投资银行

In order to survive and keep their position, commercial banks, especially those leaders develop various financial products by innovation to evade existing regulations and inroad to other sectors such as insurance, security, and others.

投资模式的改变使得金融体系中金融机构的结构发生了很大的变化，非银行金融机构（如保险公司、共同基金、投资公司、养老基金、风险投资基金、套利基金等）发展迅速，传统商业银行受到严重挑战，陷入发展的困境。

This thesis made out creative analysis on credit risk management of stated-owned commercial banks under information asymmetry as follows:(1) It pointed out that banks can set for claim for compensation in credit contracts, so that companies that breach the faith would be published once the breach occurred.(2) It suggested that banks can set committees in companies to supervise the application of capitals, in order to make sure that specific capital should be used in specific projects.(3) It advised that special departments, acting like independent directors, can be set by banks enterprises to supervise the shared information, so that to decrease moral risk.

本文的创新点在于对信息不对称下的国有商业银行信用风险管理提出了如下几点对策：(1)银企双方在签订贷款合同时可以建立违约索赔的机制，一旦银行发现企业违约，而对方至少应该受到经济上的制裁；(2)建议银行设立投资监控管理委员会，对企业资金的使用状况进行监督管理，以保证借出的资金不被挪用到其他项目，做到专款专用；(3)在银企双方设立类似于独立董事的机制，对信息的透明度进行监控，保证企业不出现道德风险方面的问题。

It can be expected that the decline in interest rates there is still much space, it is necessary to know the lowest interest rates in previous years, the records of bank one-year return on investment rate was only 1.80% which, when the economic environment is now the case is far from grim, if interest rates drop several times, and its effect on the stock market there will be a process of quantitative to qualitative changes, bank deposits are not the proceeds of investors, there will be a "rentier" class from the bank gradually driven out.

可以预计，利率下降有很大的空间，但要知道前几年的最低利率，银行之一的记录一年的投资回报率仅为1.80％，其中，在经济环境现在的情况是远远严峻，如果利率下降几次，其对股市的影响将有一个过程量变到质变，银行存款是不是投资者的收益，将有一个"食利者"类从银行逐步淘汰。

Clive Tasker, chief executive of Standard Bank's business in Africa excluding South Africa, said the resultant deals were likely to be at least as large as ICBC's $5.5bn purchase last year of a 20 per cent stake in Standard – itself the largest foreign direct investment in post-apartheid South Africa.

标准银行非洲业务首席执行官克莱夫·塔斯克表示，最后达成的交易，规模可能至少达到中国工行入股标准银行的水平。工行去年以55亿美元收购了标准银行20%的股权，这宗交易本身就是南非种族隔离时代结束后最大的单笔外国直接投资。

Prior to European countries, the government announced that it would spend tens of billions of pound sterling and the euro, the acquisition of the plight faced by many banks of the shares and take on 100,000,000,000 euros for the bank to provide guarantees to banks to help raise the funds needed business development.

在此之前欧洲国家，政府宣布，将投资的英镑和欧元百亿由股份许多银行面临的困境，并就收购该银行1000.0亿欧元，向银行提供担保，以帮助提高所需的资金业务的发展。

Keepers of a lot of bad property and their offspring and intermediators ignoring state's law and family rule, didn't get acknowledged and verification from UN – the only settlement body, internation settlement bank – BIS, lie and cheat here and there, promise funding and investment to every country's government and enterprise financing investment. Here our Financial Group warn every state's government and enterprise don't believe these so-called financial group and investment company, what they said will never come to realize, because they never have real capital in hand to guarantee your project and invest.

许多不良财产保管员及他们的后代和中间人置国法家规不顾，利用并没有经过联合国----世界唯一结算单位，国际结算银行—BIS认帐承认，在外招摇撞骗，乱许诺各国政府和企业融资投资，在此本财团提醒各国政府和企业不要再轻信这些所谓的财团和投资公司，他们的话永远也无法兑现，因为他们手中根本就没有真正的资金为你的项目作担保和投资。

But with the change of circumstances, the uncertainness of investment projects increases and these traditional decision approaches are challenged.

在第一章中，本文讨论在风险中性世界中的投资项目决策实物期权的价值评估问题，并假设投资项目的未来收益变化率S t服从如下的几何布朗运动：其中r为无风险利率，此时等于银行利率，σ为投资项目未来收益的波动率，随机过程Wt是上的几何布朗运动。

Chapter!? expounds the five main aspect of risk in national commercial bank, i.e..signal liability structure,bad loan quality, low capital efficiency, imperfect restriction on interior power, thin consciousness on risk avoidance;summarizes five characters of the bank risks, including risk concentration, moral risk, risks caused by system structure, inequi ty between bank risks and revenues, aggrandizement trend of bank risks;analysis eight reasons for bank risks, including proprietary ownership voidance,macroeconomic fluctuation, ineffective capita buffer mechanism, enterprise reasons.no synchronous fiscal investment and financial reform, incompetence law and regulation enforcement.

紧接着在第三章阐述了我国国有商业银行风险的"五大表现"，即负债结构单一、信贷资产质量差、资本充足率低、内部控制机制薄弱、防范风险的意识淡薄；总结了我国国有商业银行风险的"五大特点"，即风险高度集中、风险人为匿藏、风险的体制性、风险与收益严重不对称、风险呈继续扩大态势；剖析了我国国有商业银行风险形成的"八大因素"，即金融产权"人格"虚设、宏观经济波动、资本金等缓冲机制不健全、财政、投资和金融的体制改革不配套、法律和法规不健全等。

In smaller banks, one or a small number of bank officers is generally responsible for bank loans and investments; however, farm lending or consumer credit is frequently departmentalized.

在小银行，一个或好几个银行职员全面负责银行贷款和投资。而农业贷款或消费贷款往往是分部门操作的。

On Monday March 23rd, six weeks after being heckled for a maddeningly vague bank-rescue plan, America's beleaguered treasury secretary at last gave details of a public-private partnership to invest in the troubled assets clogging up banks' balance-sheets.

在3月23日也就是在第一次公布了一个极其模糊到令人抓狂的拯救银行的方案并受到各方攻击的6周之后，美国这位腹背受敌的财长最后终于公布了用公私合作的办法来投资导致银行账目不平的银行坏帐计划的细节。

For a big chunk of credit-card losses; the number of filings (and thus charge-off rates) would be rising again, whether

年美国个人破产法的一个改动使得破产登记急速下降，而后引起了信用卡大规模的亏损。

Eph. 4:23 And that you be renewed in the spirit of your mind

弗四23 而在你们心思的灵里得以更新