crucially shaped by three characteristics: (i) the collective efficiency of the clusterin which SMEs operate, (ii) the pattern of governance of the value chainin which SMEs participate, and (iii) the peculiar features that characterize learning and innovation patterns in specific sectors.The structure of the paper is the following: in Section 2, we brieflyreview theconcepts of clustering and value chains, and focus on theiroverlaps andcomplementarities. Section 3 first discusses the notion of SMEs’　upgrading and then2introduces a categorization of groups of sectors, based on the notionsunderlying the Pavitt taxonomy, and applied to the present economicreality of Latin America. Section 4reports the original empirical evidence on a large sample of Latin American clusters, and shows that the sectoral dimension matters to explain why clustering and participating in globalvalue chains offer different opportunities for upgrading in differentgroups of sectors. Section5 summarizes and concludes.2. CLUSTERS AND VALUE CHAINSDuring the last two decades, the successful performance of industrialdistricts in the developed world, particularly in Italy, has stimulatednew attention to the potential offered by this form of industrial organization for firms of developing countries. The capability of clustered firms to be economically viable and grow has attracted a great deal ofinterest in development studies. 1In developing countries, the sectoral and geographical concentration of SMEs israther common, and a wide range of cases has since been reported. 2 Obviously, theexistence of acritical mass of specialized and agglomerated activities,in a number ofcases with historically strong roots, does not necessarily imply thatthese clustersshare all the stylized facts which identify the Marshall type ofdistrict, as firstlydefined by Becattini (1987). 3 Nonetheless, clustering may be consideredas a majorfacilitating factor for a number of subsequent developments (which mayor may notoccur): division and specialization of labor, the emergence of a widenetwork ofsuppliers, the appearance of agents who sell to distant national and internationalmarkets, the emergence of specialized producer services, the materialization of a poolof specialized and skilled workers, and the formation of business associations.To capture the positive impacts of these factors on the competitivenessof firmslocated in clusters,Schmitz (1995)introduced the concept of ‘‘collective efficiency’’　(CE) defined as the competitive advantage derived from local externaleconomies andjoint action. The concept of external economies 4 was first introducedby Marshall inhis Principles of Economics(1920). According to Schmitz (1999a), incidental externaleconomies (EE) are of importance in explaining the competitivenessof industrialclusters, but there is also a deliberate force at work: consciously pursued joint action3(JA).Such joint action can be within vertical or horizontal linkages. 5The combination of both incidental external economies and the effectsof activecooperation defines the degree of collective efficiency of a cluster and, dynamically,its potential for fostering SMEs’ upgrading. Both dimensions are crucial: Onlyincidental, passive external economies may not suffice without jointactions, and thelatter hardly develop in the absence of external economies. Thus, ourfocus is on therole of intracluster vertical and horizontal relationships generating collectiveefficiency.However, recent changes in production systems, distribution channels and financial markets, accelerated by the globalization of product markets and the spread of information technologies, suggest that more attention needs to be paid to external linkages. 6 Gereffi’s global value chain approach (Gereffi, 1999) helps us to take into account activities takingplace outside the cluster and, in particular, to understand the strategicrole of the relationships with key external actors.From an analytical point of view, the value chain perspective is useful because (Kaplinsky,2001; Wood, 2001) the focus moves f rom manufacturing only to the other activities involved in the supply of goods and services,including distribution and marketing. All these activities contributeto add value. Moreover, the ability to identify the activities providing higher returns along the value chain is key to understanding the global appropriation of the returns to production.Value chain research focuses on the nature of the relationships among t he various actors involved in the chain, and on their implications fordevelopment (Humphrey & Schmitz, 2002b). To study these relationships, the concept of ‘‘governance’’ is central to the analysis.At any point in the chain, some degree of governance or coordination isrequired inorder to take decisions not only on ‘‘what’’　should be, or ‘‘how’’　something shouldbe, produced but sometimes also ‘‘when,’’　‘‘how much,’’　and even ‘‘at what price.’’　Coordination may occur through arm’ｓ-length market relations ornon marketrelationships. In the latter case, following Humphrey and Schmitz (2000), wedistinguish three possible types of governance:(a) network implying cooperation4between firms of more or less equal power which share their competencieswithin the chain; (b) quasi-hierarchy involving relationships between legally independent firms in which one is subordinated to the other, witha leader in the chain defining the rules to which the rest of the actorshave to comply; and (c) hierarchy when a firm is owned by an external firm.Also stressed is the role played by GVC leaders, particularly by thebuyers, intransferring knowledge along the chains. For small firms in less developed countries(LDCs), participation in value chains is a way to obtain information onthe need andmode t o gain access to global markets. Yet, although this information has high valuefor local SMEs, the role played by the leaders of GVCs in fostering andsupportingthe SMEs’　upgrading process is less clear.Gereffi (1999), mainly focusing on EastAsia, assumes a rather optimistic view, emphasizing the role of the leaders that almostautomatically promote process, product, and functional upgrading amongsmall localproducers.Pietrobelli and Rabellotti (2004)present a more differentiated picture forLatin America.In line with the present approach, Humphrey and Schmitz (2000) discuss the prospects of upgrading with respect to the pattern of valuechain governance. They conclude that insertion in a quasi-hierarchical chain offers very favorable conditions for process and product upgrading, buthinders functional upgrading. Networks offer ideal upgrading conditions,but they are the least likely to occur for developing country producers.In addition, a more dynamic approach suggests that chain governanceis not given forever and may change because(Humphrey & Schmitz, 2002b): (a) power relationships may evolve when existing producers, or their spinoffs, acquire new capabilities;(b) establishing and maintaining quasi-hierarchical governance is costly for the lead firm and leads to inflexibility because of transaction specific investments; and (c) firms and cluster soften do not operate only in one chain but simultaneously in several types of chains, and they may apply competencies learned in one chainto supply other chains.In sum, both modes of organizing production, that is, the cluster and the valuechain, offer interesting opportunities for the upgrading and modernization of local5firms, and are not mutually exclusive alternatives. However, in order toassess their potential contribution to local SMEs’ innovation and upgrading, we need to understand their organization of inter firmlinkages and their internal governance. Furthermore, as we explain in the following section, the nature of their dominant specialization also plays a role and affects SMEs’ upgrading prospects.’ UPGRADING3. THE SECTORAL DIMENSION OFSMEs(a) The concept of upgradingThe concept of upgrading—making better products, making them more efficiently, or moving in to more skilled activities—has often been used in studies on competitiveness (Kaplinsky,2001; Porter, 1990), and is relevant here.Following this approach, upgrading is decisively related to innovation. Here wedefine upgrading as innovating to increase value added. 7 Enterprisesachieve this invarious ways, such as, for example, by entering higher unit value market niches ornew s ectors, or by undertaking new p roductive (or service) functions. The concept ofupgrading may be effectively described for enterprises working within avalue chain,where four types of upgrading are singled out (Humphrey & Schmitz, 2000): —Process upgrading is transforming inputs into outputs moreefficiently by reorganizing the production system or introducing superiortechnology (e.g., footwear producers in the Sinos Valley; Schmitz, 1999b). —Product upgrading is moving into more sophisticated product lines interms of increased unit values (e.g., the apparel commodity chain inAsia upgrading from discount chains to department stores; Gereffi,1999).—Functional upgrading is acquiring new, superior functions in the chain, such as design or marketing or abandoning existing low-value added functions to focus on higher value added activities (e.g., Torreon’s blue jeans industry upgrading from maquila to ‘‘full-package’’　manufacturing; Bair&Gereffi, 2001).—Inter sectoral upgrading is applying the competence acquired ina particularfunction to move i nto a new s ector. For instance, in Taiwan, competence in producingTVs was used to make monitors and then to move into the computer sector (Guerrieri& Pietrobelli,2004; Humphrey & Schmitz,2002b). In sum, upgrading withina value6chain implies going up on the value ladder, moving away from activitiesin which competitionis of the ‘‘low road’’ type and entry barriers are low.Our focus on upgrading requires moving a step forward and away fromRicardo’s static concept of ‘‘Comparative Advantage’’ (CA). While CA registers ex-post gaps in relative productivity which determine international trade flows, success in firmlevel upgrading enables thedynamic acquisition of competitiveness in new market niches, sectors orphases of the productive chain (Lall, 2001; Pietrobelli, 1997). In sum, the logic goes from innovation, to upgrading, to the acquisition offirm-level competitiveness(i.e., competitive advantage). 8In this paper, we argue that the concept of competitive advantageincreasinglymatters. In the theory of comparative advantage, what matters is relative productivity,determining different patterns of inter industry specialization.Within such atheoretical approach, with perfectly competitive markets, firms need to target onlyproduction efficiency. In fact, this is not enough, and competitiveadvantage is therelevant concept to analyze SMEs’　performance because of (i) the existence of formsof imperfect competition in domestic and international markets and (ii)the presenceof different degrees of (dynamic) externalities in different subsect or sand stages ofthe value chain.More specifically, in non perfectly competitive market rents and nichesof ‘‘extra-normal’’ profits often emerge, and this explains the efforts to enterselectively specificsegments rather than simply focusing on efficiency improvements, regardless of theprevailing productive specialization (as advocated by the theory of CA). Moreover,different stages in the value chain offer different scope for dynamic externalities.Thus, for example, in traditional manufacturing, the stages ofdesign, productinnovation, marketing, and distribution may all foster competitivenessincreases inrelated activities and sectors. The advantage of functional upgrading isin reducing thefragility and vulnerability of an enterprise’s productive specialization. Competitionfrom new entrants—i.e., firms from developing countries with lower production costs,crowding out incumbents—is stronger in the manufacturing phases of thevalue chainthan in other more knowledge and organization-intensive phases (e.g.,product design7and innovation, chain management, d istribution and retail, etc.).Therefore, functionalupgrading may bring about more enduring and solid competitiveness.For all these reasons, the concept of production efficiency is encompassed withinthe broader concept of competitiveness, and the efforts to upgradefunctionally andinter sectorally (and the policies to support these processes) are justifiedto reap largerrents and externalities emerging in specific stages of the value chain,market niches,or sectors.An additional element that crucially affects the upgrading prospectsof firms and clusters is the sectoral dimension. Insofar as we have defined upgrading as innovating to increase value added, then all the factorsinfluencing innovation acquire a new relevance. This dimension is often overlooked in studies on clusters, perhaps due to the fact that most of these studies are not comparative but rather detailed intra industry case studies.In order to take into account such a sectoral dimension, and the effectthis may have on the firms’ pattern of innovation and learning, we need to introduce the concept of ‘‘tacit knowledge.’’　This notion was first introduced by Polanyi(1967)and then discussed in the context of evolutionary economics by Nelson and Winter(1982). It refers to the evidence that some aspects of technological knowledge are wellarticulated, written down in manuals and papers, and taught. Others arelargely tacit, mainly learned through practice and practical examples. Inessence, this is knowledge which can be freely used by its owners, butthat can not be easily expressed and communicated to anyone else.The tacit component of technological knowledge makes its transfer and applicationcostly and difficult. As a result, the mastery of a technologymay require anorganization to be active in the earlier stages of its development,and a close andcontinuous interaction between the user and the producer—or transfer—of suchknowledge. Inter firm relationships are especially needed in thiscontext. Tacitknowledge is an essential dimension to define a useful groupingof economicactivities.(b) Sectoral specificities in upgrading and innovation: a classification for Latin8American countriesThe impact of collective efficiency and patterns of governance on thecapacity of SMEs to upgrade may differ across sectors. This claim is based upon the consideration that sectoral groups differ in termsof technological complexity and in the modes and sources of innovationand upgrading. 9 As shown by innovation studies, in some s ectors, vertical relations with suppliers of inputs may b e particularly important sources of product and process upgrading (as in the case of textiles and the mosttraditional manufacturing), while in other sectors, technologyusers, organizations such as universities or the firms themselves (as, for example, with software or agro industrial products) may provide majorstimuli for technical change (Pavitt,1984; Von Hippel, 1987).Consistently with this approach, the properties of firm knowledge bases acrossdifferent sectors (Malerba & Orsenigo, 1993) 10 mayaffect the strategic relevance ofcollective efficiencyfor the processes of upgrading in clusters. Thus,for example, intraditional manufacturing sectors, technology has important tacit and idiosyncraticelements, and therefore, upgrading strongly depends on the intensity of technologicalexternalities and cooperation among l ocal actors (e.g., firms, research centers, andtechnology and quality diffusion centers), in other words, upgradingdepends on thedegree of collective efficiency. While in other groups (e.g., complexproducts or largenatural resource-based firms) technology is more codified and the access to externalsources of knowledge such as transnational corporations(TNCs,or researchlaboratories located in developed countries become more critical forupgrading.Furthermore, the differences across sectoral groups raise questions onthe role ofglobal buyers in fostering (or hindering) the upgrading in differentclusters. Thus, forexample, global buyers may be more involved and interested intheir providers’　upgrading if the technology required is mainly tacit and requires intense interaction.Moreover, in traditional manufacturing industries, characterized by alow degree oftechnological complexity, firms are likely to be included in GVCs evenif they havevery low technological capabilities. Therefore, tight supervision anddirect supportbecome necessary conditions for global buyers who rely on the competencies of their9local suppliers and want to reduce the risk of non compliance(Humphrey & Schmitz,2002b). The situation is at the opposite extreme in the case of complex products,where technology is often thoroughly codified and the technological complexityrequires that firms have already internal technological capabilities to be subcontracted,otherwise large buyers would not contract them at all.In order to take into account the above-mentioned hypotheses, wedevelop asectoral classification, adapting existing taxonomies to the Latin American case. 11On the basis of Pavitt’s seminal work (1984), we consider that in Latin America, in-house R&D activities are very low both in domestic and foreign firms(Archibugi&Pietrobelli, 2003), domestic inter sectoral linkages have beendisplaced by tradeliberalization(Cimoli & Katz, 2002), and university-industry linkagesappear to bestill relatively weak (Arocena & Sutz, 2001). 12 Furthermore, in the past10 years,Latin America has deepened its productive specialization in resource based sectors and has weakened its position in more engineering intensive industries (Katz,2001), reflecting its rich endowment o f natural resources, relatively more than human and technical resources (Wood & Berge,1997).Hence, we retain Pavitt’s key notions and identify four main sectoral groups for Latin America on the basis of the way l earning and upgrading occur, and on the related industrial organization that most frequently prevails.13The categories are as follows:1. Traditional manufacturing, mainly labor intensive and ‘‘traditional’’　technology industries such as textiles, footwear, tiles, and furniture;2. Natural resource-based sectors (NRbased),implying the direct exploitation of natural resources, for example, copper, marble, fruit, etc.;3. Complex products industries (COPs), including, among others, automobiles,autocomponents and aircraft industries, ICT and consumer electronics;4. Specializedsuppliers, in our LA cases, essentially software.Each of these categories tends to havea predominant learning and innovating behavior, in terms of main sourcesof technicalchange, dependence on basic or applied research, modes of in-house innovation (e.g.,‘‘routinized’’ versus large R&D laboratories), tacitness orcodified nature ofknowledge, scale and relevance of R&D activity, andappropriability of10innovation(Table 1).Traditional manufacturing and resource-based sectors are by far the mostpresent in Latin America, and therefore especially relevant toour presentaims of assessing SMEs’ potential for upgrading within clustersand value chains. Traditional manufacturing is defined as supplierdominated, because major process innovations are introduced by producersof inputs (e.g., machinery, materials, etc.). Indeed, firm shave room toupgrade their products (and processes)by developing or imitating newproducts’ designs, often interacting with large buyers that increasinglyplay a role in shaping the design of final products and hence thespecificities of the process of production (times, quality standards, andcosts).Natural resource-based sectors crucially rely on the advancement ofbasic and applied science, which, due to low appropriabilityconditions, is most often undertaken by public research institutes,possibly in connection with producers (farmers, breeders, etc.). 14 Inthese sectors, applied research is mainly carried out by input suppliers(i.e., chemicals, machinery, etc.) which achieve economies of scale andappropriate the results of their research through patents.Complex products are defined as ‘‘high cost, engineering-intensive products,subsystems, or constructs supplied by a unit of production’’　(Hobday,1998), 15where the local network is normally anchored to one ‘‘assembler,’’　whichoperates asa leading firm characterized by high design and technologicalcapabilities. To ouraims, th e relationships of local suppliers with these ‘‘anchors’’　may be crucial tofoster (or hinder) firms’　upgrading through technology and skill transfers(or the lackof them).Scale-intensive firms typically lead complex product sectors (Bell& Pavitt,1993), where the process of technical change is realized within an architectural set(Henderson & Clark, 1990), and it is often incremental and modular.Among the Specialized Suppliers, we only consider software, which istypicallyclient driven. This is an especially promising sector for developingcountries’ SMEs,due to the low transport and physical capital costs and the high information intensityof the sector, which moderates the importance of proximity to finalmarkets andextends the scope for a deeper international division of labor.Moreover, the11disintegration of some productive cycles, such as for example of telecommunications,opens up new m arket niches with low entry barriers(Torrisi, 2003). However, at thesame time, the proximity of the market and of clients may cruciallyimprove thedevelopment of design capabilities and thereby foster product/process upgrading.Thus, powerful pressures for cluste ring and globalization coexist in thissector.The different learning patterns across these four groups of activities are expected to affect the process of upgrading of clusters in value chains.This paper also aims at analyzing with original empirical evidencewhether—and how—the sectoral dimension influences this process in Latin America.4. METHODOLOGY: COLLECTIONAND ANALYSIS OF DATAThis study is based on the collection of original data from 12 clusters in LatinAmerica that have not hitherto been investigated, and on an extensivereview of cluster studies available. The empirical analysis was carried out from September 2002 to June 2003 with the support of the Inter American Development Bank. An international team of 12 experts in Italy andin four LA countries collected and reviewed the empirical data.Desk and field studies were undertaken following the same methodology,whichinvolved field interviews with local firms, institutions, and observers,interviews withforeign buyers and TNCs involved in the local cluster, and secondary sources such as。

中英文资料外文翻译文献Managing Credit Risks with Knowledge Management forFinancial BanksAbstract-Nowadays,financial banks are operating in a knowledge society and there are more and more credit risks breaking out in banks.So,this paper first discusses the implications of knowledge and knowledge management, and then analyzes credit risks of financial banks with knowledge management. Finally, the paper studies ways for banks to manage credit risks with knowledge management. With the application of knowledge management in financial banks, customers will acquire better service and banks will acquire more rewards.Index Terms–knowledge management; credit risk; risk management; incentive mechanism; financial banksI.INTRODUCTIONNowadays,banks are operating i n a“knowledge society”.So, what is knowledge? Davenport(1996)[1]thinks knowledge is professional intellect, such as know-what, know-how, know-why, and self-motivated creativity, or experience, concepts, values, beliefs and ways of working that can be shared and communicated. The awareness of the importance of knowledge results in the critical issue of “knowledge management”. So, what is knowledge management? According to Malhothra(2001)[2], knowledge management(KM)caters to the critical issues of organizational adaptation, survival and competence in face of increasingly discontinuous environmental change. Essentially it embodies organizational processes that seek synergistic combination of data and information processing capacity of information technologies and the creative and innovative capacity of human beings. Through the processes of creating,sustaining, applying, sharing and renewing knowledge, we can enhance organizational performance and create value.Many dissertations have studied knowledge managementapplications in some special fields. Aybübe Aurum(2004)[3] analyzes knowledge management in software engineering and D.J.Harvey＆R.Holdsworth(2005)[4]study knowledge management in the aerospace industry. Li Yang(2007)[5] studies knowledge management in information-based education and Jayasundara＆Chaminda Chiran(2008)[6] review the prevailing literature on knowledge management in banking industries. Liang ping and Wu Kebao(2010)[7]study the incentive mechanism of knowledge management inBanking.There are also many papers about risks analysis and risks management. Before the 1980s, the dominant mathematical theory of risks analysis was to describe a pair of random vectors.But,the simplification assumptions and methods used by classical competing risks analysis caused controversy and criticism.Starting around the 1980s, an alternative formulation of risk analysis was developed,with the hope to better resolve the issues of failure dependency and distribution identifiability. The new formulation is univariate risk analysis.According to Crowder(2001)[8], David＆Moeschberger(1978)[9]and Hougaard(2000)[10],univariate survival risk analysis has been dominantly, which is based on the i.i.d assumptions(independent and identically distributed) or, at least, based on the independent failure assumption.Distribution-free regression modeling allows one to investigate the influences of multiple covariates on the failure, and it relaxes the assumption of identical failure distribution and to some extent, it also relaxes the single failure risk restriction. However, the independent failures as well as single failure events are still assumed in the univariate survival analysis. Of course,these deficiencies do not invalidate univariate analysis, and indeed, in many applications, those assumptions are realistically valid.Based on the above mentioned studies, Ma and Krings(2008a, 2008b)[11]discuss the relationship and difference of univariate and multivariate analysis in calculating risks.As for the papers on managing the risks in banks, Lawrence J.White(2008)[12]studies the risks of financial innovations and takes out some countermeasures to regulate financial innovations. Shao Baiquan(2010)[13]studies the ways to manage the risks in banks.From the above papers, we can see that few scholars have studied the way to manage credit risks with knowledge management. So this paper will discuss using knowledgemanagement to manage credit risks for financial banks.This paper is organized as follows: SectionⅠis introduction. SectionⅡanalyzes credit risks in banks with knowledge management. SectionⅢstudies ways for banks to manage credit risks with knowledge management. SectionⅣconcludes.II.ANALYZING CREDIT RISKS IN BANKS WITHKNOWLEDGE MANAGEMENTA.Implication of Credit RiskCredit ris k is the risk of loss due to a debtor’s non-payment of a loan or other line of credit, which may be the principal or interest or both.Because there are many types of loans and counterparties-from individuals to sovereign governments-and many different types of obligations-from auto loans to derivatives transactions-credit risk may take many forms.Credit risk is common in our daily life and we can not cover it completely,for example,the American subprime lending crisis is caused by credit risk,which is that the poor lenders do not pay principal and interest back to the banks and the banks do not pay the investors who buy the securities based on the loans.From the example,we can find that there are still credit risks,though banks have developed many financial innovations to manage risks.B.Sharing KnowledgeKnowledge in banks includes tacit knowledge and explicit knowledge,which is scattered in different fields.For example, the information about the customers’income, asset and credit is controlled by different departments and different staffs and the information can’t be communicated with others. So it is necessary for banks to set up a whole system to communicate and share the information and knowledge to manage the risks.C.Setting up Incentive Mechanism and Encouraging Knowledge InnovationThe warning mechanism of credit risks depends on how bank’s staffs use the knowledge of customers and how the staffs use the knowledge creatively.The abilities of staffs to innovate depend on the incentive mechanism in banks,so, banks should take out incentive mechanism to urge staffs to learn more knowledge and work creatively to manage credit risks.We can show the incentive mechanism as Fig.1:Fig.1 The model of incentive mechanism with knowledge management From Fig.1,we can see there are both stimulative and punitive measures in the incentive model of knowledge management for financial banks.With the incentive mechanism of knowledge management in financial banks,the staffs will work harder to manage risks and to acquire both material returns and spiritual encouragement.III.MANAGING CREDIT RISKS IN BANKS WITH KNOWLEDGEMANAGEMENTThere are four blocks in managing credit risks with knowledge management.We can show them in Fig.2:Fig.2 The blocks of managing credit risksA.Distinguishing Credit RiskDistinguishing credit risks is the basis of risk management.If we can’t recognize the risks,we are unable to find appropriate solutions to manage risks.For example,the United States subprime crisis in 2007 was partly caused by that the financial institutions and regulators didn’t recognize the mortgage securitization risks timely.With knowledge management,we can make out some rules to distinguish credit risks,which are establishing one personal credit rating system for customers and setting up the data warehouse.We can use the system to analyze customers’credit index, customers’credit history and the possible changes which may incur risks.At the same time,we should also watch on the changes of customers’property and income to recognize potential risks.B.Assessing and Calculating Credit RiskAfter distinguishing the credit risks,we should assess the risk exposure,risk factors and potential losses and risks, and we should make out the clear links.The knowledgeable staffs in banking should use statistical methods and historical data to develop specific credit risks evaluation model and the regulators should establish credit assessment system and then set up one national credit assessment system.With the system and the model of risk assessment,the managers can evaluate the existing and emerging risk factors,such as they prepare credit ratings for internal use.Other firms,including Standard ＆Poor’s,Moody’s and Fitch,are in the business of developing credit rating for use by investors or other third parties.Table Ⅰshows the credit ratings of Standard ＆Poor’s.TABLE ISTANDARD ＆POOR’S CREDITT RATINGSAfter assessing credit risks,we can use Standardized Approach and Internal Rating-Based Approach to calculate the risks.And in this article,we will analyze how Internal Rating-Based Approach calculates credit risk of an uncovered loan.To calculate credit risk of an uncovered loan,firstly,we will acquire the borrower’s Probability of Default(PD),Loss Given Default(LGD),Exposure at Default(EAD)and Remaining Maturity(M).Secondly,we calculate the simple risk(SR)of the uncovered loan,using the formula as following:SR=Min{BSR(PD)*[1+b(PD)*(M-3)]*LGD／50,LGD*12.5} (1)Where BSR is the basic risk weight and b(PD)is the adjusting factor for remaining maturity(M).Finally,we can calculate the weighted risk(WR)of the uncovered loan,using the following formula:WR=SR*EAD (2)From(1)and(2),we can acquire the simple and weighted credit risk of an uncovered loan,and then we can take some measures to hedge the credit risk.C.Reducing Credit RiskAfter assessing and calculating credit risks,banks should make out countermeasures to reduce the risks.These measures include：(1)Completing security system of loans. The banks should require customers to use the collateral and guarantees as the security for the repayment,and at the same time,banks should foster collateral market.(2)Combining loanswith insurance.Banks may require customers to buy a specific insurance or insurance portfolio.If the borrower doesn’t repay the loans,banks can get the compensation from the insurance company.(3)Loans Securitization. Banks can change the loans into security portfolio,according to the different interest rate and term of the loans,and then banks can sell the security portfolio to the special organizations or trust companies.D.Managing Credit Risk and Feeding backA customer may have housing loans,car loans and other loans,so the banks can acquire the customer’s credit information,credit history,credit status and economic background from assessing the risks of the customer based on the data the banks get.By assessing and calculating the risks of the customer,banks can expect the future behavior of the customers and provides different service for different customers. Banks can provide more value-added service to the customers who have high credit rates and restrict some business to the customers who have low credit rates.At the same time, banks should refuse to provide service to the customers who are blacklisted. Banks should set up the pre-warning and management mechanism and change the traditional ways,which just rely on remedial after the risks broke out.In order to set up the warning and feeding back mechanism,banks should score credit of the customers comprehensively and then test the effectiveness and suitability of the measures,which banks use to mitigate risks.Finally, banks should update the data of the customers timely and keep the credit risk management system operating smoothly.IV.CONCLUSIONIn this paper,we first discuss the implications of knowledge and knowledge management.Then we analyze the credit risks of financial banks with knowledge management. Finally,we put forward ways for banks to manage credit risks with knowledge management.We think banks should set up data warehouse o f customers’credit to assess and calculate the credit risks,and at the same time,banks should train knowledgeable staffs to construct a whole system to reduce risks and feed back.With knowledge management,banks can take out systemic measures to manage cust omers’credit risks and gain sustainable profits.ACKNOWLEDGMENTIt is financed by the humanities and social sciences project of the Ministry of Educationof China(NO.06JC790032).REFERENCES[1]Davenport,T.H.et al,“Improving knowledge work processes,”Sl oan Management Review,MIT,USA,1996,V ol.38,pp.53-65.[2]Malhothra,“Knowledge management for the new world of business,”New York BRINT Institute,2001,lkm/whatis.htm.[3]Aybübe Aurum,“Knowledge management in software engineering education,”Proceedings of the IEEE International Conference on Advanced Learning Technologies,2004,pp.370-374.[4]D.J.Harvey＆R.Holdsworth,“Knowledge management in the aerospace industry,”Proceedings of the IEEE International Professional Communication Conference,2005,pp.237-243.[5]Li Yang,“Thinking about knowledge management applications in information-based education,”IEEE International Conference on Advanced Learning Technologies,2007,pp.27-33.[6]Jayasundara＆Chaminda Chiran,“Knowledge management in banking industries:uses and opportunities,”Journal of the University Librarians Association of Sri Lanka,2008,V ol.12,pp.68-84.[7]Liang Ping,Wu Kebao,“Knowledge management in banking,”The Conference on Engineering and Business Management,2010, pp.4719-4722.[8]Crowder,M.J.Classical Competing Risks,British:Chapman&Hall, 2001,pp.200.[9]David,H.A.&M.L.Moeschberger,The Theory of Competing Risks, Scotland,Macmillan Publishing,1978,pp.103.金融银行信用风险管理与知识管理摘要：目前，金融银行经营在一个知识型社会中，而且越来越多的信用风险在在银行中爆发。

金融监管改革与启示外文文献翻译2014年译文3400多字The financial crisis of 2008 XXX system。

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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。

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credit limits。

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

Banks face numerous challenges in managing credit risk。

毕业设计（论文）外文参考资料及译文译文题目：如何防范网络金融风险学生姓名：学号： 0721116308 专业：金融学所在学院：龙蟠学院指导教师：职称：教授2011年 2 月 20 日How to guard against financial risks networkProfessor Kristian BehrensThis article is an excerpt from the "Journal of Economic Geography, "November 2009 2First, the definition of network financeNetwork Finance is a computer network for the technical support of the financial activities and related activities in general, is a network of information technology and product of the combination of modern finance, but it is not a simple combination of the two, but a financial industry and even all industries An operating mechanism, is the future of enterprise system development. Narrowly understood, refers to the financial network of financial service providers based on the host to the Internet or communications network for the media, through the financial data and business processes embedded software platform, user interface terminal mode of operation of the new financial ; from a broad understanding of the concept of network finance their mode of operation also includes matching network of financial institutions, networks and related financial markets, regulatory and other external environment. Including: e-money, online banking, online payment, network security and network insurance.Second, the network of financial riskNetwork mainly engaged in the financial settlement of electronic money and electronic virtual financial services, in addition to traditional financial activities which exist in the process of credit risk, liquidity risk, interest rate risk, currency risk and market risk, from a technical, business and legal perspective, There are the following specific risks:1. Technology risk(1) hacker attacks. The operation of the network must rely on financial transactions, computer and Internet, all transactions are stored in the computer, the transmission of online information is easy to become a large network of "hacker" attack. In addition, Web access is a form of Internet service, is also a network of financial institutions trading and services platform, but it depends on TCP / IP protocol, there are many security vulnerabilities. This gives hackers broke into financial institutions through the network to create the conditions for the system. Hackers only need to use loopholes in the system itself, "only need to modify a few settings " you can allow financial institutions to a standstill.(2) technology selection risk. To carry out financial business networks, they must choose a proven technology solutions to support. Once there is choice, there will be aresult of selection for the same mistakes which led to the risk. One possibility is to choose the technology system and client terminal software compatibility due to poor speed of information transmission interruption or reduction, another risk is that of technical alternatives have been eliminated, resulting in relatively backward technology, the network out of date, leading to enormous technical and Loss of business opportunities. Financial terms of the network, technology choice may lose all of the market failure, or even lose the basis for survival.2. Business risks.(1) operational risk. Operational risk from the system reliability, stability and security caused major defects in the possibility of potential loss may come from the negligence of online financial customers, may also come from the financial security system network and its products, design flaws and operational errors . Operational risk relates primarily to authorize the use of online financial accounts, the network of financial risk management systems, networks, financial institutions and the exchange of information among customers, true and false recognition of electronic money.(2) the risk of market signals. Market risk is due to signal asymmetric information network of financial institutions led to the face of adverse selection and moral hazard arising from business risks. Such as Internet banking customers can not identify the risk level of the Internet at a disadvantage, online customers may use their hidden information and action to make the network to their advantage at the expense of the interests of the decision-making banks and leaving because of adverse public comment on Internet Banking Risk of losing customers and sources of funding risks.(3) credit risk. Reputation risk is the network of financial institutions can not create good customer relations, can not establish their own good reputation, and thus can not engage in financial business. Once the virtual network of financial institutions to provide financial services can not achieve the expected level of the public, or adverse reactions in the community, or network security system of financial institutions have been destroyed to form a network of financial credit risk.3. Legal risks. The legal risks of financial networks, mainly from two aspects: First, violation of relevant laws, regulations and system requirements, and online transactions failed to comply with the provisions of the relevant rights and obligations. These laws and regulations, including consumer protection laws, financial disclosure system, privacy protection, intellectual property protection law and currency system. Second, the lack of network financial law. China Internet Finance still in its infancy, isstill quite a lack of appropriate laws and regulations. Therefore, using the Internet to provide or receive financial services, signed an economic contract rights and obligations in the face considerable legal risk, vulnerable to undue disputes, not only increase the cost of online financial transactions, and even affect the Development of the financial health of the network.Third, improve the network to prevent and control financial risksPoint of the network of financial risks, involving a wide range of interests, it is necessary to perfect legal environment, strengthening access management, a sound regulatory system, adjust the regulatory strategy and other aspects, a multi-pronged, comprehensive treatment.1. Improve the legal system.(1) legislative efforts to increase the network of financial, clear the network of financial rights and obligations of relevant subjects.(2) to develop rules of fair trade network. In the identification and validation of digital signatures, transactions preservation of evidence, the transaction and both parties share responsibility for the protection of personal information of consumers to make detailed provisions to ensure transaction security, digital evidence when disputes arise and transactions in a real and effective personal Privacy.2. Enhanced market access management.(1) The status of the technology infrastructure as one of the conditions of market access. Financial services applications for operating the network of financial institutions not only a considerable scale of network equipment, but also need to have confirmed the legality of trading partners, to prevent tampering with trading information and prevent information leakage and other aspects of key technologies.(2) to develop rigorous internal control system. Publicity for the network of financial services, information disclosure, and system design have institutional arrangements, the establishment of a network of financial institutions or a new business, the must have sound risk identification, identification, management, risk cover and disposal programs.(3) to develop and improve the types of transactions operating procedures. Applications to open accounts for customers, customer authorization statement, the general development of trading procedures, rules to prevent illegal trading and online financial transaction system against criminal activities.(4) the implementation of the network type of financial business management. Development of classification standards, banking and financial services capabilities and the ability to credit rating, thus a variety of services on the network to carry out the financial restrictions and permits.3. Improve the regulatory system.(1) improve the network of financial risk monitoring systems. The establishment of "national (network) Financial Risk Management Committee."(2) to strengthen collaborative supervision. "Committee" of the member units and other relevant regulatory authorities to share information resources among each other and opening up their own information database, and regularly informed of their supervision, promote joint supervision, supervision of financial risks to improve network accuracy and timeliness.(3) to strengthen international cooperation in financial supervision network. Meanwhile, the network with international cooperation in financial supervision to strengthen the network of bank borrowing way illegal tax evasion, money laundering and other acts, the way the use of Internet banking transnational smuggling, illegal arms trafficking activities such as arms and drug trafficking, illegal attack on the use of Internet banking other sites internet bank hackers, and other international criminal activities a full range of monitoring, the formation of the network can effectively protect the financial health of the global network operations and is responsible for the supervision of the financial system.4. Adjust the control strategy.(1) and improve the modernization level of financial supervision network. In the practice, we should have complete control of the network of financial institutions to improve the business operation of the network capacity and the forecast level of financial risk, and enhance macro-control of the systematic and forward-looking, but also to strengthen financial supervision and standardization of network construction, improve the network of financial supervision modern and scientific level.(2) improve the network of financial and non-site inspection of the site content system. On-site inspection should focus on the technical elements to be checked.(3) the establishment of mandatory information disclosure system. Follow the "open, fair and just" principle, development of financial services than the traditional more stringent information disclosure rules, norms, disclosure of the content, format, frequency and responsibilities and so on, through the financial statements, disclosureof the online publicity and other means of financial networks business information.(4) Innovative forms of regulation. Take full advantage of information superiority, the establishment of real-time tracking and monitoring systems, strengthen monitoring, while also taking on the network "rules, patrol checks," the way the operational status of the network and whether the financial "irregularities" carry out spot checks found that, in a timely manner to correct or take punitive measures.5. Building security system.(1) accelerate research and development with China's own intellectual property rights of advanced information technology. Including computer equipment, communications equipment, system software, encryption algorithms, from the protection of national financial security and national economic security perspective to improve network security.(2) improving the network operating environment. Computer networks and centers to strengthen the management of the engine room, increase physical security measures for computer input, and enhance computer systems of key technologies and key equipment against attacks, anti-virus capabilities, maintenance of computer hardware security, ensure network banks rely on network hardware The normal operation of the environment safe.(3) secure access. On the one hand through the network of physical and logical isolation means isolation, and physical resources to unauthorized users isolated from each other, on the other hand through the application of the authentication and grading systems such as login authorization to restrict access to unauthorized users.References：[1] Kun-Li Wen. A Matlab Toolbox for Grey Clustering andFuzzyComprehensive Evaluation[J] .Advances in Engineering Soft-ware, 2008,39 (1) :137-145 .[2] Narendra K S, Parthasarathy K. Identification and control of dynamicalsystems using neural networks .IEEE Transactions on Neural Networks, 1999, 1(1) :4-27 .[3] Arnold F Shapiro. The merging of neural networks, fuzzy logic, and geneticalgorithms .Insurance: Mathematics and Economics, 2002, 31 (1) :115-131 .[4] Ghiassi M, Saidane H, Zimbra D K. A dynamic artificial neural networkmodel for forecasting time series events .International Journal of Forecasting,2005, 21(2) :341-362 .[5] Shintani M,Linton O. Nonparametric Neural Network Estimationof Lyapunov Exponents and a Direct Test for Chaos[J] .Journal ofEconometrics, 2004, 120 (1) :1-33 .[6] Eric Fenmore. Making Purchase-Order Financing Work for You .The Secured lender, 2004, 60 (2) :20-24 .[7] Internet Banking and Technology Risk Management Guidelines, .Monetary Authority of Singapore, .如何防范网络金融风险克里斯蒂安贝伦斯教授本文是摘自于《经济地理杂志》中的一篇文章2009年11月第2期一、网络金融的定义网络金融是对以电脑网络为技术支撑的金融活动和相关活动的总称，是网络信息技术与现代金融相结合的产物，但它并不是二者的简单结合，而是一种金融业乃至所有行业的一种运行机制，是未来企业机制发展的方向。

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。

Understanding Debt ManagementEddie BelcherPreparation Date: 2 November 2009This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to debt management.Important informationThis document has been published by GWM Adviser Services Limited AFSL 230692 , registered address 105-153 Miller St North Sydney NSW 2060, ABN 96 002 071 749 for use in conjunction with Statements of Advice prepared by its authorized representatives and the representatives or author representatives of National Australia Bank Limited, Godfrey Pembroke Limited, Apogee Financial Planning Limited and Australian Financial Services Licensees with whom it has a commercial services agreement.This document contains general information about the benefits, costs and risks associated with certain product classes and strategies. It is designed for use in conjunction with a Statement of Advice that takes into account the circumstances and objectives of an individual. Before making a commitment to purchase or sell a financial product, you should ensure that you have obtained an individual Statement of Advice .As legislation may change you should ensure you have the most recent version of this document.How to read this documentManaging your finances to meet your day to day requirements as well as your long-term goals can be a complex task.There are all sorts of issues you need to consider such as taxation, legislation, protecting your wealth and assets, associated costs and the inherent risks of investment. When undertaking a financial plan it is important that you understand how these issues will impact on you and what you should expect over time.Your financial adviser will provide you with a Statement of Advice (SOA) which sets out the details of the advice and how it will meet your goals and objectives. This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to debt management. It is very important that you read this document to help you understand the benefits of the strategies recommended to you, and the associated costs and risks.Please contact your Adviser if you do not understand anything, or needfurther information or clarification.Debt ManagementBelow is a brief description of the main types of loan facilities, features and risks. Fixed Rate LoanFixed rate loans protect you against the risk of an interest rate rise by fixing the interest rate applicable to all, or a portion of, your loan for a set period of time.If interest rates rise you will have the security of knowing that the interest rate on the fixed portion of your loan and your regular repayments will not change until the end of the fixed period.Factors to be aware of:• Fixed interest rate• loans are generally higher than variable rate loans.• Variable interest rates may fall during the term of your fixed interest rate term.• Fixed rate loans generally have limited features, and restrictions are applied on additional repayments, which may prevent you from accelerating the repayment of your loan.• Early payout fees usually apply to fixed rate loans.Variable LoanVariable rate loans have an interest rate that may change. Therefore, minimum repayments may vary with changing interest rates. Generally, variable rate loans have a lower interest rate than fixed rate loans. Variable loans also have greater features than fixed loans, such as the ability to make additional repayments, vary payment frequency, redraw facility, offset facility and portability.Factors to be aware of:• If interest rates rise, your variable rate loan and repayments are also likely to rise.• You may be paying a higher interest rate than needed, if you are not using all the features of your variable rate loan.Using a Redraw FacilityA redraw facility allows extra funds paid into the loan (above the minimum requirement) to remain available to you upon application to your lender. Additional repayments made directly into the loan result in less interest being charged and a reduction in the term of your loan.Factors to be aware of:• Depending on your loan contract, there may be fees payable and some restrictions on minimum amounts that can be redrawn.• If you make additional repayments dire ctly into an investment loan and then redraw these funds for a non-income producing purpose, the interest expenses will not be fully deductible.Using a 100% Offset AccountA 100% offset account can be operated as your normal transaction account , ensuring that you retain complete flexibility and access to your funds. It is a separate account to your loan, however, when your interest is calculated, the funds held in this account are ’offset’ against your loan, effectively reducing your interest liability.Using an offset account to its optimum involves keeping all of your income and any savings in this account for as long as possible. This effectively minimises the daily balance owing used to calculate your loan interest and as a result can also reduce the term of your loan.If you have an investment loan, there is an advantage in making additional repayments into an offset account rather than making the repayments directly into the investment loan. While in both cases you will reduce the effective loan balance and save interest, you are able to withdraw funds from the offset account whilst maintaining full deductibility of interest on your loan.Factors to be aware of:You may have to pay a fee or higher interest rates for this facility.Debt management strategiesDebt, or borrowed money, can play an important role in helping you to achieve your lifestyle goals and objectives. However, it is important that it be managed and structured effectively to minimise borrowing costs.The way debt is managed may depend on whether it is considere d “efficient” or “inefficient”.Efficient Debt (Tax Deductible)In most cases, debt used to purchase assets that produce income (forexample, a portfolio of shares or an investment property) qualify for a tax deduction in relation to interest costs. This form of debt is considered to be “efficient”.Inefficient Debt(Non Tax Deductible)Loans taken out to purchase services or assets which do not generate income (for example, to purchase a principal residence, a car or fund a holiday) do not qualify for a tax deduction in relation to the interest costs. In these cases the debt is considered to be inefficient from a wealth creation perspective and is often draining on your long-term wealth accumulation capacity when not managed properly.Wherever possible you should try to accelerate the repayment of yourinefficient debt. Outlined below are common debt reduction strategies. Reducing Inefficient DebtBy accelerating the reduction of your inefficient debt, you can:• Reduce your total in terest payments and reduce the duration of yourinefficient debts.• Increase the equity you have in your home, which can be potentially used as security to borro w for investment purposes later on.• Potentially provide you with more cash flow at the end of the loan term that can either be used to repay other debt or to make additional investments.There are various debt management strategies that can be used to reduce inefficient debt. We have listed some common strategies below.Increasing Your Regular RepaymentsIncreasing the size of regular loan repayments involves transferring surplus cash into your loan on a regular basis. This will result in a reduction in the interest charged and principal owing on the loan.Factors to be aware of:• Loss of access to • your funds, unless the payments are made into an offset account or redraw facility.• Many fixed interest rate loans limit additional repayments and may also charge a fee.• By reducing the term of a fixed interest loan, you may incur early payout fees. Increasing Payment Frequency on Your LoanAs interest on your loan is calculated daily on your outstanding loan balance, the longer the period between your payments, the higher the average daily loan balance, and the greater the interest charged. More frequent loan repayments will result in less interest being charged and may result in a reduced loan term. Making Additional Lump Sum PaymentsMaking an additional lump sum repayment involves a one-off cashpayment into your loan.The benefit of this strategy is that you will effectively be earning an after-tax return equivalent to your loan interest rate. It is unlikely that you could obtain an after-tax return as high as this from other investments with the same level of risk. Factors to be aware of:• Loss of access to your funds, unless the payment is made into an offsetaccount or redraw facility.Utilising a Credit Card Effectively in Conjunction with Your LoanYou can retain access to additional loan repayments through the use of an offset account. Therefore, an effective debt management strategy is to take advantage of your mortgage offset account and the interest free period on your credit card. Instead of using your cash to pay your everyday expenses (and as a result taking those funds away from your offset account), using your credit card leaves your cash in your offset account longer, reducing the effective balance of your loan and the daily interest that accumulates.It is important to note that this strategy will only be effective if you pay your credit card debt within the interest free period each and every month. This can be paid via a transfer from your offset account or from other cash flow.Factors to be aware of:• It is important that you pay the entire amount owing on your creditcard each month within the interest free period.Consolidating Your DebtA simple strategy to lower your overall interest rate and more easily manage yourdebt is to consolidate all debts into one loan that provides a lower interest rate and features to help you repay your inefficient debt faster.Loan consolidation will save you interest where your new repayment and loan term are at least equal to your total current loan repayments and loan terms. Otherwise, you could be converting your short-term debts into longer-term debt and be paying more interest in the long run.Factors to be aware of:• Early termination fees may apply to your existing loan(s).• The interest rate on your new loan may be higher than rate than yourexisting loan(s).• Loan consolidation can significantly increase your total interest costs, if you make smaller repayments over a longer time.• Application fees and stamp duty may be applied to your new loan.Debt RecyclingIn some cases, it may be appropriate to consider replacing inefficient debt with more efficient debt that can be used to create wealth tax effectively. This strategy is known as Debt Recycling but should only be undertaken after a thorough analysis of your financial situation.Debt recycling can be an effective strategy to accumulate wealth over thelong-term. It is a process of using surplus capital or cash flow to reduce inefficient debt and then replacing it with efficient debt in the form of an investment loan. The investment loan proceeds are then invested to form part of your investment portfolio.The inefficient debt is eventually extinguished and an investment loan with fully tax deductible interest remains.There is no tax benefit available on debt used for personal purposes, but a tax deduction is available on the interest expense on investment loans, where the loan is used to purchase income producing assets. Debt recycling therefore results in a more tax efficient outcome and wealth accumulation benefits through the accumulation of an investment portfolio. You should note that the investment loan would need to repaid at some point in time. To implement this strategy, your tolerance for risk should allow you to feel comfortable with borrowing to invest. There are two ways debt recycling can be undertaken:Lump Sum Debt RecyclingIf you have available capital such as bank account savings, this can be used to repay any inefficient debt, such as a home mortgage or personal loan. An investment loan can then be taken for the same amount and be used to invest in an investment portfolio.Regular Debt RecyclingIf you have regular surplus income, this can be used to increase the regular repayments on your inefficient debt, such as your home mortgage or personal loan. An investment loan can then be increased by a corresponding amount and the proceeds used to invest in an investment portfolio.了解债务管理埃迪贝尔彻发表日期：2009年11月2日这份文件提供了一些额外的信息，讨论了有关债务管理的SOA，以帮助您了解金融规划概念。