商業翻譯腔：off balance sheet financing、 力度，正在失速；"取得了成效"，表外融資規模

根據：
http://online.wsj.com/articles/chinese-banks-boost-lending-1413429230
中譯：http://cn.wsj.com/big5/20141017/cec075320.asp?
-----

Analysts said a modest decline in off-balance-sheet financing, including entrusted loans, trust loans and undiscounted bank acceptances, reflects efforts since April by the central bank to route more shadow banking activity into the main banking system.
分析師們表示，表外融資規模溫和下降，反映出央行自4月份以來將更多影子銀行活動納入主要銀行體系的努力取得了成效。表外融資包括委托貸款、信托貸款和未貼現銀行承兌匯票。

hc評： 原文沒"取得了成效"字眼；"溫和下降"可能由於變異因素所致，不能說成功。
"表外融資" (off balance sheet financing) "規模" (原文無此詞)：

off balance sheet financing 是近十幾年來重要財務術語，本文將銀行業的分類為三，不容易了解。必須先了解公司的off balance sheet financing。

DEFINITION OF 'OFF-BALANCE-SHEET FINANCING'
A form of financing in which large capital expenditures are kept off of a company's balance sheet through various classification methods. Companies will often use off-balance-sheet financing to keep their debt to equity (D/E) and leverage ratios low, especially if the inclusion of a large expenditure would break negative debt covenants.

(Google 翻譯)定義的“資產負債表外融資”

融資的一種形式，其中大量的資本支出，通過各種分類方法，保持了公司的資產負債表。公司會經常使用資產負債表外融資，以保持自己的債務權益（D/ E）和槓桿率較低，特別是如果包含了大量的開支會打破負面的債務契約。

Definition of off balance sheet financing

Financing that does not appear on a company's balance sheet because it is not strictly debt (so liabilities and associated assets are excluded from the balance sheet).

In certain circumstances this can have a flattering effect on important accounting ratios such as leverage and return on assets. Accordingly, published financial statements may fail to provide a full and transparent representation of the underlying activity of the reporting entity; in particular, reported results may suggest less exposure to liabilities than really exists.

Common off balance sheet financing mechanisms include consignment stock, sale and repurchase (or leaseback) arrangements, debt factoring, securitisation, creation of special purpose entities, and leasing.

Example

With leasing, on the one hand, an entity could acquire the right to use an asset through a rental agreement. On the other hand, the entity could purchase the same asset using external finance. While the two arrangements may result in identical net cash flows to the entity, in the case of a purchase both the asset and the associated financing obligation appear on the entity’s balance sheet whereas in the former scenario rental payments are accounted for as a period expense, with the asset and corresponding liability omitted from the entity’s balance sheet. Omission of the financing liability can have a flattering effect on key ratios such as leverage and interest coverage, while omission of the asset could help to inflate return on assets.   

Sound commercial reasons may exist to explain the use off balance sheet financing. These include sharing with other parties the risks and benefits associated with certain assets and liabilities or gaining protection from selected risks. However, off balance sheet financing arrangements may also be motivated by wanting to reduce perceptions of risk or to camouflage the substance of particular transactions.

Textbook examples of off balance sheet financing activity include Enron (in the form of special purpose entities) and Southern Cross (in the form of operating leases. [1]

資產負債表外融資的定義 

沒有出現在公司的資產負債表，因為它不是嚴格的債務（所以負債及相關資產排除在資產負債表）的融資。 

在某些情況下，這可能對重要的會計比率，如槓桿諂媚效應和資產收益率。因此，公佈的財務報表可能無法提供的報告主體的基本活動的完整和透明的表示;特別是，報告的結果可能表明暴露於負債少於確實存在。 

常見的資產負債表外的融資機制，包括寄售庫存，銷售與回購（或售後回租）的安排，債務保理，資產證券化，設立特殊目的實體，以及租賃。 

示例 

隨著租賃，一方面，實體可能獲得通過租賃協議，使用資產的權利。在另一方面，該實體可以使用外部資金購買同一資產。儘管這兩個措施可能會導致相同的現金流量淨額為實體，在購買的情況下，無論是資產及相關融資義務出現在實體的資產負債表，而在前者情況下租賃付款入賬列作期間費用，從實體的資產負債表中省略了資產和相應的負債。金融負債的遺漏可能對主要比率，如槓桿率和利息保障諂媚的效果，同時該資產的不作為可能有助於抬高資產收益率。 

良好的商業原因，可能存在將解釋如何使用資產負債表外融資。這包括與其他各方共享的風險和一定的資產和負債，或從選擇的風險獲得保障相關利益。然而，資產負債表外融資安排也可以由想要降低風險的看法，或偽裝特定交易的實質動機。 

資產負債表外融資活動的教材例子包括安然公司（特殊目的實體的形式）和南十字（以經營租賃的形式。[1]

entrusted loans

DEFINITION OF 'ENTRUSTED LOAN'

A loan organized by an agent bank between borrowers and lenders. In an entrusted loan the agent bank is considered the trustee and the company providing the funds is considered the trustor. The trustee is responsible for the collection of principal and any interest, for which it charges a handling fee, but does not undertake any of the loan risk.定義“委託貸款”的 

借款人與貸款人之間的代理銀行安排貸款。在委託貸款的代理銀行被認為是受託人和公司提供的資金被認為是委託人。受託人負責的本金和利息，在其收取的手續費的集合，但不承擔任何信貸風險。

China races to prevent trust loan default - FT.com

www.ft.com › World › Asia-Pacific

Jan 23, 2014 - Local media reported on Thursday that the Shanxi provincial government is considering helping fund a bailout of the trust loan after ICBC, ...




信托貸款- MBA智库百科

　　貸款信托是指受托人接受委托人的委托，將委托人存入的資金，按其(或信托計劃中)指定的對象、用途、期限、利率與金額等發放貸款，並負責到期收回貸款本息的一項金融業務。委托人在發放貸款的對象、用途等方面有充分的自主權，同時又可利用信托公司在企業資信與資金管理方面的優勢，增加資金的安全性，提高資金的使用效率。

信托貸款的概念

*****

*****

BEIJING—China’s banks stepped up lending at an unexpected volume in September, in a sign that the government wants to boost credit to re-energize an economy that is losing steam.

中

國商業銀行加大了信貸投放力度，9月份新增貸款規模超過預期，顯示出政府希望增加信貸規模，以重振正在失速的中國經濟。
hc評："力度"是中國的翻譯腔；將"losing steam" (漸失活力)翻譯成"正在失速"有點錯誤。

step ... up／step up

(1)〈生産などを〉高める，増大させる；〈電圧を〉上げる；〈速度を〉速めるstep up production生産を上げるstep up efforts to do ...…するのにいっそう努力...

1. Increase, especially in stages, as in We've got to step up production. [Early 1900s] Also see step down, def. 2.