Unit 16 Risk Management.docx
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Unit 16 Risk Management.docx
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Unit16RiskManagement
Unit16RiskManagement
PrinciplesofCreditRiskManagement1
Adverseselectioninloanmarketsoccursbecausebadcreditrisks(thosemostlikelytodefaultontheirloans)aretheoneswhousuallylineupforloans;inotherwords,thosewhoaremostlikelytoproduceanadverseoutcomearethemostlikelytobeselected.Borrowerswithveryriskyinvestmentprojectshavemuchtogainiftheirprojectsaresuccessful;andsotheyarethemosteagertoobtainloans.Clearly,however,theyaretheleastdesirableborrowersbecauseofthegreaterpossibilitythattheywillbeunabletopaybacktheirloans.
Adverseselectioninloanmarketsoccursbecausebadcreditrisks(thosemostlikelytodefaultontheirloans)aretheoneswhousuallylineupforloans;在信贷市场上所以发生逆向选择问题,是因为高信贷风险者(那些最有可能在贷款上违约的人们)常常就是那些排着队申请贷款的人。
inotherwords,thosewhoaremostlikelytoproduceanadverseoutcomearethemostlikelytobeselected.换言之,那些最有可能造成“逆向”结果的人,常常就是那些被选中得到贷款的人。
Borrowerswithveryriskyinvestmentprojectshavemuchtogainiftheirprojectsaresuccessful;andsotheyarethemosteagertoobtainloans.如果项目成功,那些有着巨大风险投资项目的借款人将大有好处,因而这些人最急于得到贷款。
Clearly,however,theyaretheleastdesirableborrowersbecauseofthegreaterpossibilitythattheywillbeunabletopaybacktheirloans.然而,由于他们极有可能难以偿还贷款,他们显然是最不合意的借款人。
Moralhazardexistsinloanmarketsbecauseborrowersmayhaveincentivestoengageinactivitiesthatareundesirablefromthelender'spointofview.Insuchsituations,itismorelikelythatthelenderwillbesubjectedtothehazardofdefault.Onceborrowershaveobtainedaloan,theyaremorelikelytoinvestinhigh-riskinvestmentprojects---projectsthatpayhighreturnstotheborrowersifsuccessful.Thehighrisk,however,makesitlesslikelythattheywillbeabletopaytheloanback.
Moralhazardexistsinloanmarketsbecauseborrowersmayhaveincentivestoengageinactivitiesthatareundesirablefromthelender'spointofview.贷款市场上所以存在道德风险,是因为借款人可能有积极性去从事那些被贷款人认为不合意的活动。
Insuchsituations,itismorelikelythatthelenderwillbesubjectedtothehazardofdefault.在这种情况下,贷款人将可能遇到违约的“风险”。
Onceborrowershaveobtainedaloan,theyaremorelikelytoinvestinhigh-riskinvestmentprojects---projectsthatpayhighreturnstotheborrowersifsuccessful.一旦借款人得到贷款,他们可能进行高风险项目的投资,即一旦成功将给借款人带来很高收益的投资项目。
Thehighrisk,however,makesitlesslikelythattheywillbeabletopaytheloanback.
然而,高风险使得他们更有可能难以偿还贷款。
Tobeprofitable,financialinstitutionsmustovercometheadverseselectionandmoralhazardproblemsthatmakeloandefaultsmorelikely.Theattemptsoffinancialinstitutionstosolvetheseproblemshelpexplainanumberofprinciplesformanagingcreditrisk:
screeningandmonitoring,establishmentoflong-termcustomerrelationships,loancommitments,collateral,compensatingbalancerequirements,andcreditrationing.
Tobeprofitable,financialinstitutionsmustovercometheadverseselectionandmoralhazardproblemsthatmakeloandefaultsmorelikely.为了能赚取利润,金融机构必须解决那些可能导致贷款违约的逆向选择和道德风险问题。
Theattemptsoffinancialinstitutionstosolvetheseproblemshelpexplainanumberofprinciplesformanagingcreditrisk:
screeningandmonitoring,establishmentoflong-termcustomerrelationships,loancommitments,collateral,compensatingbalancerequirements,andcreditrationing.银行解决这些问题的尝试,有助于解释它们管理信贷风险的一系列原则,如:
筛选和监控、与客户建立长期联系、贷款承诺、抵押物、补偿余额要求和信用配给等。
1.ScreeningandMonitoring
Asymmetricinformationispresentinloanmarketsbecauselendershavelessinformationabouttheinvestmentopportunitiesandactivitiesofborrowersthanborrowersdo.Thissituationleadstotwoinformation-producingactivitiesbybanksandotherfinancialinstitutions,screeningandmonitoring.Indeed,WalterWriston,aformerheadofCiticorp,thelargestbankcorporationintheUnitedStates,wasoftenquotedasstatingthatthebusinessofbankingistheproductionofinformation.
ScreeningandMonitoring筛选和监控
Asymmetricinformationispresentinloanmarketsbecauselendershavelessinformationabouttheinvestmentopportunitiesandactivitiesofborrowersthanborrowersdo.信息不对称问题所以在贷款市场上出现,是因为与借款者相比,贷款人对于投资机会和借款人的活动所知较少。
Thissituationleadstotwoinformation-producingactivitiesbybanksandotherfinancialinstitutions,screeningandmonitoring.这种状况导致银行和其他金融机构发展出两种生产信息的活动:
筛选和监控。
Indeed,WalterWriston,aformerheadofCiticorp,thelargestbankcorporationintheUnitedStates,wasoftenquotedasstatingthatthebusinessofbankingistheproductionofinformation.的确,美国花旗银行的前负责人沃尔特·里斯顿的这段话是经常被引用的:
银行业的工作就是生产信息。
ScreeningAdverseselectioninloanmarketsrequiresthatlendersscreenoutthebadcreditrisksfromthegoodonessothatloansareprofitabletothem.Toaccomplisheffectivescreening,lendersmustcollectreliableinformationfromprospectiveborrowers.Effectivescreeningandinformationcollectiontogetherformanimportantprincipleofcreditriskmanagement.
Screening:
Adverseselectioninloanmarketsrequiresthatlendersscreenoutthebadcreditrisksfromthegoodonessothatloansareprofitabletothem.筛选。
贷款市场上存在着逆向选择问题,要求银行将风险大的贷款从风险小的贷款中筛选出来,从而使银行从其贷款中获利。
Toaccomplisheffectivescreening,lendersmustcollectreliableinformationfromprospectiveborrowers.为了进行有效的筛选,银行必须从每一位借款人那里收集到可靠的信息。
Effectivescreeningandinformationcollectiontogetherformanimportantprincipleofcreditriskmanagement.有效地筛选和收集信息,构成信用风险管理的一项重要原则。
Whenyouapplyforaconsumerloan(suchasacarloanoramortgagetopurchaseahouse),thefirstthingyouareaskedtodoistofilloutformsthatelicitagreatdealofinformationaboutyourpersonalfinances.Youareaskedaboutyoursalary,bankaccounts,otherassets(suchascar,insurancepolicies,andfurnishings),andoutstandingloans,yourrecordofloan,creditcard,andchargeaccountrepayments;thenumberofyearsyou'veworkedandwhoyouremployershavebeen.Youalsoareaskedpersonalquestionssuchasyourage,maritalstatus,andnumberofchildren.Thelenderusesthisinformationtoevaluatehowgoodacreditriskyouarebycalculatingyour-"creditscore",astatisticalmeasurederivedfromyouranswersthatpredictswhetheryouarelikelytohavetroublemakingyourloanpayments.Decidingonhowgoodariskyouarecannotbeentirelyscientific,sothelendermustalsousejudgment.Theloanofficer,whosejobistodecidewhetheryoushouldbegiventheloan,mightcallyouremployerortalktosomeofthepersonalreferencesyousupplied.Theofficermightevenmakeajudgmentbasedonyourdemeanororyourappearance.(Thisiswhymostpeopledressneatlyandconservativelywhentheygotoabanktoapplyforaloan)
Whenyouapplyforaconsumerloan(suchasacarloanoramortgagetopurchaseahouse),thefirstthingyouareaskedtodoistofilloutformsthatelicitagreatdealofinformationaboutyourpersonalfinances.当你进入一家银行去申请一项消费者贷款时(如汽车贷款或购房抵押贷款),你被要求做的第一件事就是填写一些披露大量个人财务信息的表格。
Youareaskedaboutyoursalary,bankaccounts,otherassets(suchascar,insurancepolicies,andfurnishings),andoutstandingloans,yourrecordofloan,creditcard,andchargeaccountrepayments;thenumberofyearsyou'veworkedandwhoyouremployershavebeen.你将被问及工薪、银行账户、其他资产(如汽车、保险单和家具)以及未清偿贷款,你的贷款记录、信用卡、应付账单,你工作的年限以及雇主都是何人等等。
Youalsoareaskedpersonalquestionssuchasyourage,maritalstatus,andnumberofchildren.你还将被问及一些个人问题,如年龄、婚姻状况以及子女数。
Thelenderusesthisinformationtoevaluatehowgoodacreditriskyouarebycalculatingyour-"creditscore",astatisticalmeasurederivedfromyouranswersthatpredictswhetheryouarelikelytohavetroublemakingyourloanpayments.银行运用这些信息来评估你的信用状况,算出你的“信用分值”(这是一种根据你的回答得到的统计量度,它将指示出你是否会在偿还贷款方面有问题)。
howgoodacreditriskyouare:
你的信用状况如何
Decidingonhowgoodariskyouarecannotbeentirelyscientific,sothelendermustalsousejudgment.另外,确定你的风险状况不可能完全是科学的事,因而银行还需要进行判断。
Theloanofficer,whosejobistodecidewhetheryoushouldbegiventheloan,mightcallyouremployerortalktosomeofthepersonalreferencesyousupplied.作为决定是否向你提供贷款的银行官员,信贷员可能会给你的雇主打电话,或者同你提供的有关人士谈话。
Theofficermightevenmakeajudgmentbasedonyourdemeanororyourappearance.(Thisiswhymostpeopledressneatlyandconservativelywhentheygotoabanktoapplyforaloan)信贷员们甚至根据你的举止和外表来进行判断(这就是大多数人到银行去申请贷款时,总是穿着整洁和规规矩矩的原因)。
Theprocessofscreeningandcollectinginformationissimilarwhenafinancialinstitutionmakesabusinessloan.Itcollectsinformationaboutthecompany'sprofitsandlosses(income)andaboutitsassetsandliabilities.Thelenderalsohastoevaluatethelikelyfuturesuccessofthebusiness.Soinadditiontoobtaininginformationonsuchitemsassalesfigures,aloanofficermightaskquestionaboutthecompany'sfutureplans,howtheloanwillbeused,andthecompetitionintheindustry.Theofficermayevenvisitthecompanytoobtainafirsthandlookatitsoperations.
Theprocessofscreeningandcollectinginformationissimilarwhenafinancialinstitutionmakesabusinessloan.当金融机构进行商业贷款时,其筛选和收集信息的过程大致与上相同。
Itcollectsinformationaboutthecompany'sprofitsandlosses(income)andaboutitsassetsandliabilities.它们收集有关企业损益(收入)以及资产和负债的信息,
Thelenderalsohastoevaluatethelikelyfuturesuccessofthebusiness.它们还需估量该企业成功的可能性。
Soinadditiontoobtaininginformationonsuchitemsassalesfigures,aloanofficermightaskquestionaboutthecompany'sfutureplans,howtheloanwillbeused,andthecompetitionintheindustry.因此,除了收集诸如销售款之类的信息之外,银行信贷员还会询问诸如企业未来计划、如何使用贷款以及行业竞争之类的情况。
Theofficermayevenvisitthecompanytoobtainafirsthandlookatitsoperations.信贷员甚至会访问你的公司,以便掌握第一手材料。
。
SpecializationinLending.Onepuzzlingfeatureofbanklendingisthatabankoftenspecializesinlendingtolocalfirmsortofirmsinpart
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- Unit 16 Risk Management