簡(jiǎn)介：1257THEREALESTATEOFCHINAUNDERTHEGLOBALFINANCIALCRISISCUIXUEZHU1WANGYAOWU2ABSTRACTSINCETHESUBPRIMEMORTGAGECRISISIN2007,THECHINESEECONOMICISFALLINGINTOADISAPPOINTINGSEASONANDALSOITSREALESTATEMARKETHASALREADYSHOWNADEPRESSINGSITUATIONINORDERTOEXPANDTHEDOMESTICDEMAND,TENPIECESOFPLANWASANNOUNCEDBYTHEGOVERNMENTONNOVEMBER11TH2008ITPRESENTSTHERESTRUCTUREOFTHEMACROECONOMICPOLICYANDATTHESAMETIME,THEREALESTATEPOLICYISJUSTINTHECOREPOSITION,WHICHISDOMINANTOFTHEWHOLEECONOMICSITUATIONINTHISPAPER,THEROOTSOFFINANCIALCRISISARESIMPLYANALYZEDFIRSTLY,ANDTHENITSHOWSTHEOPERATIONANDDEVELOPMENTOFTHEREALESTATEMARKETINCHINABYDESCRIBINGTHEPRESENTSITUATION,ITPUTSFORWARDSOMECORRESPONDINGPOLICYTOPREVENTTHEREALESTATEBUBBLEANDSOMEOTHERPOSSIBLEFINANCIALRISKS,WHICHCOULDMAKETHEREALESTATEINDUSTRYMAINTAINASUSTAINED,RAPIDANDSOUNDDEVELOPMENTKEYWORDSFINANCIALCRISIS,NATIONALREALESTATE,REALESTATEFINANCE,DEVELOPINGMODE1INTRODUCTIONONAUGUST2007,THEUSSUBLOANCRISISFLAREDUP,ANDBOTHTHEUSDOWJONESANDNASDAQFELLSHARPLY,WHICHALSOCAUSEDSTRONGGLOBALSTOCKMARKETTURBULENCETHECRISISISNOTONLYGIVEAHEAVYBLOWTOTHEUSECONOMY,BUTALSOSPREADRAPIDLYTOTHEEUROPEANDTHEASIANFINANCIALMARKETS,WHICHPERFORMAFINANCIALCRISISINTHEWORLDNOLESSTHANA“BUTTERFLYEFFECT”THEIMPACTCONTINUESNOWANDUNDERTHISCIRCUMSTANCE,WEHAVETOHAVELESSONSFROMTHEUSSUBLOANCRISISTOENSURETHESTABILITYOFTHENATIONALREALESTATEMARKETDEVELOPMENT2THEROOTSOFFIANANCIALCRISISTHEHIGHPRICELEVEL,THEEXPANSIONOFPERSONALHOUSINGMORTGAGELOANANDTHEHIGHINTERESTBASEDONTHEEXCESSLIQUIDITYCANBESEENASTHEMAINREASONOFTHISFINANCIALCRISISINAMERICANALTHOUGHITORIGINATESFROMTHEREALESTATEMARKETANDTHEHOUSINGMORTGAGELOANMARKET,THECRISISHASALREADYSPREADTOTHESTOCKMARKETTHROUGHTHEBONDMARKET,WHICHHADANEFFECTONAMERICANECONOMICANDEVENTHEGLOBALFINANCIALSYSTEMTHEACTUALCASEINAMERICASHOWSTHATTHEEXPANSIONOFTHESUBPRIMEMORTGAGEISANECESSARYCAUSEOFTHECRISISBECAUSEOFTHECONTINUEDDECLINEDOFLONGTERMINTERESTBYTHEUSFEDERALRESERVEBOARDFROM1998TO2008,ASSHOWNINTABLE1,THEFINANCIALINSTITUTIONSHASEASEDTHETERMSOFREALESTATEMORTGAGELOAN,LIKETHEZEROYUANFIRSTPAYMENTANDTHECOMPLETELYBANKFINANCINGINTHISWAY,THETOTALMORTGAGELOANEXPANDEDANDTHEAMOUNTOFTHESUBPRIMEMORTGAGEALSOINCREASEDTHEPEOPLEWHOGETTHELOANBYPOORCREDITBECAMEMOREANDMOREWANG2009SEENFROMTHEQUANTITY,THESUBPRIMEMORTGAGECIRCULATIONOFTHEUNITEDSTATESIS17811BILLIONDOLLARSIN1995,ACCOUNTINGFOR56OFTHEENTIRELOANMARKETSHAREUNTIL2006,THECIRCULATIONREACHED447963BILLIONDOLLARS,ACCOUNTINGFORTHEOVERALLMARKETOVERTHESAMEPERIOD,WHICHINCREASEDBY25TIMESCOMPAREDWITH1995DURINGTHEPERIODFROM2004TO2006,ITMAINTAINEDATHREEYEARGROWTHRATEOF201PHDCANDIDATE,DEPARTMENTOFCONSTRUCTIONANDREALESTATE,HARBININSTITUTEOFTECHNOLOGY,HARBIN,CHINA150001PH8645189268938EMAILCUIXUEZHU_598163COM2PROFESSOR,DEPARTMENTOFCONSTRUCTIONANDREALESTATE,HARBININSTITUTEOFTECHNOLOGY,HARBIN,CHINA150001PH8645186414008EMAILYWWANGHITVIP163COMTABLE1THEAVERAGELENDINGRATEFROM1998TO2008INTHEUSYEAR1YEARADJUSTABLERATE15YEARFIXEDRATE30YEARFIXEDRATE198879410151045199082999110191992562807851199454080184919965847588031998575672706200071278982120024896116652005477554111120076046256582008564589643SOURCEHSHASSOCIATIONOFTHEUSSEENFROMTHESTRUCTURE,THEPROPORTIONOFHIGHQUALITYMORTGAGELOANSHASCONTINUOUSLYDECLINEDANDONTHECONTRARY,THATOFTHESUBPRIMEMORTGAGEHASINCREASEDSLOWLYTHESELFEXPANSIONOFSUBPRIMEMORTGAGEHASCAUSEDTHEACCUMULATIONOFRISKSANDWHENTHEMACROECONOMICDEPRESSEDANDMANYBORROWERSUNABLETOREPAY,THERISKWILLBEHIGHLIGHTEDBECAUSEOFTHEFRACTUREOFCAPITALCHAINFORTHESUBPRIMEMORTGAGEWANGANDGAO2008INGENERAL,THERAPIDDEVELOPMENTOFTHEREALESTATEINDUSTRYCANBESEENASASYMBOLOFPROSPERITYFORTHEUNITEDSTATES,THELONGTERMPROSPERITYOFTHEREALESTATEINDUSTRYMADETHEPEOPLEFEELSTHEIRPROPERTIESARECONTINUOUSLYINCREASEDANDTHENACCELERATETHECONSUMPTION,STIMULATETHEECONOMICGROWTHANDFURTHERMORE,THEECONOMICDEVELOPMENTPROMOTEDTHEREALESTATEINDUSTRY,WHICHMADEABENEFICIALECONOMICCYCLEBUTONCETHECHAINFRACTURED,THECONSEQUENCEMAYBEDEVASTATINGFUNDAMENTALLYSPEAKING,THESUBPRIMEMORTGAGECRISISINTHEUNITEDSTATESANDITSDERIVATIVEFINANCINGCRISISOFTHEWORLDARECAUSEDBYTHEIRRATIONALPROSPERITYOFTHEREALESTATEINDUSTRY3THEREALESTATEMARKETUNDERTHEFIANANCIALCRISISFROM1998TO2008,THEREALESTATEMARKETOFCHINAHASALREADYPROSPEREDFORTENYEARSATPRESENT,FACINGTHEGLOBALFINANCIALCRISIS,THEREALESTATEINDUSTRYOFCHINAISEXPERIENCINGUNPRECEDENTEDTENSIONS,SUCHASTHEEXPECTANCYOFHOUSEPURCHASINGHASCHANGEDANDMOSTOFPEOPLESTARTTOHOLDTHE“WAITANDSEE”ATTITUDETHEMARKETTRANSACTIONSAREINDEPRESSIONTHEDEVELOPERSDECLINEDTHEIRWILLINGNESSTOINVESTANDTHEINVESTMENTREDUCEDLARGELY1259ESTATECREDITWERESEENASAKINDOFGOODASSETSTODEVELOPBYTHECOMMERCIALBANKS,ASARESULT,ITISEASYTOCHANGEORSIMPLIFYSOMEOFTHEIMPORTANTPROCEDURETOOBTAINMOREMARKETSHARETHESEBEHAVIORS,SUCHASEASINGTHELOANSREQUIREMENTS,REDUCINGTHEEXAMINATIONSTEPSANDLOOSINGTHEAUTHENTICITYVERIFY,SERIOUSLYAFFECTTHESECURITYOFBANKASSETSAFTERYEARSOFRAPIDINCREASE,THEHOUSEPRICEHASALREADYREACHEDAHIGHLEVELANDTHEREALESTATEBUBBLELOOMSTHEREFORE,THENATIONALCOMMERCIALBANKSANDFINANCIALINSTITUTIONSSHOULDLEARNFROMTHISSETBACKSTRICTEXAMINATIONANDAPPROVALSHOULDBECARRIEDOUTTOMONITORTHEREAL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ONLYMEETT

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簡(jiǎn)介：本科生畢業(yè)實(shí)習(xí)報(bào)告題目關(guān)于在XXX區(qū)財(cái)政局的實(shí)習(xí)報(bào)告學(xué)生姓名學(xué)號(hào)指導(dǎo)教師二級(jí)學(xué)院會(huì)計(jì)學(xué)院專(zhuān)業(yè)名稱(chēng)財(cái)務(wù)管理班級(jí)此處為論文中文題目，要求居中填寫(xiě)主標(biāo)題不超過(guò)24個(gè)漢字；可加副標(biāo)題（副標(biāo)題前加破折號(hào)），副標(biāo)題與主標(biāo)題間空一行的位置主標(biāo)題黑體，小二，居中副標(biāo)題楷體_GB2312，四號(hào)，居中閱后刪除此文本框。2第三，訓(xùn)練財(cái)政業(yè)務(wù)基本技能，如整理、計(jì)算、匯總、打字等。第四，掌握所分配崗位的工作基礎(chǔ)，主要包括以下方面整理歸納檔案，進(jìn)行會(huì)計(jì)核算，編制表單等。第五，總結(jié)實(shí)習(xí)經(jīng)過(guò)，并完成實(shí)習(xí)手冊(cè)、實(shí)習(xí)報(bào)告。3實(shí)習(xí)主要內(nèi)容剛到單位的第一周，我主要以適應(yīng)環(huán)境為主，對(duì)單位情況以及人員設(shè)置有了一定的了解。這周我主要任務(wù)就是整理各種資料文件，給各個(gè)科室跑跑腿打打雜。本著認(rèn)真的態(tài)度對(duì)待工作之余，也不忘與同事之間友好地相處著，本著學(xué)習(xí)的態(tài)度謙虛地請(qǐng)教他們。過(guò)第一周的環(huán)境適應(yīng)階段，我也基本上跟的上單位的節(jié)奏了。第二周里我老師讓我去整理了檔案。老師教導(dǎo)我，不要因?yàn)檎頇n案工作簡(jiǎn)單，就放松自己，一定要加強(qiáng)檔案意識(shí)，充分認(rèn)識(shí)檔案工作的重要性。合理的將檔案進(jìn)行歸檔，還要注意分類(lèi)科學(xué)。有些領(lǐng)導(dǎo)檔案意識(shí)較強(qiáng)，每年均將文書(shū)檔案、會(huì)計(jì)檔案裝訂成冊(cè)，但由于缺乏科學(xué)分類(lèi)，沒(méi)有檔案檢索工具，查找不便，日久天長(zhǎng)還使檔案庫(kù)存臃腫，銷(xiāo)毀時(shí)重要資料有可能一同被棄。所以在整理檔案期間，我和實(shí)習(xí)指導(dǎo)老師還要將分類(lèi)不科學(xué)的檔案重新分類(lèi)，確保查找方便以及不遺漏任何一份重要檔案。整理檔案是一份細(xì)致的工作，因此還要有一定的耐心。而我在一開(kāi)始整理檔案的時(shí)候，因?yàn)閯傞_(kāi)始工作，比較有激情，干的還挺精神的，但時(shí)間一長(zhǎng)，就覺(jué)得有點(diǎn)枯燥無(wú)味，眼睛由于長(zhǎng)時(shí)間盯著一樣?xùn)|西，看東西都發(fā)花了，胳膊也因?yàn)橐恢痹谟?，酸疼得難受。并且一些小錯(cuò)誤也不斷再犯，本以為老師會(huì)批評(píng)我，但她卻很溫柔安慰我不用太著急，累了就休息一會(huì)兒，還很耐心的幫我把錯(cuò)的地方糾正過(guò)來(lái)。后來(lái)在老師的幫助下，靜下心來(lái)慢慢整理，再也沒(méi)出現(xiàn)過(guò)先前出現(xiàn)的錯(cuò)誤。通過(guò)兩周的檔案整理，在第三周老師讓我進(jìn)行登記檔案匯總表，我亦認(rèn)認(rèn)真真地完成了。在第四周里，老師給了我一些表單，讓我核對(duì)各科室人員的公休情況。我根據(jù)每月的各科簽到表名單，仔細(xì)進(jìn)行統(tǒng)計(jì)，再根據(jù)相關(guān)公休條例計(jì)算每個(gè)人一年公休了多少，可以拿多少錢(qián)。最后我利用在學(xué)校所學(xué)的相關(guān)辦公軟件的知識(shí)，編制了一張關(guān)于各科人員公休情況的表格。第六周里我對(duì)員工的工資確認(rèn)進(jìn)行審核?？此坪?jiǎn)單的任務(wù)卻因我的不細(xì)致走了不少?gòu)澛?，浪費(fèi)了許多時(shí)間。這也讓我深深地體會(huì)到了作為一名會(huì)計(jì)工作者應(yīng)具有耐

簡(jiǎn)介：本科畢業(yè)論文本科畢業(yè)論文設(shè)計(jì)設(shè)計(jì)外文翻譯題目THEMAINPROBLEMSANDCOUNTERMEASURESOFCHINA’SRURALFINANCIALSYSTEM姓名學(xué)號(hào)專(zhuān)業(yè)會(huì)計(jì)學(xué)指導(dǎo)教師職稱(chēng)中國(guó)武漢2013年01月最后，目前還不清楚貸款是否確實(shí)幫助脫離貧困。似乎很少小戶人家的人有金融需求，特別是最貧困的。他們可能需要有一個(gè)存款和保險(xiǎn)，但不貸款。貸款不幫助他們解決他們的困難。貸款機(jī)制本質(zhì)上是一種商業(yè)。在本質(zhì)上不適合的貸款機(jī)制。應(yīng)找到其他手段解決。預(yù)期發(fā)展農(nóng)村合作不協(xié)調(diào)金融機(jī)構(gòu)和農(nóng)村合作經(jīng)濟(jì)發(fā)展緩慢,有證據(jù)表明，農(nóng)村合作經(jīng)濟(jì)組織在促進(jìn)農(nóng)村經(jīng)濟(jì)金融發(fā)展發(fā)揮著不可替代的作用。對(duì)于外國(guó)的經(jīng)驗(yàn)也表明，許多金融機(jī)構(gòu)經(jīng)營(yíng)農(nóng)村地區(qū)的合作社的形式。政府支持發(fā)展農(nóng)村經(jīng)濟(jì)進(jìn)行開(kāi)發(fā)通過(guò)一些優(yōu)惠政策COOPERA的略去金融機(jī)構(gòu)。這些合作金融機(jī)構(gòu)仍然發(fā)揮在農(nóng)村金融體系中的重要作用。信用社產(chǎn)生聯(lián)合一致的發(fā)展的全面合作經(jīng)濟(jì)。如果沒(méi)有合作經(jīng)濟(jì)組織的發(fā)展但只有信用社，效果更佳無(wú)法實(shí)現(xiàn)。今天，中國(guó)農(nóng)村金融體系面臨的一個(gè)難題，因?yàn)樗狈献髟谵r(nóng)村經(jīng)濟(jì)。事實(shí)上，一直沒(méi)有實(shí)際的合作經(jīng)濟(jì),在中國(guó)。在20世紀(jì)50年代初的農(nóng)業(yè)合作化運(yùn)動(dòng)財(cái)產(chǎn)權(quán)利和身份的自由本質(zhì)上是一項(xiàng)集體運(yùn)動(dòng)，因?yàn)楫?dāng)時(shí)農(nóng)民已經(jīng)取消。經(jīng)過(guò)家庭聯(lián)產(chǎn)承包責(zé)任系統(tǒng)的建立和集體經(jīng)濟(jì)也逐漸消失，有沒(méi)有指導(dǎo)的合作經(jīng)濟(jì)的發(fā)展。最多目前，在中國(guó)一直沒(méi)有實(shí)際的合作經(jīng)濟(jì)。農(nóng)村金融體系受到巨大的干擾，從政府農(nóng)村金融體系的發(fā)展，一直以來(lái)政府為基礎(chǔ)，因此它是很難的農(nóng)村金融體系，以避免干擾從政府。這方面的不足，大大限制的聲音發(fā)展的農(nóng)村金融體系。地方政府的干擾，如農(nóng)村合作基金和農(nóng)村信用社，導(dǎo)致混亂。在一些農(nóng)村金融機(jī)構(gòu)從當(dāng)?shù)卣母蓴_方面已經(jīng)有了相當(dāng)大的改善。如果問(wèn)題沒(méi)有解決，發(fā)展的農(nóng)村金融體系將受到限制，阻礙。不完善的農(nóng)村金融體系從廣義上講，金融體系涵蓋了非常大的區(qū)域，而不僅僅是融資機(jī)構(gòu)。然而，在中國(guó)的農(nóng)村金融體系，有僅金融機(jī)構(gòu)。保險(xiǎn)，擔(dān)保，證券機(jī)構(gòu)系統(tǒng)蒸發(fā)散，這應(yīng)該是符合農(nóng)村經(jīng)濟(jì)和社會(huì)發(fā)展，根本不存在。國(guó)外的經(jīng)驗(yàn)表明，發(fā)展農(nóng)村非融資金融機(jī)構(gòu)是至關(guān)重要的整個(gè)農(nóng)村的增長(zhǎng)金融體系和整個(gè)農(nóng)村經(jīng)濟(jì)。有許多不同的種在國(guó)外農(nóng)村金融體系的保險(xiǎn)和擔(dān)保機(jī)構(gòu)。這些機(jī)構(gòu)改善農(nóng)村金融系統(tǒng)的實(shí)現(xiàn)和發(fā)展溫度到一定程度。中國(guó)農(nóng)村金融體系的不足之處實(shí)際上限制了農(nóng)村金融體系的整體發(fā)展。

簡(jiǎn)介：C1中文中文7975字譯文原文出處譯文原文出處DECISIONSUPPORTSYSTEMS,VOLUME49,ISSUE1,APRIL2010,PAGES5260LAURIPURO,JEFFREYETEICH,HANNELEWALLENIUS,JYRKIWALLENIUSP2P借貸中的借款人決策建議LAURIPURO,JEFFREYETEICH,HANNELEWALLENIUS,JYRKIWALLENIUS摘要在網(wǎng)上競(jìng)拍的設(shè)立與競(jìng)標(biāo)過(guò)程中，人們總是面臨艱難的戰(zhàn)略決策。在本項(xiàng)研究中，將介紹基于P2P貸款拍賣(mài)網(wǎng)站PROSPERCOM，幫助貸款人與借款人規(guī)范決策過(guò)程的模型借款人決策建議模型（BORROWERDECISIONAID）。在網(wǎng)上競(jìng)拍提供了中大量現(xiàn)實(shí)生活中的競(jìng)價(jià)數(shù)據(jù)，使筆者能夠以此為決策者建立新的決策工具。借款人決策建議模型（BORROWERDECISIONAID）將幫助借款人量化其戰(zhàn)略選擇，例如啟動(dòng)利率和貸款金額要求。筆者將確定基于借款人，與貸款成功率、最終利率相關(guān)的變量。1引言11背景PROSPERCOM是第一個(gè)基于網(wǎng)上逆向拍賣(mài)的P2P借貸市場(chǎng)。在這個(gè)市場(chǎng)上，人們提出申請(qǐng)貸款，稱(chēng)為清單，然后其他人就這些清單進(jìn)行出價(jià)。獲勝的投標(biāo)者獲得的提供貸款資金的機(jī)會(huì)，而利率由拍賣(mài)決定競(jìng)爭(zhēng)越激烈，利率就越低。換句話說(shuō)，這種方式越過(guò)中介銀行連接了需要資金的人與愿意提供貸款的人。通常情況下，一項(xiàng)貸款有多投標(biāo)者（貸款人），因?yàn)榇蠖鄶?shù)貸款人提供給每筆貸款50到200美元。貸款人通過(guò)提供小額資金給多個(gè)貸款項(xiàng)目的方式來(lái)分散風(fēng)險(xiǎn)。PROSPERCOM于2006年2月公開(kāi)上線，至今已經(jīng)促成超過(guò)15億美元的貸款。在本項(xiàng)研究中，我們將關(guān)注借款人的角色，即創(chuàng)建貸款清單的人。在網(wǎng)上競(jìng)拍的過(guò)程中，借款人需要做出一些重要的戰(zhàn)略決策，進(jìn)而決定其是否能夠獲得提供貸款。本項(xiàng)研究的目的就是為借款人的決策提供決定性的幫助。在前人研究中，僅有少數(shù)討論過(guò)競(jìng)拍過(guò)程中的決策建議，例如1,8,15,16,23,25，但是他們的研究角度與本文不同。本項(xiàng)研究具有顯著的現(xiàn)實(shí)意義。目前，借款人創(chuàng)建清單，參數(shù)主要是基于并不充分的數(shù)據(jù)，例如平均利率。在本項(xiàng)研究中，我們將引入分析借款人的戰(zhàn)略決策成功率和估計(jì)最終利率的框架。借款人決策建議BDA將使借款人能夠評(píng)價(jià)并C350年代和60年代用博弈論框架運(yùn)用到競(jìng)價(jià)行為進(jìn)行建模。最近的網(wǎng)上拍賣(mài)的出現(xiàn)的又促使又一批研究的開(kāi)始。特別是網(wǎng)絡(luò)環(huán)境使研究人員能夠進(jìn)行現(xiàn)實(shí)生活中的拍賣(mài)所收集的數(shù)據(jù)的實(shí)證研究（例如，2,18,25,26）。同時(shí)大學(xué)生的研究也使得以前的實(shí)驗(yàn)室有了明顯的改善。（10,11）。在傳統(tǒng)拍賣(mài)相關(guān)文獻(xiàn)中，賣(mài)家與拍賣(mài)師往往不謀而合，雖然這不可能出現(xiàn)在網(wǎng)上拍賣(mài)中。賣(mài)家總是可以自由的選擇拍賣(mài)設(shè)定參數(shù)。許多文獻(xiàn)都主要關(guān)注比較不同情況下的拍賣(mài)機(jī)制和確定哪一種機(jī)制賦予賣(mài)家更多的利潤(rùn)（19,20）或者研究哪一種機(jī)制是有效的（13）。在網(wǎng)上拍賣(mài)中，賣(mài)家與拍賣(mài)師通常是不一致的。拍賣(mài)師是制定拍賣(mài)的網(wǎng)站，而且通常選擇一些簡(jiǎn)單同樣的拍賣(mài)機(jī)制，并且是賣(mài)家不得不服從。因此，賣(mài)家的戰(zhàn)略選擇通常被已設(shè)定的拍賣(mài)機(jī)制所約束。但是，賣(mài)家的戰(zhàn)略決策選擇并沒(méi)有失效，反而更加強(qiáng)調(diào)了少數(shù)留下來(lái)的決策變量的重要性。賣(mài)家的經(jīng)典決策變量是起拍價(jià)，然而起拍價(jià)的重要性很大程度上取決于所售物品的類(lèi)型與拍賣(mài)機(jī)制。在起拍價(jià)對(duì)最終價(jià)格的影響上，有一些爭(zhēng)議。例如，14研究發(fā)現(xiàn)經(jīng)驗(yàn)證據(jù)顯示，在某些情況下，具有較低的起拍價(jià)最終會(huì)導(dǎo)致更高的最終價(jià)格。他們建議，以降低進(jìn)入壁壘和減少投標(biāo)人所承擔(dān)的義務(wù)。沉沒(méi)搜索和監(jiān)控成本使投標(biāo)人在心理上很難遠(yuǎn)離拍賣(mài)。相反地，9研究表明，起拍價(jià)與最終價(jià)格之間是正相關(guān)關(guān)系。這意味著，進(jìn)入一個(gè)較高的起拍價(jià)，最終價(jià)格也將較高。研究人員認(rèn)為，較高的起拍價(jià)是賣(mài)方給投標(biāo)人的暗示，表明該項(xiàng)目值得這樣的價(jià)格。與此同時(shí)，投標(biāo)人之間的競(jìng)爭(zhēng)通常是比較弱的。在只有一個(gè)買(mǎi)家的極端情況下，最終價(jià)格將等于起拍價(jià)。因此，較高的起拍價(jià)將帶來(lái)更高的最終價(jià)格。GILKESON和REYNOLDS9同意降低進(jìn)入壁壘的理論，但是他們認(rèn)為這只會(huì)影響拍賣(mài)的成功率。他們關(guān)于EBAY拍賣(mài)的研究發(fā)現(xiàn)EBAY有可能存在秘密的約定價(jià)格，并證明更高的起拍價(jià)導(dǎo)致較低的成功率，但具有較高的成交價(jià)。研究18發(fā)現(xiàn)起拍價(jià)和最終價(jià)格呈正相關(guān)。研究9為我們的研究提供了一個(gè)很好的框架。PROSPERCOM的借款人有兩個(gè)目標(biāo)第一，成功獲取貸款；第二，利率盡可能低。但是該決策是困難的，因?yàn)橄胍@得貸款就需要較高的利率。PROSPERCOM是一個(gè)多單元的拍賣(mài)，貸款一般會(huì)由多個(gè)投標(biāo)人提供資金。在多單位拍賣(mài)，借款人可以選擇項(xiàng)目數(shù)和起拍價(jià)。除了開(kāi)始出售（即貸款額）價(jià)格。這樣使得戰(zhàn)略決策的價(jià)值簡(jiǎn)化為起拍價(jià)。絕大多數(shù)前人研究都基于多單元拍賣(mài)。然而，項(xiàng)目數(shù)被視為最佳規(guī)模的問(wèn)題研究（3，也見(jiàn)24）。在PROSPERCOM，一個(gè)借款人僅可以創(chuàng)建不超過(guò)兩個(gè)的貸款項(xiàng)目，這進(jìn)一步強(qiáng)調(diào)了項(xiàng)目數(shù)應(yīng)該作為決策變量。3借款人的戰(zhàn)略決策過(guò)程本章節(jié)從引入研究所用數(shù)據(jù)開(kāi)始，包括從借款人角度介紹PROSPERCOM網(wǎng)站

簡(jiǎn)介：此文檔是畢業(yè)設(shè)計(jì)外文翻譯成品（含英文原文中文翻譯），無(wú)需調(diào)整復(fù)雜的格式下載之后直接可用，方便快捷本文價(jià)格不貴,也就幾十塊錢(qián)一輩子也就一次的事外文標(biāo)題PERSPECTIVESONINTERNALCONTROLANDENTERPRISERISKMANAGEMENT外文作者LDILKAYA文獻(xiàn)出處EURASIANBUSINESSPERSPECTIVES,PP379389,2018如覺(jué)得年份太老，可改為近2年，畢竟很多畢業(yè)生都這樣做英文3957單詞，26612字符字符就是印刷符，中文6534漢字。（如果字?jǐn)?shù)多了，可自行刪減，大多數(shù)學(xué)校都是要求選取外文的一部分內(nèi)容進(jìn)行翻譯的。）PERSPECTIVESONINTERNALCONTROLANDENTERPRISERISKMANAGEMENTABSTRACTGROUNDEDONTHELITERATUREREVIEWONENTERPRISERISKMANAGEMENTERMTHISPAPERAIMSTOANALYZETHEEXTENTANDTHEEFFECTIVENESSOFINTERNALCONTROLASWELLASERMANDTOEXPLORETHEIRCONNECTIONWITHTHEVALUECREATIONATHEORETICALLENSISUSEDTODISCUSSWHETHEREFFECTIVEINTERNALCONTROLANDERMENHANCEPERFORMANCEANDINCREASEVALUECREATIONABILITYERMISMOSTFREQUENTLYDEFINEDWITHTHEREFERENCETOTHE2004GUIDANCEDOCUMENTPUBLISHEDBYCOMMITTEEOFSPONSORINGORGANIZATIONSOFTREADWAYCOMMISSIONCOSOPROPONENTSOFCOSO’SERMINTEGRATEDFRAMEWORKDESCRIBETHISFRAMEWORKAS“AWORLDLEVELTEMPLATEFORBESTPRACTICE”,ANDCLAIMTHATERMUSEDBYMANAGEMENTTOENHANCEANORGANIZATIONABILITYTOMANAGEUNCERTAINTYANDTOCONSIDERHOWMUCHRISKTOACCEPTASITSTRIVESTOINCREASESTAKEHOLDERVALUEADDITIONALLYTHEINTERNALCONTROLINTEGRATEDFRAMEWORKISAVIABLEANDSUITABLEFRAMEWORKFORDESIGNING,IMPLEMENTING,CONDUCTINGANDASSESSINGTHEEFFECTIVENESSOFINTERNALCONTROLANDFORREPORTINGTHERELATIONSHIPBETWEENVALUECREATIONANDERMISWIDELYINVESTIGATEDINACADEMICLITERATUREEMPIRICALSTUDIESONTHEVALUECREATIONABILITIESOFERMANDINTERNALCONTROLSUGGESTTHATTHEREISAPOSITIVEDESCRIBETHISFRAMEWORKAS“AWORLDLEVELTEMPLATEFORBESTPRACTICE”,ANDCLAIMTHATERMUSEDBYMANAGEMENTTOSTRENGTHENANORGANIZATIONABILITYTOMANAGEUNCERTAINTYANDTOCONSIDERHOWMUCHRISKTOACCEPTASITSTRIVESTOINCREASESTAKEHOLDERVALUEADDITIONALLYTHEINTERNALCONTROLINTEGRATEDFRAMEWORKISAVIABLEANDSUITABLEFRAMEWORKFORDESIGNING,IMPLEMENTING,CONDUCTINGANDASSESSINGTHEEFFECTIVENESSOFINTERNALCONTROLANDFORREPORTINGCOSO’SPRINCIPALARGUMENTISTHATTHEESSENTIALPREREQUISITESOFFIRMS’LONGTERMSUCCESSAREGOODRISKMANAGEMENTANDINTERNALCONTROLDELOACHANDTHOMSON2014WHILEINTERNALCONTROLHASBEENALWAYSANIMPORTANTFIELDFORINTERNALANDEXTERNALAUDIT,RISKMANAGEMENTHASBEENAVITALCONCERNONTHEFIELDSOFFINANCEANDINSURANCEBUTITISRECEIVEDWIDESPREADATTENTIONFOLLOWINGACCOUNTINGANDCORPORATESCANDALSINTHEBEGINNING2000SAND2008GLOBALCRISISWUETAL2015SECTION404OFSARBANESOXLEYACTANDITSIMPACTSANDREPERCUSSIONSONGLOBALCAPITALMARKETSHAVEPUTTHESPOTLIGHTONCOSO’SINTERNALCONTROLFRAMEWORKANDTHERECENTECONOMICCRISISHASHEIGHTENEDCONSIDERABLYTHEIMPORTANCEOFERMLANDSITTELANDRITTENBERG2010GROUNDEDONTHELITERATUREREVIEWONERMTHISPAPERAIMSTOANALYZETHEEXTENTANDTHEEFFECTIVENESSOFINTERNALCONTROLASWELLASERMANDTOEXPLORETHEIRCONNECTIONWITHTHEVALUECREATIONATHEORETICALLENSISUSEDTODISCUSSWHETHEREFFECTIVEINTERNALCONTROLANDERMENHANCEPERFORMANCEANDINCREASEVALUECREATIONABILITYTHEREMAINDEROFTHEPAPERISPRESENTEDINTHREESECTIONSSECTION2EXPANDSUPONTHECOSOINTEGRATEDFRAMEWORKSTHISISFOLLOWEDBYTHERELATEDLITERATURETHATPROVIDESANOVERVIEWOFEMPIRICALRESEARCHFINDINGSONINTERNALCONTROLANDENTERPRISERISKMANAGEMENTTHEFOURTHANDFINALSECTIONPROVIDESACONCLUSIONPROVIDINGSOMEFINALCOMMENTS2COSOINTEGRATEDFRAMEWORKSWHETHERAPPLIEDINDIVIDUALLYORTOGETHER,COSOFRAMEWORKSARETHEPRINCIPALGUIDANCEUSEDBYORGANIZATIONSTOADDRESSINTERNALANDEXTERNALPRESSURESPLACEDONTHEMTOHAVEEFFECTIVEINTERNALCONTROLANDRISKMANAGEMENTORIGINALLYFORMEDIN1985,COSOISVOLUNTARYPRIVATESECTORINITIATIVEDEDICATEDTOIMPROVEORGANIZATIONALPERFORMANCEANDGOVERNANCETHROUGHEFFECTIVEINTERNALCONTROL,ENTERPRISERISKMANAGEMENT,ANDFRAUDDETERRENCEITSSPONSORINGORGANIZATIONSARETHEINSTITUTEOFINTERNALAUDITORS,THEAMERICANACCOUNTINGASSOCIATION,ANDTHEAMERICANINSTITUTE

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簡(jiǎn)介：3000英文單詞，19000英文字符，中文5000字出處ZHAOYIYI2017FINANCIALRISKINCROSSBORDERM財(cái)務(wù)風(fēng)險(xiǎn)案例分析吉利集團(tuán)沃爾沃合并1介紹一個(gè)多世紀(jì)以來(lái)，并購(gòu)（M＆A）已成為發(fā)展和擴(kuò)張的戰(zhàn)略工具，并對(duì)當(dāng)前的商業(yè)世界產(chǎn)生重大影響。并購(gòu)的出現(xiàn)導(dǎo)致了我們今天看到的復(fù)雜的業(yè)務(wù)結(jié)構(gòu)，消除了中小企業(yè)的市場(chǎng)并發(fā)揮了主導(dǎo)作用（KUMMER＆STEGER，2008）。經(jīng)濟(jì)，監(jiān)管和技術(shù)變革的結(jié)合創(chuàng)造了一股變革浪潮，促使企業(yè)考慮利用并購(gòu)來(lái)維持其在市場(chǎng)中的競(jìng)爭(zhēng)地位。全球化迫使許多公司將并購(gòu)作為發(fā)展國(guó)際產(chǎn)業(yè)和增加市場(chǎng)份額的機(jī)制（SUI，2016）。有很多研究關(guān)注并購(gòu)帶來(lái)的巨額利潤(rùn)，以及對(duì)市場(chǎng)的重要性和影響。這使得研究影響并購(gòu)成功的因素變得非常重要，并且對(duì)并購(gòu)交易的動(dòng)態(tài)過(guò)程有了全面的了解。本文重點(diǎn)關(guān)注跨國(guó)并購(gòu)，分析了金融風(fēng)險(xiǎn)的來(lái)源，分為準(zhǔn)備階段，實(shí)施階段和整合階段。這個(gè)的下半部分文章，我們選擇了吉利集團(tuán)沃爾沃的案例并進(jìn)行了詳細(xì)的分析，分三個(gè)階段討論了財(cái)務(wù)風(fēng)險(xiǎn)。最后，我們調(diào)查并討論了針對(duì)每個(gè)階段所采取的財(cái)務(wù)風(fēng)險(xiǎn)的預(yù)防措施。的跨國(guó)并購(gòu)，使得跨國(guó)并購(gòu)將面臨比國(guó)內(nèi)并購(gòu)更多的不確定性（ERELETAL。，2012ROTTIG，2007）。MEEKS（1977）調(diào)查了英國(guó)1964年至1971年間的223起跨國(guó)并購(gòu)案例，發(fā)現(xiàn)三分之二的ROA低于行業(yè)標(biāo)準(zhǔn)，（BRUNER，2002）。跨國(guó)并購(gòu)風(fēng)險(xiǎn)是企業(yè)參與跨國(guó)并購(gòu)活動(dòng)時(shí)系統(tǒng)性和非系統(tǒng)性因素造成的潛在損失?？鐕?guó)并購(gòu)的系統(tǒng)性風(fēng)險(xiǎn)是由于宏觀因素總體上存在差異的國(guó)家。它包含政治和社會(huì)風(fēng)險(xiǎn)，經(jīng)濟(jì)和金融風(fēng)險(xiǎn)，法律風(fēng)險(xiǎn)和文化風(fēng)險(xiǎn)。這些風(fēng)險(xiǎn)都是基于系統(tǒng)性因素的原因。雖然跨國(guó)并購(gòu)中的非系統(tǒng)性風(fēng)險(xiǎn)是由于其自身的業(yè)務(wù)和財(cái)務(wù)狀況可能導(dǎo)致合并中的業(yè)務(wù)損失。這些風(fēng)險(xiǎn)受個(gè)體差異的影響，表現(xiàn)形式也不同。本文將非系統(tǒng)性風(fēng)險(xiǎn)分為兩類(lèi)操作風(fēng)險(xiǎn)和財(cái)務(wù)風(fēng)險(xiǎn)，并關(guān)注非系統(tǒng)性風(fēng)險(xiǎn)的財(cái)務(wù)風(fēng)險(xiǎn)。在實(shí)際合并中，財(cái)務(wù)風(fēng)險(xiǎn)不僅是債務(wù)融資的風(fēng)險(xiǎn)，還包括被收購(gòu)公司定價(jià)和支付方式的估值。因此，如果我們只是從融資風(fēng)險(xiǎn)中考慮并購(gòu)中的金融風(fēng)險(xiǎn)，那么我們就會(huì)忽略存在的動(dòng)機(jī)增值收購(gòu)。因此，本文認(rèn)為跨國(guó)并購(gòu)涉及的金融風(fēng)險(xiǎn)包括決策，估值，融資，支付等可能偏離實(shí)際價(jià)值，導(dǎo)致公司財(cái)務(wù)損失。本文按時(shí)間順序?qū)@些風(fēng)險(xiǎn)進(jìn)行分類(lèi)（表I），分為跨境并購(gòu)準(zhǔn)備階段，實(shí)施階段和整合階段。準(zhǔn)備階段主要面臨戰(zhàn)略決策風(fēng)險(xiǎn)和估值風(fēng)險(xiǎn)。實(shí)施階段主要是貨幣風(fēng)險(xiǎn)，融資風(fēng)險(xiǎn)和支付風(fēng)險(xiǎn)。整合階段包括債務(wù)風(fēng)險(xiǎn)，操作風(fēng)險(xiǎn)和收益風(fēng)險(xiǎn)。3案例分析從文獻(xiàn)綜述來(lái)看，跨國(guó)并購(gòu)隨后是全球經(jīng)濟(jì)的快速發(fā)展。然而，一個(gè)不容忽視的事實(shí)是，跨國(guó)并購(gòu)的成功率并不高（BRUNER，2004，MOELLER和SCHLINGEMANN，2005）。因此，有必要對(duì)跨國(guó)并購(gòu)的過(guò)程和內(nèi)部機(jī)制進(jìn)行研究，尤其是金融風(fēng)險(xiǎn)在其中發(fā)揮重要作用。在下一節(jié)中，本文將分析案例，分析并購(gòu)過(guò)程的財(cái)務(wù)風(fēng)險(xiǎn)。31案例介紹2010年3月28日晚，浙江吉利控股集團(tuán)（以下簡(jiǎn)稱(chēng)“吉利集團(tuán)”）宣布與福特簽署與沃爾沃瑞典哥德堡的股票購(gòu)買(mǎi)協(xié)議。吉利用18億美元支付收購(gòu)沃爾沃100％股權(quán)和其他相關(guān)資產(chǎn)，包括知識(shí)產(chǎn)權(quán)。吉利集團(tuán)沃爾沃合并是中國(guó)企業(yè)跨國(guó)事件的一個(gè)里程碑，媒體形象為“蛇吞”（表二）。表1按時(shí)間排序排列的風(fēng)險(xiǎn)按時(shí)間順序排列的風(fēng)險(xiǎn)準(zhǔn)備階段實(shí)施階段整合階段（1）戰(zhàn)略決策風(fēng)險(xiǎn)（2）估值風(fēng)險(xiǎn)（1）貨幣風(fēng)險(xiǎn)（2）融資風(fēng)險(xiǎn)（3）付款風(fēng)險(xiǎn)（1）債務(wù)風(fēng)險(xiǎn)（2）操作風(fēng)險(xiǎn)（3）利潤(rùn)風(fēng)險(xiǎn)

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簡(jiǎn)介：字?jǐn)?shù)英文字?jǐn)?shù)英文29692969單詞，單詞，1658016580字符；中文字符；中文51805180漢字漢字出處出處VYASVYASMMGREENGREENFINANCEFINANCEANDANDSUSTAINABLESUSTAINABLEDEVELOPMENTDEVELOPMENTANANINDIANINDIANPERSPECTIVEJPERSPECTIVEJINTERNATIONALINTERNATIONALJOURNALJOURNALOFOFMULTIFACETEDMULTIFACETEDANDANDMULTILINGUALMULTILINGUALSTUDIES,STUDIES,2017,2017,466272466272外文文獻(xiàn)外文文獻(xiàn)GREENFINANCEANDSUSTAINABLEDEVELOPMENTANINDIANPERSPECTIVEABSTRACTTHEPRESENTERAOFGLOBALIZATIONHASBROUGHTLOTOFLUXURYTOHUMANLIFEBUTHASALSORESULTEDINENVIRONMENTALDEGRADATIONINCORPORATEDWITHALLTHEINVOLVEDACTIVITIESTODAYTHEENTIREECONOMYISFACINGHUGECHALLENGETODEALWITHTHEENVIRONMENTALPROBLEMSANDTHEIRRELATEDIMPACTSINTHEIRDAYTODAYBUSINESSESTODAY’SERAISTHREATENEDFROMTHEMAJORCHALLENGESOFCLIMATECHANGE,ENERGYCONSTRAINTSANDFINANCIALCRISISDUETOALLTHESEREASONS,BUSINESSORGANIZATIONSHAVESTARTEDMODIFYINGTHEIRACTIVITIESANDSTRATEGIESSOASTOENSUREPROTECTIONTOOURNATURALRESOURCESANDENVIRONMENTIFWEHAVETOGIVECLEANERNAMELY,CLIMATECHANGE,ENERGYCONSTRAINTSANDFINANCIALCRISISGREENFINANCEFACESAWIDERANGINGCHALLENGETOTHETRADITIONALCONSTRUCTSOFFINANCIALLAWINEVERYECONOMYENVIRONMENTALISMISABROADPHILOSOPHYANDSOCIALMOVEMENTREGARDINGCONCERNSFORENVIRONMENTALCONSERVATIONANDIMPROVEMENTOFTHESTATEOFTHEENVIRONMENTENVIRONMENTALISMANDENVIRONMENTALCONCERNSAREOFTENREPRESENTEDBYTHECOLOR‘GREEN’GLOBALWARMING,ALSOCALLEDAS“GREENHOUSE

簡(jiǎn)介：1中文中文11500字中文譯名針對(duì)意大利非金融企業(yè)的外匯風(fēng)險(xiǎn)和利率風(fēng)險(xiǎn)的管理外文原文名RISKMANAGEMENTFORITALIANNONFINANCIALFIRMSCURRENCYANDINTERESTRATEEXPOSURE外文原文版出處EUROPEANFINANCIALMANAGEMENT,2013,195887–910譯文意大利非金融企業(yè)的匯率和利率風(fēng)險(xiǎn)的風(fēng)險(xiǎn)管理意大利非金融企業(yè)的匯率和利率風(fēng)險(xiǎn)的風(fēng)險(xiǎn)管理摘要本文調(diào)查意大利非金融企業(yè)間的風(fēng)險(xiǎn)管理實(shí)踐。這篇文章的貢獻(xiàn)在于調(diào)查了對(duì)于特定的意大利企業(yè)的衍生品使用情況，通常這類(lèi)企業(yè)不需要公開(kāi)披露衍生工具。意大利的特點(diǎn)之一是中小型家庭經(jīng)營(yíng)的公司占很高的比例。調(diào)查從外匯和公司規(guī)模、地理位置、評(píng)級(jí)、行業(yè),是否進(jìn)入資本市場(chǎng)和教育管理這幾個(gè)方面研究決定外匯和利率衍生品使用的因素。邏輯回歸的結(jié)果表明，意大利非金融公司是否使用衍生品合約，受這幾個(gè)因素明顯影響。關(guān)鍵詞風(fēng)險(xiǎn)管理；衍生品；對(duì)沖；企業(yè)融資1介紹企業(yè)對(duì)金融衍生工具的廣泛使用清楚地表明他們積極參與金融風(fēng)險(xiǎn)管理，應(yīng)對(duì)各種各樣的波動(dòng)，特別是匯率、利率和商品價(jià)格的波動(dòng)。意大利公司使用金融衍生工具不明顯是由于家庭所有企業(yè)的優(yōu)勢(shì)和家庭經(jīng)營(yíng)企業(yè)這一事實(shí)，通常來(lái)說(shuō)，意大利公司通常不披露這些業(yè)務(wù)。一般來(lái)說(shuō)，歐洲公司在他們的財(cái)務(wù)報(bào)告中提供的使用金融衍生工具的信息很少。測(cè)量它們是獲得這些數(shù)據(jù)的一個(gè)手段。BODNARANDGEBHARDT1998是最早對(duì)衍生品在歐洲公司中的使用提供依據(jù)的。他們調(diào)查了德國(guó)公司，同時(shí)與美國(guó)類(lèi)似的企業(yè)比較結(jié)果。在意大利，一個(gè)衍生品使用不容易也不樂(lè)意在財(cái)務(wù)報(bào)表上被精確的披露。意大利這個(gè)信息的主要來(lái)源是來(lái)自監(jiān)管機(jī)構(gòu)REGULATORYAGENCIESFRASCA,2004ROSATI,2004。他們從資產(chǎn)負(fù)債表和銀行的財(cái)務(wù)報(bào)告編譯企業(yè)的衍生品頭寸信息。這個(gè)信息仍然比較普通，關(guān)于衍生品合約的使用程度、態(tài)度和政策方面透露的很少。本文的目的是想糾正這種信息缺乏和研究可能的反應(yīng)模式。以往大部分的研究檢驗(yàn)了提高金融風(fēng)險(xiǎn)管理的經(jīng)濟(jì)價(jià)值動(dòng)機(jī)。MILLERANDMODIGLIANI,1958提出了一組經(jīng)典預(yù)測(cè)模型范例。后續(xù)在文章有拓展如SMITH和STULZ1985，SMITH1995和FENNETAL1996提出對(duì)沖的收益來(lái)源于減少現(xiàn)金流的波動(dòng)。這包括減少預(yù)期稅收的累進(jìn)稅；降低債務(wù)代理成本，允許債務(wù)能力的提高和更大的利息稅盾GRAHAMANDSMITH,1999，通過(guò)降低財(cái)務(wù)困境的預(yù)期成本和消除資金流以提高現(xiàn)金流，以3有三篇報(bào)告對(duì)美國(guó)非金融公司的衍生品工具使用進(jìn)行了廣泛調(diào)查，均來(lái)自沃頓調(diào)查。BODNAR1995是所有研究中最先探討衍生品工具的使用的。他們的研究嘗試以美國(guó)所有非金融的上市公司作為樣本。他們發(fā)現(xiàn)衍生品工具的使用并不是普遍的，只有不到一半的公司使用衍生品工具并且其中越大的公司使用越常見(jiàn)。他們同樣為這種現(xiàn)象找到了原因。他們接下來(lái)基于1996到1998美國(guó)的研究為后續(xù)的很多研究提供了標(biāo)準(zhǔn)。早期的研究大部分跟隨沃頓研究，研究美國(guó)公司。從90年代中期開(kāi)始，很多后沃頓時(shí)代的研究著眼于歐洲公司的衍生品使用，關(guān)注衍生品使用的廣泛性、用或不用的原因以及對(duì)不同衍生品工具的偏好，包括風(fēng)險(xiǎn)管理與內(nèi)部控制。BODNAR和GEBHARDT1999完成了沃頓研究在德國(guó)的兩個(gè)直接應(yīng)用，2003年完成了對(duì)挪威的應(yīng)用。他們1999年的研究發(fā)現(xiàn)德國(guó)公司比美國(guó)公司更傾向于使用衍生品合約。ALKEBA¨CK和HAGELIN1999對(duì)比BODNAR1995年的研究結(jié)果，不控制公司規(guī)模的差異與行業(yè)劃分，解釋了瑞典非金融公司對(duì)衍生品的使用。他們的研究發(fā)現(xiàn)瑞典公司明顯對(duì)衍生品認(rèn)知不足。MALLIN2001調(diào)查了英國(guó)上市的非金融公司對(duì)衍生品工具的使用，并與BODNAR的結(jié)果進(jìn)行對(duì)比。與其他研究一致，他們發(fā)現(xiàn)越大的英國(guó)公司越常用衍生品，但與美國(guó)公司相比，英國(guó)公司把管理會(huì)計(jì)利潤(rùn)的波動(dòng)性作為衍生品使用的主要原因。其他獨(dú)立于沃頓研究的對(duì)歐洲公司的研究提出了有趣的觀點(diǎn)。HAKKARAINEN1997在1994年研究芬蘭非金融公司100強(qiáng)的利率風(fēng)險(xiǎn)管理。JALILVAND和SWITZER2000發(fā)現(xiàn)并解釋了加拿大、美國(guó)與歐洲風(fēng)險(xiǎn)管理者對(duì)于衍生品使用的相似之處與不同之處。他們的研究表明在加拿大衍生品產(chǎn)品的使用比在美國(guó)和歐洲大陸都要普遍。LODERER和PICHLER2000研究瑞士的工業(yè)企業(yè)對(duì)匯率風(fēng)險(xiǎn)的管理實(shí)踐。他們主要結(jié)論是工業(yè)企業(yè)沒(méi)有能力去確定自己的風(fēng)險(xiǎn)暴露。FATEMI和GLAUM2000在德國(guó)發(fā)起一個(gè)調(diào)查，旨在引出被調(diào)查者對(duì)風(fēng)險(xiǎn)管理中不同目標(biāo)的重要性評(píng)級(jí)的評(píng)價(jià)。PRAMBORG2005比較了瑞典與韓國(guó)衍生品工具的使用。結(jié)果揭示了兩國(guó)的相似性與差異性。韓國(guó)風(fēng)險(xiǎn)管理著更傾向于關(guān)注最小化現(xiàn)金流的波動(dòng)性，二瑞典的則偏好于最小化利潤(rùn)的波動(dòng)性或保護(hù)資產(chǎn)負(fù)債表的表現(xiàn)。ELMASRY2006調(diào)查了173家倫敦交易所上市公司關(guān)于以下領(lǐng)域的問(wèn)題衍生品使用、匯率衍生品、利率衍生品、期權(quán)合約及控制與報(bào)告政策。他們的研究肯定了JUDGE2006和MALLIN2001的研究結(jié)果。結(jié)果發(fā)現(xiàn)中心化的風(fēng)險(xiǎn)管理行為極為普遍，同時(shí)對(duì)于使用衍生品的公司，外匯風(fēng)險(xiǎn)是最普遍被使用衍生品來(lái)進(jìn)行管理的風(fēng)險(xiǎn)，其次是利率風(fēng)險(xiǎn)。3數(shù)據(jù)這項(xiàng)研究的數(shù)據(jù)來(lái)自一個(gè)意大利非金融公司的作者的調(diào)查。這項(xiàng)調(diào)查是基于網(wǎng)絡(luò)的，包括風(fēng)險(xiǎn)管理實(shí)踐和衍生品工具來(lái)管理風(fēng)險(xiǎn)的問(wèn)題。該調(diào)查從2007年9月至2007年1月。作答的公司的匿名性會(huì)受到保擔(dān)保。被調(diào)查的非金融公司從AIDA數(shù)據(jù)庫(kù)剔除，由

簡(jiǎn)介：FINANCIALRISKINCROSSBORDERMFINANCIALRISKCASESTUDYGEELYGROUPVOLVOMERGERIINTRODUCTIONFORMORETHANACENTURY,MERGERSANDACQUISITIONSMAHAVEBECOMEASTRATEGICTOOLFORDEVELOPMENTANDEXPANSION,ANDHAVEASIGNIFICANTIMPACTONTHECURRENTBUSINESSWORLDTHEEMERGENCEOFMALEDTOTHECOMPLEXBUSINESSSTRUCTUREWESAWTODAY,ELIMINATINGTHEMARKETOFSMALLANDMEDIUMSIZEDENTERPRISESANDPLAYEDALEADINGROLEKUMMERSTEGER,2008THECOMBINATIONOFECONOMY,REGULATIONANDTECHNOLOGICALCHANGECREATESAWAVEOFCHANGETHATDRIVESCOMPANIESTOCONSIDERUSINGMATOMAINTAINTHEIRCOMPETITIVEPOSITIONINTHEMARKETPLACEGLOBALIZATIONHASFORCEDMANYCOMPANIESTOEXPLOREMAASAMECHANISMFORDEVELOPINGTHEINTERNATIONALINDUSTRYANDINCREASINGMARKETSHARESUI,2016THEREISALOTOFRESEARCHTOFOCUSONTHEHUGEPROFITSTHATMABRINGS,ASWELLASTHEIMPORTANCEANDIMPACTTOITSMARKETTHISMAKESITIMPORTANTTOSTUDYTHEFACTORSTHATAFFECTTHESUCCESSOFMA,ANDHAVEAOVERALLUNDERSTANDINGOFTHEDYNAMICPROCESSOFMATRANSACTIONSTHISPAPERFOCUSESONCROSSBORDERMERGERSANDACQUISITIONSANDANALYZESTHESOURCEOFFINANCIALRISK,WHICHISDIVIDEDINTOTHEPREPARATIONPHASE,THEIMPLEMENTATIONPHASEANDTHEINTEGRATIONPHASEINACCORDANCETHESECONDHALFOFTHISARTICLE,WECHOSETHECASEOFGEELYGROUPVOLVOANDMAKEADETAILEDANALYSIS,DISCUSSINGTHEFINANCIALRISKINTHREESTAGESINTHEEND,WEINVESTIGATEDANDDISCUSSEDPREVENTIVEMEASURESAGAINSTTHEFINANCIALRISKSTAKENBYEACHSTAGEIILITERATUREREVIEWAMERGERSANDACQUISITIONSATLEASTTWOCOMPANIESORTHEPARTSOFTWOCOMPANIESJOINUP,ANDTHEREWILLBEAMAMASMAINPURPOSEISTOINCREASESHAREHOLDERVALUESOAFTERTHEMA,THENEWLYFORMEDCOMPANYWILLHAVEAHIGHERMARKETVALUECOMPAREDTOPREMACOMPANIESWHILEACQUISITIONSANDMERGERSAREOFTENUSEDTOGETHER,THEREISSTILLADIFFERENCEBETWEENACQUISITIONSANDMERGERSCOYLE,2000MERGER,REFERSTOTHATTWOORMOREINDEPENDENTENTERPRISESMERGEDTOFORMABUSINESSUSUALLY,ADOMINANTCOMPANYABSORBONEORMORECOMPANIESINFACT,THEMANAGEMENTANDOWNERSHIPOFTHEVARIOUSENTERPRISESPARTICIPATINGINMERGERREMAINTHESAMETOTHENEWCOMPANY,WHICHISWHYTHEMERGERISALSOKNOWNAS“MERGEROFEQUALS“ANOW,2011THEACQUISITIONREFERSTOTHATACOMPANYBUYANOTHERCOMPANYSSTOCKORASSETSBYCASHORSECURITIESCOYLE,2000,INORDERTOOBTAINTHEOWNERSHIPOFALLTHEASSETSOFTHEENTERPRISEORPARTASSET,ORTHECONTROLOFTHEENTERPRISETHEESSENCEOFMAISTHATTHEMAINBODYMAKEINSTITUTIONALARRANGEMENTSFORATRANSFEROFRIGHTSBASEDONCORPORATEPROPERTYRIGHTSINTHEPROCESSOFCORPORATECONTROLMOVEMENTMAACTIVITYISCARRIEDOUTUNDERCERTAINCONDITIONSOFPROPERTYRIGHTSANDENTERPRISESYSTEMINTHEPROCESSOFMA,ONEORAPARTOFTHERIGHTSUBJECTGETSTHECORRESPONDINGBENEFITFROMTHECONTROLOFTHEENTERPRISEOWNEDBYTHETRANSFER,ANDTHEOTHERPARTTHENOBTAINTHISPARTOFTHECONTROLBYPAYINGACERTAINPRICETHEPROCESSOFMAISESSENTIALLYTHEPROCESSOFCHANGINGTHESUBJECTOFENTERPRISERIGHTSBCLASSIFICATIONSANDMOTIVATIONSOFMAINTERMSOFMARKETREGIONSANDWITHREGARDSTOWHERETHECOMPANIESINVOLVEDHAVETHEIRHOMEBASEANDOPERATE,MACOULDBECLASSIFIEDASDOMESTICORCROSSBORDERCHENFINDLAY,2003THISPAPERFOCUSESONCROSSBORDERMERGERSANDACQUISITIONSTHECONCEPTOFENTERPRISECROSSBORDERMATABLEIISALESOFGEELYGROUPANDVOLVOIN20052009TIMEGEELYGROUPUNITTENTHOUSANDVOLVOUNITTENTHOUSAND200510A4442006154277200721854583200823343743200932743348ASOURCEANNUALREPORTOFGEELYGROUPANDVOLVOTABLEIIIPROFITBEFORETAXOFGEELYGROUPANDVOLVOIN20052009TIMEGEELYGROUPUNIT100MILLIONRMBVOLVOUNIT100MILLIONDOLLARS20051242006216082007307220088791520091179653ASSHOWN,IN2005GLOBALSALESOFGEELYISLESSTHANAQUARTEROFVOLVOIN2007,ITISNEARLYONEHALFOFVOLVOTHENGEELYCARMAKESTHENUMBEROFSALESHASBEENASIGNIFICANTGROWTHIN2009WITHINDEPENDENTINNOVATIONSTRATEGYANDCHANNELSINKMECHANISMWHILEVOLVOWASAFFECTEDBYTHEGLOBALFINANCIALCRISISANDEXPERIENCESASHARPDECLINEINSALESASOF2009,BEFORETHEMERGEROCCURRED,GEELYAUTOMOBILEANDVOLVOCARSSALESHAVEBEENVERYCLOSETABLEIIISINCE2005,GEELYGROUP’SPROFITBEFORETAXDOUBLINGEVERYYEAR,ANDIN2009ITREACHED1179BILLIONYUANBYCONTRAST,THEVOLVOGROUPWASUNDERANNUALLOSSSINCE2006SINCETHEBUSINESSPHILOSOPHYRIGIDANDUNCLEARSTRATEGICGOALS,COUPLEDWITHTHEIMPACTOFTHEGLOBALFINANCIALCRISISTHELOSSIN2008EVENREACHED15BILLIONDOLLARSANDBECAMEAHEAVYPACKOFFORDBFINANCIALRISKANALYSIS1FINANCIALRISKINPREPARATIONPHASEASTRATEGICDECISIONMAKINGRISKBEFORETHEACQUISITIONOFTHEWORLDRENOWNEDBRANDVOLVO,THEGEELYGROUPNEEDSTOUNDERSTANDTHEIREXISTINGRESOURCESANDCOMPETITIVEADVANTAGESATTHESAMETIME,THEGEELYGROUPALSONEEDSTOFORECASTTHEDEVELOPMENTTRENDOFTHEENTIREAUTOMOTIVEINDUSTRYGEELY’SACQUISITIONOFVOLVOBELONGSTOTHEHORIZONTALMAWITHINTHESAMEINDUSTRYTHROUGHMA,ITCANEXPANDMARKETSHAREINCARSALESANDDISPERSETHEGEOGRAPHICALRISKHOWEVER,THESUBSEQUENTRISKOFMANAGEMENTOPERATIONSANDINSTITUTIONSOVERLAPWILLGETGREATERMOREOVER,WHETHERVOLVOMEETSTHESTRATEGICDIRECTIONOFTHEGEELYGROUPISALSOVERYIMPORTANTIFGEELY’SACQUISITIONOFVOLVOWOULDRESULTINDEVIATIONFROMTHESTRATEGICDEVELOPMENTDIRECTION,ITMAYAFFECTTHEABILITYTOCONTROLTHEGEELYGROUPBVALUATIONRISKIN1999,FORDMADEAVALUATIONUPTO64BILLIONINTHEACQUISITIONOFVOLVOFORDWASOPERATINGINGOODCONDITIONATTHATTIMEANDWASFAMOUSAROUNDTHEWORLDFORDHOPEDTOIMPROVEITSRETURNSONCAPITALANDTOREALIZETHESYNERGYEFFECTSOFMABUTTHINGSGOCRISSCROSSVOLVOSOPERATIONDIDNOTMEETEXPECTATIONS,ANDTHEREWERESUCCESSIVELOSSESAFTERTHEACQUISITIONIN2008,THELOSSREACHED16BILLIONFORDMADEPREPARATIONVALUED65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簡(jiǎn)介：VOLUMEIV,ISSUEVIISSNONLINE23500476ISSNPRINT2394207XIMPACTFACTOR4205INTERNATIONALJOURNALOFMULTIFACETEDANDMULTILINGUALSTUDIES1STJUNE2017WEBSITEWWWIJMMSINEMAILIJMMS14GMAILCOMPAGE62GREENFINANCEANDSUSTAINABLEDEVELOPMENTANINDIANPERSPECTIVEMANMOHANVYASASSISTANTPROFESSOR,INDIRASCHOOLOFBUSINESSSTUDIES,PUNEABSTRACTTHEPRESENTERAOFGLOBALIZATIONHASBROUGHTLOTOFLUXURYTOHUMANLIFEBUTHASALSORESULTEDINENVIRONMENTALDEGRADATIONINCORPORATEDWITHALLTHEINVOLVEDACTIVITIESTODAYTHEENTIREECONOMYISFACINGHUGECHALLENGETODEALWITHTHEENVIRONMENTALPROBLEMSANDTHEIRRELATEDIMPACTSINTHEIRDAYTODAYBUSINESSESTODAY’SERAISTHREATENEDFROMTHEMAJORCHALLENGESOFCLIMATECHANGE,ENERGYCONSTRAINTSANDFINANCIALCRISISDUETOALLTHESEREASONS,BUSINESSORGANIZATIONSHAVESTARTEDMODIFYINGTHEIRACTIVITIESANDSTRATEGIESSOASTOENSUREPROTECTIONTOOURNATURALRESOURCESANDENVIRONMENTIFWEHAVETOGIVECLEANERITHASBECOMEIMPORTANTFORTHEFINANCESECTORTOBECOMERESPONSIVETOTHESEENVIRONMENTALISSUESASSOCIATEDCHALLENGESTHISHASGIVENRISETOTHECONCEPTOFGREENFINANCEWHICHISANINNOVATIONINTHEFIELDOFFINANCEGREENFINANCETHUS,INVOLVESMAKINGINVESTMENTSINENVIRONMENTALLYSUSTAINABLEPRODUCTSANDPROJECTSITAIMSATREDUCINGORAVOIDINGGREENHOUSEGASEMISSIONS,CONTROLLINGINDUSTRIALPOLLUTION,WATERSANITATION,WASTEMANAGEMENTANDOVERALLBIODIVERSITYPROTECTIONNOTONLYTHISBUTITALSOINCLUDESGREENINVESTMENTSIESTOCKS,EXCHANGETRADEDFUNDSANDMUTUALFUNDSOFTHECOMPANIESWHOSEOPERATIONSAIMSATIMPROVINGPROTECTINGTHEENVIRONMENTSUPPORTINGSUSTAINABLEBUSINESSPRACTICESRESEARCHOBJECTIVESTOREVIEWTHEEXISTINGLITERATUREONTHECONCEPTOFGREENFINANCETHEINITIATIVESTAKENBYTHEINDIANCORPORATESTOSTUDYSELECTGREENFINANCIALPRODUCTSANDSERVICESBEENOFFEREDBYINDIANCORPORATETOSTUDYTHERECENTDEVELOPMENTSINTHEFIELDUNDERSTANDTHEFUTURESCOPEOFGREENFINANCEININDIAGREENBANKINGGREENBANKINGISNOTASEPARATEBANKGREENBANKINGMEANSENSURINGENVIRONMENTFRIENDLYPRACTICESINBANKINGSECTORANDTHEREBYREDUCINGINTERNALANDEXTERNALCARBONFOOTPRINTSABROADERVIEWOFTHISISTHATBANKINGINDUSTRYISLINKEDTOTHEEXTERNALENVIRONMENTASITPROVIDESFUNDSTOOTHERSANDHENCEFINANCESTHEIRACTIVITIESBANKSAREASOURCEOFFUNDS/CREDITSOTHEYCANCONTRIBUTETOENVIRONMENTBYENSURINGENVIRONMENTALLYRESPONSIBLEINVESTMENTANDACAREFULLYEVALUATEDLENDINGGREENBANKINGTHEREFORECOVERSTWOASPECTSTHEFIRSTONEBEINGJUDICIOUSUSEOFALLRESOURCES,ENERGYANDREDUCINGCARBONFOOTPRINTSANDSECONDBEINGENCOURAGINGANDFINANCINGONLYENVIRONMENTFRIENDLYSUSTAINABLEINVESTMENTSSOGREENBANKINGISNOTONLYABOUTMAKINGSUSTAINABLEUSEOFRESOURCESBUTALSOABOUTENVIRONMENTFRIENDLYDISPENSATIONOFCREDITAPROPERSCRUTINYOFALLPROJECTSTHATAREFINANCEDINTERMSOFENVIRONMENTISANOTHERMAJORELEMENTOFGREEN

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簡(jiǎn)介：6500英文單詞，英文單詞，35萬(wàn)英文字符，中文萬(wàn)英文字符，中文10500字文獻(xiàn)出處文獻(xiàn)出處BRISSIMISSN,GARGANASEN,HALLSGCONSUMERCREDITINANERAOFFINANCIALLIBERALIZATIONANOVERREACTIONTOREPRESSEDDEMANDJAPPLIEDECONOMICS,2014,462139152CONSUMERCREDITINANERAOFFINANCIALLIBERALIZATIONANOVERREACTIONTOREPRESSEDDEMANDSOPHOCLESNBRISSIMIS,EUGENIENGARGANASANDSTEPHENGHALLINTHISARTICLE,WEEMPIRICALLYANALYSETHEFACTORSWHICHDETERMINEDCONSUMERCREDITINGREECEINTHEPERIODBEFOREANDAFTERTHEFINANCIALLIBERALIZATION,WHILEACCOUNTINGFORSIGNIFICANTCHANGESINSTRUCTUREDUETOTHELIFTINGOFCREDITRESTRICTIONSANDTHESUBSEQUENTIMPRESSIVEBOOMOFCONSUMERLOANSWEUSEMULTIVARIATECOINTEGRATIONTECHNIQUESTOESTIMATEAVECTORERRORCORRECTIONMODELVECMANDIDENTIFYSEPARATEDEMANDANDSUPPLYRELATIONSHIPSFORCONSUMERLOANSWEINTRODUCEDEMANDANDSUPPLYRELATEDSHIFTSINPARAMETERSTHROUGHTHEINCLUSIONOFAPPROPRIATEDUMMYVARIABLESANDTRENDSINTHELONGRUNRELATIONSHIPSWEPARTLYDEVIATEFROMTHETYPICALJOHANSENPROCEDUREANDESTIMATETHEMODELINTWOSTEPSWEFINDTHATTHETHEORETICALEXCLUSIONANDCOEFFICIENTSIZERESTRICTIONSONTHEDEMANDANDSUPPLYCOINTEGRATINGVECTORSAREVALIDOURRESULTSARECONSISTENTWITHTHEOPERATIONOFABANKLENDINGCHANNELINGREECEWEALSOFINDTHATTHESUPPLYSIDEWASMOSTLYRESPONSIBLEFORTHEACCELERATIONOFCONSUMERLOANGROWTHFOLLOWINGCREDITLIBERALIZATIONKEYWORDSCONSUMERCREDITFINANCIALLIBERALIZATIONCOINTEGRATIONSTRUCTURALBREAKSIINTRODUCTIONTHEISSUEOFMODELLINGBANKCREDITHASBEENINVESTIGATEDBYASIGNIFICANTBODYOFEMPIRICALWORKWHICHCOMPLEMENTSTHEEXTENSIVELITERATURETHATMODELSTHEBEHAVIOUROFMONETARYAGGREGATESTHEEMPIRICALRESEARCHDEVOTEDTOTHEDETERMINATIONOFCREDITFREQUENTLYEMPLOYSCOINTEGRATIONTECHNIQUESTOESTIMATEMAINLYDEMANDRELATIONSHIPSEGHOFMANN,2001CALZAETAL,2003HOWEVER,VERYFEWSTUDIESESTIMATESEPARATELOANDEMANDANDLOANSUPPLYRELATIONSHIPSEGKAKES,2000MOREOVER,THEMODELLINGOFCONSUMERCREDITALONEISPRACTICALLYNOTCOVEREDATALLBYTHELITERATURETHATUSESAGGREGATECREDITDATA,WHILEITISQUITECOMMONINSTUDIESTHATUSEMICROLEVELDATATHEIDENTIFICATIONOFLOANDEMANDANDLOANSUPPLYRELATIONSHIPSIMPLIES,INTERALIA,THEEXISTENCEOFABANKLENDINGCHANNELBERNANKEANDBLINDER,1988THISCHANNELSEEMSTOFUNCTIONWELLINMARKETSTHATARENOTFULLYDEVELOPEDANDINWHICHFRICTIONSARESTILLPRESENTINOURARTICLE,WEAIMTOCONTRIBUTETOTHEEMPIRICALLITERATUREONCONSUMERCREDITANDINVESTIGATESEPARATELYTHEDEMANDANDSUPPLYFACTORSTHATDETERMINETHEEVOLUTIONOFTHISAGGREGATEINGREECEOURANALYSISCOVERSTHEPERIOD1990–2008,AIMINGTOACCOUNTFORTHEEFFECTSOFTHELIBERALIZATIONOFCREDITINGREECEWEDIDNOTEXTENDOUREMPIRICALWORKTOMORERECENTYEARSPOST2008,DURINGWHICHTHEIMPACTFROMTHEGLOBALFINANCIALCRISISANDTHESOVEREIGNDEBTCRISISINGREECEONTHEDOMESTICREALECONOMYANDONDEPOSITS,CREDITANDASSETPRICESWASPARTICULARLYLARGETHESAMPLEPERIODTHATWEEXAMINEINCLUDESARAPIDACCELERATIONOFCONSUMERCREDITGROWTH,FOLLOWINGITSLIBERALIZATIONANDTHEADOPTIONOFTHEEUROIN2001,WHICHPARTLYREFLECTSTHECHANGINGBEHAVIOUROFECONOMICAGENTSTHEASSOCIATEDSHIFTSINTHEIMPACTOFFACTORSTHATDETERMINECREDITRENDERSTANDARDECONOMETRICMETHODSOFESTIMATIONLESSAPPLICABLETHISISMOREGENERALLYTHECASEINTHEEMPIRICALLITERATURETHATFOCUSESONDEVELOPINGECONOMIESTHESAMEISSUEISALSOENCOUNTEREDINTHELITERATUREWHICHMODELSTHEDEMANDFORMONEYINADVANCEDECONOMIESTHATWENTTHROUGHFINANCIALLIBERALIZATIONEARLIER,INTHE1980SWEADDRESSTHISMATTERTHROUGHTHEUSEFORLOANSISNOTDEEMEDNECESSARYINMOSTSTUDIESWHENDEMANDEFFECTSARELIKELY,ORSIMPLYASSUMED,TODOMINATESUPPLYEFFECTSMOREIMPORTANTLY,THEIDENTIFICATIONOFASEPARATEDEMANDANDSUPPLYCURVEISNOTALWAYSFEASIBLE,DEPENDINGONDATAAVAILABILITY,THECHOICEOFVARIABLESANDTHETHEORETICALMODELKAKES2000,HULSEWIGETAL2004ANDSORENSENETAL2009AREALLSTUDIESWHICHIMPOSETHEORETICALRESTRICTIONSONAVECMINORDERTOIDENTIFYALOANDEMANDANDALOANSUPPLYFUNCTIONFORTHENETHERLANDS,GERMANYANDTHEEUROAREA,RESPECTIVELYTHEDETERMINATIONOFSEPARATELOANSUPPLYAND/ORLOANDEMANDCURVESSUPPORTSTHEEXISTENCEOFABANKLENDINGCHANNEL,NOTABLYASSTATEDINTHEBERNANKE–BLINDERMODEL1998THEBERNANKE–BLINDERFRAMEWORKSUGGESTSTHATTHECHANNELOPERATESWELLINECONOMIESINWHICHMARKETFRICTIONSEXISTEGEMERGINGMARKETS,WHICHRENDERBORROWERSMOREBANKDEPENDENT,FOREXAMPLEINCOUNTRIESWHICHAREINTHEPROCESSOFCREDITLIBERALIZATIONBYCONTRAST,THEADVANCEMENTOFFINANCIALDEREGULATIONANDFINANCIALINNOVATIONTHATCREATESNEWPRODUCTSREPLACINGBANKLOANSORPROMOTES,FOREXAMPLE,THEEXPANSIONOFTRUESALESECURITIZATIONACTIVITYANDTHESALEOFLOANSBYBANKSTONONBANKSEXPLAINSWHYEMPIRICALSTUDIESUSINGDATAFROMTHEMOREDEVELOPEDECONOMIESMAINLYTHEUNITEDSTATESANDTHEUNITEDKINGDOMFINDCONFLICTINGEVIDENCEREGARDINGTHEEXISTENCEOFTHELENDINGCHANNELHOWEVER,INTHECASEOFHOUSEHOLDLOANS,THEBANKLENDINGCHANNELMAYALMOSTBETAKENFORGRANTED,SINCEHOUSEHOLDBORROWINGISMAINLYBANKBASED,MORETHANINTHECASEOFFIRMS,ATLEASTINTHEEUROAREAANDTOSOMEEXTENTINTHEUNITEDSTATES,WHEREHOUSEHOLDSAREMOREWIDELYFUNDEDFROMNONBANKSOURCESSUCHASGOVERNMENTSPONSOREDENTERPRISES,PRIVATEISSUERSOFASSETBACKEDSECURITIESANDMICROFINANCEINSTITUTIONSWHILETHEMOREADVANCEDECONOMIESHADCOMPLETEDFINANCIALDEREGULATIONBYTHEENDOFTHE1980S,OTHERECONOMIESONLYRECENTLYWENTTHROUGHORARESTILLUNDERGOINGTHISPROCESSTHUS,STUDIESTHATAREBASEDONSAMPLESTHATINCLUDEAPERIODOFCREDITLIBERALIZATIONOFTENMAKEUSEOFMETHODSFOUNDINTHEEMERGINGMARKETLITE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