財務風險管理外文翻譯英文文獻

1、財務風險管理中英文資料翻譯Financial Risk ManagementAlthough financial risk has increasedsignificantly in recent years, risk and risk managementare not contemporary issues.The result of increasinglyglobal markets is that risk may originate with events thousands of miles away that have nothing to do with the domes

2、tic 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 commodity prices. Counterpartiescan rapidly become probl

3、ematic. As a result, it is important to ensure financial risks are identified and managedappropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the pro

4、bability 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 organization has financial market exposure, there is a possi

5、bility of loss but also an opportunity for gain or profit. Financial market exposure may providestrategic or competitive benefits.Risk is the likelihood of lossesresulting from events such as changesin market prices. Events with a low probability of occurring, but that may result in a high loss, are

6、 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 how to manage it. Identifying exposures and risks forms

7、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 activities. It can arise as a result of legal transacti

8、ons, 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 increase costs, reduce revenues, or otherwise adversely im

9、pact 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 organization'insmexaprkoestuprericteosc,hangessuch as

10、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 resulting from internal actions or failures of the organization

11、, particularly people, processes, and systems What Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessingthe financial risks facing an organization and developing management strategies consistent with

12、 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 on key issues of risk.Managing financial risk necessitates ma

13、king 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 and products. It is important to understand how these products

14、 and strategies work to reduce risk within the context of the organizationtoleran'ce sanridskobjectives.Strategiesfor risk managementoften involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futur

15、es, 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 strategies used by market participants to manage financial risk are the

16、 same ones used by speculatorsto increaseleverageand risk. Although it can be argued that widespreaduse of derivatives increasesrisk, the existence of derivatives enablesthose who wish to reduce risk to passit along to those who seek risk and its associated opportunities.The ability to estimate the

17、likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysisof financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial r

18、isk 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 market and requirements change. Refinements may reflect changing expect

19、ations 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、Determine an appropriate level of risk tolerance.3、Implement risk manageme

20、nt 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 portfolio theory considers not only an asset ' s riskiness, but also its

21、 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 riskdiversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within

22、 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 considerthe impact of changesor additions on the potential risk of the total.D

23、iversification 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 assetsreduces the magnitude of loss if one issuer fails. Diversificati

24、on of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management'thsecorinstkr olf. lAolsthsoughstill exists, diversification may reduce the opportunity for large adverse outcomes. Risk Manageme

25、nt 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 and its business. It involves and impacts many parts of an organizat

26、ion 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 financial risks facing an organization and understandingtheir relevan

27、ce.It may be necessaryto 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 stakeholders and their objectives and tolerance for risk.Once a clear unde

28、rstanding of the risks emerges,appropriate strategiescan be implemented in conjunction with risk managementpolicy. For example, it might be possible to change where and how business is done, thereby reducing the organization e'xpsosureand risk. Alternatively, existing exposuresmay be managed wit

29、h 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.2. Hedge a portion of exposuresby determining which exposurescan and shoul

30、d be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomesb, oth before and after strategies are takento mitigate them. Since the risk management process is ongoing, reporting and feedback can be

31、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 of important issues and the varying perspectives of stakeholders.Factors tha

32、t Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essentialto understand the factors that impact markets becausethose factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key compo

33、nent 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 purchasinpgower of a lender' s.Tahsesgetrseaterthe term to maturity, the greater the uncertainty. Interest rates are also refle

34、ctive 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 debt financing for expansion and capital projects. When interest rates increa

35、se, 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 creditworthiness of a borrower. For example, the threat of political or sovere

36、ign 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 levels of inflation2、General economic conditions3、Monetary policy and the sta

37、nce of the central bank4、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 representationof yields for a range of terms to maturity. For example,a yield curve

38、 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 information about the market ' s expectationosf future interest rates.Implied i

39、nterest 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 year' s time can be determined.The shape of the yield curve is widely analyzed and

40、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 slopes upward with a positive slope, as lenders/investors demand higher rat

41、es from borrowers for longer lending terms. Since the chance of a borrower default increaseswith term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expectedrate

42、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, the longer the term, the higher the interest rate (all else being equal), re

43、sulting 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 of the yield curve and a downward slope to its appearance. The high cost

44、of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economyvulnerable to slowdown or recession.Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal

45、 curve may occur as a result of the slowdown.Source: Karen A. Horcher, 2005“. What Is Financial RiskManagement? ”. Essentialsof Financial Risk Management, John Wiley & Sons, Inc.pp.1-22.財務風險管理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，而其后的市場反應，很快就

46、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)摹蕚涫秋L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?？梢曰Q。 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化。 事件發(fā)生的可能

47、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 影響其他有不利影響的盈利能力的組織

48、。 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，利益相關者，董事

49、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的風險承受能力和目標范圍內的風險。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

50、作用是相同。 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

51、括如下：1、識別并優(yōu)先考慮關鍵的財務風險。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。 考慮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)事件對組織所造成的不利影響而引起的風險。 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面影響的可能性。 雖然損失的風險仍然存在， 多 樣化的機會可以減少大的不良結果。風險管理過程金融風險管理過程中的戰(zhàn)略使一個組織去管理與金融相關的風險市場。 風險 管理是一個動態(tài)過程， 應逐步發(fā)展成一個