財務風險管理譯文

1、畢業(yè)設計（論文）譯文經(jīng)濟管理系會計學 專業(yè)學生姓名：陳星旭學號： 5329214414153007起訖日期： 201632016.6設計地點：東南大學指導教師：趙志遠指導教師：趙志遠二O 一六年五月十四日目錄英文文獻 .3Abstract .3What Is Risk .3How DoesFinancial Risk .4What Is Financial Risk Management 4Diversificati on 5Risk Man ageme nt Process .6Factors that Affect In terest Rates 7Yield Curve 8中文譯文 10

2、摘要 10什么是風險 10財務風險是如何產(chǎn)生的 10什么是財務風險管理 11多樣化 12風險管理過程 12財務比率的影響因素和價格 13收益率曲線 1415英文文獻Financial Risk ManagementSource: Kare n A. Horcher, 2005.“ What Is Finan cial RisMa nageme nt?'.Esse ntials of Finan cial Risk Man ageme nt, Joh n Wiley & Sons, In c.pp.1-22.Abstract: Although finan cial risk h

3、as 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 originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneou

4、sly, which means that cha nge, and subseque nt market reacti ons, occur very quickly. The econo mic climate and markets can be affected very quickly by cha nges in excha nge rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is importa nt to e

5、n 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 differe nces in their meaning. Risk refers to the probability of loss, while expos

6、ure 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 ni zatio n has finan cial market exposure, there is a possibility of loss but al

7、so 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 low probability of occurri ng, but that may result in a high loss, are particularly

8、 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 step in determ ining how to man age it. Ide ntify ing exposures and risksforms t

9、he basis for an appropriate finan cial risk man ageme nt strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, in clud ing sales and purchases, i nv estme nts and loa ns, and various other bus in ess activities. It can arise as a result of legal

10、 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 finan cial prices cha nge dramatically, it can in crease costs, reduce reve nu es, or oth

11、erwise 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 sources of finan cial risk:1. Financial risks arising from an organization' s exposurondn

12、kxngipjisces,such 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 terparties in derivatives tran sacti ons3. Financial risks resulting from internal actions o

13、r 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 markets. It invo Ives assess ing the finan cial risks fac ing an orga ni zati on and dev

14、elop 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 management,operational staff, stakeholders, and the board of directors are in agreeme nt on k

15、ey 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 of all risks by default.Orga ni zati ons man age finan cial risk using a variety of s

16、trategies and products. Itis importa nt to un dersta nd how these products and strategies work to reduce risk within the con text of the orga ni zati ontolerance aisd objectives.Strategies for risk man ageme nt ofte n invo Ive derivatives. Derivatives are traded widely among financial institutions a

17、nd 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 rates, commodities, equity and fixed in come securities, credit, and eve n weather.The

18、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 in creases risk, the existe nee of derivatives en ables those who wish to reduce risk to

19、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 analysis of financial markets. Risks usually do not exist in isolati on, and the in tera

20、ct 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 huma n behavior.The process of finan cial risk man ageme nt is an ongoing one. Strategi

21、es 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 intern ati onal political con diti ons, for example. In gen eral, the process can be summariz

22、ed 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 as needed.DiversificationFor many years, the risk in ess of an asset was assessedbased

23、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 which it is added. Orga ni zati ons may have an opport unity to reduce risk as a result of risk divers

24、ificati 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 whose returns are dissimilar, in other words, weakly or negatively correlated with one another. I

25、t 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 managing finan cial risks. Diversificati on among coun terparties may reduce the risk that un expected

26、 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 financing sources reduces the possibility that an orga ni zati on will have its bus in ess adversely a

27、ffected by changes outside management' 6ontrol. Although the risk of loss still exists, diversificati on may reduce the opport unity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an orga ni zati on to man age the risks

28、 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 treasury, sales, market in g, legal, tax, commodity, and corporate finan ce.The risk man ageme n

29、t 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 releva nee. It may be n ecessary to exam ine the orga ni zati on and its products, man ageme nt

30、, 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 for risk.Once a clear understanding of the risks emerges,appropriate strategies can beimplemented

31、 in conjunction with risk management policy. For example, it might be possible to cha nge where and how bus in ess is done, thereby reduci ng the orga ni zati on' s exposure and risk. Alter natively, exisebqgosures may be man agedwith derivatives. Another strategy for managing risk is to accept

32、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 exposures by determ ining which exposures can and should be hedged.3. Hedge all exposures possible.Measureme nt

33、 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 risk management process is ongoing, reporting and feedback can be used to refine the system by modifyi ng or impr

34、ovi 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 importa nt issues and the vary ing perspectives of stakeholders. Factors that Impact Finan cial Rates and PricesF

35、inan 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 of an orga ni zatio n.Factors that Affect Interest RatesInterest rates are a key component in many market pric

36、es 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 .The greater the term to maturity, the greater the un certa inty. In terest rates are also reflective of supply

37、 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 nies and gover nments require debt financing for expa nsion and capital projects. Whe n in terest rates in crease

38、, the impact can be significant on borrowers. Interest rates also affect prices in other finan cial markets, so their impact is far-reachi ng.Other comp onents to the in terest rate may in clude a risk premium to reflect the creditworthi ness of a borrower. For example, the threat of political or so

39、vereig 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 nee the level of market in terest rates in clude:1、Expected levels of inflation2、General economic conditions3、Monetary p

40、olicy 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 political stabilityYield CurveThe yield curve is a graphical represe ntati on of yields for a range of terms to maturity. Fo

41、r 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 terest rates reflect expectati ons, the yield curve provides useful information about the market' s expectations o

42、nfetuei 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 maturities, the expected on e-year in terestrate beg inning in one year ' s time can be determ in ed.The shape of the yiel

43、d 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 nals of a pending cha nge in econo mic fun dame ntals.The yield curve normally slopes upward with a positive slope, a

44、s 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 tobe compe nsated accord in gly.In terest rates that make up the yield curve are also affected by the expected rate of in f

45、lati 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 higher, they will dema nd greater premiums for Ion ger terms to compe nsatefor this un certa in ty. As a result, the Ion

46、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 ntially, and short-term in terest rates may rise above the level of Ion ger term in terest rates. This results in an inv

47、 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 and expa nsion and make the economy vuln erable to slowdow n or recessi on. Eve ntually, ris ing in terest rates slow the

48、 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.財務風險管理出處：美卡倫 A霍契什么是財務風險管理？財務風險管理要點. 約翰威立國際出版公司，2005:P1-22.摘要：盡管近年來金融風險大大增加，但風險和風險管理不是當代的主要問題。全 球市場越來越多的問題是，風險可能來自幾千英里以外的與這些事件無關的國外 市場。意味著需要的信息可以在瞬間得到，而其后

49、的市場反應，很快就發(fā)生了。 經(jīng)濟氣候和市場可能會快速影響外匯匯率變化、利率及大宗商品價格，交易對手 會迅速成為一個問題。因此，重要的一點是要確保金融風險是可以被識別并且管 理得當?shù)?。準備是風險管理工作的一個關鍵組成部分。什么是風險？風險給機會提供了基礎。風險和暴露的條款讓它們在含義上有了細微的差 別。風險是指有損失的可能性，而暴露是可能的損失，盡管他們通常可以互換。 風險起因是由于暴露。金融市場的暴露影響大多數(shù)機構，包括直接或間接的影響。當一個組織的金 融市場暴露，有損失的可能性，但也是一個獲利或利潤的機會。 金融市場的暴露 可以提供戰(zhàn)略性或競爭性的利益。風險損失的可能性事件來自如市場價格的變

50、化。 事件發(fā)生的可能性很小，但 這可能導致?lián)p失率很高，特別麻煩，因為他們往往比預想的要嚴重得多。 換句話 說，可能就是變異的風險回報。由于它并不總是可能的，或者能滿意地把風險消除，在決定如何管理它中了 解它是很重要的一步。識別暴露和風險形式的基礎需要相應的財務風險管理策 略。財務風險是如何產(chǎn)生的呢？無數(shù)金融性質的交易包括銷售和采購，投資和貸款，以及其他各種業(yè)務活動， 產(chǎn)生了財務風險。它可以出現(xiàn)在合法的交易中，新項目中，兼并和收購中，債務 融資中，能源部分的成本中，或通過管理的活動，利益相關者，競爭者，外國政 府，或天氣出現(xiàn)。當金融的價格變化很大，它可以增加成本，降低財政收入，或 影響其他有不利

51、影響的盈利能力的組織。 金融波動可能使人們難以規(guī)劃和預算商品和服務的價格，并分配資金有三種金融風險的主要來源：1、金融風險起因于組織所暴露出來的市場價格的變化，如利率、匯率、和大宗 商品價格。2、引起金融風險的行為有與其他組織的交易如供應商、客戶，和對方在金融衍 生產(chǎn)品中的交易。3、由于內(nèi)部行動或失敗的組織，特別是人、過程和系統(tǒng)所造成的金融風險。什么是財務風險管理？財務風險管理是用來處理金融市場中不確定的事情的。它涉及到一個組織所 面臨的評估和組織的發(fā)展戰(zhàn)略、內(nèi)部管理的優(yōu)先事項和當政策一致時的財務風 險。企業(yè)積極應對金融風險可以使企業(yè)成為一個具有競爭優(yōu)勢的組織。它還確保管理，業(yè)務人員，利益相關

52、者，董事會董事在對風險的關鍵問題達成協(xié)議。金融風險管理組織就必須作出那些不被接受的有關風險的決定。那些被動不采取行動的戰(zhàn)略是在默認情況下接受所有的風險。組織使用各種策略和產(chǎn)品來管理金融風險。 重要的是要了解這些產(chǎn)品和戰(zhàn)略 方面，通過工作來減少該組織內(nèi)的風險承受能力和目標范圍內(nèi)的風險。風險管理的策略往往涉及衍生工具。在金融機構和有組織的交易所，衍生物 廣泛地進行交易。衍生工具的合約的價值，如期貨，遠期，期權和掉期，是源自 相關資產(chǎn)的價格。衍生物利用利率，匯率，商品，股票和固定收入的證券，信貸, 甚至是天氣進行交易。這些產(chǎn)品和市場參與者使用策略來管理金融風險，與由投機者用來提高風險 的杠桿作用是相

53、同。雖然可以認為，衍生工具的廣泛使用增加了風險， 衍生品的 存在使那些希望通過把它傳遞給那些尋求風險及相關機會的人降低了風險。估計財務損失的可能性是非常令人滿意的。然而，概率標準的理論往往在金 融市場的分析中不適用。風險通常不會孤立存在的，通常會和幾個風險的相互作 用，必須認真考慮在發(fā)展中國家的金融風險是如何產(chǎn)生的。 有時，這些相互作用 是很難預測的，因為它們最終取決于人的行為。金融風險管理是一個持續(xù)不斷的過程。隨著市場需求的變化和完善，戰(zhàn)略必 須得到執(zhí)行。有關的修改反映不斷變化的市場利率， 變化的預期營商環(huán)境，或例如不斷變化的國際政治條件。一般來說，這個過程可以概括如下：1、識別并優(yōu)先考慮關

54、鍵的財務風險。2、確定適當?shù)娘L險容忍程度。3、按照政策實施風險管理戰(zhàn)略。4、按需要衡量，報告，監(jiān)控和改進。多樣化多年來，公司資產(chǎn)的風險評價的可變性僅僅基于其回報。與此形成對比的是， 現(xiàn)代投資組合理論不僅考慮了一項資產(chǎn)的風險，而且是經(jīng)濟體總體風險的組合。 由于風險多樣化，組織可以有機會來降低風險。在投資組合管理方面，在一定限度內(nèi)給個別部件組合提供了多樣化的機會。 一個多元化的資產(chǎn)組合中包含的回報是不同的，換句話說，彼此之間的關系是弱或負面的?？紤]到一個投資組合的風險是非常有用的， 并且應考慮改變或增加的 潛在風險的總數(shù)。多樣化是一個管理金融風險的重要工具。通過預設的組織，對手之間的多樣 化可以減少突發(fā)事件對組