An empirical analysis on the credit scoring and the intermediary role of financing guarantee institutions of China's car loans

By the end of 2018, China's car ownership has reached 240 million, an increase of 10.51% over 2017, which leads to the increase of automobile financial services and hence the associated automobile credit risks. In order to transfer risks, financial institutions increasingly are choosing to issue auto loans through financing guarantee companies. Therefore, the industry pays more attention to the credit scoring, as it acts as the main risk control measure of auto financing guarantee companies. This leads to the study of the role the financing guarantee company plays and how effective the credit rating is as a risk control mechanism. The purpose is to investigate whether the auto financing guarantee company plays a mediating role by providing credit score. The empirical approach is as follows: a two-stage regression method is used to control or eliminate the influence of personal characteristics and other third-party credit ratings. Through which, we firstly test whether the credit score of an auto financing guarantee company contains additional information besides personal characteristics and third-party credit scores. Second, we test whether additional information of auto financing guarantee company can significantly explain the post-loan performance of whether default or non-default. The conclusions show that even after controlling the third-party credit score and personal characteristics, the credit scoring system of auto financing guarantee companies still has a significant explanation on the performance of post-loan default. In other words, it plays an intermediary role by providing credit evaluation services, which has a direct decision reference for the financial institutions that ultimately provide credit. Based on this, this study puts forward corresponding management enhancement and loan risk management suggestions.No final de 2018, a propriedade automóvel na China atingiu 240 milhões, um aumento de 10.51% sobre 2017, o que leva ao aumento dos serviços financeiros automóvel e, portanto, dos riscos de crédito automóvel associados. Para mitigar riscos, as instituições financeiras optam, cada vez mais, por conceder empréstimos automóvel através de empresas de garantia. Por conseguinte, a indústria presta mais atenção à pontuação do crédito, uma vez que esta atua como a principal medida de controlo do risco das empresas de garantia de financiamento-automóvel. Isto conduz ao estudo do papel desempenhado pela empresa de garantia de financiamento e da eficácia da sua notação de crédito como mecanismo de controlo dos riscos. Com base no sistema de notação de crédito da T’s e num total de 119.798 registos de empréstimos, este estudo examina o poder explicativo da notação de crédito das empresas de garantia de financiamento automóvel no incumprimento dos mutuários e as funções mediadoras destas empresas. Utiliza-se um método de regressão em dois estágios para controlar ou eliminar a influência de características pessoais e outros ratings, testando primeiro se a notação de crédito de uma empresa de garantia contém informações adicionais e testando, depois, se as informações adicionais da empresa de garantia podem explicar significativamente o desempenho do mutuário pós-empréstimo, As conclusões mostram que, mesmo após controlar a notação de crédito de terceiros e as características pessoais, o sistema de notação de crédito das empresas de garantia tem uma explicação significativa no desempenho do mutuário pós-empréstimo. Ou seja, ele desempenha um papel mediador, fornecendo serviços de avaliação de crédito que têm influência direta na decisão das instituições financeiras que, finalmente, fornecem crédito. Correspondentemente, esta investigação apresenta sugestões de melhoramento da gestão do risco de crédito

Surface Morphology of GaN Films Determined From Quantitative X-ray Reflectivity

The surface of two GaN films grown under Ga-rich conditions by molecular beam epitaxywas characterized using x-ray reflectivity, assuming a self-affine/fractal surface morphology. The surface height fluctuations were similar for both samples at the largest lateral length scales at which the fractal description is valid, although this lateral length was significantly greater and the “jaggedness” significantly smaller for the sample grown under higher Ga flux. Previous atomic force microscopy images revealed a higher density of large features on the surface for the sample grown under lower Ga flux. The lateral size of the features are dominated by a convolution of the atomic force microscopy tip shape and the actual features on the surface, which precludes an accurate determination of the surface structure at length scales smaller than the tip radius. This study illustrates the importance of using different techniques to evaluate the film surface morphology at different length scales

An infrared absorption investigation of hydrogen, deuterium, and nitrogen in ZnSe grown by molecular beam epitaxy

Surprising concentrations of hydrogen and deuterium, as high as 5×10 cm, were incorporated into nitrogen‐doped ZnSe grown on GaAs by molecular beam epitaxy. Infrared absorption bands due to local vibration modes were observed at 3193 and 783 cm for ZnSe:N,H samples, and at 2368 cm for ZnSe:N,D samples using Fourier transform infrared spectroscopy. The isotopic shift in the absorption band agrees with predictions of a simple harmonic oscillator approximation for N–H bonding. The variation of the absorption band associated with substitutional nitrogen with nitrogen concentration indicates that not all nitrogen is substitutional, and also exhibited significant changes related to hydrogen incorporation. © 1996 American Institute of Physics

The Effect of Atomic Hydrogen on the Growth of Gallium Nitride by Molecular Beam Epitaxy

GaN was grown by molecular beam epitaxy using an rf plasma source. Growth under gallium‐rich conditions at 730 °C was required to produce high quality layers as indicated by photoluminescence, Hall effect, atomic force microscopy, and x‐ray diffraction measurements. Atomic hydrogen has a significant effect for Ga‐rich growth, increasing growth rates by as much as a factor of 2

Observation Of Singly Ionized Selenium Vacancies In Znse Grown By Molecular Beam Epitaxy

Electron paramagnetic resonance(EPR) has been used to investigate singly ionized selenium vacancy V Se + centers in ZnSe epilayers grown by molecular beam epitaxy(MBE). The study included undoped and nitrogen-doped films. Spectra taken at 8 K and 9.45 GHz, as the magnetic field was rotated in the plane from [100] to [010], showed an isotropic signal at g =2.0027±0.0004 with a linewidth of 5.8 G. In the two samples where this signal was observed, estimates of concentration were approximately 1.1×10 17 and 6.3×10 17 cm −3 . The appearance of the EPR signal correlated with an increase in the Zn/Se beam equivalent pressure ratio (during growth) in undoped films and with an increase in the nitrogen concentration in doped films. We conclude that the singly ionized selenium vacancy may be a dominant point defect in many MBE-grown ZnSe layers and that these defects may play a role in the compensation mechanisms in heavily nitrogen-doped ZnSe thin films

The strong earthquakes and seismogenic structures in eastern margin of Tibetan Plateau and adjacent areas: A preface for the special topic

The eastern margin of the Tibetan Plateau is composed of multiple secondary tectonic units which constitute typical “multi-level extrusion-rotation active tectonic system”. It is the tectonic transformation belt that regulates the eastward extrusion of plateau blocks, and contains high-density active faults. This area is characterized by frequent and high intensity strong earthquakes and complex geological and geomorphological features. Therefore, this region is one of the areas in China where the problem of earthquake disaster is particularly significant. In recent years, with the research deepening of the national earthquake disaster risk survey, active fault detection of urban，seismic experimental site construction, seismic safety evaluation of engineering sites, identification of active faults and evaluation of crustal stability in major projects sites and urban areas，and the wide application of high-precision remote sensing, tectonic geomorphology, paleoseismic and Quaternary chronology methods. The investigation of seismogenic structures around the eastern margin of the Tibetan Plateau and its adjacent areas has been significantly improved. In order to timely exchange the latest study results in this field support regional earthquake prevention and disaster reduction and geological safety evaluation of important projects sites and infrastructure construction, the journal editorial department of Progress in Earthquake Science organized the special topic “The strong earthquakes and seismogenic structures in eastern margin of Tibetan Plateau and adjacent areas”. More than 20 representative academic papers such as active faults and earthquakes, Jishishan earthquake in Gansu Province，and research reviews in related fields have been collected. In this issue, 10 papers are selected in the special topic I “The strong earthquakes and seismogenic structures in eastern margin of Tibetan Plateau and adjacent areas”. It is hoped that these newly study results may improve the understanding of characteristics of strong earthquake activity and seismogenic structural mechanism in the region, and provide scientific basis for regional strong earthquake risk analysis and effective prevention of strong earthquake disaster risk