In almost all nations, credit guarantee is an important system that the government relies on to help small and medium enterprises (SMEs) obtain finance and provide guidance to them. In Taiwan, Small and Medium Enterprise Credit Guarantee Fund (SMEG) is an institution mandated by the government to assist SMEs to obtain necessary funds from financial institutions. Although SMEG is a non-profit organization, its financial status still affects its sustainability. Therefore, this paper modifies the model presented by Merrick (2001) and uses data of loans submitted by a domestic bank to SMEG for credit guarantee to estimate probability of default and recovery rate of credit guaranteed loans. As this model quantifies risk of credit guarantee, it can help SMEG calculate the necessary reserve for prepayment in subrogation. In this increasingly complicated financial environment, quality of risk control determines the prosperity or survival of an organization. The proposed model is a feasible risk evaluation model that credit guarantee institutions can utilize to effectively improve their quality of risk control.

University, Diss., 2003--Saarbrücken.

abstract: This study seeks to develop a framework that can help firms in China’s guarantee industry to better identify and prevent risk when they offer guarantee services to small and medium-sized enterprises (SME). With the continuously increasing demands of SME financing, the guarantee industry has developed rapidly in China. Meanwhile, the turmoil in global financial markets and the significant slowdown of global economy have started to have a negative impact on China’s economy, increasing the risk exposure of China’s guarantee industry. In this context, risk identification and prevention becomes the core competence of a guarantee company. Based on a review of the existing research, two in-depth case studies, and the author’s personal experiences in this industry, this paper does not only provide a comprehensive list of the risks that guarantee firms face in China but also measures for risk identification and prevention. This thesis is organized as follows. First, I provide a brief description about the emergence and development of China’s guarantee industry, as well as its current status. Next, I explain what kinds of risks faced by guarantee firms in China that influence their performance and survival, and summarize the various external and internal risk factors. I also conduct one in-depth case analysis to illustrate how a guarantee firm can better identify the risks it is exposed to. Next, on the basis of another in-depth case analysis, I develop a framework that can help guarantee firms to systematically develop effective measures of risk identification and prevention. I conclude with a discussion of this study’s implications for guarantee firms and the regulatory governmental agencies in China. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2016

Os objetivos centrais do presente estudo são caracterizar a dinâmica de adoção do padrão normativo ISO 9000 e analisar seus impactos em aspectos internos e externos da empresa. Utilizando informações e dados fornecidos por empresas selecionadas da cadeia de valor de embalagens PET para bebidas instaladas no Brasil, investigaram-se, de um lado, os principais indutores da adoção de tal padrão (motivações e necessidades), dificuldades enfrentadas durante sua implementação, lacunas identificadas e iniciativas similares ou complementares adotadas após a certificação; e, de outro, as mudanças decorrentes de natureza estratégica, gerencial e operacional mais importantes, e, sobretudo, nos relacionamentos com fornecedores e clientes diretos no que tange às funções Tecnológica e de Produção. A investigação dessas questões envolveu o estudo de dois casos - os maiores produtores nacionais de resina e pré-formas/garrafas PET -, bem como análises comparativas de ambos os casos, destes com empresas de outros setores industriais localizadas no país (autopeças e móveis) e em outros países (instrumentos cirúrgicos e outros). A análise individual dos casos revelou, em geral, diferentes perfis de adoção do padrão ISO 9000 e impactos decorrentes, excetuando-se o fato de que se concentraram na esfera produtiva. Uma explicação encontrada para tal resultado está ligada à existência de um programa de qualidade que ultrapassa o escopo e os limites da ISO 9000 e de um ambiente e uma cultura para a qualidade mais disseminada por toda a empresa no caso do fabricante de resina, mas não no do fabricante de pré-formas/garrafas PET. Outra, refere-se à intensidade e diversidade da atividade cooperativa dessas empresas, significativamente superior no primeiro caso relativamente ao segundo. E uma terceira, diz respeito à atuação de vários fatores intervenientes ambientais e setoriais, tais como a nacionalidade da matriz, que representa a influência dos modos de gestão e operação da qualidade nesta unidade sobre a que foi investigada, e o elo a que pertencem as empresas, que, tendo em vista a estrutura de governança da cadeia, afeta a dinâmica de adoção e, conseqüentemente, os impactos decorrentes. As comparações nacionais e internacionais com empresas de outros setores industriais permitiram verificar, em caráter exploratório, semelhanças (com o setor de autopeças) e diferenças (relativamente ao setor moveleiro) quanto às questões investigadas, confirmando que fatores setoriais interferem na relação entre adoção das normas ISO 9000 e suas implicações para a empresa. As comparações internacionais mostraram que, a despeito de existirem variações associadas aos distintos contextos socioeconômicos e infra-estrutura institucional de apoio entre os diversos países, não existem variadas “versões” de sistemas de gestão construídos com base na ISO 9000, mas, em virtude de distintas dinâmicas de adoção, interferentes setoriais, micro e macro-ambientais, os impactos organizacionais percebidos podem divergir. / The main purposes of this study are to characterize the dynamics of the adoption of ISO 9000 normative standards and analyze their impact in internal and external aspects of companies. By assessing data and information provided by selected packaging companies working with PET bottles in Brazil, it was studied, on the one hand, the main causes (motivations and needs) for the adoption of such standards, the difficulties faced throughout the implementation process, identified gaps and similar or complementary initiatives adopted after certification; and, on the other hand, the main strategic, managerial and operational deriving changes, mainly those concerning the relationship with direct suppliers and clients as to Technological and Productive functions. The investigation of these questions involved the analyses of two cases — the largest national producers of PET resin and PET bottles — as well as comparative analyses of both cases and of the two selected cases with companies from different industrial segments located in the country (autocomponents and furniture) and abroad (surgical instruments and others). The individual analyses of each case revealed, in general, different profiles in the adoption of ISO 9000 standards and in deriving impacts, except for the fact that they concentrate on the productive realm. One possible explanation for such finding is the one related to the existence of a quality program which surpasses the scope and limits of ISO 9000 and of an environment and culture of quality that is spread throughout the company in the case of the resin producer, but not in the case of PET bottle manufacturer. Another explanation refers to the intensity and diversity of cooperative activities in those companies which are significantly higher in the first case if compared to the second case. A third explanation concerns the effect of various environmental and sector-related interfering factors such as the nationality of the holding company which represents the influence it has on management approach and quality culture in the local branch studied; and such as the chain link the companies are part since their dynamics of adoption, and consequently the deriving impacts, are influenced by the governing structure of such a chain. National and international comparisons with companies from different industrial sectors enabled us to observe and verify similarities (in the case of the autocomponents sector) and differences (in the case of the furniture sector) about the issues analyzed, confirming that sector-related factors interfere in the adoption of ISO 9000 standards and may cause implications to companies. The international comparisons showed us that even though there are variations associated with distinctive socioeconomic contexts and institutional support infrastructure in different countries, the management systems based on ISO 9000 do not have varied “versions”, but since the dynamics of adoption are different, and there are sector-related, micro and macro-environmental interferences, there may be diverging organizational impacts.

Title: Bank Guaranty The thesis deals with the topic of bank guaranty and its legal regulation in the Czech legal system. The purpose of this thesis is to give comprehensive characteristic of the most important parts of the bank guaranty, relations which are created during its usage and its particular types. The thesis can be subdivided into two parts. First part consisting of chapters 1 to 3 is a theoretical part. The second part deals with the bank guaranty from the practical point of view, including dividing of bank guaranty on particular types. First chapter deals with the general issues of security instruments, their nature, content and functions. Second chapter contains characteristic of legal regulation of bank guaranty in the Commercial Code and its comparison with previous Act. European law and general international law regulation is also part of this chapter. Third chapter deals with theoretical analysis of all substantial factors regarding bank guaranty. Process of its creation and formal and content to requirements are described in this chapter. Attention is paid to characteristic of all subjects appearing within bank guaranty and to relations created between this subjects subsequently. Process of exercising claims arising from bank guaranty and regulation of admitted objections against...

Notion de philosophie politique discutée voire décriée, le principe de séparation des pouvoirs n’a pas connu l’effacement irrémédiable que paraissait lui promettre l’avènement de la Constitution-garantie des droits, dû au développement de la jurisprudence constitutionnelle. En effet, la constitutionnalisation du préambule de la Constitution de 1958, qui fut à l’origine de cet avènement, a conduit simultanément à faire du principe de la séparation des pouvoirs, sur le fondement de l’article 16 de la Déclaration de 1789, une norme de valeur constitutionnelle dont la jurisprudence abondante du Conseil constitutionnel a défini le sens et la portée, selon deux voies nettement distinctes. Appliquée aux rapports entre les seuls pouvoirs politiques, cette jurisprudence s’ordonne autour de la défense d’un dogme séparatiste, tendant à faire prévaloir du principe de séparation une conception presque toujours étanche. Appliquée aux rapports entre d’une part les pouvoirs politiques et d’autre part, le pouvoir juridictionnel, garant principal des droits et libertés, elle obéit en revanche à une démarche pragmatique consistant à faire varier l’interprétation du principe de séparation pour le mettre au service de la garantie des droits ou, à défaut, à juguler les effets parfois produits par ce principe au détriment des droits et libertés. / The principle of separation of powers is a controversial notion of political philosophy. Despite its expected decline due to the development of the constitutional jurisprudence allowing the emergence of the Constitution-guarantee of rights, separation of powers is still a key concept. Indeed, now that the Declaration of 1789 and its article 16 have constitutional rank, the principle of separation of powers is a constitutional norm. Using it, the Constitutional Council has defined its meaning and scope following two very different ways. In the first place, between the political powers, the constitutional jurisprudence isbased on the “separatist dogma”, which most of the times leads to a strict separation. In the second place, between the political and the jurisdictional powers, the principle of separation of powers is applied in a very pragmatic way. It is to say that the Council chooses to apply a strict or flexible separation depending on the most favorable outcome for the guarantee of rights and its main guardian, the judge.

A network is generally a collection of different hardware-based network devices carrying out various network functions, (NF). These NF implementations are special purpose and expensive. Network function virtualization (NFV) is an alternative which uses software-based implementation of NFs in inexpensive commodity servers. However, it is challenging to achieve high networking performance due to bottlenecks in software, particularly in a virtualized environment where NFs are implemented inside the virtual machines (VM). The performance isolation is yet another challenge, which means that the load on one VM should not affect the performance of other VMs. However, it is difficult to provide performance isolation due to resource contention in a commodity server. Furthermore, different NFs may require different service guarantees which are difficult to ensure due to the non-deterministic performance behavior of a commodity server. In this thesis we investigate how the challenges of performance, isolation and service guarantees can be addressed for virtual routers (VR), as an example of a virtualized NF. It is argued that the forwarding path of a VR can be modified in an efficient manner in order to improve the forwarding performance. When it comes to performance isolation, poor isolation is observed due to shared network queues and CPU sharing among VRs. We propose a design with SR-IOV, which allows reserving a network queue and CPU core for each VR. As a result, the resource contention is reduced and strong performance isolation is achieved. Finally, it is investigated how average throughput and bounded packet delay can be guaranteed to VRs. We argue that a classic rate-controlled service discipline can be adapted in a virtual environment to achieve service guarantees. We demonstrate that firm service guarantees can be achieved with little overhead of adding token bucket regulator in the forwarding path of a VR. / <p>QC 20170511</p>

Diploma thesis describes possibilities of securing selected risks using bank guarantee instrument, which is used primarily in international trade. The goal is to analyze securing of commercial and territorial risks using bank guarantees, characterize different types of bank guarantees and possibilities of using them on international markets. The first chapter presents risks in international trade and the most common methods of securing - documentary letters of credit, documentary collections, promissory notes, standby letter of credit. The second chapter is devoted to product bank guarantee, introduces types of bank guarantees, exposure process and methods of use. The third chapter presents the Uniform Rules for Demand Guarantees (URDG). The practical part explores the usage of bank guarantees in selected countries (Germany, Russia, USA, China, India) and describes different approach to this product. Thesis has to help readers quickly find their way in a relatively complicated topic of bank guarantees, especially in case of trading on international market. The last part can help in case of trading with specific countries.

The role of access to finance for economic development has received extensive attention recently, which has brought the issue to the top of the policy agenda. The growing attention has resulted in several public policy initiatives to encourage access to financial services, especially in low-income countries where credit constraints are severe. The guarantee instrument has the potential of mobilizing finance, lowering borrowing costs and addressing market failures, why PASS with support from Sida has issued a guarantee that targets smallholder farmers in the agricultural sector in Tanzania. The linkages between access to finance, productivity and welfare are supported by abundant evidence in the previous literature, but few studies have examined the productivity and welfare effects of increased access to finance in the context of the guarantee instrument. This study aims to fill the research gap and evaluate the effects of the PASS guarantee by analysing the productivity and welfare effects of increased access to finance for paddy farmers in the Morogoro region in Tanzania. The study is based on 86 structured interviews and the data is analysed by frequency statistics and cross-sectional regressions estimated with OLS. The results show that farmers provided with a formal bank loan have higher productivity than non-borrowers and that those who use the business plan in their operations are more productive. This highlights the importance of running the business according to the suggestions in the business plan. Furthermore, financial access has a positive and significant effect on household welfare, meaning that households provided with a loan attain a higher welfare level. The results confirm that the guarantee has positive effects on both productivity and welfare, why it can be considered as an effective tool for poverty reduction. Given the results of the study, we suggest that effort to promote financial access should be encouraged by both local governments, international development agencies and NGOs. Furthermore, PASS is recommended to encourage the farmers to use the business plan and provide necessary opportunities to facilitate the use. As the most common reason for not using the business plan is the language barrier, we recommend PASS to offer translation services to increase the productivity of the farmers as well as the probability of repayment. In addition, the results indicate low financial literacy among the farmers, why emphasis to reinforce the understanding of the loan conditions should be prioritised. Finally, the results show that formal education has a significant effect on household welfare, but when considering productivity, formal education is not significant on any level. However, knowledge can be assumed to affect productivity positively, why strategies to increase both formal and informal education, such as business training, should be considered.

Según información publicada por la Superintendencia de Banca, Seguros y AFP en su Memoria Anual del 2016 (SBS: 2016), el saldo de los créditos directos del sistema financiero ascendió a S/ 271 672 000,00 que corresponde al 40% del Producto Bruto Interno (PBI) nacional correspondiente a tal ejercicio anual, monto que se deriva de las actividades desarrolladas por las 59 empresas de servicios múltiples que operan en el Sistema Financiero Nacional; cuya cartera crediticia estuvo compuesta de la siguiente manera: 64,9% se destinó a financiar actividades empresariales, 20,3% correspondió al segmento de consumo y 14,8% a créditos hipotecarios. Gran parte de las operaciones crediticias anteriores cuentan con garantías reales, siendo la hipoteca una de las más requeridas por la seguridad que brinda su permanencia y, por la posibilidad de utilizarla de manera amplia, considerando la costumbre de otorgar una cobertura general destinada a respaldar el conjunto de obligaciones contratadas. Sin embargo, diversas modificaciones legislativas han generado incertidumbre jurídica respecto de la contratación de hipotecas “sábana” destinadas a respaldar de manera general las obligaciones bancarias, cuya contratación fue tradicionalmente aceptada tal como funciona ordinariamente en otros sistemas legales. El presente trabajo es uno estrictamente jurídico, sobre la base de información bibliográfica, que analizará los antecedentes de la garantía hipotecaria, contrastará su utilización con ordenamientos jurídicos extranjeros y culminará sugiriendo una modificación legislativa que ordene los criterios para la aplicación de la denominada hipoteca “sábana”, con algunos añadidos que harían segura su utilización, en resguardo del cliente bancario. / According to information published by the Superintendency of Banking, Insurance and AFP in its Annual Report of 2016 (SBS: 2016), the balance of the credits of the financial system amounted to S / 271 672 000.00 corresponding to 40% of the Gross Domestic Product (GDP) ) corresponding to the annual year, amount that derives from the activities developed by the 59 multiple service companies that operate in the National Financial System; whose credit portfolio was composed as follows: 64.9% went to finance business activities, 20.3% corresponded to the consumer segment and 14.8% to mortgage loans. A large part of the previous credit operations with a real guarantee, being the mortgage one of the most required for the security offered by its permanence and the possibility of using it in a broad manner, considering the custom of granting a general coverage destined to support the group of obligations contracted. However, several legislative amendments have been created by the current legislation on the contracting of "sheet" mortgages, which is traditionally accepted as it usually operates in other legal systems. This work is a strictly legal, based on bibliographic information, which analyzes the background of the mortgage guarantee, contrast its use with foreign legal systems and culminate in suggesting a legislative amendment that the criteria for the application of mortgage mortgage ", With some additions that would make its use safe, in the safeguard of the banking client. / Trabajo de investigación