財(cái)務(wù)風(fēng)險(xiǎn)管理畢業(yè)論文中英文資料外文翻譯文獻(xiàn)

財(cái)務(wù)風(fēng)險(xiǎn)管理中英文資料翻譯FinancialRiskManagementAlthoughfinancialriskhasincreasedsignificantlyinrecentyears,riskandriskmanagementarenotcontemporaryissues.Theresultofincreasinglyglobalmarketsisthatriskmayoriginatewitheventsthousandsofmilesawaythathavenothingtodowiththedomesticmarket.Informationisavailableinstantaneously,whichmeansthatchange,andsubsequentmarketreactions,occurveryquickly.Theeconomicclimateandmarketscanbeaffectedveryquicklybychangesinexchangerates,interestrates,andcommodityprices.Counterpartiescanrapidlybecomeproblematic.Asaresult,itisimportanttoensurefinancialrisksareidentifiedandmanagedappropriately.Preparationisakeycomponentofriskmanagement.WhatIsRisk?Riskprovidesthebasisforopportunity.Thetermsriskandexposurehavesubtledifferencesintheirmeaning.Riskreferstotheprobabilityofloss,whileexposureisthepossibilityofloss,althoughtheyareoftenusedinterchangeably.Riskarisesasaresultofexposure.Exposuretofinancialmarketsaffectsmostorganizations,eitherdirectlyorindirectly.Whenanorganizationhasfinancialmarketexposure,thereisapossibilityoflossbutalsoanopportunityforgainorprofit.Financialmarketexposuremayprovidestrategicorcompetitivebenefits.Riskisthelikelihoodoflossesresultingfromeventssuchaschangesinmarketprices.Eventswithalowprobabilityofoccurring,butthatmayresultinahighloss,areparticularlytroublesomebecausetheyareoftennotanticipated.Putanotherway,riskistheprobablevariabilityofreturns.Sinceitisnotalwayspossibleordesirabletoeliminaterisk,understandingitisanimportantstepindetermininghowtomanageit.Identifyingexposuresandrisksformsthebasisforanappropriatefinancialriskmanagementstrategy.HowDoesFinancialRisk?Financialriskarisesthroughcountlesstransactionsofafinancialnature,includingsalesandpurchases,investmentsandloans,andvariousotherbusinessactivities.Itcanariseasaresultoflegaltransactions,newprojects,mergersandacquisitions,debtfinancing,theenergycomponentofcosts,orthroughtheactivitiesofmanagement,stakeholders,competitors,foreigngovernments,orweather.Whenfinancialpriceschangedramatically,itcanincreasecosts,reducerevenues,orotherwiseadverselyimpacttheprofitabilityofanorganization.Financialfluctuationsmaymakeitmoredifficulttoplanandbudget,pricegoodsandservices,andallocatecapital.Therearethreemainsourcesoffinancialrisk:1.Financialrisksarisingfromanorganization’sexposuretochangesinmarketprices,suchasinterestrates,exchangerates,andcommodityprices.2.Financialrisksarisingfromtheactionsof,andtransactionswith,otherorganizationssuchasvendors,customers,andcounterpartiesinderivativestransactions3.Financialrisksresultingfrominternalactionsorfailuresoftheorganization,particularlypeople,processes,andsystemsWhatIsFinancialRiskManagement?Financialriskmanagementisaprocesstodealwiththeuncertaintiesresultingfromfinancialmarkets.Itinvolvesassessingthefinancialrisksfacinganorganizationanddevelopingmanagementstrategiesconsistentwithinternalprioritiesandpolicies.Addressingfinancialrisksproactivelymayprovideanorganizationwithacompetitiveadvantage.Italsoensuresthatmanagement,operationalstaff,stakeholders,andtheboardofdirectorsareinagreementonkeyissuesofrisk.Managingfinancialrisknecessitatesmakingorganizationaldecisionsaboutrisksthatareacceptableversusthosethatarenot.Thepassivestrategyoftakingnoactionistheacceptanceofallrisksbydefault.Organizationsmanagefinancialriskusingavarietyofstrategiesandproducts.Itisimportanttounderstandhowtheseproductsandstrategiesworktoreduceriskwithinthecontextoftheorganization’srisktoleranceandobjectives.Strategiesforriskmanagementofteninvolvederivatives.Derivativesaretradedwidelyamongfinancialinstitutionsandonorganizedexchanges.Thevalueofderivativescontracts,suchasfutures,forwards,options,andswaps,isderivedfromthepriceoftheunderlyingasset.Derivativestradeoninterestrates,exchangerates,commodities,equityandfixedincomesecurities,credit,andevenweather.Theproductsandstrategiesusedbymarketparticipantstomanagefinancialriskarethesameonesusedbyspeculatorstoincreaseleverageandrisk.Althoughitcanbearguedthatwidespreaduseofderivativesincreasesrisk,theexistenceofderivativesenablesthosewhowishtoreducerisktopassitalongtothosewhoseekriskanditsassociatedopportunities.Theabilitytoestimatethelikelihoodofafinanciallossishighlydesirable.However,standardtheoriesofprobabilityoftenfailintheanalysisoffinancialmarkets.Risksusuallydonotexistinisolation,andtheinteractionsofseveralexposuresmayhavetobeconsideredindevelopinganunderstandingofhowfinancialriskarises.Sometimes,theseinteractionsaredifficulttoforecast,sincetheyultimatelydependonhumanbehavior.Theprocessoffinancialriskmanagementisanongoingone.Strategiesneedtobeimplementedandrefinedasthemarketandrequirementschange.Refinementsmayreflectchangingexpectationsaboutmarketrates,changestothebusinessenvironment,orchanginginternationalpoliticalconditions,forexample.Ingeneral,theprocesscanbesummarizedasfollows:1、Identifyandprioritizekeyfinancialrisks.2、Determineanappropriatelevelofrisktolerance.3、Implementriskmanagementstrategyinaccordancewithpolicy.4、Measure,report,monitor,andrefineasneeded.DiversificationFormanyyears,theriskinessofanassetwasassessedbasedonlyonthevariabilityofitsreturns.Incontrast,modernportfoliotheoryconsidersnotonlyanasset’sriskiness,butalsoitscontributiontotheoverallriskinessoftheportfoliotowhichitisadded.Organizationsmayhaveanopportunitytoreduceriskasaresultofriskdiversification.Inportfoliomanagementterms,theadditionofindividualcomponentstoaportfolioprovidesopportunitiesfordiversification,withinlimits.Adiversifiedportfoliocontainsassetswhosereturnsaredissimilar,inotherwords,weaklyornegativelycorrelatedwithoneanother.Itisusefultothinkoftheexposuresofanorganizationasaportfolioandconsidertheimpactofchangesoradditionsonthepotentialriskofthetotal.Diversificationisanimportanttoolinmanagingfinancialrisks.Diversificationamongcounterpartiesmayreducetheriskthatunexpectedeventsadverselyimpacttheorganizationthroughdefaults.Diversificationamonginvestmentassetsreducesthemagnitudeoflossifoneissuerfails.Diversificationofcustomers,suppliers,andfinancingsourcesreducesthepossibilitythatanorganizationwillhaveitsbusinessadverselyaffectedbychangesoutsidemanagement’scontrol.Althoughtheriskoflossstillexists,diversificationmayreducetheopportunityforlargeadverseoutcomes.RiskManagementProcessTheprocessoffinancialriskmanagementcomprisesstrategiesthatenableanorganizationtomanagetherisksassociatedwithfinancialmarkets.Riskmanagementisadynamicprocessthatshouldevolvewithanorganizationanditsbusiness.Itinvolvesandimpactsmanypartsofanorganizationincludingtreasury,sales,marketing,legal,tax,commodity,andcorporatefinance.Theriskmanagementprocessinvolvesbothinternalandexternalanalysis.Thefirstpartoftheprocessinvolvesidentifyingandprioritizingthefinancialrisksfacinganorganizationandunderstandingtheirrelevance.Itmaybenecessarytoexaminetheorganizationanditsproducts,management,customers,suppliers,competitors,pricing,industrytrends,balancesheetstructure,andpositionintheindustry.Itisalsonecessarytoconsiderstakeholdersandtheirobjectivesandtoleranceforrisk.Onceaclearunderstandingoftherisksemerges,appropriatestrategiescanbeimplementedinconjunctionwithriskmanagementpolicy.Forexample,itmightbepossibletochangewhereandhowbusinessisdone,therebyreducingtheorganization’sexposureandrisk.Alternatively,existingexposuresmaybemanagedwithderivatives.Anotherstrategyformanagingriskistoacceptallrisksandthepossibilityoflosses.Therearethreebroadalternativesformanagingrisk:1.Donothingandactively,orpassivelybydefault,acceptallrisks.2.Hedgeaportionofexposuresbydeterminingwhichexposurescanandshouldbehedged.3.Hedgeallexposurespossible.Measurementandreportingofrisksprovidesdecisionmakerswithinformationtoexecutedecisionsandmonitoroutcomes,bothbeforeandafterstrategiesaretakentomitigatethem.Sincetheriskmanagementprocessisongoing,reportingandfeedbackcanbeusedtorefinethesystembymodifyingorimprovingstrategies.Anactivedecision-makingprocessisanimportantcomponentofriskmanagement.Decisionsaboutpotentiallossandriskreductionprovideaforumfordiscussionofimportantissuesandthevaryingperspectivesofstakeholders.FactorsthatImpactFinancialRatesandPricesFinancialratesandpricesareaffectedbyanumberoffactors.Itisessentialtounderstandthefactorsthatimpactmarketsbecausethosefactors,inturn,impactthepotentialriskofanorganization.FactorsthatAffectInterestRatesInterestratesareakeycomponentinmanymarketpricesandanimportanteconomicbarometer.Theyarecomprisedoftherealrateplusacomponentforexpectedinflation,sinceinflationreducesthepurchasingpowerofalender’sassets.Thegreaterthetermtomaturity,thegreatertheuncertainty.Interestratesarealsoreflectiveofsupplyanddemandforfundsandcreditrisk.Interestratesareparticularlyimportanttocompaniesandgovernmentsbecausetheyarethekeyingredientinthecostofcapital.Mostcompaniesandgovernmentsrequiredebtfinancingforexpansionandcapitalprojects.Wheninterestratesincrease,theimpactcanbesignificantonborrowers.Interestratesalsoaffectpricesinotherfinancialmarkets,sotheirimpactisfar-reaching.Othercomponentstotheinterestratemayincludeariskpremiumtoreflectthecreditworthinessofaborrower.Forexample,thethreatofpoliticalorsovereignriskcancauseinterestratestorise,sometimessubstantially,asinvestorsdemandadditionalcompensationfortheincreasedriskofdefault.Factorsthatinfluencethelevelofmarketinterestratesinclude:1、Expectedlevelsofinflation2、Generaleconomicconditions3、Monetarypolicyandthestanceofthecentralbank4、Foreignexchangemarketactivity5、Foreigninvestordemandfordebtsecurities6、Levelsofsovereigndebtoutstanding7、FinancialandpoliticalstabilityYieldCurveTheyieldcurveisagraphicalrepresentationofyieldsforarangeoftermstomaturity.Forexample,ayieldcurvemightillustrateyieldsformaturityfromoneday(overnight)to30-yearterms.Typically,theratesarezerocoupongovernmentrates.Sincecurrentinterestratesreflectexpectations,theyieldcurveprovidesusefulinformationaboutthemarket’sexpectationsoffutureinterestrates.Impliedinterestratesforforward-startingtermscanbecalculatedusingtheinformationintheyieldcurve.Forexample,usingratesforone-andtwo-yearmaturities,theexpectedone-yearinterestratebeginninginoneyear’stimecanbedetermined.Theshapeoftheyieldcurveiswidelyanalyzedandmonitoredbymarketparticipants.Asagaugeofexpectations,itisoftenconsideredtobeapredictoroffutureeconomicactivityandmayprovidesignalsofapendingchangeineconomicfundamentals.Theyieldcurvenormallyslopesupwardwithapositiveslope,aslenders/investorsdemandhigherratesfromborrowersforlongerlendingterms.Sincethechanceofaborrowerdefaultincreaseswithtermtomaturity,lendersdemandtobecompensatedaccordingly.Interestratesthatmakeuptheyieldcurvearealsoaffectedbytheexpectedrateofinflation.Investorsdemandatleasttheexpectedrateofinflationfromborrowers,inadditiontolendingandriskcomponents.Ifinvestorsexpectfutureinflationtobehigher,theywilldemandgreaterpremiumsforlongertermstocompensateforthisuncertainty.Asaresult,thelongertheterm,thehighertheinterestrate(allelsebeingequal),resultinginanupward-slopingyieldcurve.Occasionally,thedemandforshort-termfundsincreasessubstantially,andshort-terminterestratesmayriseabovetheleveloflongerterminterestrates.Thisresultsinaninversionoftheyieldcurveandadownwardslopetoitsappearance.Thehighcostofshort-termfundsdetractsfromgainsthatwouldotherwisebeobtainedthroughinvestmentandexpansionandmaketheeconomyvulnerabletoslowdownorrecession.Eventually,risinginterestratesslowthedemandforbothshort-termandlong-termfunds.Adeclineinallratesandareturntoanormalcurvemayoccurasaresultoftheslowdown.Source:KarenA.Horcher,2005.“WhatIsFinancialRiskManagement?”.EssentialsofFinancialRiskManagement,JohnWiley&Sons,Inc.pp.1-22.財(cái)務(wù)風(fēng)險(xiǎn)管理盡管近年來金融風(fēng)險(xiǎn)大大增加，但風(fēng)險(xiǎn)和風(fēng)險(xiǎn)管理不是當(dāng)代的主要問題。全球市場(chǎng)越來越多的問題是，風(fēng)險(xiǎn)可能來自幾千英里以外的與這些事件無關(guān)的國(guó)外市場(chǎng)。意味著需要的信息可以在瞬間得到，而其后的市場(chǎng)反應(yīng)，很快就發(fā)生了。經(jīng)濟(jì)氣候和市場(chǎng)可能會(huì)快速影響外匯匯率變化、利率及大宗商品價(jià)格，交易對(duì)手會(huì)迅速成為一個(gè)問題。因此，重要的一點(diǎn)是要確保金融風(fēng)險(xiǎn)是可以被識(shí)別并且管理得當(dāng)?shù)摹?zhǔn)備是風(fēng)險(xiǎn)管理工作的一個(gè)關(guān)鍵組成部分。什么是風(fēng)險(xiǎn)？風(fēng)險(xiǎn)給機(jī)會(huì)提供了基礎(chǔ)。風(fēng)險(xiǎn)和暴露的條款讓它們?cè)诤x上有了細(xì)微的差別。風(fēng)險(xiǎn)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(xiǎn)起因是由于暴露。金融市場(chǎng)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(gè)組織的金融市場(chǎng)暴露，有損失的可能性，但也是一個(gè)獲利或利潤(rùn)的機(jī)會(huì)。金融市場(chǎng)的暴露可以提供戰(zhàn)略性或競(jìng)爭(zhēng)性的利益。風(fēng)險(xiǎn)損失的可能性事件來自如市場(chǎng)價(jià)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?yàn)樗麄兺阮A(yù)想的要嚴(yán)重得多。換句話說，可能就是變異的風(fēng)險(xiǎn)回報(bào)。由于它并不總是可能的，或者能滿意地把風(fēng)險(xiǎn)消除，在決定如何管理它中了解它是很重要的一步。識(shí)別暴露和風(fēng)險(xiǎn)形式的基礎(chǔ)需要相應(yīng)的財(cái)務(wù)風(fēng)險(xiǎn)管理策略。財(cái)務(wù)風(fēng)險(xiǎn)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(gòu)，投資和貸款，以及其他各種業(yè)務(wù)活動(dòng)，產(chǎn)生了財(cái)務(wù)風(fēng)險(xiǎn)。它可以出現(xiàn)在合法的交易中，新項(xiàng)目中，兼并和收購(gòu)中，債務(wù)融資中，能源部分的成本中，或通過管理的活動(dòng)，利益相關(guān)者，競(jìng)爭(zhēng)者，外國(guó)政府，或天氣出現(xiàn)。當(dāng)金融的價(jià)格變化很大，它可以增加成本，降低財(cái)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(dòng)可能使人們難以規(guī)劃和預(yù)算商品和服務(wù)的價(jià)格，并分配資金。有三種金融風(fēng)險(xiǎn)的主要來源：1、金融風(fēng)險(xiǎn)起因于組織所暴露出來的市場(chǎng)價(jià)格的變化，如利率、匯率、和大宗商品價(jià)格。2、引起金融風(fēng)險(xiǎn)的行為有與其他組織的交易如供應(yīng)商、客戶，和對(duì)方在金融衍生產(chǎn)品中的交易。3、由于內(nèi)部行動(dòng)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(xiǎn)。什么是財(cái)務(wù)風(fēng)險(xiǎn)管理？財(cái)務(wù)風(fēng)險(xiǎn)管理是用來處理金融市場(chǎng)中不確定的事情的。它涉及到一個(gè)組織所面臨的評(píng)估和組織的發(fā)展戰(zhàn)略、內(nèi)部管理的優(yōu)先事項(xiàng)和當(dāng)政策一致時(shí)的財(cái)務(wù)風(fēng)險(xiǎn)。企業(yè)積極應(yīng)對(duì)金融風(fēng)險(xiǎn)可以使企業(yè)成為一個(gè)具有競(jìng)爭(zhēng)優(yōu)勢(shì)的組織。它還確保管理，業(yè)務(wù)人員，利益相關(guān)者，董事會(huì)董事在對(duì)風(fēng)險(xiǎn)的關(guān)鍵問題達(dá)成協(xié)議。金融風(fēng)險(xiǎn)管理組織就必須作出那些不被接受的有關(guān)風(fēng)險(xiǎn)的決定。那些被動(dòng)不采取行動(dòng)的戰(zhàn)略是在默認(rèn)情況下接受所有的風(fēng)險(xiǎn)。組織使用各種策略和產(chǎn)品來管理金融風(fēng)險(xiǎn)。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(xiǎn)承受能力和目標(biāo)范圍內(nèi)的風(fēng)險(xiǎn)。風(fēng)險(xiǎn)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(jià)值，如期貨，遠(yuǎn)期，期權(quán)和掉期，是源自相關(guān)資產(chǎn)的價(jià)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)品和市場(chǎng)參與者使用策略來管理金融風(fēng)險(xiǎn)，與由投機(jī)者用來提高風(fēng)險(xiǎn)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(xiǎn)，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(xiǎn)及相關(guān)機(jī)會(huì)的人降低了風(fēng)險(xiǎn)。估計(jì)財(cái)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(chǎng)的分析中不適用。風(fēng)險(xiǎn)通常不會(huì)孤立存在的，通常會(huì)和幾個(gè)風(fēng)險(xiǎn)的相互作用，必須認(rèn)真考慮在發(fā)展中國(guó)家的金融風(fēng)險(xiǎn)是如何產(chǎn)生的。有時(shí)，這些相互作用是很難預(yù)測(cè)的，因?yàn)樗鼈冏罱K取決于人的行為。金融風(fēng)險(xiǎn)管理是一個(gè)持續(xù)不斷的過程。隨著市場(chǎng)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(chǎng)利率，變化的預(yù)期營(yíng)商環(huán)境，或例如不斷變化的國(guó)際政治條件。一般來說，這個(gè)過程可以概括如下：1、識(shí)別并優(yōu)先考慮關(guān)鍵的財(cái)務(wù)風(fēng)險(xiǎn)。2、確定適當(dāng)?shù)娘L(fēng)險(xiǎn)容忍程度。3、按照政策實(shí)施風(fēng)險(xiǎn)管理戰(zhàn)略。4、按需要衡量，報(bào)告，監(jiān)控和改進(jìn)。多樣化多年來，公司資產(chǎn)的風(fēng)險(xiǎn)評(píng)價(jià)的可變性僅僅基于其回報(bào)。與此形成對(duì)比的是,現(xiàn)代投資組合理論不僅考慮了一項(xiàng)資產(chǎn)的風(fēng)險(xiǎn)，而且是經(jīng)濟(jì)體總體風(fēng)險(xiǎn)的組合。由于風(fēng)險(xiǎn)多樣化，組織可以有機(jī)會(huì)來降低風(fēng)險(xiǎn)。在投資組合管理方面，在一定限度內(nèi)給個(gè)別部件組合提供了多樣化的機(jī)會(huì)。一個(gè)多元化的資產(chǎn)組合中包含的回報(bào)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(gè)投資組合的風(fēng)險(xiǎn)是非常有用的，并且應(yīng)考慮改變或增加的潛在風(fēng)險(xiǎn)的總數(shù)。多樣化是一個(gè)管理金融風(fēng)險(xiǎn)的重要工具。通過預(yù)設(shè)的組織，對(duì)手之間的多樣化可以減少突發(fā)事件對(duì)組織所造成的不利影響而引起的風(fēng)險(xiǎn)。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(gè)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(xiǎn)仍然存在，多