财务风险管理外文翻译英文文献

财务风险管理

中英文资料翻译

Financｉal Ｒｉｓk Manａgemｅｎt

Althouｇh financiａl rｉｓｋhas inｃｒｅased sigｎificanｔlｙin rｅcent ｙears, risk andｒiｓk managｅment ａre not cｏntemporary issues。Tｈeｒesｕltｏf iｎcreaｓiｎgly ｇlobal ｍarｋets is thaｔｒiskｍaｙoriginate ｗith ｅｖeｎts thousaｎｄs ｏf mｉleｓawａy that have ｎｏtｈｉｎg to ｄo w ｉtｈｔheｄoｍeｓｔｉｃmaｒｋet．Infoｒmatｉｏｎｉs avaiｌabｌe inｓtantaｎeoｕsｌy,whicｈmeａｎｓｔhａt change，ａnｄsubsequent markeｔreacｔｉonｓ，occuｒvery quiｃkly．Ｔhｅｅconomic climate and markets can bｅａfｆeｃtｅd very ｑuickly bｙｃhaｎges in exchange ｒａｔes, iｎtｅｒest rates，and commodｉtｙprices。Counteｒparties can raｐｉdly ｂecｏme ｐrobleｍａｔic。As a resuｌt,it ｉs impｏrtant to ensuｒe financial risks are idｅｎtifｉｅd and maｎagｅd apprｏｐriately. Prepａration ｉs a keyｃomponent of ｒisk ｍanagement．

WhaｔIs Risk?

Risk ｐroviｄes the basiｓfor oｐｐorｔｕnitｙ.The ｔeｒmsｒisk a ｎd expｏsure hａve suｂtle diｆfｅrenceｓｉn ｔｈeir meanｉng. Rｉsk ｒefers tｏthｅpｒobaｂiｌity ｏf loss，whｉle eｘposure is the possibilit ｙｏf ｌoss,ａltｈouｇｈtheｙａre oｆtｅｎｕsedｉｎtｅrchangeaｂly. Rｉｓk arｉｓes aｓa result of eｘposure．

Ｅｘpoｓurｅto finanｃｉal marketｓaffects moｓt oｒgaｎizatioｎｓ，eｉther dirｅctlｙor indirｅctlｙ.When aｎorganization has fiｎancial ｍarｋet exposure，there is a pｏssiｂｉｌity of lossｂut ａlｓｏan opportu ｎiｔy for gａin or pｒｏｆｉt。Financiaｌmaｒket eｘｐosuｒe mａy p ｒovide strａteｇic or cｏmpeｔitive beｎefitｓ.

Risk is the ｌｉｋeｌiｈoｏd of lｏssｅs rｅsultiｎｇfｒｏmｅｖe ｎtｓsuch ａｓcｈanｇes ｉn marｋet prices．Evenｔs with a lｏw ｐrob ａbility of ocｃurriｎg，but that may result ｉn a high ｌｏｓｓ，are ｐａ

ｒｔiculaｒlｙtｒoｕｂｌｅsｏme becauｓe ｔhｅy are often noｔaｎticipateｄ．Puｔanother wａｙ, ｒiｓk is the probａbｌe vａriability ｏf ｒe ｔurns.

Sincｅit is not alｗａｙsｐossｉbleｏr desｉrａble to ｅｌiminate ri ｓk, uｎdｅrstanｄiｎｇiｔis an ｉmpoｒｔant steｐin ｄeterminiｎｇｈo ｗｔｏmaｎaｇe iｔ。Ｉdeｎｔifyｉｎg exｐosｕres and risks ｆorms tｈe basｉｓfｏｒａn appｒｏprｉate financial ｒｉsk mａnageｍent ｓtrategｙ。Ｈow Ｄoes FinanciaｌRisk？

Ｆｉnanｃiａl risk ariｓｅs thｒouｇｈcounｔleｓs traｎsacｔionｓｏf a financiａl ｎaｔuｒe，inclｕdiｎg salｅｓａnｄｐurchases，invesｔｍｅnts and loａｎs，and ｖａrioｕs ｏtheｒbusiness activitｉｅs。It ｃａｎarisｅaｓa resuｌｔof ｌegａl transactｉons，nｅｗproｊects，merｇerｓａnd acqｕｉsitioｎs, ｄｅbt fiｎａncing，tｈe energy comｐonent oｆcosts，oｒthrｏuｇｈthe aｃtｉviｔies ｏfｍanagｅment, ｓｔakehoｌｄers，ｃｏmｐetiｔoｒs,foreｉｇnｇovernments，or weaｔher. Wｈen ｆｉnanciaｌｐｒicesｃhange dｒamatiｃａlｌy, it can ｉncrease cｏsts, redｕc ｅrevenues, or otherｗiｓｅａdvｅｒselyｉmｐact the pｒｏfiｔabｉｌitｙof an organizatioｎ．Fｉnａncial fluctuａtionｓｍay maｋe it morｅdifｆｉｃult to plan anｄbudｇet, priｃｅｇooｄｓａｎdｓｅrviｃes，aｎd al ｌoｃａte cａpiｔａl.

Ｔｈeｒe arｅthree main sources of ｆiｎａnciａｌrisk：

1. Ｆinanｃial rｉsks ａｒｉｓｉng ｆrom an orgaｎiｚation's ｅxｐosurｅt ｏcｈaｎges in markeｔｐrices，sｕch as iｎｔereｓtｒａtes, ｅxcｈａｎge raｔes, anｄcomｍｏdiｔy priｃｅｓ．

2。Fｉｎancialｒｉskｓarisiｎg ｆrｏm the actiｏｎs of，anｄtｒansa ｃtionｓｗｉth, other oｒganizatioｎs ｓｕch as vｅｎdors，custoｍｅｒs，and counｔerpａｒtｉeｓｉnｄeｒiｖatiｖes traｎｓactｉｏｎｓ

3．Fiｎanciａl risks reｓulｔiｎg froｍｉnternａl actions or faｉlureｓof the oｒｇaｎizaｔｉon, ｐarticulaｒly people，proceｓses,ａnd ｓystｅｍs

Ｗhａt Is Finanｃiａl Risk Mａｎａgｅmeｎt?

Financiaｌｒisk maｎaｇement is a prｏｃess ｔｏｄeal with tｈe un ｃertaｉｎtiｅs rｅsuｌtｉｎｇｆｒom fｉnａncial mａrkets. It ｉnvolｖｅs asseｓｓiｎg tｈeｆｉnanciaｌrisks facｉｎｇan ｏrｇanizatｉoｎand developｉng mａｎagｅment sｔrａteｇiesｃoｎsisteｎtｗｉｔh intｅrnａl ｐrioｒｉtｉeｓand pｏlicies。Aｄdressinｇｆinａnｃial risks prｏactivelｙｍａy provide an orｇanizatｉon wiｔｈａcoｍpetitive advantａｇe．It aｌsｏensures thaｔｍanagｅmｅnt, ｏpｅｒａtional stafｆ，staｋeholders，ａnd the board ｏｆｄirectｏrsａｒe in agｒeeｍenｔoｎkey issuｅｓof ｒisk.

Mａnａgｉｎg fｉｎanciaｌrisk neｃessｉtａtｅs mａkingｏrganizａtionａｌdecｉsｉｏnｓａboｕｔrisks that are acｃeptable ｖersus thoｓe tｈaｔare not．Ｔｈe ｐａｓｓive sｔrａｔｅｇy of taｋing nｏａctiｏn iｓthｅacceptance oｆａll ｒｉｓks bｙｄefaｕｌt.

Oｒｇａｎｉzａｔｉoｎｓmａｎage financiaｌrｉｓｋusｉｎg a ｖar ｉetｙｏf strａtｅgieｓand ｐroｄucts。It iｓimportａnt to ｕndｅrsｔａn ｄhow thesｅpｒoｄuctsａnｄｓtratｅgies work to reduce risk wiｔhin thｅcｏntext of ｔhe orgａnｉzａtion's risｋtoleｒance aｎｄobjｅctiveｓ．Stｒategieｓfor rｉsｋｍａｎａgemenｔｏｆten involve derivａｔivｅs. Derｉvａｔivｅsａre ｔraｄedｗｉdeｌｙａｍong finａｎcial instｉｔｕtｉoｎs aｎd ｏｎorganizｅd excｈａｎges。Theｖalue of deriｖａtivesｃonｔraｃts，such ａs fuｔｕreｓ,fｏrwａrｄｓ, optｉons，and ｓwapｓ，iｓｄｅrived from ｔhｅpｒｉceｏf the undeｒlying aｓset．Derivatives trade ｏｎiｎtｅｒｅｓt raｔeｓ, exchａngｅrates，commoditiｅs，eqｕｉty aｎd fixed incｏｍe sｅcurｉties, crｅdit，ａｎd eｖｅn weatｈer。

Thｅproducts anｄstｒaｔegｉｅs ｕsｅｄｂy ｍarkeｔｐａrtiｃipan ｔs to manage financiａl risｋare thｅsame ones useｄby specｕｌａtors to inｃrｅａsｅleｖｅｒagｅand rｉsk. Alｔhｏugh itｃan be argued thａt wiｄesｐreａd use of ｄerivatｉvｅs incｒeasｅs riｓk, the exisｔence of derivativｅs enablｅs thｏｓe who wｉsh to reduce rｉsk to pａss it aｌｏｎg to thoｓe who

sｅek risk and its aｓsociated opｐortunitｉｅs。

The ability toｅｓtimａte the lｉｋeliｈood ｏf ａｆｉｎａncｉal lｏss i ｓhiｇhｌy deｓiｒable. Hoｗever,ｓtandard thｅories ｏf probabilｉtｙof ｔen faiｌin tｈe analysis of finａnｃiaｌmarkｅts. Ｒiｓｋｓusuａlly do ｎot exist ｉn iｓｏlation, aｎd ｔhｅinｔｅrａctiｏns of ｓeveraｌexpｏｓu ｒes may have toｂe ｃonsidered in ｄeveloｐing anｕndersｔanding of ｈｏｗfinancial ｒｉsk arisｅs．Sｏmeｔｉmeｓ，tｈeseｉｎtｅrａcｔions ａｒe diｆfｉｃuｌt to ｆorecａst，sｉnｃe theyｕltｉmaｔｅｌy depｅnd on hu ｍan beｈavioｒ.

Ｔhe proｃess ofｆiｎanciaｌrisｋｍanagemｅnｔis ａnｏｎgoin ｇonｅ．Straｔegｉes nｅed to bｅimplementｅd ａnｄrefined aｓthe market and rｅquｉremｅｎts cｈａnge. Refiｎeｍｅnts mａｙreflect chａｎｇinｇｅｘpｅctations aｂout ｍarｋet ｒaｔｅｓ，cｈａnges to the buｓiness ｅnｖironmｅnt，ｏr ｃｈａnｇiｎg international pｏlitｉｃal conditio ｎｓ，for eｘample。Ｉn geｎeral，the proceｓs cａn be summａrizedａs follows:

1、Iｄentifｙaｎｄpriｏｒｉｔizｅkｅy finａnｃiaｌrisks。

２、Deteｒmiｎe an apｐropriate ｌｅvｅｌof rｉsk tolｅrance。

3、Ｉｍplｅmeｎt ｒisk managemenｔstratｅgy in ａccorｄａnｃｅwｉth p ｏlicy。

４、Measure，ｒeport，ｍoｎiｔoｒ, and reｆinｅaｓnｅedｅd.

Dｉversificaｔion

For maｎy yeaｒs,the rｉskineｓs ｏｆａn asseｔwaｓassesseｄbased onｌｙon thｅvａｒｉabiｌiｔy ｏｆｉts ｒeturns．Ｉｎconｔrasｔ, moｄｅrn porｔfｏlio ｔｈeorｙｃonsiｄerｓnot only an ａｓset’ｓｒｉsk ｉness，ｂut also iｔs coｎtributｉon to the ovｅrall rｉskinesｓｏf the p ｏｒｔfoｌio to ｗhichｉt is aｄded. Orgaｎｉzａtiｏｎs ｍay haｖｅan ｏpportunity ｔoｒeduce rｉskａs aｒｅsult ｏf ｒisk dｉveｒsiｆicaｔｉｏｎ。

Iｎportfolio mａnagｅｍent ｔerms，thｅａddiｔion of indiｖｉdual co ｍponents to ａpoｒｔfoｌio provides oｐｐortunitｉeｓfoｒｄiversiｆicaｔｉｏｎ, withｉn limits． A ｄiversifiｅd pｏrｔfolio conｔains assets whｏse returnｓare dissｉmiｌar，in oｔｈer ｗords，weaｋly or nｅgatively ｃｏrrelatｅd with ｏne another. It ｉs uｓeful tｏthinｋｏｆthe ｅxｐosｕres of aｎorganｉzａtion as a portfolio ａnd coｎsider tｈｅimｐact ｏf chang ｅs oｒａddiｔioｎs onｔhe ｐotential riｓk of ｔhe total。

Divｅrsifｉcatioｎiｓan imporｔant ｔｏｏl in managinｇfinaｎcｉaｌriｓks. Dｉｖｅrsiｆicatioｎａmong counterparｔies may reｄuce ｔhｅrisｋthatｕneｘｐected eｖents aｄveｒsely ｉmｐａct the orgａｎｉzaｔion throuｇh ｄｅfaulｔs．Ｄiversｉfication ａmonｇｉnvｅstｍeｎtａｓseｔs rｅduｃｅs ｔhe ｍagｎitude oｆloss if ｏne issuer fａils。Dｉversificａｔio ｎof cuｓtomｅrｓ,ｓuppliｅrs, andｆiｎancｉｎg ｓourceｓreｄuces tｈe possibiliｔｙthaｔaｎｏｒganizatiｏn will ｈave its busiｎｅｓs adverｓelｙａffectｅd by chａnｇes outｓiｄｅmanagemeｎt’s conｔroｌ．Althouｇｈｔｈe riｓk ｏf loss still exists, diveｒsｉfiｃａtｉon may redｕce the ｏppｏrtunity for lａrge aｄvｅrse oｕtcoｍeｓ．

Ｒisk ManａgｅｍeｎｔＰrｏｃesｓ

Thｅpｒｏｃess of fｉｎancial riｓk mａnagemeｎt cｏmprises stratｅgies that enａbｌe an organｉzaｔiｏn to manage the risksａｓsｏciａted ｗith finanｃial ｍarkets. Ｒisｋmanaｇement is ａｄynamic procｅｓs ｔhat ｓhoｕld evolｖｅｗith an orｇａnization ａnd its ｂｕsｉness. It inｖolves ａｎdｉmpacts ｍany parts of an oｒｇaniｚａtｉon incｌuding treasurｙ，ｓales,marketiｎg，leｇal, tax，coｍmodiｔy，ａnd ｃoｒpｏratｅfinance．Thｅrisk maｎａgement prｏｃeｓs involvｅs both iｎteｒｎal anｄｅxte ｒnａlａnalysis．Thｅｆｉrｓt paｒｔof the proｃeｓs inｖolｖes iｄentifyinｇand prioriｔizingｔｈe financial ｒisksｆａcing ａn organｉｚation and unｄerstanding thｅiｒrelevance. Ｉt ｍaｙbe nｅcessaｒy to examiｎｅthe organizatiｏn anｄｉts ｐroductｓ，maｎagement，customers，supｐliers, compｅtitoｒs, pｒicｉng，iｎduｓtry trenｄs, bａlaｎcｅshｅet

structuｒe,ａｎd ｐｏｓitｉoｎiｎｔhｅindｕstｒｙ.It iｓalso neｃessary tｏcoｎsｉｄｅr stakehｏlders and thｅir oｂjeｃtivｅs and toleｒａｎce for riｓk.

Onｃe a clear understａndinｇoｆthｅｒisks emeｒgｅs,aｐｐｒopriate strategies can bｅimpleｍentedｉn cｏnjunctiｏn ｗｉth rｉsｋmanagement polｉcｙ。For ｅxample，iｔｍｉghｔbｅpossible ｔo c ｈａnge wｈｅre anｄhow businessｉｓdｏｎe, thｅreby reduｃiｎg thｅｏrｇａnｉｚaｔioｎ’s exｐosｕre and ｒisｋ。Alteｒnativeｌｙ, existｉnｇex ｐosures may be managed with ｄerivatiｖｅs. Ａｎotherｓtratｅgy ｆor maｎa ｇing rｉsk iｓｔｏaccepｔalｌrisks and thｅpoｓｓibilｉｔy ofｌo ｓsｅs。

Tｈｅre are tｈrｅe broad ａlteｒｎａtives fｏr mａｎagiｎg ｒisk：

1。Do nothiｎg and actｉvely, oｒpaｓsively by ｄeｆault，ａcceｐt all ｒｉsｋｓ．

2。Hｅｄge a poｒtion of eｘposｕｒes ｂｙdｅteｒmining whicｈeｘpｏsures ｃａn ａnd shｏulｄbｅｈedｇｅｄ．

3. Hｅｄge all eｘposurｅｓｐoｓsible．

Measｕreｍeｎt and rｅｐorting oｆrisks provides decｉsｉon mａkｅｒs ｗiｔｈiｎfｏrmatｉｏn tｏｅxecute decisionｓand ｍonitｏｒｏｕｔcomes，both beｆｏre andａfter ｓtraｔegies ａre taken to ｍｉｔigａte them.Since the rｉsk ｍaｎagement procｅｓs ｉs ongoing, repｏrｔｉｎｇand feeｄｂack ｃan ｂｅuseｄtｏrefine the sｙstem by modｉfyｉｎg or improｖing strategieｓ。

Aｎactive decision—makｉnｇｐroｃess is an impｏｒtaｎt componｅnt ｏf risk mａｎａｇemｅnt。Ｄecｉｓiｏns about ｐotentｉal ｌoss and rｉｓk ｒeductiｏn prｏvｉdｅ a fｏrumｆor discuｓｓioｎｏf importaｎt issues ａnｄthe varyingｐerspectｉves oｆsｔａkehｏldeｒｓ.

Ｆａcｔｏrs tｈaｔＩｍpａct Ｆｉｎanciａl Raｔes and Prices Fiｎａnｃial rａtes andｐriｃes are aｆfecｔed by ａnumbｅr ｏｆ

factoｒｓ．Itｉs ｅssentiａｌto ｕnderstand the ｆａctors that impact marｋets bｅcａusｅthｏse factors, in turｎ, ｉmpacｔthe potｅｎtial ｒisk of ａn organiｚａtiｏn.

Facｔorｓthat Ａffect Ｉnteｒest Rａteｓ

Intｅrｅst rates ａreａｋey cｏmponｅntｉn mａｎｙmarｋet pricｅｓａnｄaｎiｍｐorｔant ｅｃonomｉc ｂarｏmeter。They arｅcompｒised of the reaｌｒａｔe ｐlｕs ａcｏmponｅnt for expeｃtｅdｉnfｌation，sin ｃe infｌａｔion rｅducｅs thｅpｕrchaｓing poweｒof a ｌender’ｓａｓseｔs 。Ｔhe ｇrｅateｒｔｈｅｔerｍｔo maｔurｉtｙ, thｅgｒeａｔeｒthe uncｅrtaｉnty．Interｅst rates ａrｅalso refleｃｔive of suppｌy and ｄemaｎd foｒfundｓaｎd ｃrｅdiｔrisk.

Interesｔrates areｐａｒtｉｃｕｌarly imｐortanｔto coｍpanies and governmenｔs becaｕse theｙaｒe tｈｅｋｅy ｉngredient ｉｎthe coｓｔof ｃapiｔal．Most coｍpanies ａnd goveｒｎmｅnts requiｒe debｔfinaｎｃiｎｇfor eｘｐａnsion and capiｔａl ｐrｏｊects。Ｗｈen ｉntｅｒest ｒａtｅs inｃｒeａｓe，ｔhｅｉmpａｃt can be sｉgnｉficant on bｏrｒowers。Ｉｎtereｓt rates also ａffｅct priｃｅs in oｔｈer fｉｎancial markeｔs，so theiｒｉｍpａｃｔis far-ｒｅａｃｈing.

Othｅｒcomｐoｎeｎts toｔhe interest raｔe ｍａy iｎcluｄe a risｋpｒｅmiｕm ｔo refｌect tｈe cｒｅｄitworｔhiness ｏf a bｏｒｒoｗeｒ。For ex ａｍｐｌｅ，the tｈreａt ｏf pｏlitｉcａl or ｓoｖeｒeign rｉsk can ｃause iｎterest rates to rｉse，ｓomｅtiｍes subｓtaｎｔially, as inｖestｏr ｓdemａnd additｉｏnaｌcompensatiｏn for the increaseｄrisk ｏｆｄｅｆault。

Fａcｔｏrs that ｉnｆｌuenceｔhe ｌｅvel of ｍaｒket iｎteｒest rateｓinclude:

1、Eｘpｅcｔed levels of infｌａｔiｏｎ

２、Genｅral econoｍic condｉtｉoｎs

3、Ｍｏnetary polｉcｙａnd the stanceｏf ｔhe ｃｅntｒaｌbａnk

4、Foreｉｇｎexcｈangｅｍarket aｃｔivitｙ

5、Foreiｇn inveｓtor demand fｏr dｅｂt ｓｅｃuritｉｅs

6、Lｅveｌs of soveｒeｉgn deｂt ouｔｓｔaｎｄiｎg

7、Finａｎcial and politiｃal stａbiｌｉty

Yield Curｖe

Theｙiｅｌd cｕrｖｅｉs ａgraphicａl representatｉon of yields for a ｒａnｇｅof termｓtｏmaｔurｉty.Fｏｒexａmｐle， a yieｌd curｖe miｇht ilｌuｓtrａte yields for maturity from one ｄａy (overｎight) to 30—yｅar terｍs．Typｉcaｌlｙ, the ｒａｔesａrｅｚｅrｏcoｕpｏn ｇovernment rateｓ。

Siｎｃe ｃuｒreｎt inｔｅｒｅst raｔesｒefleｃｔeｘpｅcｔatiｏns，the yｉeld curve ｐrovideｓｕseｆｕl inforｍation about the markeｔ’s eｘpectatioｎs of future inteｒｅｓt ｒａteｓ.Implied interesｔratｅs fｏr ｆoｒwarｄ-staｒtｉng terms can bｅcalculated uｓing tｈe inｆormatｉon ｉn ｔｈe yｉeld cｕrｖe。Ｆor eｘaｍｐle，usｉng rａtes fｏｒｏne－and t ｗo-year maｔuriｔｉes，ｔｈe expｅctｅｄone－yeaｒinterｅst ratｅbeginning iｎone yeaｒ’ｓtime can ｂe determineｄ。

The shape of the yiｅld ｃurve is widelｙanａlｙzed ａｎd mｏnitored by mａｒkｅt pａrtiｃipａnts。Aｓ a ｇauge oｆｅｘｐecｔations，ｉt ｉs oｆｔeｎcoｎsiderｅｄto be a pｒediｃtor ｏf futureｅｃoｎｏmiｃac ｔiｖｉtｙａnｄmay ｐrovｉde sigｎａls of a penｄｉng change ｉn ｅconomic ｆundamentals．

The ｙｉeｌd curve noｒmally ｓｌｏｐｅs upward wｉｔh a pｏsｉtivｅslｏpe，ａｓｌｅndｅrs/iｎvesｔors demanｄｈighｅr rates from boｒrowers for lｏｎger ｌending terms．Sｉnce the chａｎce of a borroｗｅr defaｕlt increaｓｅｓwith terｍto ｍａｔｕriｔｙ，lenders ｄeｍａｎd ｔo be cｏmpe ｎsatｅd accordingly.

Inteｒｅst ratｅs ｔhat makｅuｐthe yiｅlｄcurve arｅaｌｓｏaffe ｃted ｂy tｈe expected rate of ｉnｆlation。Invｅstorsｄeｍand at leａs

ｔthe expecｔｅd raｔe oｆinflａtion fromｂorrowｅrｓ，ｉn ａｄdiｔio ｎｔo ｌending aｎd risｋcompｏnｅｎts。Ｉｆinvestors expect fuｔure ｉnflation tｏbｅｈigher，they ｗill demand gｒeａter preｍiuｍs for loｎger teｒms to comｐｅｎｓatｅfor thiｓuncerｔainty. As ａrｅｓuｌt，ｔhe longer thｅteｒm,thｅｈigｈer the iｎtｅresｔrａte （ａll eｌse being equal），reｓｕｌtinｇｉn an upward-ｓloping yｉeｌｄcurve.

Occａsiｏnally, the ｄemand fｏr short-teｒｍfunds inｃreasｅs substanｔiallｙ, aｎd sｈort-term ｉnteｒest ｒａｔes may ｒisｅaboｖｅthe ｌeｖel ｏf lｏｎgeｒｔerm intereｓt ｒateｓ。Ｔhisｒeｓｕｌｔs in an inｖｅｒsｉoｎoｆｔheｙield ｃｕrve andａdownwaｒd slope to ｉts appeａrance。Thｅhigh ｃost of short—term fｕnds dｅtracts frｏｍgａｉns th ａt wouldｏｔｈerｗise be obtained thｒoｕgh iｎｖeｓtmｅnｔand expans ｉoｎaｎd maｋe thｅｅcoｎomｙvuｌnerａble to slowdｏwｎor recesｓioｎ。Eveｎtually，riｓing iｎｔeresｔratｅsｓｌow tｈｅdemand for both ｓｈoｒｔ－teｒｍaｎd ｌong-tｅｒm funds. Ａdecline iｎａll ｒａtes aｎd a ｒｅturｎtoａnorｍａl cuｒve mａy occur as a ｒesulｔof t ｈe sｌｏwdｏwn.

Ｓource: Kaｒeｎ A.Horｃhｅr，２00５。“ＷhaｔIs Fｉnａnｃial RiｓｋＭanaｇemｅnt?”。Ｅsseｎｔiaｌs

oｆＦｉｎanciａｌRisｋManagｅmeｎt, JohnＷｉley＆Sons，I ｎc。ｐｐ.1-２２。

财务风险管理

尽管近年来金融风险大大增加,但风险和风险管理不是当代的主要问题。全球市场越来越多的问题是,风险可能来自几千英里以外的与这些事件无关的国外市场.意味着需要的信息可以在瞬间得到，而其后的市场反应,很快就发生了。经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题.因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。准备是风险管理工作的一个关键组成部分.

什么是风险?

风险给机会提供了基础。风险和暴露的条款让它们在含义上有了细微的差别。风险是指有损失的可能性,而暴露是可能的损失，尽管他们通常可以互换.风险起因是由于暴露。

金融市场的暴露影响大多数机构,包括直接或间接的影响.当一个组织的金融市场暴露,有损失的可能性，但也是一个获利或利润的机会。金融市场的暴露可以提供战略性或竞争性的利益.

风险损失的可能性事件来自如市场价格的变化.事件发生的可能性很小,但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。换句话说，可能就是变异的风险回报。

由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。识别暴露和风险形式的基础需要相应的财务风险管理策略。

财务风险是如何产生的呢？

无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。它可以出现在合法的交易中，新项目中,兼并和收购中，债务融资中，能源部分的成本中，或通过管理的活动,利益相关者，竞争者，外国政府，或天气出现。当金融的价格变化很大，它可以增加成本，降低财政收入,或影响其他有不利影响的盈利能力的组织.金融波动可能使人们难以规划和预算商品和服务的价格，并分配资金。

有三种金融风险的主要来源：

1、金融风险起因于组织所暴露出来的市场价格的变化，如利率、汇率、和大宗商品价格。

2、引起金融风险的行为有与其他组织的交易如供应商、客户,和对方在金融衍生产品中的交易。

3、由于内部行动或失败的组织，特别是人、过程和系统所造成的金融风险。

什么是财务风险管理？

财务风险管理是用来处理金融市场中不确定的事情的。它涉及到一个组织所面临的评估和组织的发展战略、内部管理的优先事项和当政策一致时的财务风险。企业积极应对金融风险可以使企业成为一个具有竞争优势的组织。它还确

保管理,业务人员,利益相关者，董事会董事在对风险的关键问题达成协议。

金融风险管理组织就必须作出那些不被接受的有关风险的决定.那些被动不采取行动的战略是在默认情况下接受所有的风险.

组织使用各种策略和产品来管理金融风险.重要的是要了解这些产品和战略方面,通过工作来减少该组织内的风险承受能力和目标范围内的风险。

风险管理的策略往往涉及衍生工具。在金融机构和有组织的交易所，衍生物广泛地进行交易.衍生工具的合约的价值,如期货,远期,期权和掉期，是源自相关资产的价格。衍生物利用利率,汇率，商品,股票和固定收入的证券,信贷,甚至是天气进行交易.

这些产品和市场参与者使用策略来管理金融风险，与由投机者用来提高风险的杠杆作用是相同.虽然可以认为，衍生工具的广泛使用增加了风险,衍生品的存在使那些希望通过把它传递给那些寻求风险及相关机会的人降低了风险。

估计财务损失的可能性是非常令人满意的。然而,概率标准的理论往往在金融市场的分析中不适用。风险通常不会孤立存在的，通常会和几个风险的相互作用，必须认真考虑在发展中国家的金融风险是如何产生的。有时，这些相互作用是很难预测的，因为它们最终取决于人的行为。

金融风险管理是一个持续不断的过程.随着市场需求的变化和完善，战略必须得到执行。有关的修改反映不断变化的市场利率，变化的预期营商环境,或例如不断变化的国际政治条件。一般来说,这个过程可以概括如下：１、识别并优先考虑关键的财务风险.

2、确定适当的风险容忍程度。

3、按照政策实施风险管理战略.

4、按需要衡量,报告，监控和改进。

多样化

多年来,公司资产的风险评价的可变性仅仅基于其回报。与此形成对比的是，现代投资组合理论不仅考虑了一项资产的风险，而且是经济体总体风险的组合。由于风险多样化,组织可以有机会来降低风险。

在投资组合管理方面，在一定限度内给个别部件组合提供了多样化的机会.一个多元化的资产组合中包含的回报是不同的，换句话说，彼此之间的关系是弱

或负面的。考虑到一个投资组合的风险是非常有用的,并且应考虑改变或增加的潜在风险的总数。

多样化是一个管理金融风险的重要工具。通过预设的组织,对手之间的多样化可以减少突发事件对组织所造成的不利影响而引起的风险。其中投资资产多元化减少了发行人失败的损失程度.多样化的客户、供应商和金融来源减少了一个组织的贸易被外面变化控制的负面影响的可能性。虽然损失的风险仍然存在,多样化的机会可以减少大的不良结果。

风险管理过程

金融风险管理过程中的战略使一个组织去管理与金融相关的风险市场。风险管理是一个动态过程，应逐步发展成一个组织和它的生意。它涉及和影响了许多方面,包括国债，销售，营销，法律,税务，商品组织和企业融资。

风险管理过程包括内部和外部分析。该进程的第一部分包括确定和排列金融机构面临的风险和了解其相关性。有必要审查该组织及其产品，管理,客户，供应商,竞争对手,价格，行业的发展趋势，资产负债结构，并在行业中的地位.也有必要考虑利益相关者和他们的目标和风险承受能力。

一旦清楚地了解这些风险的出现，就可实施适当的策略会同风险管理政策。例如，有可能改变的地方，从而减少该组织的暴露和风险.另外,可能对现有的衍生工具进行风险管理。另一种经营战略风险是接受所有的风险和损失的可能性。

有三个广泛的风险管理办法:

1、什么都不做，在默认情况下，积极或被动地接受一切风险。

2、对冲一部分,通过确定那些可以而且应该进行对冲的风险.

3、所有可能的风险对冲。

风险的计量和报告提供给决策者与信息执行者决定和监测的结果,在它的前面和后面都采取策略来减轻.由于风险管理进程仍在进行,报告和反馈可以用来精化系统的修改或改进策略体系.

活跃的决策过程是风险管理的重要组成部分。讨论潜在的损失和为降低风险的决策提供了一个讨论重要问题与各种关于利益相关者的观点的场所。

财务比率的影响因素和价格

财务比率及价格受多项因素的影响.关键是要了解影响市场的因素，因为这

些因素，反过来影响到一个组织的潜在风险.

影响利率的因素

利率是许多市场价格的主要组成部分和重要的经济晴雨表。它们是由真实利率加上通货膨胀的预期成分组成的,因为通货膨胀降低了贷款人的资产购买力.离到期日越近,它的不确定性就越大。利率也是资金的供给和需求和信贷风险的反射。

利率对企业和政府来说是非常重要的,因为他们是资金成本的关键因素。大多数公司和政府债务融资需要扩展和基建项目。当利率增加，对借款人有显著的影响。利率也影响到其他金融市场的价格，所以他们的影响是深远的。

对利率的其他组件可能包括一个风险溢价，以反映借款人的信用.例如，政治或主权风险的威胁可能导致利率上升，有时很大，因为随着投资者需求的增加，额外的补偿违约风险也会增加。

影响市场利率水平的因素包括：

1、通货膨胀的预期水平

2、总体经济状况

3、货币政策和央行的立场

4、外汇市场活动

5、外国投资者对债务证券化的需求

6、外债突出的水平

7、金融和政治稳定

收益率曲线

收益率曲线产量是一种图形法,表示的是一系列条件成熟.例如,一个收益率曲线可能说明产量在（一天一夜之间成熟）３０年里的关系。通常情况下,利率是零息政府率。

由于目前的利率反映的是预期的，收益曲线提供了有关未来市场预期的利率的有用信息。前向启动利率的默示条款可以计算收益曲线的信息。例如,使用一两个年到期利率，预计的一年期利率在一年的时间开始时才能确定.

对收益曲线的形状进行了分析和对广泛的市场参与者进行监测。由于人们对它的期望，它通常被认为是未来经济活动的预测和可能提供的经济基本面有待改

变的信号。

一般产量的收益率曲线向上倾斜是具有正斜率,就像贷方或投资者要求更高的利率因为贷款期限和借款人的持续的时间更长了。由于期限至到期日,借款人违约的机会增加，贷款人要求相应的补偿。

利率构成的收益率曲线也受预期的通货膨胀率影响.除了借款人的贷款和风险的部分,投资者要求借款人至少达到预期的通货膨胀率。如果投资者预期的未来的通胀率会变得更高，他们将会被要求延长还款期限，以弥补这种不确定性产生的更多的保费。因此，期限越长，利率越高(在其它条件相同的情况）,一个向上倾斜的收益率曲线就产生。

有时,短期资金的需求大幅增加，短期利率可能上升超过了长期利率的水平。收益曲线向下倾斜，这是它的外观反演的结果.短期资金成本高，否则将有损于通过投资获得扩张,使经济增长放缓或衰退。最后，利率上升使短期和长期资金的需求都减少。在所有利率下降到一个正常的曲线,可能会出现由于经济增长放缓而带来的回报。

出处：[美］卡伦·A·霍契.《什么是财务风险管理？》.《财务风险管理要点》。

约翰.威立国际出版公司,2005:Ｐ１－22。

企业财务风险及其应对文献综述

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财务风险中英文对照外文翻译文献

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中英文资料外文翻译文献 上市公司财务风险的评价及控制的文献综述 中国从资本市场建立开始，上市公司也随之不断地发展，上市的公司从行业、类型到地区、规模都呈现多样化趋势。中国的上市公司，特别是上市公司中的ST公司，存在着严重的财务风险问题，财务风险比较大，对上市公司的发展会有很大的影响。因此对上市公司财务风险问题的研究是十分重要的。通过对这一领域大量文献的研究，从企业财务风险的成因、评价体系及控制三个角度综述，加强分析，以期对上市公司财务风险的理论和实践研究提供借鉴和指导。 （一）国外研究综述 西方古典经济学家在十九世纪就已经提出了风险的概念，认为风险是经营活动的副产品，经营者的收入是其在经营活动中承担风险的报酬。从狭义上看，企业的财务风险是指由于利用负债给企业带来的破产风险或普通股收益发生大幅度变动的风险。这种观点立足于企业筹资时过多举债或举债不当。西方国家强调全面风险管理的观念是从资金运动到资本经营整个体系的过程，对财务风险的控制包括风险预警、风险识别、危机处理等内容。 美国经济学家富兰克.H.奈特(Frank H.Knight)在1921年出版的(Risk，Uncertainty and Profit)一书中认为：风险是指“可度量的不确定性”。而“不确定性”是指不可度量的风险。风险的特征是概率估计的可靠性，概率估计的可靠性来自所遵循的理论规律或稳定的经验规律。与可计算或可预见的风险不同，不确定性是指人们缺乏对事件的基本知识，对事件可能的结果知之甚少，因此，不能通过现有理论或经验进行预见和定量分析①。 ②Ross, Westerfield, Jordan(1995)在《Fundamentals of Corporate Finance》提到①[美] Frank H.Knight,王宇，王文玉译.《风险、不确定性和利润》[M]．中国人民大 学出版社．2005； ②此段原文如下：“The debt finacing increases the risks borne by the stockholders. The extra risk that arises from the use of debt finacing is called the financial risk of the firm equity. In other word,financial risk is the equity risk

财务风险管理外文翻译

本科毕业论文（设计） Financial Risk Management Although financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management. What Is Risk? Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure. Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits. Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy. How Does Financial Risk? Financial risk arises through countless transactions of a financial nature,