信用

As a Credit expansion mode in securities market,There werea huge risks in Securities Credit Transactions,the core of establish Securities credit trading system is to Control the risk of credit transactions,and exert it's ascendency and active role.by compare and research Mature international credit trading system, this article put forward some relevant recommendations to develop Securities credit transactions on the basis of Learn from international experience and combine with the reality of our country.

证券信用交易作为信用在证券市场上扩张的一种方式也同时存在着巨大的风险，建立证券信用交易制度的核心和目的就是控制信用交易的风险，使其发挥优势和积极的作用。通过对国际上成熟信用交易制度的比较研究，在借鉴国际经验并结合我国实际的基础上，本文初步提出了几点我国开展证券信用交易的相关建议。关键词：证券信用交易证券信用交易制度融资融券

1ST FINANCIAL BANK USA ACCESS FEDERAL CREDIT UNION ACMG FEDERAL CREDIT UNION ALASKA USA FEDERAL CREDIT UNION ALDENVILLE CREDIT UNION AMERICA FIRST FEDERAL CREDIT UNION ANCHOR MUTUAL SAVINGS BANK APPLIED CARD BANK ARIZONA FEDERAL CREDIT UNION ARIZONA STATE CREDIT UNION ARLINGTON FEDERAL CREDIT UNION BANCO POPULAR DE PUERTO RICO BANK MIDWEST, NATIONAL ASSOCIATION BANK OF AMERICA, NATIONAL ASSOCIATION BANK OF UTAH BANNER BANK BARCLAYS BANK DELAWARE BARCLAYS BANK PLC BELCO COMMUNITY CREDIT UNION BRANCH BANKING AND TRUST COMPANY BURBANK CITY FEDERAL CREDIT UNION CAPITAL ONE, F.S.B. CAPITAL ONE, NATIONAL ASSOCIATION CAPITAL ONE BANK CARD SERVICES FOR CREDIT UNIONS, INC. CHARTWAY FEDERAL CREDIT UNION CHASE BANK USA, NATIONAL ASSOCIATION CHELSEA GROTON SAVINGS BANK CITIBANK, N.A. CITIBANK SOUTH DAKOTA, N.A. CITIZENS BANK CITIZENS EQUITY FIRST CREDIT UNION CLYDESDALE BANK PLC.

金融银行美国第一联邦信用合作社ACMG可信联邦信用合作社阿拉斯加美国联邦信用合作社奥尔登维尔储蓄互助社美国第一联邦信用合作社主播银行双方储蓄银行卡应用美国亚利桑那州联邦信用合作社亚利桑那州立储蓄互助社阿灵顿联邦信用合作社波多黎各人民银行银行中西部，美国全国银行协会，美国犹他州横幅银行全国性协会银行巴克莱银行巴克莱银行特拉华贝尔科合作信用社分支银行与信托公司的伯班克市联邦信用合作社第一资本，联邦安全局第一资本，全国性的协会，首都一家银行卡服务信用社股份有限公司查特韦联邦信用合作社美国大通银行，全国性协会切尔西格罗顿储蓄银行花旗银行，北美花旗银行南达科他，不适用国民银行公民的权益第一信用卡联盟格士德银行有限公司。

Meanwhile, it reviews the current situation of China's social credit from an empirical perspective and analyzes such kinds of reasons as historical and cultural reasons for China's loss of social credit, special reason for social transformation and system loss, and whence analyzes the necessity of management to social credit from such three aspects as the frangibility of moral, insurmountability of information's asymmetry and need of national interference.

本文试图通过分析信用与信用管理的一般特性，借鉴发达国家建立社会信用管理法律制度的经验，设计中国的社会信用管理法律制度，以寻求解决中国当前面临的信用困境的途径。本文旨在从政府干预市场的视角提出如何构建社会信用管理法律制度体系，并最终为社会信用水平的提高提供法律制度保障。本文具体内容由五章构成。

On the basis of an analysis of the present profile of automobile consumer credit in China,a discussion is done on the meaning of its development. This thesis introduces the development of the market of automobile consumer credit overseas, and finds out the reasons why overseas automobile consumer credit leads to the successful development of automobile industry. It also analyses the causes of the slump in the market of automobile consumer credit in the country in aspects of influential elements such as economy,policies,society,consumption norms and so on. It has a deep discussion on some obvious problems in this field. For example,the market of automobile consumer credit is of no scale; the prices of automobiles are high; taxes are heavy and expenses are too much; average residents still have low income and no definite balance between income and predicted expenses; there is no perfect social credit system and individual credit system; there is not enough awareness of credit among the public. Taking theories in the area of industrial economics into consideration,it proposes basic measures of promoting the development of consumer credit in China: building up a credited society,a perfect and sound personal credit system.With credit database as the platform,all parties will be able to share information,improve the credit database,relevant regulations and laws as well as a risk warning system,thus operation and management of the operating entities will be improved,the cost of the practice of consumer credit will be reduced; strengthen the innovation of present financial system,develop financial products corresponding to different groups of customers,improve services,perfect the mode of "bank+insurance+automobile agents",make full use of the interne,adopt the practice of turning credit into securities.

本文在我国现阶段汽车消费信贷现状分析的基础上，对大力发展汽车消费信贷的意义进行了讨论；通过分析国外汽车消费信贷市场的发展概况，解析出国外汽车消费信贷促进汽车产业发展成功的原因；从影响汽车消费信贷市场发展的有关因素如经济环境、政策环境、社会环境和消费习惯等方面分析了我国汽车消费信贷市场现状低迷的症结所在；对中国汽车消费信贷市场的一些明显问题，如汽车消费市场尚未形成规模，汽车价格偏高，税费和使用费用负担沉重，相对较低的居民收入与预期收支不确定，社会信用体系尚未建立，个人信用制度缺失，公众信用意识淡薄等方面进行了深入探讨；立足于产业经济学理论，提出了构建信用社会，建立健全和完善个人信用体系，建立个人资信评估机构和登记制度，引入专业的资信中介机构，以信用数据库平台为基础，各方共享资源，组建客户信用数据平台，完善法规制度建设，建立健全汽车信贷消费的法律体系，建立风险预警机制，提高汽车消费信贷经营主体的经营管理水平，降低汽车信贷业务成本，加大金融制度创新的力度，开发适合不同消费群体的金融产品，提高服务质量，完善"银行+保险+汽车经销商"的汽车信贷模式，充分利用互联网、实行贷款证券化等促进我国汽车消费信贷发展的基本措施。

COASTAL COMMUNITY AND TEACHERS CREDIT UNION COLLINS COMMUNITY CREDIT UNION COLUMBUS BANK AND TRUST COMPANY COMERICA BANK COMMERCE BANCSHARES, INC. COMMERCE BANK, NATIONAL ASSOCIATION COMMERCIAL BANK COMMUNITY BANK AND TRUST CREDIT ONE BANK, NATIONAL ASSOCIATION CREDIT UNION CENTRAL FALLS CREDIT UNION OF NEW JERSEY CU COOPERATIVE SYSTEMS DATA CENTER INCORPORATED DHCU COMMUNITY CREDIT UNION DIGITAL FEDERAL CREDIT UNION DUPONT COMMUNITY CREDIT UNION ESL FEDERAL CREDIT UNION EVANSVILLE FIREFIGHTERS FEDERAL CREDIT UNION FAIRFAX COUNTY FEDERAL CREDIT UNION FAMILY SECURITY CREDIT UNION FARMERS AND TRADERS BANK FEDCHOICE FEDERAL CREDIT UNION FIA CARD SERVICES, NA FIA CARD SERVICES, NATIONAL ASSOCIATION FIDELITY BANK FINANCIAL HORIZONS CREDIT UNION FIRST-CITIZENS BANK AND TRUST COMPANY FIRSTMERIT BANK, NATIONAL ASSOCIATION FIRST BANKING CENTER - BURLINGTON FIRST COMMUNITY BANK, NATIONAL ASSOCIATION FIRST COMMUNITY CREDIT UNION FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF PORT ANGELES FIRST FEDERAL SAVINGS BANK OF FLORIDA FIRST INTERSTATE BANK FIRST NATIONAL BANK FIRST NATIONAL BANK OF TENNESSEE FIRST PREMIER BANK FIRST SAVINGS BANK OF PERKASIE FIRST STATE BANK OF ST.

海岸社区与师范储蓄互助社柯林斯合作信用社哥伦布银行及信托公司Comerica银行商业股票银行，工商银行股份有限公司，国家协会为商业银行和信托银行信用社区一家银行，国家会信用联合会中央瀑布信用新泽西兑换联盟协同系统数据中心的法团DHCU合作信用社数字联邦信用合作社杜邦合作信用社的ESL联邦信用合作社埃文斯维尔消防队员联邦信用合作社费郡联邦信用合作社家庭安全信用联盟农民和商人银行FEDCHOICE联邦信用合作社国际汽联卡服务，不适用国际汽联卡服务，全国协会信诚银行信用联盟第一个财政立式服务器，国民银行和信托公司FirstMerit现有银行，第一银行中心的全国性协会-伯灵顿第一社区银行，国家协会第一社区信贷联盟第一个联邦储蓄和贷款协会第一港口洛杉矶联邦储蓄银行美国佛罗里达州第一州际银行第一国民银行第一国民银行田纳西州的首位银行第一储蓄佩卡西作者：意法半导体第一州银行。

SABATTUS REGIONAL CREDIT UNION SELCO COMMUNITY CREDIT UNION SERVICES CREDIT UNION SERVICE CREDIT UNION SOUTHWEST CORPORATE FEDERAL CREDIT UNION SOUTH CAROLINA BANK AND TRUST, NATIONAL ASSOCIATION SOUTH CENTRAL SAVINGS BANK FSB SRP FEDERAL CREDIT UNION STAR PROCESSING INC. STATE BANK AND TRUST COMPANY STATE BANK OF SOUTHERN UTAH STATE EMPLOYEES CREDIT UNION STILLMAN BANCORP N.A. SUNCOAST SCHOOLS FEDERAL CREDIT UNION SUNTRUST BANK SUN COMMUNITY FEDERAL CREDIT UNION TARGET NATIONAL BANK TCM BANK, N.A. TELEPHONE WORKERS CREDIT UNION TESCO PERSONAL FINANCE LTD TEXAS BANK AND TRUST COMPANY THE BANK OF NEW GLARUS THE CREDIT UNION OF ALABAMA FEDERAL CREDIT UNION THE FARMERS BANK THE FIRST NATIONAL BANK OF MIFFLINTOWN THE FIRST NATIONAL BANK OF WYOMING THE GOLDEN 1 CREDIT UNION THE GOTHENBURG STATE BANK AND TRUST COMPANY THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND THE PADUCAH BANK AND TRUST COMPANY THE SOUTHERN FEDERAL CREDIT UNION THREE RIVERS FEDERAL CREDIT UNION TIB THE INDEPENDENT BANKERSBANK TONGASS FEDERAL CREDIT UNION TOOELE FEDERAL CREDIT UNION TOWN NORTH BANK, NATIONAL ASSOCIATION TRACY FEDERAL CREDIT UNION TRAVIS CREDIT UNION TRONA VALLEY COMMUNITY FEDERAL CREDIT UNION U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION, ND U.S. BANK NATIONAL ASSOCIATION UNION BANK, NATIONAL ASSOCIATION UNITED BANK, INC. USAA SAVINGS BANK U S POSTAL SERVICE FEDERAL CREDIT UNION VALLEY NATIONAL BANK VISIONS FEDERAL CREDIT UNION VISTA FEDERAL CREDIT UNION WACHOVIA BANK, NATIONAL ASSOCIATION WASHINGTON MUTUAL BANK WELLS FARGO BANK, NATIONAL ASSOCIATION WORLDS FOREMOST BANK

萨巴特斯区域信用联盟SELCO社区信贷联盟的服务储蓄互助社服务信用联盟南西科珀里特联邦信用合作社南卡罗来纳州银行和信托，国家储蓄银行协会中南财经事务局SRP的联邦信用合作社卫视处理有限公司国家银行和信托公司南犹他州州立银行国家雇员储蓄互助社斯蒂尔曼Bancorp公司不适用桑科斯特流派联邦信用合作社太阳信托银行Sun社区联邦信用合作社解决国家银行中医银行，不适用电话工人储蓄互助社特斯科超市有限公司德州个人理财银行和信托公司的新格拉鲁斯银行，阿拉巴马州联邦信用联盟信用合作社的农民银行第一届米夫林敦国家银行怀俄明州的第一金1学分联盟哥德堡国家银行和信托公司的总督和苏格兰银行的公司国家银行帕迪尤卡银行与信托公司的南联邦信贷联盟三国河流联邦信用合作社工商局的独立BANKERSBANK汤格西联邦信用合作社图埃勒联邦信用合作社镇北岸，全国协会特雷西联邦信用合作社特拉维斯储蓄互助社天然碱Valley社区联邦信贷协会全国联合会美国银行美国银行协会，国家协会钕美国银行联合银行，全国性协会联合银行，储蓄银行股份有限公司USAA公司美国邮政服务联邦信贷协会谷国家银行联邦信用合作社摄影视觉景色联邦信用合作社美联银行，华盛顿互惠银行全国协会富国银行，全国性协会世界最重要的银行

The key points in establishing credit system in current society should be the intensification of credit system on the basis of credit education publicity, the strengthening of market development in the credit service industry,the establishment and mutual usage of credit data, and the incensement of supervision and encouragement on credit.

当前社会信用体系建设的几个着力点应该在诚信宣传教育的基础上，加大信用制度建设的力度；在政府信用建设的基础上，加大信用服务业市场化发展的力度；在信用信息公开的基础上，加大联合征信和数据库建设的力度；在制定信用标准的基础上，加大信用监管和奖惩的力度。

Credit risk can be affected by nonsystematic factors including corporate asset value,credit rating,default probability ,correlation,risk exposure and recovery ratio,meantime,it can be affected by systematic factors such as interest rate,commercial cycle and industry.

分析结果表明信用风险一方面受非系统性基本因素的影响，如公司资产价值、信用状况、违约概率以及相关性等，另外一方面也受到系统性宏观经济因素的影响，如利率、经济周期和行业因素等。其次是研究了信用风险的量化管理问题。具体方法是通过比较分析四种具有代表性的信用风险度量模型，包括CreditMetrics、CredirRisk+、KMV以及CreditPortfolioView等，目的是找到信用风险量化方法的统一框架，为度量信用风险建立一个合适的标准。

Set up and perfect credit support mechanism, and advocate actively the thought of taking honest as one's duty and trading credibly. Interims of law mechanism, regulate institution safeguard mechanism, such as encouraging credit and punishment legislation and law enforcement of default.

从涉农企业和农户的实际出发，本文强调：把对企业和农户的信用道德教育建设与信用制度建设结合起来；把信用激励与信用监督约束结合起来；把研究信用组织创新与信用制度创新结合起来。

Positive study results show that the estimative error of this approach is smaller than the Cohort approach and Jarrow's approach, especially in the period which macro economic condition changing dramatically.

第三章在Jarrow等(1997)研究的基础上，使用非时齐条件Markov链描述信用评级迁移过程，将信用评级迁移的生成矩阵进行对角化处理，给出信用评级迁移矩阵与生成矩阵的关系；然后，利用Cox风险模型将宏观经济影响因子CFNAI考虑在内，得到信用评级迁移的生成矩阵；继而借助于信用评级迁移矩阵与生成矩阵的关系得到信用评级迁移矩阵；最后使用信用评级迁移矩阵的历史数据对本文估计方法的有效性进行了检验。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。