财务风险管理外文翻译英文文献

1、.财务风险管理中英文资料翻译Financial Risk ManagementAlthough financial risk has increased significantly in recent years, riskandriskmanagementarenotcontemporaryissues.Theresultofincreasinglyglobalmarketsisthatrisk mayoriginatewitheventsthousandsofmilesaway thathavenothingtodowiththedomesticmarket.Informationisav

2、ailableinstantaneously,whichmeansthatchange,andsubsequentmarketreactions,occurveryquickly.Theeconomic climate and markets can be affected very quickly by changesin exchange rates, interest rates, and commodity prices. Counterpartiescanrapidlybecomeproblematic.Asa result,it is importanttoensurefinanc

3、ial risks are identified and managed appropriately. Preparation is akey component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposurehave subtle differences in their meaning. Risk refers to the probability ofloss, whileexposureis thepossibilityof loss

4、, althoughtheyare oftenused interchangeably. Risk arises as a result of exposure.Exposuretofinancialmarketsaffectsmostorganizations,either专业资料.directlyorindirectly.Whenanorganizationhasfinancialmarketexposure, there is a possibility of loss but also an opportunity for gain orprofit. Financial market

5、 exposure may provide strategicorcompetitivebenefits.Risk is the likelihood of losses resulting from events such as changesin market prices. Events with a low probability of occurring, but that mayresult in a high loss, are particularly troublesome because they are oftennot anticipated.Putanotherway

6、, riskistheprobablevariabilityofreturns.Since it is not always possibleordesirabletoeliminaterisk,understanding it is an important step in determining how to manage it.Identifyingexposuresand risksformsthebasis foranappropriatefinancial risk management strategy.How Does Financial Risk?Financialriska

7、risesthroughcountlesstransactionsofafinancialnature,includingsalesandpurchases,investmentsandloans,andvariousotherbusinessactivities.Itcanariseasaresultoflegaltransactions, new projects, mergers and acquisitions, debt financing, theenergycomponentofcosts,or throughthe activitiesofmanagement,stakehol

8、ders,competitors,foreigngovernments,orweather.Whenfinancialpriceschangedramatically,itcanincreasecosts,reducerevenues,orotherwiseadverselyimpacttheprofitabilityofan专业资料.organization.Financialfluctuationsmay makeit moredifficultto planand budget, price goods and services, and allocate capital.There a

9、re three main sources of financial risk:1. Financial risks arising from an organization s exposurein to changesmarketprices,suchas interestrates,exchangerates,andcommodityprices.2. Financial risks arising from the actions of, and transactions with, otherorganizationssuchasvendors,customers,andcounte

10、rpartiesinderivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. I

11、t involves assessing the financial risksfacing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. Italso ensures that management, operational staff, st

12、akeholders, and theboard of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisionsaboutrisks thatare acceptableversus thosethatare not.The passivestrategy of taking no action is the acceptance of all risks by default.专业资料.Organizations m

13、anage financial risk using a variety of strategies andproducts.Itis importanttounderstandhowtheseproductsandstrategieswork to reduce risk within the context of the organizationrisk tolerance and objectives.Strategies for risk management often involve derivatives. Derivativesaretradedwidelyamongfinan

14、cialinstitutionsandonorganizedexchanges. The value of derivatives contracts, such as futures, forwards,options,and swaps, is derivedfrom the price oftheunderlyingasset.Derivatives trade on interest rates, exchange rates, commodities, equityand fixed income securities, credit, and even weather.The pr

15、oducts and strategies used by market participants to managefinancial risk are the same ones used by speculators to increase leverageand risk. Although it can be argued that widespread use of derivativesincreasesrisk,theexistenceofderivativesenablesthosewhowishtoreduce risktopass it alongtothosewhose

16、ekriskanditsassociatedopportunities.Theabilitytoestimatethelikelihoodof afinanciallossishighlydesirable.However,standard theoriesof probabilityoftenfailintheanalysis of financial markets. Risks usually do not exist in isolation, andtheinteractionsofseveralexposuresmayhavetobeconsideredindevelopingan

17、understandingof howfinancialriskarises. Sometimes,these interactions are difficult to forecast, since they ultimately depend专业资料.on human behavior.Theprocessoffinancialriskmanagementisanongoingone.Strategiesneedtobeimplementedandrefinedas themarketandrequirementschange.Refinementsmayreflectchanginge

18、xpectationsabout market rates, changes to the business environment, or changinginternational political conditions, for example. In general, the process canbe summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk manage

19、ment strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only onthe variabilityofitsreturns.In contrast,modernportfoliotheoryconsiders not onlyan asset s riskiness, but also its contribution t

20、o theoverall riskiness of the portfolio to which it is added. Organizations mayhave an opportunity to reduce risk as a result of risk diversification.Inportfoliomanagementterms,theadditionofindividualcomponentstoaportfolioprovidesopportunitiesfordiversification,withinlimits.Adiversifiedportfoliocont

21、ainsassetswhose returnsaredissimilar,inotherwords,weaklyornegativelycorrelatedwithoneanother.Itisusefultothink oftheexposures ofanorganizationas a专业资料.portfolioandconsidertheimpactofchangesoradditionsonthepotential risk of the total.Diversificationis animportanttoolinmanagingfinancialrisks.Diversifi

22、cationamongcounterpartiesmayreducetheriskthatunexpected events adversely impact the organization through defaults.Diversification among investment assets reduces the magnitude of loss ifoneissuerfails.Diversificationofcustomers,suppliers,andfinancingsources reduces the possibility that an organizati

23、on will have its businessadverselyaffectedby changesoutsidemanagement scontrol.Althoughtheriskoflossstillexists,diversification may reducetheopportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies thatenableanorganizationtomanagethe

24、risksassociatedwith financialmarkets. Risk management is a dynamic process that should evolve withan organization and its business. It involves and impacts many parts ofanorganizationincludingtreasury,sales,marketing,legal,tax,commodity, and corporate finance.Theriskmanagementprocessinvolves bothint

25、ernalandexternalanalysis. The first part of the process involves identifying and prioritizingthefinancialrisksfacinganorganizationandunderstandingtheirrelevance.Itmaybenecessarytoexaminetheorganizationandits专业资料.products,management,customers,suppliers,competitors,pricing,industry trends, balance she

26、et structure, and position in the industry. It isalsonecessarytoconsiderstakeholdersandtheirobjectivesandtolerance for risk.Onceaclearunderstandingoftherisksemerges,appropriatestrategiescanbeimplementedin conjunctionwithriskmanagementpolicy.For example, itmightbepossibletochangewhereandhowbusiness i

27、s done,thereby reducing the organization s exposure and risk.Alternatively,existingexposuresmaybemanagedwithderivatives.Anotherstrategyformanagingriskis toaccept allrisksandthepossibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by defau

28、lt, accept all risks.2. Hedgea portionofexposuresby determiningwhichexposurescanand should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers withinformationtoexecutedecisionsandmonitoroutcomes,both beforeandafterstrategiesare takentomitigatethem.Si

29、ncetheriskmanagement process is ongoing, reporting and feedback can be used torefine the system by modifying or improving strategies.Anactivedecision-makingprocessis animportantcomponentof专业资料.riskmanagement.Decisionsaboutpotentiallossandriskreductionprovidea forumfordiscussionofimportantissuesandth

30、evaryingperspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It isessential to understand the factors that impact markets because thosefactors, in turn, impact the potential risk of an organization.Factors that Aff

31、ect Interest RatesInterestrates are akeycomponentinmanymarketpricesandanimportant economic barometer. They are comprised of the real rate plusa componentfor expectedinflation,sinceinflationreducesthepurchasingpower of a lender s assets.Thegreater the term to maturity,the greater the uncertainty. Int

32、erest rates are also reflective of supply anddemand for funds and credit risk.Interest rates are particularly important to companies and governmentsbecause they are the keyingredientinthecostofcapital.Mostcompanies and governments require debt financing for expansion andcapitalprojects.Wheninterestr

33、atesincrease, theimpactcanbesignificantonborrowers.Interest ratesalsoaffectpricesinotherfinancial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium toreflectthecreditworthinessofaborrower.Forexample,thethreatof专业资料.politicalor sovereignriskcan

34、causeinterestratestorise, sometimessubstantially,as investorsdemandadditionalcompensationfortheincreased 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、

35、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range ofterms to maturity. For example, a yield curve might illustrate yields

36、 formaturity from one day (overnight) to 30-year terms. Typically, the ratesare zero coupon government rates.Sincecurrentinterestratesreflectexpectations,theyieldcurveprovidesuseful information about the market s expectations of futureinterestrates. Impliedinterestratesfor forward-startingtermscan b

37、ecalculated using the information in the yield curve. For example, usingrates forone-and two-yearmaturities,the expected one-yearinterestrate beginning in one year s time can be determined.专业资料.Theshape oftheyieldcurveis widelyanalyzedandmonitoredbymarket participants. As a gauge of expectations, it

38、 is often considered tobe a predictor of future economic activity and may provide signals of apending change in economic fundamentals.Theyieldcurvenormallyslopesupwardwith a positiveslope,aslenders/investorsdemandhigherratesfromborrowersforlongerlendingterms.Sincethe chanceofaborrowerdefaultincrease

39、s withterm to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by theexpected rate of inflation. Investors demand at least the expected rate ofinflation from borrowers, in addition to lending and risk components. Ifinvestors expect

40、future inflation to be higher, they will demand greaterpremiumsforlongertermstocompensateforthisuncertainty.As aresult,thelongertheterm,thehighertheinterestrate(allelsebeingequal), resulting in an upward-sloping yield curve.Occasionally,thedemandforshort-termfundsincreasessubstantially, andshort-ter

41、minterestratesmayriseabove the leveloflonger term interest rates. This results in an inversion of the yield curveand a downwardslopeto itsappearance.Thehighcost of short-termfundsdetractsfromgainsthatwouldotherwisebeobtained throughinvestmentandexpansionandmaketheeconomyvulnerabletoslowdown or reces

42、sion. Eventually, rising interest rates slow the demand专业资料.forbothshort-termandlong-termfunds.A declinein all ratesandareturn to a normal curve may occur as a result of the slowdown.Source: Karen A. Horcher, 2005.“ What Is Financial RiskManagement?”.Essentials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

43、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，

44、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重得多。换句话说，专业资料.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

45、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，和对在金融衍生产品中的交易。3、由于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、部管理的优先事项和当政策一致时的财务风险。

46、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。那些被动不专业资料.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面，通过工作来减少该组织的风险承受能力和目标围的风险。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

47、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的金融风险是如产生的。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