财务风险和财务风险管理技术问题和优势文献翻译

1、本科毕业论文（设计）外 文 翻 译题 目 浙江企业集团财务风险管理问题研究 专 业 财 务 管 理 一、外文原文原文：financial risk and financial risk managementtechnology (rmt): issues and advantagesmethods for sound risk management are of increasing interest among wall street investment banking and brokerage firms in the aftermath of the october 1987 cra

2、sh of the stock market. as the knowledge of advanced technology applications in risk management increases, financial firms are finding innovative ways to use them practically, in order to insulate themselves. the recent development in models, the software and hardware, and the market data to track r

3、isk are all considered advances in risk management technology (rmt). these advances have affected all three stages of risk management: the identification, the measurement, and the formulation of strategies to control financial risk. this article discusses the advances made in five areas of rmt: comm

4、unication software, object-oriented programming,，parallel processing, neural nets and artificial intelligence. systems based on any of these areas may be used to add value to the business of a firm. a business value linkage analysis shows how the utility of advanced systems can be measured to justif

5、y their costs.over the last ten years, major securities firms, money center banks and other commercial and savings banks have undertaken financial commitments involving risks they did not fully understand, resulting in major losses and unexpected write offs. as a result, senior managers are seeking

6、new ways to identify, evaluate, and predict changes in financial risks. investing in information technologies (its) that improve the control of risk - a new area which we term risk management technology (rmt) - is one approach that is increasingly viewed as being able to affect the strategic and com

7、petitive position of financial firms.in 1990 a joint project was initiated between the stern school of business, new york university and manufacturers hanover trust company (now known as chemical banking corporation) in new york city to study the use of rmt in financial firms in the united states. t

8、he present article summarizes our findings and suggests a number of ways in which the use of rmt can be made efficient.1. financial risk managementrisk is defined by doherty 1131 as "the lack of predictability of outcomes." it covers both pleasant surprises and adverse business outcomes. s

9、ince prediction is facilitated by the availability of information, rmt can be used to gauge risk in financial operations, where the outcomes of regional lending operations, involvement in selected financial markets and instruments and positions taken by traders are uncertain and may change from day

10、to day. risk management, on the other hand, is the management of the resources and commitments of a firm so as to maximize its value, taking into account the impact that unpredictable outcomes or events can have.risk management activities normally involve three basic steps:(1) exhaustive identificat

11、ion and classification of the risks that can impact business outcomes;(2) measurement of the risk associated with a set of events that affect the value of the firm, in terms of the likelihood of their occurrence and magnitude of expected losses;(3) timely formulation of the actions required to bring

12、 business risks within acceptable bounds.the sources of risk are varied and depend on the business area. for example, a financial firm involved in trading financial instruments will face a market risk associated with unpredictable price changes. interest rate risk arises from interest rate fluctuati

13、ons that render the return on financial assets uncertain. this also poses significant financial uncertainty when there are gaps in value between the set of claims made on a firm's assets and the assets' value when the claims are due. with a substantial gap between these values, it may become

14、 necessary for the firm to purchase funds at an unexpectedly high cost. exchange rate risk arises from fluctuations in the value of foreign currency. credit risk is associated with defaults in repayment of loans and operating risk stems from frequent changes in or discontinuance of a revenue stream

15、against a continuing level of fixed cost expenditures.being able to obtain accurate, up-to-date information is crucial in such contexts. for example, interest rate risk is normally measured by identifying fluctuations in interest rates and the manner in which such changes influence asset values, and

16、 market risk is measured by tracking the volatilities (i.e., overnight price changes in an asset's value) of financial instruments and currencies. examination of such data enables the loss or gain in a portfolio to be measured quite objectively. timely and accurate information about interest rat

17、e fluctuations enables risk managers to gauge the risks of maintaining funding gaps. because senior managers usually draw the line on the maximum risk of the firm, risk managers and operations managers have similar incentives to use rmt to eliminate excess risk.2. the role of information technology

18、in risk managementinformation technology has been used pervasively to automate trading activities. systems that report information about market conditions and market changes, such as merrill lynch - bloomberg for the fixed income market, are also being used to assist traders and portfolio managers.

19、although a variety of traditional its and approaches, including mainframe databases and non-automated tracking of basic market indicators, are still in use, there has been a major move on the part of wall street firms towards more sophisticated, state-of-the-art technologies, such as parallel proces

20、sing, artificial intelligence, and neural nets. these its are being used by major investment banks to gain competitive advantage in strategic cost management.there also has been substantial growth in the availability of highly specialized commercial databases, including those from firms such as reut

21、ers/i.p. sharp and loanet, that support the tracking of securitized lending portfolios. apart from supporting the routine activities, commercial databases and computerized financial modeling systems help a trader to manage a portfolio and ward off excess risk by the implementation of hedging strateg

22、ies that neutralize risk. for example, mortgage loans can be securitized on the basis of the risk involved in their prepayment and their expected return. these mortgage-backed securities can then be freely traded in the market.at the heart of these developments is the realization that it is crucial

23、in defining the basis of a set of new approaches to conducting money market trading operations. engineering new financial products that possess attractive risk characteristics for the parties in a transaction, as well as the intermediaries to the transaction, is only limited by willingness of the fi

24、rm to explore the capabilities of the technologies that support such innovations. another aspect is the growth in the ability to manage risks associated with global investments on a real-time basis from a centralized location.rmt has three primary components:(1) analytic models implemented using com

25、puter software;(2) computer hardware for capturing, consolidating, and evaluation new information about changing risk; and(3) data describing the current and prior states of the market.3. identification of risky eventsmany organizations today use it to detect events that can increase their exposure

26、to market risk in their investments. for example, databases of financial information are used to detect changing risks in investment positions. a key element is early identification of crucial changes that will affect this business. this is often accomplished with the help of trading platform automa

27、tion that pulls in digital signals on market indicators, and then scans them to determine if they change the risk profile of current or contemplated investments.for investment in specific financial instruments, most investment banks today use risk calculators for financial instruments, such as treas

28、ury bonds, mortgage-backed securities, and options and foreign exchange (fx) trading. most of them have a simple spreadsheet-type format for carrying out sensitivity analysis, however, a few are more sophisticated. in-house consulting groups in major investment banking institutions also produce high

29、ly specialized tools to discern variation in risk associated with specific financial instruments. for example, the strategic technology and research group of manufacturers hanover trust was instrumental in the design and development of an expert system (es) called trading and risk assistant (tara) t

30、hat identified risky transactions in the fx market. another expert system, developed at morgan stanley, is called the gwa trading assistant, a rule-based es that helps traders identify risks associated with mortgage-backed securities.4. categorizing and measuring financial riskwell-defined measures

31、of financial risk are important to allow senior management to devise strategies to monitor and evaluate risk. such measures will enable them to make policies to help departmental traders, operating divisions and the firm as a whole to keep within the acceptable, pre-determined limits. the first step

32、 is to develop an understanding of the factors that affect risk (for example, the historical prices of the financial instruments for market risk, and the probability of default for credit risk). next, the range of fluctuations from their mean values and the overnight price volatility can be calculat

33、ed. the measurement of volatility determines the riskiness of the financial instrument during the period of observation. credit risk is generally measured by tracking information on the credit quality of the parties involved in a credit transaction. this requires the firm to establish a consistent m

34、easure of credit exposure as a common denominator. for this purpose, all balance sheet items (notes receivable, terms loans and so on), off-balance sheet items (e.g., standby letters of credit or pending legal commitments), and interest rate and exchange rate contracts (foreign exchange spot and for

35、ward trades, interest rate and currency swaps) are converted into a loan equivalent exposure amount. an equity factor is then assigned to each grade of credit risk. this is used to adjust balance sheet and off-balance sheet exposure to yield equity at risk.it plays an important role in this measurem

36、ent. banks usually subscribe to real-time databases that supply information on the credit quality of corporations. the advantage of a real-time system for monitoring credits is that credit quality updates are instantly available. for example, manufacturers hanover trust employed a global exposure sy

37、stem (ges) that tracks the equity factors assigned to each grade of credit risk, and provides updated risk calculations.market risk is measured by the fluctuation in prices of instruments due to underlying change in the market. adverse movements in fx rates, interest rates, and the extent of the vol

38、atility of price of financial instruments are the most common determinants of market risk. fx positions are exposed to movements in exchange and interest rates. measurement of interest rates fluctuations is important to match the cash flows associated with assets and liabilities that are expected to

39、 become due at some future date.for example, suppose a one-year working capital loan is created against a one-month certificate of deposit of similar amount. in this situation, eleven months of additional funding must be generated to match the asset the firm will carry until the expiration of the li

40、ability in the twelfth month. the value to the firm of the one-year loan would decrease (or increase) at the end of the first month if the interest rates are higher (lower), forcing (enabling) the firm to purchase relatively more (less) expensive funds from certificates of deposit or in the form of

41、overnight u.s. federal reserve bank funds. clearly, prevailing interest rates would determine whether the firm is profitable in this kind of lending.the set of activities involved in ensuring that risk is controlled in such circumstances is called gap management. it involves devising strategies and

42、tactics to deal with interest rate risk so that cash flows representing both assets and liabilities are matched. effective gap management enables a financial institution to protect itself from unexpected and costly borrowing when assets exceed liabilities at some point in time, or eliminates the nee

43、d for seeking investment opportunities from excess cash balances that arise when liabilities exceed assets.operating risk is measured by two factors: the scale of operations and the flexibility with which the current investments in an operating unit can be used elsewhere if the unit is shut down. it

44、 assists measurement of operating risk by providing advanced applications of database management systems that can gauge the flexibility with which resources can be reallocated within a firm, if reorganization should occur.once the risks have been measured correctly, they can be compared using common

45、 units. a recent proposal, espoused by mark, recommends that risk be measured in dollars at risk.source: bansal.arun, kauffman.robert, mark.robert.m. and peters.edward, financial risk and financial risk management technology(rmt): issues and advantages (august 1992). information systems working pape

46、rs series, vol. , pp. -, 1992. available at ssrn: october 31, 2008.二、翻译文章译文：财务风险和财务风险管理技术：问题和优势完善的风险管理方法在一九八七年十月股市崩溃之后的华尔街投资银行和经纪公司在中不断出现。随着在风险管理中的先进技术的应用的增加，财务公司都在寻求创新的方式把它们应用在实际中，为了保护自己。最近在模型、软件、硬件和市场数据方面的发展用以跟踪风险都被认为是风险管理技术的进步。这些进步影响了风险管理所有的三个阶段： 识别、测量和财务风险控制策略的制订。这篇文章讨论了五个领域中风险管理技术（rmt）取得的进步：通信软

47、件，面向对象编程，并行处理，神经网络和人工智能技术基于任何这些领域的系统都可以用来增加一家公司的价值。业务价值的连锁分析显示了先进系统如何衡量他们的成本。在过去的十年中，主要的证券公司、 金融中心银行和其他商业与储蓄银行已经开始涉及他们完全不理解的风险，结果造成了重大损失和意外的财政负担。基于以上的结果，高级管理人员正在寻求新的方法来识别、 评估和预测不断变化的财务风险。对信息技术 （its）中的投入以提高对风险的控制能力一个新的我们一直在研究的关于风险管理技术的领域 是一种越来越多地被看作是能够影响公司战略和竞争地位的方法。在 1990 年美国的纽约斯特恩商学院和制造商汉诺威信托公司 （现在

48、称为化学银行公司） 在纽约联合发起了一个研究项目，研究rmt在美国金融公司中的应用情况。本文章总结了我们的研究结果和所提出的可以使 rmt 发挥更大效用的建议。1.财务风险管理对于风险的定义最早是由doherty在 1131年提出的,他认为风险是："缺乏对成果的可预测性"。它涵盖好的和不良业务成果两方面。有效信息促进了风险预测，而rmt可以用于衡量在选定区域的贷款业务状况，包括金融市场和金融工具以及贸易商所采取的立场，这些都是不确定的并且可能会不断的改变。从另外一方面讲，风险管理是资源的管理和一家公司最大限度地考虑到不可预知的结果或事件的影响后企业价值最大化的承诺。风险管理

49、活动通常涉及三个基本步骤：(1) 全面的鉴别有关可能会影响公司业绩的风险；(2)根据预期损失的严重程度及发生的可能性测量会影响公司价值的一组项目的风险；(3) 及时制定策略，使风险在可接受范围内。风险来源各有不同，取决于所处的行业。例如一家金融公司所涉及的交易金融工具将会面临不可预知的价格变动与相关联的市场风险。利率风险有利率波动引起，它使金融资产的回报率不确定。当对于公司资产索偿时资产的价值与其到期时资产的价值出现差异，这也造成严重的金融不确定性。由于这之间的差异，它可能需要公司以更高的成本去购买债券。汇率风险来自于外国货币的价值波动。信贷风险与贷款偿还不及时相关联，经营风险源自相对于持续性

50、的固定支出水平而言收入现金流的经常性变动及不连续性。能够获得准确的最新的信息是这种情况下的关键。例如，利率风险通常通过确定利率波动来测量，同时这种影响资产价值的变化和市场风险通过跟踪金融工具和通货的易变性（资产价值的隔夜价格）来测量。此类数据使得减损或获得客观地衡量投资组合成为可能。关于利率波动的及时、准确的信息使风险管理人员能够估计出资金缺口带来的风险的高低。因为级别较高的经理经常限定公司的最大风险，风险管理者和操作管理者拥有相同的动机来通过使用rmt以消除多余的风险。2.信息技术在风险管理中的作用信息技术在自动化交易活动中已被广泛使用。系统报告有关市场环境和市场变动的信息，如美林-布隆伯格

51、固定收益市场，也被用于帮助商人和项目组合管理人员。虽然各种传统的技术和包括主机数据库和非自动跟踪基本市场的指标在内的方法仍在使用，已经成为华尔街公司朝着更完善、 先进的技术如并行处理、 人工智能和神经网络的发展进程中的重要一部分。这些技术正在被大部分投资银行使用以在战略成本管理获得竞争优势。还有大幅增长可用的高度专业化的商业数据库，包括来自于那些支持证券化借款投资组合的跟踪的公司如 reuters/i.p.sharp和loanet。除了支持例行活动，商业数据库和计算机化的财务建模系统帮助投资者管理投资组合和通过套期保值策略抵御过剩风险来化解风险。例如按揭贷款能够在涉及其预付款和预期报酬的风险的基础上被证券化。然后，可以在市场自由买卖这些按揭证券。这些发展的中心是意识到it在定义新方法的基础以进行货币市场交易运行方面非常重要。设计出在交易中拥有吸引人的风险特征新的金融产品和中间产品，被公司寻求