英文案例风险管理

Riskmanagement第六小组韩庭安佳佳

Lehmanbrothers（雷曼兄弟）whoisa158-year-oldcompanyisWallStreet'sfourth-largestinvestmentbank.In2007,Lehman'stop500rankedis132thintheworld,andtotalassetsisnearly$700billion.Outstandingperformance

However,OnSeptember15,2008,Lehmanbrothersdeclaredbankruptcy.LehmanbrothersisthebiggestfinancialcompanieswhogetoutofbusinessinthehistoryoftheU.S.Whysuchabigcompanycouldgobankrupt?

Why?Why?Why?(重要的问题问三遍）Therearetherereasons.Theeffectsofthesubprimecrisis(次贷危机）Fallinghousepricescausedthatthesubprimeloans（次级贷款对象）losethesolvency（偿付能力）,andthenevolvedintothecreditcrisis（信贷危机）.lenmanbrothersholdofmangsubordinatedbond（次级债券）whosepricesplunge(价格暴跌）.

Businessdevelopment（业务发展）istoofastandconcentratedAfter2000,

Lehmanbrotherswentintorealestate（房地产）andcredit（信贷）whichisnon-traditionalbusiness.

Thisisunderstandable,but

theexpansionistoofastandholdingpropertydebt（地产债券）istoomuch.

Therefore,thesystemrisk（系统风险）isverybig

Itscapitalistoolittle,andleverageratio（杠杆率）istoohigh

Lehmanbrothershasverylittlecapital.Inordertoraisefundstoexpandbusiness,theyhadtorelyonthebondmarketandbanklendingmarket(银行拆借市场）.Thenthemoneyisforthebusinessandinvestment.Profitafterdeductingtopaythefinancingcost,isthecompany‘soperatinginreturn.Themoreborrowing,thelesscapital,thehigherleverage.Leveragehasthecharacteristicsthattheearningsandlossisamplified(扩大）astheleverageratio.Revelation（启示）Asa158-year-oldenterprise,thefailureofLehmanbrothershasalotofenlightenmentforourbusiness.Thecrisisconsciousness（危机意识）AsBillGatessays,Microsoftonlyhas18monthsawayfrombankruptcyforever.Themorelargetheenterpriseis,themoreconscioustheentrepreneurshouldhave.Improveenterprise‘sabilitytoresistrisksThecollapseoflehmanbrotherscanincludethatenterprise'sabilitytoresistriskisaveryimportantability,andenterprisesshouldimprovetheirabilitytosurviveintrouble.Rightstrategicplanning（战略计划）Holdingthesubordinateddebtstrategicdecisionisoneofthereasonsforthecollapseoflehmanbrothers.

Soitisveryimportanttoenterprisestrat