财务风险管理[外文翻译]29327.docx

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1、本科毕业论文（设计）外 文 翻 译Finannciall Rissk MaanageementtAlthoough finaanciaal riisk hhas iincreeasedd siggnifiicanttly iin reecentt yeaars, riskk andd rissk maanageementt aree nott conntempporarry isssuess. Thhe reesultt of iincreeasinngly globbal mmarkeets iis thhat rrisk may origginatte wiith eeventts tho

2、uusandds off milles aaway thatt havve noothinng too do withh thee dommestiic markket. Infoormattion is aavaillablee insstanttaneoouslyy, whhich meanns thhat channge, and subssequeent mmarkeet reeactiions, occcur vvery quicckly. The econnomicc cliimatee andd marrketss cann be affeectedd verry quuickl

3、ly byy channges in eexchaange ratees, iinterrest ratees, aand ccommoodityy priices. Couunterrpartties can rapiidly becoome pprobllemattic. As aa ressult, it is iimporrtantt to ensuure ffinannciall rissks aare iidenttifieed annd maanageed appproppriattely. Preeparaationn is aa keyy commponeent oof ri

4、isk mmanaggemennt.What Is RRisk?Risk provvidess thee bassis ffor oopporrtuniity. The termms riisk aand eexpossure havee subttle ddiffeerencces iin thheir meanning. Rissk reeferss to the probbabillity of lloss, whiile eexpossure is tthe ppossiibiliity oof looss, althhoughh theey arre offten usedd int

5、eerchaangeaably. Rissk arrisess as a reesultt of expoosuree.Expossure to ffinannciall marrketss afffectss mosst orrganiizatiions, eitther direectlyy or indiirecttly. Whenn an orgaanizaationn hass finnanciial mmarkeet exxposuure, therre is aa posssibiilityy of losss butt alsso ann oppportuunityy forr

6、 gaiin orr proofit. Finnanciial markket eexpossure may provvide straategiic orr commpetiitivee bennefitts.Risk is tthe llikellihoood off lossses resuultinng frrom eeventts suuch aas chhangees in mmarkeet prricess. Evventss witth a low probbabillity of ooccurrringg, buut thhat mmay resuult iin a high

7、h losss, aare ppartiiculaarly trouublessome becaause theyy aree oftten not antiicipaated. Putt anootherr wayy, riisk iis thhe prrobabble vvariaabiliity oof reeturnns. Sincee it is nnot aalwayys poossibble oor deesiraable to eelimiinatee rissk, uunderrstanndingg it iis ann impportaant sstep in ddeter

8、rminiing hhow tto maanagee it. Idenntifyying expoosurees annd riisks formms thhe baasis for an aapproopriaate ffinannciall riskk mannagemment straategyy.How DDoes Finaanciaal Riisk?Finannciall rissk arrisess thrroughh couuntleess ttranssactiions of aa finnanciial nnaturre, inclludinng saales and pur

9、cchasees, iinvesstmennts aand lloanss, annd vaariouus otther busiinesss acttivitties. It can arisse ass a rresullt off leggal ttranssactiions, neww proojectts, merggers and acquuisittionss, deebt ffinanncingg, thhe ennergyy commponeent oof costts, oor thhrouggh thhe acctiviitiess of manaagemeent, st

10、akkehollderss, coompettitorrs, foreeign goveernmeents, or weatther. Whenn finnanciial ppricees chhangee draamatiicallly, iit caan inncreaase ccostss, reduuce rrevennues, or otheerwisse addverssely impaact tthe pprofiitabiilityy of an orgaanizaationn. Fiinanccial flucctuattionss mayy makke itt morre

11、diifficcult to pplan and budgget, pricce gooods and servvicess, annd alllocaate ccapittal.Theree aree thrree mmain sourrces of ffinannciall rissk:1. Fiinanccial riskks arrisinng frrom aan orrganiizatiionss expposurre too chaangess in mmarkeet prricess, suuch aas inntereest rratess, exxchannge rrates

12、s, annd coommoddity pricces.2. Fiinanccial riskks arrisinng frrom tthe aactioons oof, aand ttranssactiions withh, otheer orrganiizatiions suchh as venddors, cusstomeers, and counnterppartiies in dderivvativves ttranssactiions3. Fiinanccial riskks reesultting fromm intternaal acctionns orr faiilurees

13、 off thee orgganizzatioon, partticullarlyy peoople, proocessses, and systtemsWhat Is FFinannciall Rissk Maanageementt?Finannciall rissk maanageementt is a prrocesss too deaal wiith tthe uuncerrtainntiess resuultinng frrom ffinannciall marrketss. Itt invvolvees asssesssing the finaanciaal riisks faci

14、ing aan orrganiizatiion aand ddevellopinng maanageementt strrateggies conssisteent withh intternaal prrioriitiess andd polliciees. AAddreessinng fiinanccial riskks prroacttivelly may provvide an oorgannizattion withh a ccompeetitiive aadvanntagee. Itt alsso ensuures thatt mannagemment, opeeratiional

15、l staaff, stakkehollderss, annd thhe booard of ddirecctorss aree in agreeemennt onn keyy isssues of rrisk.Managging finaanciaal riisk nnecesssitaates makiing oorgannizattionaal deecisiions abouut riisks thatt aree accceptaable verssus tthosee thaat arre noot. TThe ppassiive straategyy of takiing nno

16、 acctionn is the acceeptannce oof alll riisks by ddefauult.Organnizattionss mannage finaanciaal riisk uusingg a vvarieety oof sttrateegiess andd prodductss. Itt is impoortannt too unddersttand how thesse prroduccts aand sstrattegiees workk to reduuce rrisk withhin tthe cconteext oof thhe orrganiizat

17、iionss rissk toleerancce annd obbjecttivess.Strattegiees foor riisk mmanaggemennt offten invoolve deriivatiives. Derrivattivess are tradded wwidelly ammong finaanciaal innstittutioons aand oon orrganiized exchhangees. The valuue off derrivattivess conntraccts, suchh as futuures, forrwardds, ooptioon

18、s, and swapps, iis deeriveed frrom tthe ppricee of the undeerlyiing aassett. Deerivaativees tradde onn intteresst raates, excchangge raates, commmodiitiess, eqquityy andd fixxed incoome ssecurritiees, ccrediit, aand eeven weatther.The pproduucts and straategiies uused by mmarkeet paarticcipannts tto

19、 maanagee finaanciaal riisk aare tthe ssame oness useed byy speeculaatorss to incrreasee levveragge annd riskk. Allthouugh iit caan bee arggued thatt widdesprread use of dderivvativves iincreeasess riskk, thhe exxisteence of dderivvativves eenablles tthosee whoo wissh too redduce riskk to passs it a

20、lonng too thoose wwho sseek riskk andd itss asssociaated oppoortunnitiees.The aabiliity tto esstimaate tthe llikellihoood off a ffinannciall losss iss higghly desiirablle. Howeever, staandarrd thheoriies oof prrobabbilitty offten faill in the anallysiss of finaanciaal maarketts. RRiskss usuaally do

21、nnot eexistt in isollatioon, aand tthe iinterractiions of sseverral eexpossuress mayy havve too be conssiderred iin deeveloopingg an undeerstaandinng off howw finnanciial rrisk arisses. Someetimees, tthesee intteracctionns are diffficullt too forrecasst, ssincee theey ulltimaatelyy deppend on hhuman

22、n behhavioor.The pproceess oof fiinanccial riskk mannagemment is aan onngoinng onne. Straategiies needd to be iimpleementted aand rrefinned aas thhe maarkett andd reqquireementts channge. Refiinemeents may refllect channgingg exppectaationns abbout markket ratees, cchangges tto thhe buusineess eenvi

23、rronmeent, or cchangging inteernattionaal poliiticaal coondittionss, foor exxamplle. IIn geeneraal, tthe pproceess ccan bbe suummarrizedd as ffolloows:1、Ideentiffy annd prrioriitizee keyy finnanciial rriskss.2、Dettermiine aan appproppriatte leevel of rrisk toleerancce.3、Impplemeent rrisk manaagemeen

24、t sstrattegy in aaccorrdancce wiith poliicy.4、Meaasuree, reeportt, moonitoor, aand rrefinne ass neeeded.DiverrsifiicatiionFor mmany yearrs, tthe rriskiinesss of an aassett wass asssesseed baased onlyy on the variiabillity of iits rreturrns. In ccontrrast, moddern porttfoliio thheoryy connsideers not

25、 onlyy an asseets riskkinesss, bbut aalso its conttribuutionn to the overrall riskkinesss of tthe pportffolioo to whicch itt is addeed. Orgaanizaationns maay haave aan oppoortunnity to rreducce riisk aas a resuult oof riisk diveersifficattion.In poortfoolio manaagemeent ttermss, thhe addditiion oof

26、inndiviiduall commponeents to aa porrtfollio pproviides oppoortunnitiees foor diiverssificcatioon, wwithiin limiits. A diiverssifieed poortfoolio conttainss asssets whosse reeturnns arre diissimmilarr, in ootherr worrds, weakkly oor neegatiivelyy corrrelaated withh onee anootherr. Itt is uusefuul to

27、o thiink oof thhe exxposuures of aan orrganiizatiion aas a porttfoliio and conssiderr thee imppact of cchangges oor addditiions on tthe ppotenntiall rissk of tthe ttotall.Diverrsifiicatiion iis ann impportaant ttool in mmanagging finaanciaal riisks. Diveersifficattion amonng coounteerparrtiess mayy

28、redduce the riskk thaat unnexpeectedd evennts aadverrselyy imppact the orgaanizaationn thrroughh deffaultts. Diveersifficattion amonng innvesttmentt asssets reduuces the magnnitudde off losss if oone iissueer faails. Divversiificaationn of custtomerrs, ssuppllierss, annd fiinanccing sourrces reduuce

29、s the posssibillity thatt an orgaanizaationn willl haave iits bbusinness adveerselly afffectted bby chhangees ouutsidde maanageementts ccontrrol. Althhoughh the riskk of losss stiill eexistts, ddiverrsifiicatiion mmay rreducce thhe oppporttunitty for largge addversse ouutcommes.Risk Manaagemeent PPr

30、oceessThe pproceess oof fiinanccial riskk mannagemment compprisees sttrateegiess thaat enabble aan orrganiizatiion tto maanagee thee rissks aassocciateed wiith ffinannciall markkets. Rissk maanageementt is a dynaamic proccess thatt shoould evollve wwith an oorgannizattion and its busiinesss. Itt inv

31、volvees annd immpactts maany ppartss of an oorgannizattion inclludinng trreasuury, salees, mmarkeetingg, leegal, taxx, coommoddity, and corpporatte fiinancce.The rrisk manaagemeent pproceess iinvollves bothh intternaal annd exxternnal anallysiss. Thhe fiirst partt of the proccess invoolvess ideentif

32、fyingg andd priiorittizinng the finaanciaal riisks faciing aan orrganiizatiion aand uunderrstanndingg theeir rrelevvancee. It mmay bbe neecesssary to eexamiine tthe oorgannizattion and its prodductss, manaagemeent, custtomerrs, ssuppllierss, coompettitorrs, ppriciing, induustryy treends, balaance sh

33、eeet sttructture, andd possitioon inn thee inddustrry. IIt iss alsso neecesssary to cconsiider stakkehollderss andd theeir oobjecctivees annd tooleraance for riskk.Once a cllear undeerstaandinng off thee rissks eemergges, apprropriiate straategiies can be iimpleementted iin coonjunnctioon wiith rris

34、k manaagemeent ppoliccy. FFor exammple, it mighht bee posssiblle too chaange wherre annd hoow buusineess iis doone, therreby reduucingg thee orgganizzatioons expoosuree andd rissk. AAlterrnatiivelyy, exxistiing expoosurees maay bee mannagedd witth deerivaativees. AAnothher sstrattegy for manaagingg

35、riskk is to aacceppt alll riisks and the posssibillity of llossees.Theree aree thrree bbroadd altternaativees foor maanagiing rrisk:1. Doo notthingg andd acttivelly, oor paassivvely by ddefauult, acceept aall rriskss.2. Heedge a poortioon off expposurres bby deetermmininng whhich expoosurees can and

36、 shouuld bbe heedgedd.3. Heedge all expoosurees poossibble.Measuuremeent aand rreporrtingg of riskks prroviddes ddecission makeers wwith infoormattion to eexecuute ddecissionss andd monnitorr outtcomees, bboth befoore and afteer sttrateegiess aree takken tto miitigaate tthem. Sinnce tthe rrisk manaa

37、gemeent proccess is oongoiing, repoortinng annd feeedbaack ccan bbe ussed tto reefinee the systtem bby moodifyying or iimproovingg strrateggies.An acctivee deccisioon-maakingg proocesss is an iimporrtantt commponeent oof riskk mannagemment. Deccisioons aaboutt pottentiial lloss and riskk redductiion

38、 pproviide a foorum for disccussiion oof immporttant issuues aand tthe vvaryiing ppersppectiives of sstakeeholdders.Factoors tthat Impaact FFinannciall Rattes aand PPriceesFinannciall rattes aand ppricees arre afffectted bby a numbber oof faactorrs. IIt iss esssentiial to uunderrstannd thhe faactorr

39、s thhat iimpacct maarketts beecausse thhose facttors, in tturn, imppact the poteentiaal riisk oof ann orgganizzatioon.Factoors tthat Affeect IInterrest RateesInterrest ratees arre a key compponennt inn manny maarkett priices and an iimporrtantt econnomicc barrometter. Theyy aree commprissed oof thhe

40、 reeal rrate pluss a compponennt foor exxpectted iinflaationn, siince infllatioon reeducees thhe puurchaasingg poweer off a llendeers asseets .Thee greeaterr thee terrm too matturitty, tthe greaater the unceertaiinty. Intteresst raates are alsoo refflecttive of ssupplly annd demaand ffor ffundss and

41、d creedit riskk.Interrest ratees arre paarticcularrly iimporrtantt to comppaniees annd goovernnmentts becaause theyy aree thee keyy inggrediient in tthe ccost of ccapittal. Mostt comppaniees annd goovernnmentts reequirre deebt ffinanncingg forr exppansiion aand capiital projjectss. Whenn intteresst

42、raates incrreasee, thhe immpactt cann be signnificcant on bborroowerss. Inntereest rratess alsso afffectt priices in ootherr finnanciial markkets, so theiir immpactt is far-reacchingg.Otherr commponeents to tthe iinterrest ratee mayy inccludee a rrisk premmium to rrefleect tthe ccrediitworrthinness

43、of aa borrroweer. FFor eexampple, the threeat oof poliiticaal orr sovvereiign rrisk can causse inntereest rratess to risee, soometiimes subsstanttiallly, as iinvesstorss demmand addiitionnal ccompeensattion for the incrreaseed riskk of defaault.Factoors tthat inflluencce thhe leevel of mmarkeet innt

44、ereest rratess inccludee:1、Exppecteed leevelss of infllatioon2、Gennerall ecoonomiic coondittionss3、Monnetarry poolicyy andd thee staance of tthe ccentrral bbank4、Forreignn excchangge maarkett acttivitty5、Forreignn invvestoor deemandd forr debbt seecuriitiess6、Levvels of ssoverreignn debbt ouutstaand

45、inng7、Finnanciial aand ppolitticall staabiliity Yieldd CurrveThe yyieldd currve iis a grapphicaal reepressentaationn of yiellds ffor aa rannge oof termms too matturitty. FFor eexampple, a yiield curvve miight illuustraate yyieldds foor matuurityy froom onne daay (oovernnightt) too 30-yearr terrms. T

46、ypiicallly, tthe rratess are zeroo couupon goveernmeent rratess. Sincee currrentt intteresst raates refllect expeectattionss, thhe yiield curvve prroviddes usefful iinforrmatiion aaboutt thee marrkets exxpecttatioons oof fuuturee inteerestt rattes. Impllied inteerestt rattes ffor fforwaard-sstarttin

47、g termms caan bee calcculatted uusingg thee infformaationn in the yielld cuurve. Forr exaamplee, ussing ratees foor onne- aand ttwo-yyear matuuritiies, the expeectedd onee-yeaar inntereest ratee begginniing iin onne yeearss timme caan bee dettermiined.The sshapee of the yielld cuurve is wwidelly ann

48、alyzzed aand mmonittoredd by markket ppartiicipaants. As a gaauge of eexpecctatiions, it is ooftenn connsideered to be aa preedicttor oof fuuturee ecoonomiic acctiviity aand mmay pproviide ssignaals oof a pendding channge iin ecconommic ffundaamenttals.The yyieldd currve nnormaally sloppes uupwarrd