財務風險管理外文翻譯英文文獻

財務風險管理

中英文資料翻譯FinancialRiskManagementAlthoughfinancialriskhasinereasedsignificant1yinrecentyears,riskandriskmanagementarenotcontemporaryissues。TheresultofincreasinglyglobalmarketsisthatriskmayoriginatewitheventsthousandsofmilesawaythathavenothingtodowiththedomeSticmarket.Informationisavai1ab1einstantaneous1y,whichmeansthatchange,andsubsequentmarketreactions,occurveryquiekly.Theeconomicclimateandmarketscanbeaffectedveryquicklybyehangesinexchangerates,interestrates,andcommoditypricesoCounterpartiescanrapidlybecomeproblematic。Asaresu1t,itisimportanttoensurefinancialrisksareidentifiedandmanagedappropriately.Preparationisakeyeomponentofriskmanagement.WhatIsRisk?Riskprovidesthebasisforopportunity.Thetermsriskandexposurehavesubtledifferencesintheirmeaning.Riskreferstotheprobabi1ityofloss,whileexposureisthepossibilityof1oss,althoughtheyareoftenusedinterchangeably.Riskarisesasaresultofexposure.Exposuretofinancialmarketsaffectsmostorganizations,eitherdirectlyorindirectly.Whenanorganizationhasfinancialmarketexposure,thereisapossibi1ityoflossbutalsoanopportunityforgainorprofit。Financia1marketexposuremayprovidestrategicorcompetitivebenefits.Riskisthe1ike1ihoodoflossesresultingfromeventssuchaschangesinmarketprices.Eventswithalowprobabilityofoceurring,butthatmayresultinahigh1oss,arepafticularlytroublesomebecausetheyareoftennotanticipated.Putanotherway,riskistheprobablevariabilityofreturns.Sinceitisnotalwayspossibleordesirabletoeliminaterisk,understandingitisanimportantstepindetermininghowtomanageit。Identifyingexposuresandrisksformsthebasisforanappropriatefinancialriskmanagementstrategy。HowDoesFinancialRisk?Financialriskarisesthroughcoun11esstransactionsofafinancialnature，includingsalesandpurchases，investmentsandloans,andvariousotherbusinessactivities。Itcanariseasaresultoflegaltransactions,newprojects,mergersandacquisitions,debtfinancing，theenergycomponentofcosts,orthroughtheactivitiesofmanagement,stakeholders,competitors,foreigngovernments,orweather.Whenfinancialpriceschangedramatically,itcanincreasecosts,reducerevenues,orotherwiseadverselyimpacttheprofitabilityofanorganization.Financialfluctuationsmaymakeitmoredifficulttoplanandbudget,pricegoodsandservices,andallocatecapital.Therearethreemainsourcesoffinancialrisk：Financialrisksarisingfromanorganization'sexposuretochangesinmarketprices,suchasinterestrates,exchangerates,andcommodityprices.Financialrisksarisingfromtheactionsof,andtransactionswith,otherorganizationssuchasvendors,customers,andcounterpartiesinderivativestransactionsFinancialrisksresultingfrominternalactionsorfailuresoftheorganization,particularlypeople,processes,andsystemsWhatIsFinancialRiskManagement?Financia1riskmanagementisaprocesstodealwiththeuncertaintiesresultingfromfinancialmarkets.Itinvolvesassessingthefinancia1risksfacinganorganizationanddevelopingmanagementstrategiesconsistentwithinternalprioritiesandpolicies。Addressingfinancialrisksproactivelymayprovideanorganizationwithacompetitiveadvantage.Italsoensuresthatmanagement,operationalstaff,stakeholders,andtheboardofdirectorsareinagreementonkeyissuesofrisk.Managingfinancia1risknecessitatesmakingorganizationaldecisionsaboutrisksthatareacceptableversusthosethatarenot.Thepassivestrategyoftakingnoactionistheacceptanceofallrisksbydefault.Organizationsmanagefinancialriskusingavarietyofstrategiesandproducts。Itisimportanttounderstandhowtheseproductsandstrategiesworktoreduceriskwithinthecontextoftheorganization'srisktoleranceandobjectives．Strategiesforriskmanagementofteninvolvederivatives.Derivativesaretradedwidelyamongfinancialinstitutionsandonorganizedexchanges。Thevalueofderivativescontracts,suchasfutures,forwards,options,andswaps,isderivedfromthepriceoftheunderlyingasset．Derivativestradeoninterestrates,exchangerates,commodities,equityandfixedincomesecurities,credit, andevenweather。Theproductsandstrategiesusedbymarketparticipantstomanagefinancialriskarethesameonesusedbyspeculatorstoincreaseleverageandrisk.Althoughitcanbearguedthatwidespreaduseofderivativesincreasesrisk,theexistenceofderivativesenablesthosewhowishtoreducerisktopassitalongtothosewhoseekriskanditsassociatedopportunities。Theabilitytoestimatethelikelihoodofafinancial1ossishighlydesirable.However,standardtheoriesofprobabilityoftenfailintheanalysisoffinancialmarkets.Risksusuallydonotexistinisolation,andtheinteractionsofseveralexposuresmayhavetobeconsideredindevelopinganunderstandingofhowfinancialriskarises．Sometimes，theseinteractionsaredifficulttoforecast，sincetheyultimatelydependonhumanbehavior.Theprocessoffinancialriskmanagementisanongoingone．Strategi es needtobeimplemented and refinedasthemarketandrequirementschange.Refinements may reflectchangingexpectationsaboutmarketrates,changestothebusinessenvironment, orchanginginternationalpo liticalconditions,forexample。 I ngeneral,theprocesscanbe summarizedasfollows:1、 Identifyandprioritizekeyfinancialrisks。2、 Determineanappropriatelevelofrisktolerance。3、 Implementriskmanagementstrategyinaccordancewithpolicy。4、 Measure,report,monitor,andrefineasneeded.DiversificationFormanyyears,theriskinessofanassetwasassessedbasedonlyonthevariabilityofitsreturns．Incontrast,modernportfoliotheoryconsidersnotonlyanassets'riskiness,butalsoitscontributiontotheoverallriskinessoftheportfoliotowhichitisadded.Organizationsmayhaveanopportunitytoreduceriskasaresultofriskdiversificatin。Inportfoliomanagementterms,theadditionofindividualcomponentstoaportfo1ioprovidesopportunitiesfordiversification,withinlimits.Adiversifiedportfoliocontainsassetswhosereturnsaredissimi1ar,inotherwords,weaklyornegativelycorrelatedwithoneanother.Itisusefultothinkoftheexposuresofanorganizationasaportfolioandconsidertheimpactofchangesoradditionsonthepotentialriskofthetotal。Diversificationisanimportanttoolinmanagingfinancia1risks.Diversificationamongcounterpartiesmayreducetheriskthatunexpectedeventsadverselyimpacttheorganizationthroughdefaults.Diversificationamonginvestmentassetsreducesthemagnitudeoflossifoneissuerfails。Diversificationofcustomers,suppliers,andfinancingsourcesreducesthepossibilitythatanorganizationwillhaveitsbusinessadverselyaffectedbychangesoutsidemanagement'sctonro1．Althoughtheriskoflossstillexists,diversificationmayreducetheopportunityforlargeadverseoutcomes．RiskManagementProcessTheprocessoffinancialriskmanagementcomprisesstrategiesthatenab1eanorganizationtomanagetherisksassociatedwithfinancialmarkets.Riskmanagementisadynamicprocessthatshouldevolvewithanorganizationanditsbusiness.Itinvolvesandimpactsmanypartsofanorganizationinc1udingtreasury,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.Mostcompaniesandgovernmentsrequiredebtfinancingforexpansionandcapitaiprojects。Wheninterestratesincrease，theimpactcanbesignificantonborrowers。Interestratesalsoaffectpricesinotherfinancialmarkets，sotheir impactisfar-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一yearinterestratebeginninginoneyear'stimecanbedetermined。Theshapeoftheyieldcurveiswidelyanalyzedandmonitoredbymarketparticipants。Asagaugeofexpectations，itisoftenconsideredtobeapredictoroffutureeconomicactivityandmayprovidesignalsofapendingchangeineconomicfundamentals.Theyieldcurvenormallyslopesupwardwithapositiveslope，aslenders/investorsdemandhigherratesfromborrowersforlongerlendingterms.Sincethechanceofaborrowerdefaultincreaseswithtermtomaturity，lendersdemandtobecompensatedaccordingly.Interestratesthatmakeuptheyieldcurvearealsoaffectedbytheexpectedrateofinflation。Investorsdemandatleasttheexpectedrateofinflationfromborrowers,inadditionto1endingandriskcomponentsoIfinvestorsexpectfutureinflationtobehigher,theywilldemandgreaterpremiumsforlongertermstocompensateforthisuncertainty.Asaresu1t,thelongertheterm,thehighertheinterestrate(alle1sebeingequal),resultinginanupward-slopingyieldcurve.Occasionally,thedemandforshort-termfundsincreasessubstantially,andshort-terminterestratesmayriseabovethe1eveloflongerterminterestrates。ThisresuItsinaninversionoftheyieldcurveandadownwardslopetoitsappearance。Thehighcostofshort—termfundsdetractsfromgainsthatwouldotherwisebeobtainedthroughinvestmentandexpansionandmaketheeconomyvu1nerabletoslowdownorrecession。Eventually，risinginterestratess1owthedemandforbothshort—termand1ong-termfunds.Adeclineinallratesandareturntoanormalcurvemayoccurasaresultofthes1owdown.Source:KarenA.Horcher, 2005?！癢hatIsFinancialRiskManagement?”。Essentia1sofFinancia1RiskManagement,JohnWiley&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,很快就發(fā)生了。經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的。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?？梢曰Q.風險起因是由于暴露。金融市場的暴露影響大多數機構,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)生的可能性很小,但這可能導致損失率很高，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。財務風險是如何產生的呢？無數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，產生了財務風險。它可以出現在合法的交易中，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。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.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，董事會董事在對風險的關鍵問題達成協議。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品來管理金融風險.重要的是要了解這些產品和戰(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)先考慮關鍵的財務風險.2、 確定適當的風險容忍程度。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，現代投資組合理論不僅考慮了一項資產的風險，而且是經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