要篇 9期

银行家论坛 70 规范同业业务 探讨经营之道 “6.20风波”暴露出商业银行同业业务的过快膨胀，同业业务作为金融创新产物快速发展的同时，监管政策没有及时跟上创新的步伐。本次银行家论坛探讨同业业务的创新途径和机制，防范风险的发生，寻求正确的发展方向。 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. 宏观经济 48 产业结构调整与地方政府债务风险/安国俊 林苏阳 2013年爆发的底特律破产案，让我们得以深入了解一个城市是如何陷入债务违约困境的现实。本文通过对比两个相似产业格局的美国城市的发展现实，探讨地方产业结构调整对地方政府债务风险管理的影响。

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.

商业银行 54 严格防控保证担保项下的融资风险 /魏国雄 保证担保是商业银行常用的一种融资风险缓释工具，在融资决策和风险管理中有着十分重要的作用。其情况比较复杂，风险识别难度较大，还具有放大信用倍数，增加杠杆率的作用。在中国银行业连续7个季度的不良贷款上升中，保证担保项下的贷款劣变占比较高，不得不引起银行业的重视。

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 industry’s attention.

全球视线 79 证券化：国际经验与国内实践 /刘聪 姚秋 次贷危机之后，美国证券化市场发展减速，欧洲证券化发展严重放缓，至今未见起色。中国证券化的道路也并不平坦。本文从介绍国际证券化发展经验出发，结合中国实际，对商业银行发展证券化业务给予建议。

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.