拉丁美洲農(nóng)村金融機構(gòu)信貸風險管理【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　Managing Credit Risk in Rural Financial Institutions in Latin American</p><p>　　Material Source：Rural Fina

2、ncial Learning Centre（RFLC）</p><p>　　Authors：Mark Wenner, Sergio Navajas, Carolina Trivelli, Alvaro Tarazona</p><p>　　Adequately managing credit risk in financial institutions is critical for th

3、eir survival and 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 fr

4、om some of the characteristics of rural dwellers and the conditions that they find themselves in. More extremely poor people tend to live in rural than in urban areas. In addition, fewer people are able t</p><

5、p>　　Conclusions and Recommendations</p><p>　　Credit risk management in Latin American rural financial institutions is improving and evolving, but much still needs to be done. Many of the institutions surv

6、eyed demonstrated success as measured by high overall rates of profitability, low delinquency rates in both general and agricultural portfolios, and sustained growth rates in agricultural portfolios over time. Nonetheles

7、s, the paucity of institutions active in rural areas and expressed desires for better risk management systems, the relati</p><p>　　There are four ways to deal with credit risk—reduce it, cope with it, transf

8、er 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:</p><p>　　Expert-based, information-intensive credit tec

9、hnologies (wherein repayment incentives for clients and performance incentives for staff play important roles and information acts as a virtual substitute for real guarantees) are being used to reduce risk.</p>&l

10、t;p>　　A number of diversification strategies (geographic, sectoral, commodity) are being used to cope with risk.</p><p>　　Portfolio exposure limits (wherein agricultural credit is less than 40 percent of

11、total lending) are being used to reduce risk.</p><p>　　Excessive provisioning is being used to absorb and internalize risks.</p><p>　　Few, however, are transferring the credit risk to third part

12、ies and this represents the next challenge. Massive credit expansion in developed countries has been due in large part to the introduction and wide diffusion of risk transfer techniques (insurance, securitization, deriva

13、tives ,etc.) and the wider acceptance of different types of collateral (inventories, accounts receivables ,warehouse receipts, etc.). In Latin America, the most common risk transfer instruments available are publicly-fin

14、</p><p>　　First, the credit evaluation technologies commonly used are very expensive and tend to increase operating costs and interest rates charged because they are time and labor intensive. Steps need to b

15、e 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

16、in delivery mechanisms, and greater competition, interest rate spreads should decli</p><p>　　Second, some minimal economies of scale and scope are necessary. The larger rural finance institutions in the samp

17、le showed that they could more easily diversify risks, offer a wider range of products, obtain better efficiency ratios, and charge lower lending interest rates. Agricultural lending probably cannot be the primary type o

18、f lending unless more robust risk transfer techniques become more commonplace. If more sophisticated risk transfer instruments can be introduced, smaller and more agr</p><p>　　Third, the agricultural microfi

19、nance 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

20、 differences from institution to institution as they adapt the principles to suit local conditions. For example, the general rule is to give preference to highly diversified households, but if price and yield risk can be

21、 controlled, institutions wil</p><p>　　Based on the survey and case study findings, we have formulated six recommendations for donors, governments, and managers of financial institutions interested in design

22、ing interventions to improve how rural financial institutions manage credit risk.</p><p>　　First, donors and governments should identify and support rural institutions with a minimum scale that would permit

23、easy diversification of credit risk and help them to expand and innovate as the preferred or first best option. The second best option would be assist those with a clear strategic commitment to the rural sector and compe

24、tent management to do the following: (i)upgrade credit technologies; (ii) help them develop diversification strategies within their reach(i.e. introduce new credit </p><p>　　Second, donors, governments, and

25、managers/owners of rural financial institutions 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

26、to introduce are (i) recognition and valuing of inventories and accounts receivables as forms of assets that can be pledged as colla t-eralor sold to third parties for cash; (ii) guarantee funds; (iii) credit insurance (

27、death, disability, portfoli</p><p>　　Third, donors and governments should promote and support regulated nonbank financial institutions .Nonbanks are forced to be more disciplined (adhere to loan documentatio

28、n, risk classification, and provisioning rules) and have better chances of diversifying liabilities (access to government lines of credit, issuing bonds, capture savings (where permitted) besides obtaining commercial loa

29、ns), but allowances have to be made for flexibility and innovation.</p><p>　　Fourth, the role of the state is fundamental in helping to develop rural financial markets, but direct political interference at t

30、he retail level can retard 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 n

31、eed for more liquidity and access to low-cost funds. It was also clear that term finance is very scarce. Most institutions do not offer term finance w</p><p>　　Fifth, donors and governments should focus on i

32、mproving the legal and regulatory framework, especially with regards to improving contract enforcement, an expressed concern of many surveyed.</p><p>　　Sixth, donors and governments can assist in the capture

33、 and dissemination of relevant information that would serve to reduce asymmetries that contribute to market failures. High quality and functioning databases would help to facilitate better agricultural marketing, better

34、risk measurement, better risk modeling, and the design of credit, savings, and insurance.</p><p><b>　　譯文</b></p><p>　　拉丁美洲農(nóng)村金融機構(gòu)信貸風險管理</p><p>　　資料來源: 農(nóng)村金融學習中心（RFLC）</

35、p><p>　　作者：馬克·溫納,塞爾吉奧·納瓦加斯,卡羅萊納·泰維利,阿拉瓦羅·塔拉澤那</p><p>　　金融機構(gòu)恰當?shù)男刨J風險管理對于其生存和發(fā)展是非常關(guān)鍵的。就整個農(nóng)村借貸或特定的農(nóng)業(yè)貸款來說，信貸風險的話題受到更為密切的關(guān)注，因為農(nóng)村居民的特征和他們所處的環(huán)境引發(fā)了更高的潛在風險。更多極度貧窮的人們傾向于居住在農(nóng)村，而不是城市。除此之外，很少

36、人能夠享受到公共基礎(chǔ)設(shè)施服務(wù)，而且這些農(nóng)村的基礎(chǔ)設(shè)施服務(wù)要么質(zhì)量較低，要么就不如城市地區(qū)的設(shè)施來的可靠。農(nóng)村居民受教育的程度也相對較低，往往沒有可以用作抵押的土地使有權(quán)，而他們住的地方也離城市很遠。更為重要的是農(nóng)業(yè)作為大多數(shù)農(nóng)村經(jīng)濟收入的支柱，更容易受制于價格波動、天氣影響和貿(mào)易限制。因此，活躍于農(nóng)村地區(qū)的金融機構(gòu)可能面臨著一項較高水平的信貸風險并且需要很好的控制它。然而風險緩解技術(shù)的缺失和高額的處理費用又足以阻礙金融機構(gòu)入駐農(nóng)村地區(qū)以

37、及為他們提供服務(wù)。</p><p><b>　　總結(jié)建議</b></p><p>　　拉丁美洲農(nóng)村金融機構(gòu)的信貸風險管理正在改善和發(fā)展，但仍然有很多地方需要去做。許多受訪的金融機構(gòu)取得了成功，這包括總體上的高盈利率 ，一般農(nóng)業(yè)投資組合上的低拖欠比率 ，以及隨著時間的推移，農(nóng)業(yè)投資組合的持續(xù)增長率。但是各機構(gòu)在農(nóng)村地區(qū)缺乏主動性且也很少表達要建立更完善的風險管理體系的意

38、愿，農(nóng)村的貸款規(guī)模也相對較小以及存在一些受限制的條件說明了當前的形勢并沒有達到最好。</p><p>　　有四種方法可以處理信貸風險—降低它，對付它，轉(zhuǎn)移它，或者保留它?；谡{(diào)查結(jié)果和四個案例的研究，以下的這些技術(shù)是最重要且最廣泛實用的：</p><p>　　1 以專家為基礎(chǔ)，信息密集的信貸技術(shù)（這其中對顧客的還貸獎勵以及對員工的表現(xiàn)獎勵起到了重要的作用，信息被充當為虛擬的實體擔保替代品）

39、正在被用來減少風險。</p><p>　　2 大量的多元化戰(zhàn)略（地域、部門、商品）正在被用來對付風險。</p><p>　　3 投資組合風險限額（其中農(nóng)業(yè)信貸小于貸款總額的百分之四十）正在被用來降低風險。</p><p>　　4 過多的配置被用來吸收內(nèi)化風險。</p><p>　　但是，很少信用風險正在轉(zhuǎn)移給第三方，這將是下一個挑戰(zhàn)。發(fā)達國家

40、大規(guī)模的信貸擴張有很大程度上是由于風險轉(zhuǎn)讓技術(shù)（保險、證券、衍生工具等等）的引進和廣泛擴散以及對不同類型的擔保（存貨，應收賬款，倉單等）更廣泛的接受。在拉丁美洲，最常見的可用的風險轉(zhuǎn)移工具是公眾融資的貸款擔?；?；但是，只有較少約25%的貸款擔保基金被用來控制風險。歷史上，一直困擾著擔?；鸬挠谐杀靖摺㈩~外性有限以及道德風險（要區(qū)分個人貸款擔?；鹉抢锫暶鬟m用的而中介擔保那里不適用的地方）等問題。最近的工作表明，智利的擔保基金在拉丁美洲

41、是最為成功的（從額外性方面來說），而且產(chǎn)生的積極影響很大程度上是由于適當?shù)墓芾恚ɡ钏固厝鸬? 2006）。為了引進更多的通常在發(fā)達金融市場發(fā)現(xiàn)的其他風險轉(zhuǎn)移工具，需要改進投資，強化保險業(yè)、資本市場、信貸局、商業(yè)法規(guī)、擔保交易框架以及信息披露規(guī)則。使用上述在拉丁美洲發(fā)現(xiàn)的信用風險管理常用技術(shù)的意義是多方面的。</p><p>　　1 常用的信貸評估技術(shù)非常昂貴，往往會增加經(jīng)營成本和貸款利率，因為他們的時間和勞動力密

42、集。在安全、完善和執(zhí)行擔保，風險分類和建模，以及監(jiān)測客戶等方面需要采取有效的措施去大大減少收集和分析數(shù)據(jù)的成本。伴隨著成本的下降，實施機制的創(chuàng)新、更強的競爭力以及利差也會隨著時間的推移而減少，從而使金融系統(tǒng)更具有包容性。</p><p>　　2對一些最起碼的規(guī)模經(jīng)濟和范圍經(jīng)濟是必要的。樣本里規(guī)模較大的農(nóng)村金融機構(gòu)表明他們可以更容易地分散風險，提供更廣泛的產(chǎn)品，獲得更高的效益比，并收取較低的貸款利率。除非更健全的風

43、險轉(zhuǎn)移技術(shù)變的更加普遍，農(nóng)業(yè)貸款也許不能夠成為主要的貸款類型。如果更復雜的風險轉(zhuǎn)移工具可以引進，體積更小以及更多農(nóng)業(yè)上或其他方面的金融機構(gòu)可以更容易的得到幫助和支持。除此之外，對捐贈者、政府以及金融機構(gòu)的擁有者們的挑戰(zhàn)將會是如何快速發(fā)展多元化的農(nóng)村職業(yè)小型金融機構(gòu)，以及如何吸引迄今為止主要城市的大型機構(gòu)面向農(nóng)村。農(nóng)村金融機構(gòu)往往都非常小，并且呈現(xiàn)出許多體制上的需求（獲得更多的低成本資金來源，不充足的信貸技術(shù)，更好的內(nèi)部控制）以及農(nóng)業(yè)上的

44、過度曝光。然而這些社會規(guī)劃者眼中本應在農(nóng)村地區(qū)更加活躍的大型金融機構(gòu)并不因此而感興趣，因為他們認為面向農(nóng)村市場具有高風險，而且還不如利用其他更有利可圖的的細分市場，如消費貸款的工薪階層。</p><p>　　3這里的農(nóng)業(yè)小額信貸審查技術(shù)基本上是與城市小額信貸技術(shù)匹配的，但是仍然會受到限制。表現(xiàn)較好的機構(gòu)似乎都堅持同一套原則，但這之間也有從機構(gòu)到機構(gòu)的細微差別，因為他們本著因地制宜的原則。例如，一般的規(guī)則是優(yōu)先考慮

45、高度多樣化的家庭，但如果價格和收益風險可以得到控制，機構(gòu)將貸款給高度專業(yè)化的農(nóng)戶。在城市小額信貸技術(shù)運用于農(nóng)村的過程中，顯著的變化是一個專業(yè)的工作人員對農(nóng)學知識的運用，更少的還款，更大的貸款規(guī)模，與微型企業(yè)的稅率相比更低的利率，避免了逆向選擇，并顯示強大的企業(yè)責任形象。所有這四個研究機構(gòu)的案例，例如，慈善機構(gòu)的金融工程明顯存在于他們運轉(zhuǎn)的社區(qū)里。然而，新興的農(nóng)業(yè)小額信貸模式，將不得不改革并與其他更適合小企業(yè)和固定資產(chǎn)投資的信貸技術(shù)并存。

46、處于領(lǐng)先地位的機構(gòu)都在不斷調(diào)整和改善他們的技術(shù)，但是，通過試驗和各種錯誤而進行的調(diào)整并不具有系統(tǒng)性。為了充分了解哪些起效，哪些不起作用，就必須使成本會計（基于活動的會計）、隨機貶值和頻繁的客戶滿意度調(diào)查制度化。這些改變可能是昂貴的，而且需要更新思維方式和經(jīng)營方式。</p><p>　　基于案例的調(diào)查研究結(jié)果，我們在通過制定干涉來提升農(nóng)村金融機構(gòu)管理信貸風險的方面為感興趣的捐助者、政府以及金融機構(gòu)的管理人員制定了六

47、條建議。</p><p>　　1 捐贈者和政府應該查明并支持農(nóng)村金融機構(gòu)的最低規(guī)模，從而保證最低規(guī)模下的金融機構(gòu)能允許簡單多元化的信貸風險存在并且能夠幫助這些機構(gòu)把發(fā)展創(chuàng)新作為首要的最佳選擇。次要的最佳選擇則是協(xié)助農(nóng)村主管部門和管理人員做好以下幾點明確的戰(zhàn)略性承諾：（1）升級信貸技術(shù)；（2）幫助他們在所能達到的范圍之內(nèi)發(fā)展多元化戰(zhàn)略（即引進新的信貸產(chǎn)品，為更多的部門提供資金，提供只有高度多元化的家庭財務(wù)；（3）通

48、過作為早期采取糾正措施預警系統(tǒng)的機構(gòu)和整體投資組合，能夠運用農(nóng)業(yè)投資組合限額。作為第三好的選擇，在最低規(guī)模的機構(gòu)，捐助者以及政府的協(xié)助下應該盡力去幫助小規(guī)模機構(gòu)合并或者聯(lián)營。一個小型機構(gòu)有效的聯(lián)營能夠從籌款、共同培訓、購買和安裝現(xiàn)代化信息管理系統(tǒng)以及游說監(jiān)管轉(zhuǎn)變等合作活動中獲得效益。對合并小型機構(gòu)的一次變動就能夠允許新興實體具有規(guī)模和范圍。第四個選擇是促進價值鏈融資，其中信貸風險要在供應鏈各行為者間被管理和轉(zhuǎn)移。第五個捐助者和各國政府可

49、能追求的選擇將是連接監(jiān)管金融機構(gòu)（如商業(yè)銀行）和農(nóng)村地區(qū)活躍的非政府組織之間的青睞。比如，非政府組織可以在偏遠地區(qū)作為銀行的代表。</p><p>　　2 捐助者、政府以及農(nóng)村金融機構(gòu)的管理者和擁有者需要在一系列風險轉(zhuǎn)移工具的引進和改進上攜手合作。風險轉(zhuǎn)移工具從最易引進到最難引進的排名順序為（1）存貨和能被作為抵押品或以現(xiàn)金出售給第三方的資產(chǎn)形式的應收賬款的確認和評估；（2）擔保資金；（3）信貸保險（死亡，殘疾，

50、組合）；（4）農(nóng)作物參數(shù)保險；（5）投資組合的證券化；以及（6）衍生品和掉期。上述的每種情況都有先決條件和國家通過國家必須作出的評估。事實上，存貨和應收賬款的確認需要影響金融交易的銀行監(jiān)督和監(jiān)管框架、商業(yè)法規(guī)以及稅收的改革。為了提升擔保資金的運轉(zhuǎn)，必須盡量減少或消除政治干預以及適當?shù)墓芾斫榻B。為了引進信貸保險，信用局必須加強構(gòu)建大規(guī)模的數(shù)據(jù)庫和概率風險模型。為了引進農(nóng)作物保險在信息、訓練和模擬上大量的投資是必要的。為了引進證券投資組合，

51、貸款類型表現(xiàn)上的長時間數(shù)據(jù)系列、標準的承保程序和足夠數(shù)量的同質(zhì)捆綁貸款是必要的。對衍生品和掉期來說，發(fā)達的法律、監(jiān)管框架和資本市場需要被開發(fā)。</p><p>　　3 捐助者和政府應該促進并支持非銀行監(jiān)管機構(gòu)。非銀行機構(gòu)正在被迫變的更有紀律（遵守貸款規(guī)則，風險分類，以及配置法規(guī)），并有更好的多元化負債的機會（除了獲得商業(yè)貸款外取得政府貸款，發(fā)行債券，捕獲儲蓄（如允許）），但也必須顧及靈活性和創(chuàng)新性。</p&

52、gt;<p>　　4國家的根本任務(wù)是幫助發(fā)展農(nóng)村金融市場，但是直接在零售層面的政治干擾，會阻礙其發(fā)展。政府的首要作用應該是為國有二級機構(gòu)擴大信貸額度，并培訓農(nóng)村金融機構(gòu)的工作人員。許多機構(gòu)都表達了對流動資金和低成本資金的需求，而顯然長期融資是非常稀少的。大多數(shù)機構(gòu)由于所述的，害怕錯配的原因而不提供長期融資。二級機構(gòu)和國際捐助者可以通過信貸和儲蓄動員宣傳鏈接的組合來協(xié)助擴大范圍。</p><p>