【2022精編】《財務(wù)風(fēng)險管理》畢業(yè)論文

1、編號：時間：2021年x月x日書山有路勤為徑，學(xué)海無涯苦作舟頁碼：第13頁 共13頁本科畢業(yè)論文（設(shè)計）外 文 翻 譯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 originate with events thousands of

2、 miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, 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 commod

3、ity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified 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

4、differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organiza

5、tion has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market 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 probabilit

6、y of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put 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

7、how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business

8、 activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can i

9、ncrease costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations 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 o

10、rganizations exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resu

11、lting 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. It involves assessing the financial risks facing an organi

12、zation and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement

13、 on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable 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

14、and products. It is important to understand how these products and strategies work to reduce risk within the context of the organizations risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organize

15、d exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategie

16、s used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. 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 se

17、ek risk and its associated opportunities.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 isolation, and the interactions of several exposures may h

18、ave to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult 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 m

19、arket and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Dete

20、rmine an appropriate level of risk tolerance.3、Implement risk management 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 on the variability of its returns. In contrast, modern portfol

21、io theory considers not only an assets riskiness, but also its contribution to the overall riskiness of the portfolio to which 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

22、 a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose 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 im

23、pact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment asset

24、s reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside managements control. Although the risk of loss still exists, diversification m

25、ay reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises 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 an

26、d its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the f

27、inancial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider

28、stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies 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 organizatio

29、ns exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk 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.

30、2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement 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.

31、 Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving 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

32、 of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates 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 a

33、n organization.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 lenders assets .The greater th

34、e term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit 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

35、 debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. 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

36、creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected

37、 levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stability Yield CurveThe yield curve is a graphical repr

38、esentation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from 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

39、information about the markets expectations of future interest rates. Implied interest rates for forward-starting terms can 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 tim

40、e can be determined.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 economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slo

41、pes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the 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 th

42、e expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending 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, th

43、e longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, 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

44、 of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would 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 sho

45、rt-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.Source: Karen A. Horcher, 2005. “What Is Financial Risk Management?”. Essentials of Financial Risk Management, John Wiley & Sons, Inc.pp.1-22.財務(wù)風(fēng)險管理盡管近年來金融風(fēng)險大大增加，但風(fēng)險和風(fēng)險管理不是當(dāng)代的

46、主要問題。全球市場越來越多的問題是，風(fēng)險可能來自幾千英里以外的與這些事件無關(guān)的國外市場。意味著需要的信息可以在瞬間得到，而其后的市場反應(yīng)，很快就發(fā)生了。經(jīng)濟(jì)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(fēng)險是可以被識別并且管理得當(dāng)?shù)?。?zhǔn)備是風(fēng)險管理工作的一個關(guān)鍵組成部分。什么是風(fēng)險？風(fēng)險給機(jī)會提供了基礎(chǔ)。風(fēng)險和暴露的條款讓它們在含義上有了細(xì)微的差別。風(fēng)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(fēng)險起因是由于暴露。金融市場的暴露影響大多數(shù)機(jī)構(gòu)，包括直接或間接的影響。當(dāng)一個組織的金融市場暴露，有損失的可能性，

47、但也是一個獲利或利潤的機(jī)會。金融市場的暴露可以提供戰(zhàn)略性或競爭性的利益。風(fēng)險損失的可能性事件來自如市場價格的變化。事件發(fā)生的可能性很小，但這可能導(dǎo)致?lián)p失率很高，特別麻煩，因為他們往往比預(yù)想的要嚴(yán)重得多。換句話說，可能就是變異的風(fēng)險回報。由于它并不總是可能的，或者能滿意地把風(fēng)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(fēng)險形式的基礎(chǔ)需要相應(yīng)的財務(wù)風(fēng)險管理策略。財務(wù)風(fēng)險是如何產(chǎn)生的呢？無數(shù)金融性質(zhì)的交易包括銷售和采購，投資和貸款，以及其他各種業(yè)務(wù)活動，產(chǎn)生了財務(wù)風(fēng)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(wù)融資中，能源部分的成本中，或通過管理的活動，利益相關(guān)者，競爭者，

48、外國政府，或天氣出現(xiàn)。當(dāng)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(yù)算商品和服務(wù)的價格，并分配資金。有三種金融風(fēng)險的主要來源：1、金融風(fēng)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(fēng)險的行為有與其他組織的交易如供應(yīng)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(fēng)險。什么是財務(wù)風(fēng)險管理？ 財務(wù)風(fēng)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(dāng)政策一致時的財務(wù)風(fēng)險。企業(yè)積

49、極應(yīng)對金融風(fēng)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(wù)人員，利益相關(guān)者，董事會董事在對風(fēng)險的關(guān)鍵問題達(dá)成協(xié)議。金融風(fēng)險管理組織就必須作出那些不被接受的有關(guān)風(fēng)險的決定。那些被動不采取行動的戰(zhàn)略是在默認(rèn)情況下接受所有的風(fēng)險。組織使用各種策略和產(chǎn)品來管理金融風(fēng)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(fēng)險承受能力和目標(biāo)范圍內(nèi)的風(fēng)險。風(fēng)險管理的策略往往涉及衍生工具。在金融機(jī)構(gòu)和有組織的交易所，衍生物廣泛地進(jìn)行交易。衍生工具的合約的價值，如期貨，遠(yuǎn)期，期權(quán)和掉期，是源自相關(guān)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(jìn)行交易。這些產(chǎn)品

50、和市場參與者使用策略來管理金融風(fēng)險，與由投機(jī)者用來提高風(fēng)險的杠桿作用是相同。雖然可以認(rèn)為，衍生工具的廣泛使用增加了風(fēng)險，衍生品的存在使那些希望通過把它傳遞給那些尋求風(fēng)險及相關(guān)機(jī)會的人降低了風(fēng)險。估計財務(wù)損失的可能性是非常令人滿意的。然而，概率標(biāo)準(zhǔn)的理論往往在金融市場的分析中不適用。風(fēng)險通常不會孤立存在的，通常會和幾個風(fēng)險的相互作用，必須認(rèn)真考慮在發(fā)展中國家的金融風(fēng)險是如何產(chǎn)生的。有時，這些相互作用是很難預(yù)測的，因為它們最終取決于人的行為。金融風(fēng)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(guān)的修改反映不斷變化的市場利率，變化的預(yù)期營商環(huán)境，或例如不斷變化的國際政治條

51、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(guān)鍵的財務(wù)風(fēng)險。2、確定適當(dāng)?shù)娘L(fēng)險容忍程度。3、按照政策實施風(fēng)險管理戰(zhàn)略。4、按需要衡量，報告，監(jiān)控和改進(jìn)。多樣化多年來，公司資產(chǎn)的風(fēng)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(fēng)險，而且是經(jīng)濟(jì)體總體風(fēng)險的組合。由于風(fēng)險多樣化，組織可以有機(jī)會來降低風(fēng)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(jī)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(guān)系是弱或負(fù)面的?？紤]到一個投資組合的風(fēng)險是非常有用的，并且應(yīng)考慮改變或增加的潛在風(fēng)險的總數(shù)。多樣化是一個管理金融風(fēng)險的重要工具。通過預(yù)設(shè)的組織，對手之間的多樣化可以減少突發(fā)事件對組織所造成的不利影響而引起的風(fēng)險。其中投資資產(chǎn)多元化減少了發(fā)行人失敗的損失程度。多樣化的客戶、供應(yīng)商和金融來源減少了一個組織的貿(mào)易被外面變化控制的負(fù)面影響的可能性。雖然損失的風(fēng)險仍然存在，多樣化的機(jī)會可以減少大的不良結(jié)果。風(fēng)險管理過程 金融風(fēng)險管理過程中的戰(zhàn)略使一個組