銀行的金融數(shù)據(jù)分析外文翻譯

1、<p>　　Banks analysis of financial data</p><p>　　Andreas P. Nawroth, Joachim Peinke</p><p>　　Institut fu¨ r Physik, Carl-von-Ossietzky Universita¨ t Oldenburg, D-26111 Oldenburg, G

2、ermany</p><p>　　Available online 30 March 2007</p><p><b>　　Abstract</b></p><p>　　A stochastic analysis of financial data is presented. In particular we investigate how t

3、he statistics of log returns change with different time delays t. The scale-dependent behaviour of financial data can be divided into two regions. The first time range, the small-timescale region (in the range of seconds

4、) seems to be characterised by universal features. The second time range, the medium-timescale range from several minutes upwards can be characterised by a cascade process, which is given by a</p><p>　　Keywo

5、rds: Banks; Financial markets; Stochastic processes; Fokker–Planck equation</p><p>　　1.Introduction</p><p>　　Financial statements for banks present a different analytical problem than manufactur

6、ing and service companies. As a result, analysis of a bank’s financial statements requires a distinct approach that recognizes a bank’s somewhat unique risks.</p><p>　　Banks take deposits from savers, paying

7、 interest on some of these accounts. They pass these funds on to borrowers, receiving interest on the loans. Their profits are derived from the spread between the rate they pay for funds and the rate they receive from bo

8、rrowers. This ability to pool deposits from many sources that can be lent to many different borrowers creates the flow of funds inherent in the banking system. By managing this flow of funds, banks generate profits, acti

9、ng as the intermediar</p><p>　　2. Small-scale analysis</p><p>　　Banking is a highly leveraged business requiring regulators to dictate minimal capital levels to help ensure the solvency of each

10、bank and the banking system. In the US, a bank’s primary regulator could be the Federal Reserve Board, the Office of the Comptroller of the Currency, the Office of Thrift Supervision or any one of 50 state regulatory bod

11、ies, depending on the charter of the bank. Within the Federal Reserve Board, there are 12 districts with 12 different regulatory staffing groups. Thes</p><p>　　As one of the most highly regulated banking ind

12、ustries in the world, investors have some level of assurance in the soundness of the banking system. As a result, investors can focus most of their efforts on how a bank will perform in different economic environments. &

13、lt;/p><p>　　Below is a sample income statement and balance sheet for a large bank. The first thing to notice is that the line items in the statements are not the same as your typical manufacturing or service fi

14、rm. Instead, there are entries that represent interest earned or expensed as well as deposits and loans.</p><p>　　As financial intermediaries, banks assume two primary types of risk as they manage the flow o

15、f money through their business. Interest rate risk is the management of the spread between interest paid on deposits and received on loans over time. Credit risk is the likelihood that a borrower will default on its loan

16、 or lease, causing the bank to lose any potential interest earned as well as the principal that was loaned to the borrower. As investors, these are the primary elements that need to be un</p><p>　　3. Medium

17、scale analysis</p><p>　　The primary business of a bank is managing the spread between deposits. Basically when the interest that a bank earns from loans is greater than the interest it must pay on deposits,

18、it generates a positive interest spread or net interest income. The size of this spread is a major determinant of the profit generated by a bank. This interest rate risk is primarily determined by the shape of the yield

19、curve.</p><p>　　As a result, net interest income will vary, due to differences in the timing of accrual changes and changing rate and yield curve relationships. Changes in the general level of market interes

20、t rates also may cause changes in the volume and mix of a bank’s balance sheet products. For example, when economic activity continues to expand while interest rates are rising, commercial loan demand may increase while

21、residential mortgage loan growth and prepayments slow.</p><p>　　Banks, in the normal course of business, assume financial risk by making loans at interest rates that differ from rates paid on deposits. Depos

22、its often have shorter maturities than loans. The result is a balance sheet mismatch between assets (loans) and liabilities (deposits). An upward sloping yield curve is favorable to a bank as the bulk of its deposits are

23、 short term and their loans are longer term. This mismatch of maturities generates the net interest revenue banks enjoy. When the yield c</p><p>　　4.Even in a business using Six Sigma® methodology. an “

24、optimal” level of working capital management needs to be identified.</p><p>　　The table below ties together the bank’s balance sheet with the income statement and displays the yield generated from earning as

25、sets and interest bearing deposits. Most banks provide this type of table in their annual reports. The following table represents the same bank as in the previous examples:</p><p>　　First of all, the balance

26、 sheet is an average balance for the line item, rather than the balance at the end of the period. Average balances provide a better analytical framework to help understand the bank’s financial performance. Notice that fo

27、r each average balance item there is a corresponding interest-related income, or expense item, and the average yield for the time period. It also demonstrates the impact a flattening yield curve can have on a bank’s net

28、interest income. </p><p>　　The best place to start is with the net interest income line item. The bank experienced lower net interest income even though it had grown average balances. To help understand how

29、this occurred, look at the yield achieved on total earning assets. For the current period ,it is actually higher than the prior period. Then examine the yield on the interest-bearing assets. It is substantially higher in

30、 the current period, causing higher interest-generating expenses. This discrepancy in the performanc</p><p>　　As the yield curve flattens, the interest rate the bank pays on shorter term deposits tends to in

31、crease faster than the rates it can earn from its loans. This causes the net interest income line to narrow, as shown above. One way banks try o overcome the impact of the flattening of the yield curve is to increase the

32、 fees they charge for services. As these fees become a larger portion of the bank’s income, it becomes less dependent on net interest income to drive earnings.</p><p>　　Changes in the general level of intere

33、st rates may affect the volume of certain types of banking activities that generate fee-related income. For example, the volume of residential mortgage loan originations typically declines as interest rates rise, resulti

34、ng in lower originating fees. In contrast, mortgage servicing pools often face slower prepayments when rates are rising, since borrowers are less likely to refinance. Ad a result, fee income and associated economic value

35、 arising from mortgage</p><p>　　When analyzing a bank you should also consider how interest rate risk may act jointly with other risks facing the bank. For example, in a rising rate environment, loan custome

36、rs may not be able to meet interest payments because of the increase in the size of the payment or reduction in earnings. The result will be a higher level of problem loans. An increase in interest rate is exposes a bank

37、 with a significant concentration in adjustable rate loans to credit risk. For a bank that is predominate</p><p>　　5.Related Literature </p><p>　　The importance of working capital management is

38、not new to the finance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores. should have been anticipated because t

39、he corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices. Gilbert and Reichert (199

40、5) find that</p><p>　　Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts

41、 receivable management. Across a limited sample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating acc

42、ounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in th</p><p>　　Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective sh

43、ort-term financial management activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes

44、 the observation that. “An industry a company is located in may have more influence on that company’s fortunes than overall GNP” (2002. 507). In fact. a careful review of this 62</p><p>　　An extensive survey

45、 of library and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory

46、 control as a result of effective supply chain management by Hadley (2004). </p><p>　　6.Research Method</p><p>　　The CFO Rankings </p><p>　　The first annual CFO Working Capital Surv

47、ey. a joint project with REL Consultancy Group. was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management consulting firm specializing in working capital issues for it

48、s global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 compa

49、nies. REL continues</p><p>　　REL uses the “cash flow from operations” value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transfor

50、ms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables accounts. The “days of working capital” (D

51、NC) represents the time period between purchase of inventory on acccount from vendor until the sale to</p><p>　　7.Research Findings</p><p>　　Average and Annual Working Capital Management Perform

52、ance </p><p>　　Working capital management component definitions and average values for the entire 1996 – 2000 period . Across the nearly 1.000 firms in the survey. cash flow from operations. defined as cash

53、flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days wor

54、king capital (DWC). defined as the sum of receivables and inventories less payables divi</p><p>　　8.Industry Rankings on Overall Working Capital Management Performance </p><p>　　CFO magazine pro

55、vides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at lea

56、st eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performan

57、ce. Since the best average ranking possible </p><p>　　9. Results for Bayer data</p><p>　　The Kramers–Moyal coefficients were calculated according to Eqs. (5) and (6). The timescale was divided i

58、nto half-open intervals</p><p>　　assuming that the Kramers–Moyal coefficients are constant with respect to the timescaleτin each of these subintervals of the timescale. The smallest timescale considered was

59、240 s and all larger scales were chosen such that τi＝0.9*τi+1. The Kramers–Moyal coefficients themselves were parameterised in the following form:</p><p>　　This result shows that the rich and complex structu

60、re of financial data, expressed by multi-scale statistics, can be pinned down to coefficients with a relatively simple functional form.</p><p>　　10. Discussion</p><p>　　Credit risk is most simpl

61、y defined as the potential that a bank borrower or counter-party will fail to meet its obligations in accordance with agreed terms. When this happens, the bank will experience a loss of some or all of the credit it provi

62、de to its customer. To absorb these losses, banks maintain an allowance for loan and lease losses. In essence, this allowance can be viewed as a pool of capital specifically set aside to absorb estimated loan losses. Thi

63、s allowance should be maintained at</p><p>　　A careful review of a bank’s financial statements can highlight the key factors that should be considered becomes before making a trading or investing decision. I

64、nvestors need to have a good understanding of the business cycle and the yield curve-both have a major impact on the economic performance of banks. Interest rate risk and credit risk are the primary factors to consider a

65、s a bank’s financial performance follows the yield curve. When it flattens or becomes inverted a bank’s net interest r</p><p><b>　　銀行的金融數(shù)據(jù)分析</b></p><p>　　Andreas P. Nawroth, Joachim

66、Peinke</p><p>　　物理研究所，Carl-von-Ossietzky奧爾登堡大學，D - 26111奧爾登伯格，德國</p><p><b>　　摘要</b></p><p>　　財務數(shù)據(jù)隨機分析已經(jīng)被提出，特別是我們探討如何統(tǒng)計在不同時間τ記錄返回的變化。財務數(shù)據(jù)的時間規(guī)模依賴行為可分為兩個區(qū)域：第一個時間范圍是被描述為普遍特征

67、的小時間區(qū)域（范圍秒）。第二個時間范圍是增加了幾分鐘的可以被描述為隨機馬爾可夫規(guī)模的級聯(lián)過程的中期時間范圍。相應的Fokker - Planck方程可以從特定的數(shù)據(jù)提取，并提供了一個非平衡熱力學描述的復雜的財務數(shù)據(jù)。</p><p>　　關鍵詞：銀行；金融市場；隨機過程；Fokker - Planck方程</p><p><b>　　1 導言</b></p>

68、;<p>　　銀行的財務報表分析不同于制造業(yè)和服務業(yè)的公司。因此，一家銀行的財務報表分析，需要用一個獨特的方法來認識一家銀行有哪些獨特的風險</p><p>　　銀行需要對儲戶的存款帳戶支付部分利息。他們通過對這些基金的借款，接受的貸款利息。他們的利潤都來源于他們之間的資金利率和借款利率。這可以從許多不同的借款借給許多來源的能力，集中存款創(chuàng)造了資金在銀行體系固有流量。通過管理這種資金流動，銀行產(chǎn)生利

69、潤，充當了中間人支付的利息和利息接收和向客戶提供以信貸風險</p><p><b>　　2 小規(guī)模分析</b></p><p>　　銀行業(yè)是一個高度杠桿業(yè)務，需要監(jiān)管部門來支配最低資本水平，以確保各銀行和銀行系統(tǒng)的償付能力。在美國，銀行的主要監(jiān)管機構可能是美國聯(lián)邦儲備委員會，對美國貨幣監(jiān)理署，互助儲蓄銀行監(jiān)管辦事處或任何一個50個州的監(jiān)管機構，根據(jù)銀行的章程。在美國聯(lián)

70、邦儲備委員會，有12個與12個不同的管理人員群體的地區(qū)。這些監(jiān)管機構注重一定的要求，限制及指引，旨在堅持健全銀行系統(tǒng)的完整性。</p><p>　　作為世界上最嚴格監(jiān)管銀行業(yè)的產(chǎn)業(yè)之一，投資者有一定的保證，保持在銀行體系的穩(wěn)健水平。因此，投資者可以集中精力確定銀行將如何在不同的經(jīng)濟環(huán)境中履行自己的大部分精力。</p><p>　　下面是一個示例利潤表和一家大型銀行的資產(chǎn)負債表。首先要注意的

71、是在報表的行項目是不一樣的典型的制造或服務的公司。相反，代表作品有利息或開支的存款和貸款。 由于金融中介機構是銀行承擔風險的兩個主要類型之一，因為他們管理的資金通過其業(yè)務流程。利率風險是支付的利息之間的存款及貸款收到隨著時間的推移傳播管理。信用風險是借款人的可能性將拖欠的貸款或租賃，導致銀行失去任何潛在的利息是被租借給借款本金。作為投資者，這些都是需要理解在分析銀行的財務報表的主要因素。</p><p>

72、<b>　　3 中等規(guī)模的分析</b></p><p>　　某家銀行的主要業(yè)務是管理存款之間傳播。基本上當利息，銀行從貸款利息的收入比它必須支付的存款更大，它會產(chǎn)生一個積極的息差或凈利息收入。這種傳播的大小是由銀行所產(chǎn)生的利潤的主要因素。這一利率風險主要取決于產(chǎn)量曲線的形狀。</p><p>　　因此，凈利息收入會有所不同，由于權責發(fā)生制的變化和變化率和收益曲線的關系

73、時差。在市場利率水平的變化也可能會導致在數(shù)量和銀行的資產(chǎn)負債表的產(chǎn)品組合的變化。例如，當經(jīng)濟活動繼續(xù)擴張，而利率上升，商業(yè)貸款的需求可能增加，但住宅按揭貸款增長放緩</p><p>　　銀行在正常業(yè)務過程中，承擔起在利率決策，從不同的存款利率支付貸款的金融風險。存款往往比貸款期限較短。其結果是不同的資產(chǎn)（貸款）和負債（存款）資產(chǎn)負債表不匹配。一個向上傾斜的收益率曲線，有利于銀行存款作為其大部分是短期和長期貸款。這

74、種期限不匹配產(chǎn)生的凈利息收入銀行享受。當收益曲線變得平坦，這不匹配導致凈利息收益減少。</p><p>　　4.即使在一個業(yè)務中使用.六西格瑪方法論的“最佳”的營運資金管理需要被確認</p><p>　　下面的表格聯(lián)系在一起的世行與損益表和顯示來自生息資產(chǎn)和計息存款產(chǎn)生的收益率資產(chǎn)負債表。大部分銀行在其年度報告中提供這種類型的表。下表表示為在前面的例子相同的銀行：</p>&

75、lt;p>　　首先，資產(chǎn)負債表是一個行業(yè)項目平均余額，而不是在期末余額。平均余額提供一個更好的分析框架，幫助了解銀行的財務表現(xiàn)。注意，對于每個項目的平均余額有相應的利益相關收入或支出項目，并為時間段內(nèi)的平均產(chǎn)量。這也顯示出一個扁平的收益率曲線的影響可能對銀行的凈利息收入。</p><p>　　最好的地方是與凈利息收入線項目。經(jīng)驗豐富的銀行凈利息收入減少，即使它已發(fā)展平均余額。為了幫助理解這是如何發(fā)生的，看的

76、時候總注重資產(chǎn)取得的收益。對于目前的時期，它實際上是比前期高。然后檢查上生息資產(chǎn)收益率。這是在當期大幅高利率導致產(chǎn)生的費用更高。這家銀行的表現(xiàn)差異是由于收益曲線平坦。</p><p>　　由于收益率曲線變平，利率銀行在短期存款支付往往增加速度比它的貸款可以賺快。這將導致該行凈利息收入縮小，如上所示。 Ø銀行嘗試的一種方法克服了收益曲線平坦的影響是增加的費用，他們的服務費。由于這些費用成為銀行收入的較大部

77、分，它變得越來越依賴于凈利息收入來帶動盈利</p><p>　　在一般利率水平的變化可能會影響到某些類型的銀行活動產(chǎn)生的費用有關的收入額。例如，住宅按揭貸款發(fā)放量下降，通常隨著利率上升，從而降低費用造成的起源。與此相反，往往面臨抵押服務池慢預付款當利率在上升，因為借款人再融資的可能性較小。廣告結果，收費收入和相關的經(jīng)濟價值的抵押貸款服務有關的業(yè)務可能會增加或保持適度穩(wěn)定利率上升期間產(chǎn)生的</p>&

78、lt;p>　　當你分析一個銀行也應考慮如何采取行動的利率風險可能面臨的風險與其他銀行聯(lián)合。例如，在一個上升的利率環(huán)境下，貸款客戶可能無法滿足，因為在付款或收入減少的大小增加利息支出。其結果將是一個問題貸款的水平。在加息是一個公開的可調(diào)整利率貸款的信貸風險高度集中的銀行。對于一個正在為主與短期負債資銀行，在利率上升可能會減少凈利息收入的同時信貸質(zhì)量問題在增加。</p><p><b>　　5.相關文

79、獻</b></p><p>　　營運資金管理的重要性在于它并不是新的金融文學。20多年前，斯蒂克尼（1980）報告說。當時的小波格蘭特的全國連鎖百貨公司相繼破產(chǎn)，應該是因為公司經(jīng)營了最后10年里經(jīng)營里有8年的經(jīng)營赤字，這早就作為一個世界500強的財務管理實踐研究的一部分。吉爾伯特和銳徹(1995)發(fā)現(xiàn)應收賬款的管理模式在使用后，有百分之五十九的公司提高營運資金項目，而庫存管理模型應用于百分之六十的公司

80、。最近，法瑞芬.克萊曼和薩胡（1999年）發(fā)現(xiàn)百分之五十五的公司中，標準普爾工業(yè)指數(shù)完成是某種形式的現(xiàn)金流量的評估，但并未提出關于應收賬款和存貨管理的見解，或任何流動資產(chǎn)的變化帳戶或各行業(yè)現(xiàn)有資產(chǎn)負債賬戶的變化。因此，混合證據(jù)表明有關營運資金管理技術的使用。</p><p>　　優(yōu)化貿(mào)易信貸限額理論是多年來自許多文章的主題（例如，施瓦茨1974年，謝爾1996年）注重實際的應收賬款的管理。通過有限的樣本，溫勞布和

81、菲斯海爾(1998)觀察到的趨勢是目前比率低的公司也有低水平的流動負債。同時調(diào)查應收賬款和應付賬款的問題。希爾·薩爾托里斯和弗格森（1984年）發(fā)現(xiàn)方式付款日期的不同的定義。收款人定義付款日期為收到貨款的日期，而付款人查看付款日期的郵戳，額外的協(xié)作平臺了解各企業(yè)、行業(yè)和時間能夠增加這方面的研究機構。</p><p>　　瑪尼思和澤特羅（2002年）提供了兩個價值創(chuàng)造的模式。納入有效的短期的財務管理活動。

82、但是，這些模型都是通用的模型并沒有考慮獨特的企業(yè)或行業(yè)的影響?，斈崴己蜐商亓_談論一小段產(chǎn)業(yè)影響包括那些“一個工業(yè)公司可能有更多的財富”公司可能影響整體國民生產(chǎn)總值。事實上，發(fā)現(xiàn)只有在實際的層面的營運資金管理的公司有各級零星資料。幾乎任何事物除了一些游戲項目，如盒裝行業(yè)因素?！叭绻碳姨峁┝艘粋€內(nèi)部的信用卡”。隨著時間的推移，沒有什么能影響營運資金管理穩(wěn)定性。這項研究將試圖完善調(diào)查有關工作措施以填補行業(yè)內(nèi)資金模式這一空白，并說明說明行業(yè)間

83、的跨時差異。</p><p>　　一個對圖書館和網(wǎng)絡資源進行廣泛的調(diào)查得到了很少的最新報告是關于營運資金管理。最相關的文章是衛(wèi)瑟和布拉德利的(2003)現(xiàn)金流量管理和庫存管理作為一種有效的供應鏈管理的途徑(2004)。</p><p><b>　　6.研究方法</b></p><p>　　第一次年度首席財務官營運資金管理的調(diào)查。與REL顧問組的

84、聯(lián)合項目，發(fā)表在1997年6月首席財務官雜志上。 REL是英國倫敦為基礎的管理咨詢公司，專門從事于流動資金問題的服務，面向全球的客戶。原來的調(diào)查報告的營運資金運用數(shù)據(jù)的上市公司的標準為1996年。每家公司對其同行的排名是針對整個領域的1000家公司.REL繼續(xù)更新以前年度基礎上的原始資料。</p><p>　　REL使用的業(yè)務“現(xiàn)金流”的價值是對企業(yè)現(xiàn)金流量表作用于估計現(xiàn)金轉(zhuǎn)換效率（CCE）的。此值表示公司如何轉(zhuǎn)

85、化現(xiàn)金流收入，一個“天的營運資金”價值是基于金額之和，即每個應收賬款、庫存、應付帳款帳戶之和?！叭諣I運資金”代表一個時期購買存貨從供應商到銷售給客戶之間收集的應收賬款、付款收據(jù)。因此，它反映了公司的核心融資業(yè)務能力與供應商信用。一份詳細的調(diào)查營運資金管理是可能的反應出來的。因為公司首席財務官也提供產(chǎn)業(yè)價值、工業(yè)銷售優(yōu)秀(天/ R)、存貨周轉(zhuǎn)、應付款優(yōu)秀(天/ P)。</p><p><b>　　7.研究

86、發(fā)現(xiàn)</b></p><p>　　年平均周轉(zhuǎn)和管理績效</p><p>　　營運資金管理部分的定義和整個96年至00年期間的平均值。在整個調(diào)查中近1000家的經(jīng)營活動產(chǎn)生現(xiàn)金流?，F(xiàn)金除以銷售的作業(yè)流程被稱為“現(xiàn)金轉(zhuǎn)換效率”（CCE）的。平均九個百分點到百分之九十五的信心區(qū)間中，從5.6%至12.4%消費支出超出范圍。日營運資金（DWC）作為應收款和庫存較少除以每日銷售的應付款項

87、，平均51.8天或非常相似的日子則為銷售的優(yōu)秀（50.6）。在所有情況下，標準差相對較小，這表明這些營運資金的管理工作的變量都是和首席財務官的報告是一致的。</p><p>　　8.行業(yè)排名整體工作性能影響資金管理</p><p>　　首席財務官雜志提供了一個其調(diào)查公司間的整體營運資金的排名。使用下列公式：在進行整體營運資金管理的差異比較行業(yè)中前26名。至少有八家公司在每年的排名中出現(xiàn)。在

88、典型的年份中，首席財務官雜志在此期間970公司的排名。列出的平均周轉(zhuǎn)性能整體的工業(yè)企業(yè)中在首席財務官雜志中的排名順序。由于最佳的平均排名中8個最可能的公司在行業(yè)中是4.5（這個假設的8家公司的排名是通過八個整體調(diào)查之一）。但很顯然，在石油行業(yè)的所有企業(yè)必須有非常高的整體營運資金管理的排名。事實上，石油行業(yè)是排名第一的現(xiàn)金轉(zhuǎn)換效率和第三名的日營運資金。另外，石油工業(yè)的最低標準偏差范圍的排名和營運資金流動資金的排名。其他行業(yè)唯一的平均總體排

89、名低于100是電和煤氣公用行業(yè)。他們現(xiàn)金轉(zhuǎn)換效率排名第二，日營運資金排名第四。這兩個行業(yè)最大的資金排行是紡織品和服裝，紡織品排名第二十二的消費支出和第二十六位營運資金。服裝行業(yè)排名第二十三和第二十四在兩個采取的流動資金的措施。</p><p><b>　　9.拜耳數(shù)據(jù)的結果</b></p><p>　　Kramers-Moyal系數(shù)是根據(jù)公式（5）和（6）計算出來的。

90、時間尺度被分為半開放間隔[1/2(τi-1+τi),1/2(τi+τi+1)] , 假設Kramers-Moyal系數(shù)關于時間t在時間表的每一個子區(qū)間都是常數(shù)，最小的時間尺度被認為是240秒，所有較大的規(guī)模都選擇τi＝0.9*τi+1。Kramers-Moyal系數(shù)以下面的形式增加：</p><p>　　這一結果表明，財務數(shù)據(jù)的豐富性和復雜性是用多尺度來統(tǒng)計的，可以以相對簡單的功能表中的數(shù)據(jù)來牽制。</p&

91、gt;<p><b>　　10.討論</b></p><p>　　信貸風險是最簡單的定義為潛力，銀行借款人或交易對手將無法滿足商定的條款的義務。當發(fā)生這種情況，銀行將經(jīng)歷一個部分或它提供的信貸的客戶的所有損失。為了吸收這些損失，銀行貸款保持和租賃損失撥備。從本質(zhì)上講，這種津貼可以被看作是一個專門撥出資金來吸收貸款損失估計池。這項津貼應維持在一定水平，足以吸收損失可能在該機構的貸

92、款組合的估計數(shù)額。</p><p>　　對一間銀行的財務報表的認真審查可以強調(diào)指出，應考慮才作交易或投資決策成為關鍵因素。投資者需要有一個良好的商業(yè)周期的理解和收益曲線，都有一個對銀行的經(jīng)濟表現(xiàn)產(chǎn)生重大影響。利率風險和信用風險是主要因素，作為銀行的財務表現(xiàn)考慮如下的收益曲線。當它壓平或成為倒銀行的凈利息收益面臨更大的壓力。當收益曲線恢復到傳統(tǒng)的形狀，銀行的凈利息收益通常有所改善。信用風險是最大的貢獻者銀行負的表現(xiàn)