1、 外文翻译 原文 Managing Credit Risk in Rural Financial Institutions in Latin American Material Source： Rural Financial Learning Centre（ RFLC） Authors： Mark Wenner, Sergio Navajas, Carolina Trivelli, Alvaro Tarazona Adequately managing credit risk in financial institutions is critical for their survival an
2、d growth. In the case of rural lending in general and agricultural lending in particular, the issue of credit risk is of even of greater concern because of the higher levels of perceived risks resulting from some of the characteristics of rural dwellers and the conditions that they find themselves i
3、n. More extremely poor people tend to live in rural than in urban areas. In addition, fewer people are able to access basic infrastructure services and these tend to be of lesser quality or to be less reliable than in urban areas. Rural residents tend to be less educated, more often than not they ha
4、ve insecure land tenure, and they live farther apart than urban populations .Most importantly, agriculture, the mainstay of most rural economies, tends to be subject to price volatility, weather shocks, and trade restrictions. As a result, financial institutions that are active in rural areas are li
5、kely to face an elevated level of credit risk and need to manage it well. The lack of good risk mitigation techniques and high transaction costs can discourage formal financial institutions from entering and serving rural areas. Conclusions and Recommendations Credit risk management in Latin America
6、n rural financial institutions is improving and evolving, but much still needs to be done. Many of the institutions surveyed demonstrated success as measured by high overall rates of profitability, low delinquency rates in both general and agricultural portfolios, and sustained growth rates in agric
7、ultural portfolios over time. Nonetheless, the paucity of institutions active in rural areas and expressed desires for better risk management systems, the relatively small loan sizes, and restricted terms indicate that the situation is less than optimal. There are four ways to deal with credit risk
8、reduce it, cope with it, transfer it, or retain it. Based on survey results and the four case studies, the following techniques were identified as the most important and widely used: 1. Expert-based, information-intensive credit technologies (wherein repayment incentives for clients and performance
9、incentives for staff play important roles and information acts as a virtual substitute for real guarantees) are being used to reduce risk. 2. A number of diversification strategies (geographic, sectoral, commodity) are being used to cope with risk. 3. Portfolio exposure limits (wherein agricultural
10、credit is less than 40 percent of total lending) are being used to reduce risk. 4. Excessive provisioning is being used to absorb and internalize risks. Few, however, are transferring the credit risk to third parties and this represents the next challenge. Massive credit expansion in developed count
11、ries has been due in large part to the introduction and wide diffusion of risk transfer techniques (insurance, securitization, derivatives ,etc.) and the wider acceptance of different types of collateral (inventories, accounts receivables ,warehouse receipts, etc.). In Latin America, the most common
12、 risk transfer instruments available are publicly-financed loan guarantee funds; however, they are used only modestly (25 percent).Historically, guarantee funds have been plagued with problems of high costs, limited additional-ity, and moral hazard (A distinction should be made between individual lo
13、an guarantee funds to which this statement applies and intermediary guarantees to which it does not). Recent work has shown that the most successful guarantee funds in Latin America (in terms of additional-ity) are those in Chile, and that much of the positive impact is due to adequate regulation (L
14、listerri et al., 2006). In order to introduce some of the other risk transfer instruments more commonly found in developed financial markets, investments will be needed to reform and strengthen the insurance industry, capital markets, credit bureaus, commercial codes, secured transaction frameworks,
15、 and information disclosure rules. The implications of using the aforementioned credit risk management techniques commonly found in Latin America are manifold. First, the credit evaluation technologies commonly used are very expensive and tend to increase operating costs and interest rates charged b
16、ecause they are time and labor intensive. Steps need to be taken to dramatically reduce the cost of gathering and analyzing data; of securing, perfecting, and executing guarantees; of classifying and modeling risks; and of monitoring clients. With cost reductions, innovations in delivery mechanisms,
17、 and greater competition, interest rate spreads should decline over time, making financial systems more inclusive. Second, some minimal economies of scale and scope are necessary. The larger rural finance institutions in the sample showed that they could more easily diversify risks, offer a wider ra
18、nge of products, obtain better efficiency ratios, and charge lower lending interest rates. Agricultural lending probably cannot be the primary type of lending unless more robust risk transfer techniques become more commonplace. If more sophisticated risk transfer instruments can be introduced, small
19、er and more agriculturally or i-ented institutions can be more readily helped and supported. Otherwise, the challenge for donors/governments and owners of financial institutions is how to rapidly grow and diversify financial institutions that started out small with a rural vocation and how to attrac
20、t to rural are as larger institutions that hitherto were primarily urban. The majority of rural financial institutions tend to be very small, exhibit many institutional needs (access to more low-cost source of funds, inadequate credit technology, better internal controls) and are possibly overexpose
21、d to agriculture .The larger financial institutions that social planners would like to see more active in rural areas are not interested because they perceive high risks and can exploit other more profitable market segments such as consumer lending to salaried workers. Third, the agricultural microf
22、inance credit technology reviewed here is essentially an adaptation of urban microcredit technology, but it has limits. The better-performing institutions seem to adhere to a common set of principles, but there are slight differences from institution to institution as they adapt the principles to su
23、it local conditions. For example, the general rule is to give preference to highly diversified households, but if price and yield risk can be controlled, institutions will lend to highly specialized farm households. The noteworthy differences of the rural adaptation of the urban micro-credit technol
24、ogy are the use of specialized staff with a knowledge of agronomy, fewer repayments, larger loan sizes, charging of relatively lower interest rates compared to micro-enterprise rates to avoid adverse selection, and projection of a strong corporate responsibility image. All of the fo ur case study in
25、stitutions, for example, finance works of charity and have a visible presence in the communities where they operate .The emerging model of agricultural microfinance, however, will have to evolve and possibly coexist with other credit technologies more suited for small business and fixed investment l
26、ending. The leading institutions are constantly tweaking and improving their technologies. However, the tweaking is being done by trial and error and not in a systematic way. To fully understand what works and does not work, cost accounting (activity-based accounting), randomize devaluations, and fr
27、equent client satisfaction surveys would have to be institutionalized .These changes can be costly and would require anew mindset and way of doing business. Based on the survey and case study findings, we have formulated six recommendations for donors, governments, and managers of financial institut
28、ions interested in designing interventions to improve how rural financial institutions manage credit risk. First, donors and governments should identify and support rural institutions with a minimum scale that would permit easy diversification of credit risk and help them to expand and innovate as t
29、he preferred or first best option. The second best option would be assist those with a clear strategic commitment to the rural sector and competent management to do the following: (i)upgrade credit technologies; (ii) help them develop diversification strategies within their reach(i.e. introduce new
30、credit products, finance a wider number of sectors, finance only highly diversified households); and (iii) use agricultural portfolio limits by agency and total portfolio as an early warning system to take corrective actions .As the third best option, and in the absence of minimal scale institutions
31、, donors and governments should strive to assist smaller institutions to merge or associate. An effective association of smaller institutions can derive benefits from collective action such as fundraising, common training, purchase and installation of modern information management systems, and lobby
32、ing for regulatory changes. A movement to merge smaller institutions would permit the emerging entity to have scale and scope. A fourth option would be to promote value chain financing wherein credit risk is managed and transferred among various actors in a supply chain. A fifth possible option, tha
33、t donors and governments may pursue, would be link ages between regulated financial institutions (such as commercial banks) with NGOs active in rural areas. NGOs, for example, could serve as delegates of banks in remote areas. Second, donors, governments, and managers/owners of rural financial insti
34、tutions need to collaborate in the introduction and improvement of a variety of risk transfer instruments. The risk transfer instruments in rank order of easiest to most difficult to introduce are (i) recognition and valuing of inventories and accounts receivables as forms of assets that can be pled
35、ged as colla t-eralor sold to third parties for cash; (ii) guarantee funds; (iii) credit insurance (death, disability, portfolio); (iv) parametric crop insurance; (v) portfolio securitization; and (vi) derivatives and swaps. Each of the above has preconditions and country-by-country assessments woul
36、d have to be made. In general, recognition of inventories and accounts receivables require reforms in banking supervision and regulatory frameworks ,commercial codes, and taxes affecting financial transactions. To improve guarantee fund operations, political interference needs to be minimized or eli
37、minated and adequate regulation introduced. To introduce credit insurance, credit bureaus have to be strengthened, and massive databases and probabilistic risk models built. To introduce crop insurance, large investments in information, training, and modeling are needed .To introduce portfolio secur
38、itization, long data series on loan type performance, standard underwriting procedures, a sufficient number of homogenous loans for bundling, and rating companies are needed. For derivatives and swaps, well-developed legal/regulatory frameworks and capital markets need to be developed. Third, donors
39、 and governments should promote and support regulated nonbank financial institutions .Nonbanks are forced to be more disciplined (adhere to loan documentation, risk classification, and provisioning rules) and have better chances of diversifying liabilities (access to government lines of credit, issu
40、ing bonds, capture savings (where permitted) besides obtaining commercial loans), but allowances have to be made for flexibility and innovation. Fourth, the role of the state is fundamental in helping to develop rural financial markets, but direct political interference at the retail level can retar
41、d progress. The preferred role would be for state-owned second-tier institutions to extend lines of credit and to train staff of rural finance institutions. Many of the institutions expressed a need for more liquidity and access to low-cost funds. It was also clear that term finance is very scarce.
42、Most institutions do not offer term finance with the stated reason being fear of mismatches .Second-tier institutions and international donors can assist in extending terms through a combination of lines of credit and promotion of savings mobilization. Fifth, donors and governments should focus on i
43、mproving the legal and regulatory framework, especially with regards to improving contract enforcement, an expressed concern of many surveyed. Sixth, donors and governments can assist in the capture and dissemination of relevant information that would serve to reduce asymmetries that contribute to m
44、arket failures. High quality and functioning databases would help to facilitate better agricultural marketing, better risk measurement, better risk modeling, and the design of credit, savings, and insurance. 译文 拉丁美洲农村金融机构信贷风险管理 资料来源 : 农村金融学习中心 （ RFLC） 作者： 马克 温纳 ,塞尔吉奥 纳瓦加斯 ,卡罗莱纳 泰维利 ,阿拉瓦罗 塔拉泽那 金融机构恰当
45、的信贷风险管理对于其生存和发展是非常关键的。就 整个 农村 借贷或 特 定的 农业贷款来说，信贷风险的话题受到更 为 密切的关注，因为农村居民的特征和 他们所处的环境 引发了更高 的潜在风险。 更多极度贫穷的人们倾向于居住在农村，而不是城市。除此之外， 很少人能够享受到公共基础设施服务，而且 这 些农村的基础设施服务要么 质量较低 ，要么 就 不如城市地区的设施来的可靠。 农村居民受教育的程度 也 相对较低，往往没有 可以用作抵押的土地使 有权， 而 他们住的 地方 也 离城市很远。更 为 重要的是农业作为大多数农村经济收入的支柱， 更容易受制于价格波动 、 天气影响 和贸易限制。因此，活跃于
46、农村地区的金融机构可能面临着一项 较高水平 的 信贷 风险并且需要很好的 控制 它。 然而 风险缓解技术的缺失和高额的处理费用 又 足 以 阻碍金融机构入驻农村地区 以及 为他们提供服务。 总结建议 拉丁美洲农村金融机构的信贷风险管理正在改善和发展，但仍然有很多地方需要去做。许 多受访的金融机构取得了成功，这包括总体上的高盈利率 ，一般农业投资组合上的低拖欠比率 ，以及随着时间的推移，农业投资组合的持续增长率。但是各机构在农村地区缺乏主动性且也很少表达要建立更完善的风险管理体系的意愿，农村的贷款规模也相对较小以及存在一些受限制的条件说明了当前的形势并没有达到最好。 有四种方法可以处理信贷风险
47、降低它，对付它，转移它，或者保留它。基于调查结果和四个案例的研究，以下的这些技术是最重要 且 最广泛实用的： 1 以专家为基础，信息密集的信贷技术（这其中对顾客的还贷奖励以及对员工的表现奖励起到了 重要的作用，信息被充当为虚拟的实体担保替代品）正在被用来减少风险。 2 大量的多元化战略（地域、部门、商品）正在被用来 对 付风险。 3 投资组合风险限额（其中农业信贷小于贷款总额的百分之四十）正在被用来降低风险。 4 过多的 配置 被用来吸收内化风险。 但是，很少信用风险 正在 转移给第三方，这将是下一个挑战。发达国家大规模的信贷扩张有很大程度上是由于风险转让技术（保险、证券、衍生工具等等）的引进
48、和广泛扩散以及对不同类型的担保（ 存货，应收账款，仓单等）更广泛的接受。在拉丁美洲，最常见的可用的风险转移工具是公众融资的贷 款担保基金；但是，只有较少约 25%的贷款担保基金被用来控制风险。历史上，一直困扰着担保基金 的 有成本高、 额外性 有限以及 道德风险（要区分个人贷款担保基金那里声明适用的而中介担保那里不适用的地方） 等问题 。最近的工作表明，智利 的担保基金在拉丁美洲是最为成功的（从额外性方面来说），而且产生的积极影响很大程度上是由于适当的管理（ 李斯特瑞 等 , 2006）。为了引进更多的通常在发达金融市场发现的其他风险转移工具，需要改进投资，强化保险业、资本市场、信贷局、商业法
49、规、担保交易框架以及信息披露规则。 使用上述在拉丁美洲发现的信用 风险管理常用技术的意义是多方面的。 1 常用的信贷评估技术非常昂贵，往往会增加经营成本和贷款利率，因为他们的时间和劳动力密集。在 安全 、 完善和执行担保，风险分类和 建模 ，以及监测客户等方面 需要采取有效的措施去大大减少收集和分析数据的成本。伴随着成本的下降，实施机制的创新、更 强 的竞争力以及利差也会随着时间的推移而减少，从而使金融系统更具有包容性。 2 对一些最起码的规模经济和范围经济是必要的。样本里 规模 较大的农村金融机构表明他们可以更容易地分散风险，提供更广泛的产品，获得更 高 的效益比，并收取较低的贷款利率。除非更健 全的风险转移技术变的更加普遍，农业 贷 款也许不能够成为主要的贷款类型。如果更复杂的风险转移工具可以引进，体积更小以及更多农业上或其他 方面 的金融机构可以更容易的得到帮助和支持。除此之外，对捐赠者 、 政府以及金融机构 的拥有者们 的挑战将会是如何快速 发展多元化的农村职业小型金融机构，以及如何吸引迄今为止主要城市的大型机构面向农村。农村金融机构往往都非常小，并且呈现出许多体制上的需求（获得更多的低成本资金来源，不充足的信贷技术，更好的内部控制）以及农业上的过度曝光。然而这些社会规划者 眼中本应 在农村地区更加活跃的大型金融机构并不
