财务风险管理外文翻译英文文献

1、财务风险管理中英文资料翻译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 & 财务风险管理尽管近年来金融风险大大增加， 但风险和风险管理不是当代的主要问题。 全 球市场越来越多的问题是， 风险可能来自几千英里以外的与这些事件无关的国外 市场。意味着需要的信息可以在瞬间得到，而其后的市场反应，很快就发生了。经济气候和市场可能会快速影响

46、外汇汇率变化、 利率及大宗商品价格， 交易对手 会迅速成为一个问题。因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。准备是风险管理工作的一个关键组成部分。什么是风险？风险给机会提供了基础。风险和暴露的条款让它们在含义上有了细微的差别。风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。 风险起因是由于暴露。金融市场的暴露影响大多数机构，包括直接或间接的影响。当一个组织的金 融市场暴露，有损失的可能性，但也是一个获利或利润的机会。 金融市场的暴露 可以提供战略性或竞争性的利益。风险损失的可能性事件来自如市场价格的变化。 事件发生的可能性很小，但 这可能导致损失率很高，特

47、别麻烦，因为他们往往比预想的要严重得多。 换句话 说，可能就是变异的风险回报。由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了 解它是很重要的一步。识别暴露和风险形式的基础需要相应的财务风险管理策 略。财务风险是如何产生的呢？无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动， 产生了财务风险。它可以出现在合法的交易中，新项目中，兼并和收购中，债务 融资中，能源部分的成本中，或通过管理的活动，利益相关者，竞争者，外国政 府，或天气出现。当金融的价格变化很大，它可以增加成本，降低财政收入，或 影响其他有不利影响的盈利能力的组织。 金融波动可能使人们难以规划和预算

48、商 品和服务的价格，并分配资金。有三种金融风险的主要来源： 1、金融风险起因于组织所暴露出来的市场价格的变化，如利率、汇率、和大宗 商品价格。2、引起金融风险的行为有与其他组织的交易如供应商、客户，和对方在金融衍 生产品中的交易。3、由于内部行动或失败的组织，特别是人、过程和系统所造成的金融风险。 什么是财务风险管理？财务风险管理是用来处理金融市场中不确定的事情的。 它涉及到一个组织所 面临的评估和组织的发展战略、内部管理的优先事项和当政策一致时的财务风 险。企业积极应对金融风险可以使企业成为一个具有竞争优势的组织。 它还确保 管理，业务人员，利益相关者，董事会董事在对风险的关键问题达成协议。

49、金融风险管理组织就必须作出那些不被接受的有关风险的决定。 那些被动不 采取行动的战略是在默认情况下接受所有的风险。组织使用各种策略和产品来管理金融风险。 重要的是要了解这些产品和战略 方面，通过工作来减少该组织内的风险承受能力和目标范围内的风险。风险管理的策略往往涉及衍生工具。 在金融机构和有组织的交易所， 衍生物 广泛地进行交易。衍生工具的合约的价值，如期货，远期，期权和掉期，是源自 相关资产的价格。 衍生物利用利率， 汇率，商品，股票和固定收入的证券， 信贷， 甚至是天气进行交易。这些产品和市场参与者使用策略来管理金融风险， 与由投机者用来提高风险 的杠杆作用是相同。 虽然可以认为， 衍生

50、工具的广泛使用增加了风险， 衍生品的 存在使那些希望通过把它传递给那些寻求风险及相关机会的人降低了风险。估计财务损失的可能性是非常令人满意的。 然而，概率标准的理论往往在金 融市场的分析中不适用。 风险通常不会孤立存在的， 通常会和几个风险的相互作 用，必须认真考虑在发展中国家的金融风险是如何产生的。 有时，这些相互作用 是很难预测的，因为它们最终取决于人的行为。金融风险管理是一个持续不断的过程。 随着市场需求的变化和完善， 战略必 须得到执行。 有关的修改反映不断变化的市场利率， 变化的预期营商环境， 或例 如不断变化的国际政治条件。一般来说，这个过程可以概括如下：1、识别并优先考虑关键的财

51、务风险。2、确定适当的风险容忍程度。3、按照政策实施风险管理战略。4、按需要衡量，报告，监控和改进。多样化 多年来，公司资产的风险评价的可变性仅仅基于其回报。 与此形成对比的是 , 现代投资组合理论不仅考虑了一项资产的风险，而且是经济体总体风险的组合。 由于风险多样化，组织可以有机会来降低风险。在投资组合管理方面，在一定限度内给个别部件组合提供了多样化的机会。 一个多元化的资产组合中包含的回报是不同的， 换句话说，彼此之间的关系是弱 或负面的。 考虑到一个投资组合的风险是非常有用的， 并且应考虑改变或增加的 潜在风险的总数。多样化是一个管理金融风险的重要工具。 通过预设的组织， 对手之间的多样 化可以减少突发事件对组织所造成的不利影响而引起的风险。 其中投资资产多元 化减少了发行人失败的损失程度。 多样化的客户、 供应商和金融来源减少了一个 组织的贸易被外面变化控制的负面影响的可能性。 虽然损失的风险仍然存在， 多 样化的机会可以减少大的不良结果。风险管理过程金融风险管理过程中的战略使一个组织去管理与金融相关的风险市场。 风险 管理是一个动态过程， 应逐步发展成一个