財務(wù)風(fēng)險和財務(wù)風(fēng)險管理技術(shù)問題和優(yōu)勢文獻(xiàn)翻譯

1、本科畢業(yè)論文（設(shè)計）外 文 翻 譯題 目 浙江企業(yè)集團(tuán)財務(wù)風(fēng)險管理問題研究 專 業(yè) 財 務(wù) 管 理 一、外文原文原文：financial risk and financial risk managementtechnology (rmt): issues and advantagesmethods for sound risk management are of increasing interest among wall street investment banking and brokerage firms in the aftermath of the october 1987 cra

2、sh of the stock market. as the knowledge of advanced technology applications in risk management increases, financial firms are finding innovative ways to use them practically, in order to insulate themselves. the recent development in models, the software and hardware, and the market data to track r

3、isk are all considered advances in risk management technology (rmt). these advances have affected all three stages of risk management: the identification, the measurement, and the formulation of strategies to control financial risk. this article discusses the advances made in five areas of rmt: comm

4、unication software, object-oriented programming,，parallel processing, neural nets and artificial intelligence. systems based on any of these areas may be used to add value to the business of a firm. a business value linkage analysis shows how the utility of advanced systems can be measured to justif

5、y their costs.over the last ten years, major securities firms, money center banks and other commercial and savings banks have undertaken financial commitments involving risks they did not fully understand, resulting in major losses and unexpected write offs. as a result, senior managers are seeking

6、new ways to identify, evaluate, and predict changes in financial risks. investing in information technologies (its) that improve the control of risk - a new area which we term risk management technology (rmt) - is one approach that is increasingly viewed as being able to affect the strategic and com

7、petitive position of financial firms.in 1990 a joint project was initiated between the stern school of business, new york university and manufacturers hanover trust company (now known as chemical banking corporation) in new york city to study the use of rmt in financial firms in the united states. t

8、he present article summarizes our findings and suggests a number of ways in which the use of rmt can be made efficient.1. financial risk managementrisk is defined by doherty 1131 as "the lack of predictability of outcomes." it covers both pleasant surprises and adverse business outcomes. s

9、ince prediction is facilitated by the availability of information, rmt can be used to gauge risk in financial operations, where the outcomes of regional lending operations, involvement in selected financial markets and instruments and positions taken by traders are uncertain and may change from day

10、to day. risk management, on the other hand, is the management of the resources and commitments of a firm so as to maximize its value, taking into account the impact that unpredictable outcomes or events can have.risk management activities normally involve three basic steps:(1) exhaustive identificat

11、ion and classification of the risks that can impact business outcomes;(2) measurement of the risk associated with a set of events that affect the value of the firm, in terms of the likelihood of their occurrence and magnitude of expected losses;(3) timely formulation of the actions required to bring

12、 business risks within acceptable bounds.the sources of risk are varied and depend on the business area. for example, a financial firm involved in trading financial instruments will face a market risk associated with unpredictable price changes. interest rate risk arises from interest rate fluctuati

13、ons that render the return on financial assets uncertain. this also poses significant financial uncertainty when there are gaps in value between the set of claims made on a firm's assets and the assets' value when the claims are due. with a substantial gap between these values, it may become

14、 necessary for the firm to purchase funds at an unexpectedly high cost. exchange rate risk arises from fluctuations in the value of foreign currency. credit risk is associated with defaults in repayment of loans and operating risk stems from frequent changes in or discontinuance of a revenue stream

15、against a continuing level of fixed cost expenditures.being able to obtain accurate, up-to-date information is crucial in such contexts. for example, interest rate risk is normally measured by identifying fluctuations in interest rates and the manner in which such changes influence asset values, and

16、 market risk is measured by tracking the volatilities (i.e., overnight price changes in an asset's value) of financial instruments and currencies. examination of such data enables the loss or gain in a portfolio to be measured quite objectively. timely and accurate information about interest rat

17、e fluctuations enables risk managers to gauge the risks of maintaining funding gaps. because senior managers usually draw the line on the maximum risk of the firm, risk managers and operations managers have similar incentives to use rmt to eliminate excess risk.2. the role of information technology

18、in risk managementinformation technology has been used pervasively to automate trading activities. systems that report information about market conditions and market changes, such as merrill lynch - bloomberg for the fixed income market, are also being used to assist traders and portfolio managers.

19、although a variety of traditional its and approaches, including mainframe databases and non-automated tracking of basic market indicators, are still in use, there has been a major move on the part of wall street firms towards more sophisticated, state-of-the-art technologies, such as parallel proces

20、sing, artificial intelligence, and neural nets. these its are being used by major investment banks to gain competitive advantage in strategic cost management.there also has been substantial growth in the availability of highly specialized commercial databases, including those from firms such as reut

21、ers/i.p. sharp and loanet, that support the tracking of securitized lending portfolios. apart from supporting the routine activities, commercial databases and computerized financial modeling systems help a trader to manage a portfolio and ward off excess risk by the implementation of hedging strateg

22、ies that neutralize risk. for example, mortgage loans can be securitized on the basis of the risk involved in their prepayment and their expected return. these mortgage-backed securities can then be freely traded in the market.at the heart of these developments is the realization that it is crucial

23、in defining the basis of a set of new approaches to conducting money market trading operations. engineering new financial products that possess attractive risk characteristics for the parties in a transaction, as well as the intermediaries to the transaction, is only limited by willingness of the fi

24、rm to explore the capabilities of the technologies that support such innovations. another aspect is the growth in the ability to manage risks associated with global investments on a real-time basis from a centralized location.rmt has three primary components:(1) analytic models implemented using com

25、puter software;(2) computer hardware for capturing, consolidating, and evaluation new information about changing risk; and(3) data describing the current and prior states of the market.3. identification of risky eventsmany organizations today use it to detect events that can increase their exposure

26、to market risk in their investments. for example, databases of financial information are used to detect changing risks in investment positions. a key element is early identification of crucial changes that will affect this business. this is often accomplished with the help of trading platform automa

27、tion that pulls in digital signals on market indicators, and then scans them to determine if they change the risk profile of current or contemplated investments.for investment in specific financial instruments, most investment banks today use risk calculators for financial instruments, such as treas

28、ury bonds, mortgage-backed securities, and options and foreign exchange (fx) trading. most of them have a simple spreadsheet-type format for carrying out sensitivity analysis, however, a few are more sophisticated. in-house consulting groups in major investment banking institutions also produce high

29、ly specialized tools to discern variation in risk associated with specific financial instruments. for example, the strategic technology and research group of manufacturers hanover trust was instrumental in the design and development of an expert system (es) called trading and risk assistant (tara) t

30、hat identified risky transactions in the fx market. another expert system, developed at morgan stanley, is called the gwa trading assistant, a rule-based es that helps traders identify risks associated with mortgage-backed securities.4. categorizing and measuring financial riskwell-defined measures

31、of financial risk are important to allow senior management to devise strategies to monitor and evaluate risk. such measures will enable them to make policies to help departmental traders, operating divisions and the firm as a whole to keep within the acceptable, pre-determined limits. the first step

32、 is to develop an understanding of the factors that affect risk (for example, the historical prices of the financial instruments for market risk, and the probability of default for credit risk). next, the range of fluctuations from their mean values and the overnight price volatility can be calculat

33、ed. the measurement of volatility determines the riskiness of the financial instrument during the period of observation. credit risk is generally measured by tracking information on the credit quality of the parties involved in a credit transaction. this requires the firm to establish a consistent m

34、easure of credit exposure as a common denominator. for this purpose, all balance sheet items (notes receivable, terms loans and so on), off-balance sheet items (e.g., standby letters of credit or pending legal commitments), and interest rate and exchange rate contracts (foreign exchange spot and for

35、ward trades, interest rate and currency swaps) are converted into a loan equivalent exposure amount. an equity factor is then assigned to each grade of credit risk. this is used to adjust balance sheet and off-balance sheet exposure to yield equity at risk.it plays an important role in this measurem

36、ent. banks usually subscribe to real-time databases that supply information on the credit quality of corporations. the advantage of a real-time system for monitoring credits is that credit quality updates are instantly available. for example, manufacturers hanover trust employed a global exposure sy

37、stem (ges) that tracks the equity factors assigned to each grade of credit risk, and provides updated risk calculations.market risk is measured by the fluctuation in prices of instruments due to underlying change in the market. adverse movements in fx rates, interest rates, and the extent of the vol

38、atility of price of financial instruments are the most common determinants of market risk. fx positions are exposed to movements in exchange and interest rates. measurement of interest rates fluctuations is important to match the cash flows associated with assets and liabilities that are expected to

39、 become due at some future date.for example, suppose a one-year working capital loan is created against a one-month certificate of deposit of similar amount. in this situation, eleven months of additional funding must be generated to match the asset the firm will carry until the expiration of the li

40、ability in the twelfth month. the value to the firm of the one-year loan would decrease (or increase) at the end of the first month if the interest rates are higher (lower), forcing (enabling) the firm to purchase relatively more (less) expensive funds from certificates of deposit or in the form of

41、overnight u.s. federal reserve bank funds. clearly, prevailing interest rates would determine whether the firm is profitable in this kind of lending.the set of activities involved in ensuring that risk is controlled in such circumstances is called gap management. it involves devising strategies and

42、tactics to deal with interest rate risk so that cash flows representing both assets and liabilities are matched. effective gap management enables a financial institution to protect itself from unexpected and costly borrowing when assets exceed liabilities at some point in time, or eliminates the nee

43、d for seeking investment opportunities from excess cash balances that arise when liabilities exceed assets.operating risk is measured by two factors: the scale of operations and the flexibility with which the current investments in an operating unit can be used elsewhere if the unit is shut down. it

44、 assists measurement of operating risk by providing advanced applications of database management systems that can gauge the flexibility with which resources can be reallocated within a firm, if reorganization should occur.once the risks have been measured correctly, they can be compared using common

45、 units. a recent proposal, espoused by mark, recommends that risk be measured in dollars at risk.source: bansal.arun, kauffman.robert, mark.robert.m. and peters.edward, financial risk and financial risk management technology(rmt): issues and advantages (august 1992). information systems working pape

46、rs series, vol. , pp. -, 1992. available at ssrn: october 31, 2008.二、翻譯文章譯文：財務(wù)風(fēng)險和財務(wù)風(fēng)險管理技術(shù)：問題和優(yōu)勢完善的風(fēng)險管理方法在一九八七年十月股市崩潰之后的華爾街投資銀行和經(jīng)紀(jì)公司在中不斷出現(xiàn)。隨著在風(fēng)險管理中的先進(jìn)技術(shù)的應(yīng)用的增加，財務(wù)公司都在尋求創(chuàng)新的方式把它們應(yīng)用在實際中，為了保護(hù)自己。最近在模型、軟件、硬件和市場數(shù)據(jù)方面的發(fā)展用以跟蹤風(fēng)險都被認(rèn)為是風(fēng)險管理技術(shù)的進(jìn)步。這些進(jìn)步影響了風(fēng)險管理所有的三個階段： 識別、測量和財務(wù)風(fēng)險控制策略的制訂。這篇文章討論了五個領(lǐng)域中風(fēng)險管理技術(shù)（rmt）取得的進(jìn)步：通信軟

47、件，面向?qū)ο缶幊?，并行處理，神?jīng)網(wǎng)絡(luò)和人工智能技術(shù)基于任何這些領(lǐng)域的系統(tǒng)都可以用來增加一家公司的價值。業(yè)務(wù)價值的連鎖分析顯示了先進(jìn)系統(tǒng)如何衡量他們的成本。在過去的十年中，主要的證券公司、 金融中心銀行和其他商業(yè)與儲蓄銀行已經(jīng)開始涉及他們完全不理解的風(fēng)險，結(jié)果造成了重大損失和意外的財政負(fù)擔(dān)?；谝陨系慕Y(jié)果，高級管理人員正在尋求新的方法來識別、 評估和預(yù)測不斷變化的財務(wù)風(fēng)險。對信息技術(shù) （its）中的投入以提高對風(fēng)險的控制能力一個新的我們一直在研究的關(guān)于風(fēng)險管理技術(shù)的領(lǐng)域 是一種越來越多地被看作是能夠影響公司戰(zhàn)略和競爭地位的方法。在 1990 年美國的紐約斯特恩商學(xué)院和制造商漢諾威信托公司 （現(xiàn)在

48、稱為化學(xué)銀行公司） 在紐約聯(lián)合發(fā)起了一個研究項目，研究rmt在美國金融公司中的應(yīng)用情況。本文章總結(jié)了我們的研究結(jié)果和所提出的可以使 rmt 發(fā)揮更大效用的建議。1.財務(wù)風(fēng)險管理對于風(fēng)險的定義最早是由doherty在 1131年提出的,他認(rèn)為風(fēng)險是："缺乏對成果的可預(yù)測性"。它涵蓋好的和不良業(yè)務(wù)成果兩方面。有效信息促進(jìn)了風(fēng)險預(yù)測，而rmt可以用于衡量在選定區(qū)域的貸款業(yè)務(wù)狀況，包括金融市場和金融工具以及貿(mào)易商所采取的立場，這些都是不確定的并且可能會不斷的改變。從另外一方面講，風(fēng)險管理是資源的管理和一家公司最大限度地考慮到不可預(yù)知的結(jié)果或事件的影響后企業(yè)價值最大化的承諾。風(fēng)險管理

49、活動通常涉及三個基本步驟：(1) 全面的鑒別有關(guān)可能會影響公司業(yè)績的風(fēng)險；(2)根據(jù)預(yù)期損失的嚴(yán)重程度及發(fā)生的可能性測量會影響公司價值的一組項目的風(fēng)險；(3) 及時制定策略，使風(fēng)險在可接受范圍內(nèi)。風(fēng)險來源各有不同，取決于所處的行業(yè)。例如一家金融公司所涉及的交易金融工具將會面臨不可預(yù)知的價格變動與相關(guān)聯(lián)的市場風(fēng)險。利率風(fēng)險有利率波動引起，它使金融資產(chǎn)的回報率不確定。當(dāng)對于公司資產(chǎn)索償時資產(chǎn)的價值與其到期時資產(chǎn)的價值出現(xiàn)差異，這也造成嚴(yán)重的金融不確定性。由于這之間的差異，它可能需要公司以更高的成本去購買債券。匯率風(fēng)險來自于外國貨幣的價值波動。信貸風(fēng)險與貸款償還不及時相關(guān)聯(lián)，經(jīng)營風(fēng)險源自相對于持續(xù)性

50、的固定支出水平而言收入現(xiàn)金流的經(jīng)常性變動及不連續(xù)性。能夠獲得準(zhǔn)確的最新的信息是這種情況下的關(guān)鍵。例如，利率風(fēng)險通常通過確定利率波動來測量，同時這種影響資產(chǎn)價值的變化和市場風(fēng)險通過跟蹤金融工具和通貨的易變性（資產(chǎn)價值的隔夜價格）來測量。此類數(shù)據(jù)使得減損或獲得客觀地衡量投資組合成為可能。關(guān)于利率波動的及時、準(zhǔn)確的信息使風(fēng)險管理人員能夠估計出資金缺口帶來的風(fēng)險的高低。因為級別較高的經(jīng)理經(jīng)常限定公司的最大風(fēng)險，風(fēng)險管理者和操作管理者擁有相同的動機(jī)來通過使用rmt以消除多余的風(fēng)險。2.信息技術(shù)在風(fēng)險管理中的作用信息技術(shù)在自動化交易活動中已被廣泛使用。系統(tǒng)報告有關(guān)市場環(huán)境和市場變動的信息，如美林-布隆伯格

51、固定收益市場，也被用于幫助商人和項目組合管理人員。雖然各種傳統(tǒng)的技術(shù)和包括主機(jī)數(shù)據(jù)庫和非自動跟蹤基本市場的指標(biāo)在內(nèi)的方法仍在使用，已經(jīng)成為華爾街公司朝著更完善、 先進(jìn)的技術(shù)如并行處理、 人工智能和神經(jīng)網(wǎng)絡(luò)的發(fā)展進(jìn)程中的重要一部分。這些技術(shù)正在被大部分投資銀行使用以在戰(zhàn)略成本管理獲得競爭優(yōu)勢。還有大幅增長可用的高度專業(yè)化的商業(yè)數(shù)據(jù)庫，包括來自于那些支持證券化借款投資組合的跟蹤的公司如 reuters/i.p.sharp和loanet。除了支持例行活動，商業(yè)數(shù)據(jù)庫和計算機(jī)化的財務(wù)建模系統(tǒng)幫助投資者管理投資組合和通過套期保值策略抵御過剩風(fēng)險來化解風(fēng)險。例如按揭貸款能夠在涉及其預(yù)付款和預(yù)期報酬的風(fēng)險的基礎(chǔ)上被證券化。然后，可以在市場自由買賣這些按揭證券。這些發(fā)展的中心是意識到it在定義新方法的基礎(chǔ)以進(jìn)行貨幣市場交易運(yùn)行方面非常重要。設(shè)計出在交易中擁有吸引人的風(fēng)險特征新的金融產(chǎn)品和中間產(chǎn)品，被公司尋求