最新财务风险管理外文翻译英文文献资料

1、精品文档财务风险管理中英文资料翻译Financial Risk ManagementAlthough finan cial risk has in creased sig nifica ntly in rece nt years, risk and risk man ageme nt are not con temporary issues. The result of in creas in gly global markets is that risk may orig in ate with eve nts thousa nds of miles away that have no th

2、i ng to do with the domestic market. I nformatio n is available in sta ntan eously, which means that cha nge, and subseque nt market react ions, occur very quickly. The econo mic climate and markets can be affected very quickly by cha nges in excha nge rates, in terest rates, and commodity prices. C

3、oun terparties can rapidly become problematic. As a result, it is importa nt to en sure finan cial risks are ide ntified and man aged appropriately. Preparati on is a key comp onent of risk man ageme nt.What Is Risk?Risk provides the basis for opport un ity. The terms risk and exposure have subtle d

4、iffere nces in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are ofte n used in tercha ngeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or in directly. When an orga

5、 ni zatio n has finan cial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive ben efits.Risk is the likelihood of losses result ing from eve nts such as cha nges in market prices. Events with a lo

6、w probability of occurri ng, but that may result in a high loss, are particularly troublesome because they are ofte n not an ticipated. Put ano ther way, risk is the probable variability of retur ns.Since it is not always possible or desirable to elim in ate risk, un dersta nding it is an importa nt

7、 step in determ ining how to man age it. Ide ntify ing exposures and risks forms the basis for an appropriate finan cial risk man ageme nt strategy.精品文档精品文档How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, in clud ing sales and purchases, i nv estme

8、nts and loa ns, and various other bus in ess activities. It can arise as a result of legal transactions, new projects, mergers and acquisiti ons, debt financing, the en ergy comp onent of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When

9、 finan cial prices cha nge dramatically, it can in crease costs, reduce reve nu es, or otherwise adversely impact the profitability of an orga ni zati on. Finan cial fluctuati ons may make it more difficult to pla n and budget, price goods and services, and allocate capital.There are three mai n sou

10、rces of finan cial risk:1. Financial risks arising from an organization' s exposmiarketchaeessuch as in terest rates, excha nge rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other orga ni zati ons such as ven dors, customers, and coun terparti

11、es in derivatives tran sacti ons3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Finan cial risk man ageme nt is a process to deal with the un certa in ties result ing from finan cial mark

12、ets. It invo Ives assess ing the finan cial risks fac ing an orga ni zati on and develop ing man ageme nt strategies con siste nt with internal priorities and policies. Address ing finan cial risks proactively may provide an orga ni zati on with a competitive advantage.It also ensures that managemen

13、t,operational staff, stakeholders, and the board of directors are in agreeme nt on key issues of risk.Man agi ng finan cial risk n ecessitates making orga ni zati onal decisi ons about risks that are acceptable versus those that are not. The passive strategy of tak ing no action is the accepta nee o

14、f all risks by default.Orga ni zati ons man age finan cial risk using a variety of strategies and products. It is importa nt to un dersta nd how these products and strategies work to reduce risk 精品文档within the con text of the orga ni zati ontolerancs ank objectives.Strategies for risk man ageme nt o

15、fte n invo Ive derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives con tracts, such as futures, forwards, optio ns, and swaps, is derived from the price of the un derly ing asset. Derivatives trade on in terest rates, excha nge

16、 rates, commodities, equity and fixed in come securities, credit, and eve n weather.The products and strategies used by market participa nts to man age finan cial risk are the same ones used by speculators to in crease leverage and risk. Although it can be argued that widespread use of derivatives i

17、n creases risk, the existe nee of derivatives en ables those who wish to reduce risk to pass it along to those who seek risk and its associated opport un ities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the

18、analysis of financial markets. Risks usually do not exist in isolati on, and the in teract ions of several exposures may have to be con sidered in develop ing an un dersta nding of how finan cial risk arises. Sometimes, these in teract ions are difficult to forecast, since they ultimately depe nd on

19、 huma n behavior.The process of finan cial risk man ageme nt is an ongoing one. Strategies n eed to be impleme nted and refi ned as the market and requireme nts cha nge. Refin eme nts may reflect cha nging expectati ons about market rates, cha nges to the bus in ess en vir onment, or cha nging inter

20、n ati onal political con diti ons, for example. In gen eral, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk toleranee.3、Implement risk management strategy in accordanee with policy.4、Measure, report, monitor, and refine

21、 as needed.DiversificationFor many years, the risk in ess of an asset was assessedbased only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset ' s risk in ess, but also its con tributicto the overall risk in ess of the portfolio to 精品文档精品文档which

22、it is added. Orga ni zati ons may have an opport unity to reduce risk as a result of risk diversificati on.In portfolio man ageme nt terms, the additi on of in dividual comp onents to a portfolio provides opport un ities for diversificati on, with in limits. A diversified portfolio contains assets w

23、hose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the pote ntial risk of the total.Diversificati on is an importa nt tool in managi

24、ng finan cial risks. Diversificati on among coun terparties may reduce the risk that un expected eve nts adversely impact the organization through defaults. Diversification among investment assetsreduces the magn itude of loss if one issuer fails. Diversificati on of customers, suppliers, and financ

25、ing sources reduces the possibility that an orga ni zati on will have its bus in ess adversely affected by changes outside managemen' 6ontrol. Although the risk of loss still exists, diversificati on may reduce the opport unity for large adverse outcomes.Risk Management ProcessThe process of fin

26、ancial risk management comprises strategies that enable an orga ni zati on to man age the risks associated with finan cial markets. Risk man ageme nt is a dyn amic process that should evolve with an orga ni zati on and its bus in ess. It invoIves and impacts many parts of an organization including t

27、reasury, sales, market in g, legal, tax, commodity, and corporate finan ce.The risk man ageme nt process invo Ives both internal and exter nal an alysis. The first part of the process invo Ives ide ntify ing and prioritiz ing the finan cial risks fac ing an orga ni zati on and un dersta nding their

28、releva nee. It may be n ecessary to exam ine the orga ni zati on and its products, man ageme nt, customers, suppliers, competitors, prici ng, industry trends, balanee sheet structure, and position in the industry. It is also n ecessary to con sider stakeholders and their objectives and tolera nee fo

29、r risk.Once a clear understanding of the risks emerges, appropriate strategies can be impleme nted in conj un cti on with risk man ageme nt policy. For example, it might be精品文档精品文档possible to cha nge where and how bus in ess is done, thereby reduci ng the orga ni zati on ' s exposure and risk. A

30、lter natively, exiseXppsures may be man aged with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alter natives for man agi ng risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a porti on of

31、exposures by determ ining which exposures can and should be hedged.3. Hedge all exposures possible.Measureme nt and report ing of risks provides decisi on makers with in formatio n to execute decisi ons and mon itor outcomes, both before and after strategies are take n to mitigate them. Since the ri

32、sk management process is ongoing, reporting and feedback can be used to refine the system by modifyi ng or improvi ng strategies.An active decision-making process is an important component of risk man ageme nt.Decisi ons about pote ntial loss and risk reducti on provide a forum for discussi on of im

33、porta nt issues and the vary ing perspectives of stakeholders.Factors that Impact Finan cial Rates and PricesFinan cial rates and prices are affected by a nu mber of factors. It is esse ntial to un dersta nd the factors that impact markets because those factors, in turn, i mpact the pote ntial risk

34、of an orga ni zatio n.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender ' s assets .

35、The greater the term to maturity, the greater the un certa inty. In terest rates are also reflective of supply and dema nd for funds and credit risk.In terest rates are particularly importa nt to compa nies and gover nments because they are the key in gredie nt in the cost of capital. Most compa nie

36、s and gover nments require debt financing for expa nsion and capital projects. Whe n in terest rates in crease, the impact can be significant on borrowers. Interest rates also affect prices in other 精品文档精品文档finan cial markets, so their impact is far-reachi ng.Other comp onents to the in terest rate

37、may in elude a risk premium to reflect the creditworthi ness of a borrower. For example, the threat of political or sovereig n risk can cause in terest rates to rise, sometimes substa ntially, as inv estors dema nd additi onal compe nsati on for the in creased risk of default.Factors that in flue ne

38、e the level of market in terest rates in clude:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stanee of the central bank4、Foreign exchange market activity5、Foreig n in vestor dema nd for debt securities6、Levels of sovereign debt outstanding7、Financial and politi

39、cal stabilityYield CurveThe yield curve is a graphical represe ntati on of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (over ni ght) to 30-year terms. Typically, the rates are zero coup on gover nment rates.Si nee curre nt in

40、terest rates reflect expectati ons, the yield curve provides useful information about the market' s expectations onfetuei rates. Implied interestrates for forward-starti ng terms can be calculated using the in formatio n in the yield curve. For example, using rates for one- and two-year maturiti

41、es, the expected on e-year in terestrate beg inning in one year ' s time can be determ in ed.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future econo mic activity and may provide sig

42、 nals of a pending cha nge in econo mic fun dame ntals.The yield curve normally slopes upward with a positive slope, as len ders/i nv estors dema nd higher rates from borrowers for Ion ger lending terms. Since the cha nee of a borrower default in creases with term to maturity, le nders dema nd to be

43、 compe nsated accord in gly.In terest rates that make up the yield curve are also affected by the expected rate of in flati on. Inv estors dema nd at least the expected rate of in flati on from borrowers, in additi on to lending and risk comp onen ts. If in vestors expect future in flati on to be hi

44、gher, they will dema nd greater premiums for Ion ger terms to compe nsatefor this un certa in ty. As a result, the Ion ger the term, the higher the in terest rate (all else being equal), result ing in an upward-slop ing yield curve.Occasi on ally, the dema nd for short-term funds in creases substa n

45、tially, and short-term in terest rates may rise above the level of Ion ger term in terest rates. This results in an inv ersi on of the yield curve and a dow nward slope to its appeara nee. The high cost of short-term funds detracts from gains that would otherwise be obta ined through inv estme nt an

46、d expa nsion and make the economy vuln erable to slowdow n or recessi on. Eve ntually, ris ing in terest rates slow the dema nd for both short-term and Ion g-term fun ds. A decli ne in all rates and a return to a no rmal curve may occur as a result of the slowdow n.Source: Karen A. Horcher, 2005. “

47、What Is Financial RisManagement?'.Essentialsof Finan cial Risk Man ageme nt, Joh n Wiley & Son s, 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

48、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

49、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

50、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

51、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

52、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

53、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