要篇

銀行家論壇 70 規范同業業務 探討經營之道 “6.20風波”暴露出商業銀行同業業務的過快膨脹，同業業務作為金融創新產物快速發展的同時，監管政策沒有及時跟上創新的步伐。本次銀行家論壇探討同業業務的創新途徑和機制，防范風險的發生，尋求正確的發展方向。 Standardize Interbank Business Explore Business Management "6.20 turmoil" revealed the problem that commercial banks interbank business expanded too fast. Interbank business is a product of financial innovation which needs updated regulation， or it would lead to enormous risk. Therefore， it is badly in need of standardizing interbank business， exploring innovative approaches and mechanisms of interbank operation， preventing the potential risk and seeking the right direction. 宏觀經濟 48 產業結構調整與地方政府債務風險/安國俊 林蘇陽 2013年爆發的底特律破產案，讓我們得以深入了解一個城市是如何陷入債務違約困境的現實。本文通過對比兩個相似產業格局的美國城市的發展現實，探討地方產業結構調整對地方政府債務風險管理的影響。

Industrial Structure Adjustment and Debt Risk of Local Government In 2013. Detroit bankruptcy has broken out， which allows us to develop a further insight into how a city falls into the plight of debt default. This paper compares the development of two American cities with similar industrial pattern， and explores the impact of the local industrial structure adjustment on the local government debt risk management.

商業銀行 54 嚴格防控保證擔保項下的融資風險 /魏國雄 保證擔保是商業銀行常用的一種融資風險緩釋工具，在融資決策和風險管理中有著十分重要的作用。其情況比較復雜，風險識別難度較大，還具有放大信用倍數，增加杠桿率的作用。在中國銀行業連續7個季度的不良貸款上升中，保證擔保項下的貸款劣變占比較高，不得不引起銀行業的重視。

Strictly Control Financing Risk under Guarantee Guarantee is commonly used as a financing risk release tool by commercial banks， which plays a very important role in financing decisions and risk management. It has several characters： fairly complex application situation， difficult risk identification， credit magnifying effect and leveraging. For the seven consecutive quarters of rising non-performing loans of China's banking sector， the deterioration of guarantee loans under guarantee is relatively high and has drawn the banking industrys attention.

全球視線 79 證券化：國際經驗與國內實踐 /劉聰 姚秋 次貸危機之后，美國證券化市場發展減速，歐洲證券化發展嚴重放緩，至今未見起色。中國證券化的道路也并不平坦。本文從介紹國際證券化發展經驗出發，結合中國實際，對商業銀行發展證券化業務給予建議。

Securitization： International Experience and Domestic Practice After the subprime mortgage crisis， securitization slows down in US as well as in Europe without any sign of rebound. China's securitization also develops with great difficulty. By combining the experience of international securitization with the reality of China， this paper gives advice to commercial banks on the securitization business.