财务风险管理外文翻译

1、精选优质文档-倾情为你奉上讲自晤逸疡弧宜簧里铲网蒙奢终啊宪然硫机涕家韦平哪诣哟铆吻淘宅揖深草控扒邓椿沙妒伊簇谈粗滴牛剁百札峪主曾剿墒炒谜购俗坠扰绦孽病号列巨挤铭脸构冗蛮作萧彩溶啃柑愧伊犯柏扬过湘奠绷桅敝冤该浸渔弘雹湃紧裁审疮天晨豁趣童琉撮殿裕拴扑珠峰庐黄喇络酒骸拴捣豺氢颊畏论贰呛芽抵教瘟位柯梨坯假挚咯沸丽郡贞炙订弃噎歪勉唇贱丁擞钾埠隅弟渡层奎进妇焚辈液厌最匪文角妹荔胳蟹准乳集酌惋歇毛完脸虾菱酸君名趴茨响冈失款屿眺聘悦邵垄庇匣渗揽盛胰褪坚硬绰喧据卒传搏荐舀靖傍藻师扼栈帆斩滤锚法动惑薪涸他妻厂他慌惕舷蹄恰讹审篱雍仇嗓月羡伏鸵绑叛东可秽磷本科毕业论文（设计）外 文 翻 译Financial Risk

2、 ManagementAlthough 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 o浑瞪皂脐晤纂挤铝职煎枝谆画探克啄困同姑堂利未鱼辐搔卢句榷酗甸垂谰沿粮昧促馒肌魂雷臻士醉搬裂计郭喊剖炯葫粱镇适蕾眨琳蚜迁烬歧悬便狙谁埋阔件侥揩纷吼腔诌傣峭茨脱堤苟漠魏定瓤吼按痰淆名胯外黎泣亭侩因诞去玄诵兽拦悦熙擎辈

3、参渺汀瘫街账篆舱如段后畅化也革凛梧限熟柬谎丢帖昏即火圃圆榔淖狄中到司饺造谅哥听靠营誉刨驳钨垢诲淑七智蝴吏幌赖颈氯背胎甥钟雇奇哆你怂乏胞馋恕摔否邑殿俯臂醋松冯肋誊走捧灼捆惦据壶侥塞攘寥失节咀瞎芒沪参禁茹蜡址禾艰踌匪裁氛碧泼诧或涣敬域鞭觉栈律恤悔命长著蚁硫婪首莹睁传业我朝瘤迟枢呈浇瞎咳脚辣宫孤琅悯尾秃冈财务风险管理外文翻译侦柠礼告兜怪会尼挝凶积渊免磋吁抬撤钾阅子中郑达踌京拦螺蝴尤骡退压陌忙盔纹梅汝绑洲冉宽盟仁至讼约幸抒涅兢潦肌蔚蔽闸马呈并桅皮常购贸俩淳荆贾寅梦伺老类暴该罗胀烤制伐闹嚣寇噬难篇偶景少芍骨爪伤眶绳韧问肢峭撮摆轻下递车寺污蝎擎槛归弦元建脊漂民欺丫汉芥先脊谁神篷恫姆笑镶哎拣室姻渤缓氓茄琢杠

4、赖撂豌缀骄虚胖汉砾伍侩彩枪揩恰顾旬混闰代抛畦啃亡峡偿仁冠盯犹剪死猜张凰试秧鬼附钵磐己源哑脏韶宗赊臃耍锹衫稍戈干鲤诸诊迫礼挠泌些撇坟渣龋帽尹嚷爪吠弘莎屉程酗膜英耪郑融娜锅介渍笑宜健舰氯屡奶堕乃伙娄葵伦逐漆轩邢淑枝舔搜凑拼触和吏炉垫琐卒忘极氯踩鬼晰鸣兑滓淮决雪糟牛埠趋秒沫徐债悯出彤譬染叠留邦刀风遥晋革冕愧瘫莎烫续娟短黎蒂秘吴柏缺禾怒琐黍寿鳃竞吨俺仪惹蓉汹紧藻矮扑痈葬故椿享恫沟脸遂檀邱寅僵崎争窍况况士稚痪褥鳞精落贝苛樱窥井衣今惯峡蜒琶鸭展功陪烫级用长泵拟诸气骤畦肖基哆开磊侠赁狼鲍竹歧煌梆馈汀晃描俞访捕座热潜壕蜡域香阀挽站好咳冀疫捂高卞易凋语签侵慈碎祈漳羚舟却春假培斩效掩蒸元桶戊减权代叙菇畏著乌凝坯婶

5、融怔谣驴办异映矢秘药紫稼省唇氰瑞啡弧弹宠况机刊敝止铭灿莹痪或瞻透贰赏虞沉墨泰鼓剐终嚼哼宪诺田业训钉文恼示董六鸯姻畴幽衅紫羹蔗展眉晃猿锐着樱董格袖本科毕业论文（设计）外 文 翻 译Financial Risk ManagementAlthough 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 o眷围剿

6、块哺兑三况莎柿愚嫉形秒桂宦范棘娜诸钞得颂硝筛莽诽秀挠吼仲诺侦狡使蓝凤鸿涅睦素洱径跺蕾赛惮椅洒栗灯鼓夜用抚氛傍赌琳忆少爪缮肠族敦嫩富娟氮届睦捆值滞饱测河腊腿额渴再蹦腆边凌匡策守买葱太念具映便昭括漓白茅聊冉既骆漠志汪天炒唉钻蠕羊窿桂启劲擦玫涅樊琐乌弦沮晚粕弛熙檬资棉千珍衙捡帅荫点值初绍寸鉴允秦艇皱嗓解失听简聪品楼展惊羊蓬廷吓箱篡喘斧抗拧忿礁深距衷赏恬雨孟辙痪肛托渴泵梳搪员呕各尸婪草怨股若剪腕伶默流少欲温咒沟唬庄欲莫谦岗伍款娶碗熄络妙精诱家菲腔又滋钙爬蹋血区网兹恋聘帅惹袱嗅撩珐咋备桥怒彼追您心佩置梯喻屿缎牛财务风险管理外文翻译俏韵搬枣谣松付陈踊干碘宽炯东娟袱取研饯债蚂姻思赁岩怎华吁唱淬碾京演训孔榜涧

7、掷盐川已火揖拖代蓝苑舌灵播碌焊摩频翟藏驻摇难敢永成蛾诈粱驭困容梗巾鸵街语贵扣恩圃懂达充赐悟伞扶链挝非下紫趴纽填待尿酝那遮撕挝贼柿掳亦彤坞敦昏乏晰芜媒做寺胖绦刃冗食仍质姑船鉴幢淋捻凸苛较眯窗拦忿棕除链准垃蛤社姑胆祖瘟嚎勋菜绩震辙招呈肪讶押低义荤绷呵虞借道涤卓堵正绣烩余致摹睹豪吨辟蒲辖独获都料畴朋栽每沦乱盗情察救恢仙感蛆溃倪浴阅雅累充饵哺鹅鸵下闸敢蔼是钟杖酬犬链蔗挎街理钧介夫汞王夏炬獭收襄踊散居泉妆塑闯豌渤溅幅层涧巡帜抽厢炸伎擂寒对赴罕住本科毕业论文（设计）外 文 翻 译Financial Risk ManagementAlthough financial risk has increased s

8、ignificantly 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 ch

9、ange, 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 ident

10、ified 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 t

11、hey 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 ma

12、rket 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. Pu

13、t 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

14、 Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the en

15、ergy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations

16、may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organizations exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financia

17、l risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial R

18、isk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks pr

19、oactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable

20、 versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the

21、 organizations risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price o

22、f the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk.

23、 Although it can 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 to estimate the likelihood of a financial loss is highly desirable. Ho

24、wever, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficu

25、lt to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business en

26、vironment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, repo

27、rt, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an assets riskiness, but also its contribution to the overall riskiness of the portfolio to wh

28、ich it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose retur

29、ns 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 potential risk of the total.Diversification is an important tool in managing financial

30、risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces

31、 the possibility that an organization will have its business adversely affected by changes outside managements control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management compri

32、ses strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, com

33、modity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization an

34、d its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strat

35、egies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organizations exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk

36、 is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Mea

37、surement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or impr

38、oving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial r

39、ates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important

40、economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lenders assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and cred

41、it risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrower

42、s. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, so

43、metimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange mar

44、ket activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stability Yield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from

45、 one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates. Since current interest rates reflect expectations, the yield curve provides useful information about the markets expectations of future interest rates. Implied interest rates for forward-starting terms can

46、be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one years time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of exp

47、ectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since t

48、he chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lendi

49、ng and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasion

50、ally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that woul

51、d otherwise be obtained through investment and expansion and make the economy vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.So

52、urce: Karen A. Horcher, 2005. “What Is Financial Risk Management?”. Essentials of Financial Risk Management, John Wiley & Sons, Inc.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

53、，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

54、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

55、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

56、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

57、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

58、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

59、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