1、.財務風險管理中英文資料翻譯Financial Risk ManagementAlthough financial risk has increased significantly in recent years, riskandriskmanagementarenotcontemporaryissues.Theresultofincreasinglyglobalmarketsisthatrisk mayoriginatewitheventsthousandsofmilesaway thathavenothingtodowiththedomesticmarket.Informationisav

2、ailableinstantaneously,whichmeansthatchange,andsubsequentmarketreactions,occurveryquickly.Theeconomic climate and markets can be affected very quickly by changesin exchange rates, interest rates, and commodity prices. Counterpartiescanrapidlybecomeproblematic.Asa result,it is importanttoensurefinanc

3、ial risks are identified and managed appropriately. Preparation is akey component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposurehave subtle differences in their meaning. Risk refers to the probability ofloss, whileexposureis thepossibilityof loss

4、, althoughtheyare oftenused interchangeably. Risk arises as a result of exposure.Exposuretofinancialmarketsaffectsmostorganizations,either專業資料.directlyorindirectly.Whenanorganizationhasfinancialmarketexposure, there is a possibility of loss but also an opportunity for gain orprofit. Financial market

5、 exposure may provide strategicorcompetitivebenefits.Risk is the likelihood of losses resulting from events such as changesin market prices. Events with a low probability of occurring, but that mayresult in a high loss, are particularly troublesome because they are oftennot anticipated.Putanotherway

6、, riskistheprobablevariabilityofreturns.Since it is not always possibleordesirabletoeliminaterisk,understanding it is an important step in determining how to manage it.Identifyingexposuresand risksformsthebasis foranappropriatefinancial risk management strategy.How Does Financial Risk?Financialriska

7、risesthroughcountlesstransactionsofafinancialnature,includingsalesandpurchases,investmentsandloans,andvariousotherbusinessactivities.Itcanariseasaresultoflegaltransactions, new projects, mergers and acquisitions, debt financing, theenergycomponentofcosts,or throughthe activitiesofmanagement,stakehol

8、ders,competitors,foreigngovernments,orweather.Whenfinancialpriceschangedramatically,itcanincreasecosts,reducerevenues,orotherwiseadverselyimpacttheprofitabilityofan專業資料.organization.Financialfluctuationsmay makeit moredifficultto planand budget, price goods and services, and allocate capital.There a

9、re three main sources of financial risk:1. Financial risks arising from an organization s exposurein to changesmarketprices,suchas interestrates,exchangerates,andcommodityprices.2. Financial risks arising from the actions of, and transactions with, otherorganizationssuchasvendors,customers,andcounte

10、rpartiesinderivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. I

11、t involves assessing the financial risksfacing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. Italso ensures that management, operational staff, st

12、akeholders, and theboard of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisionsaboutrisks thatare acceptableversus thosethatare not.The passivestrategy of taking no action is the acceptance of all risks by default.專業資料.Organizations m

13、anage financial risk using a variety of strategies andproducts.Itis importanttounderstandhowtheseproductsandstrategieswork to reduce risk within the context of the organizationrisk tolerance and objectives.Strategies for risk management often involve derivatives. Derivativesaretradedwidelyamongfinan

14、cialinstitutionsandonorganizedexchanges. The value of derivatives contracts, such as futures, forwards,options,and swaps, is derivedfrom the price oftheunderlyingasset.Derivatives trade on interest rates, exchange rates, commodities, equityand fixed income securities, credit, and even weather.The pr

15、oducts and strategies used by market participants to managefinancial risk are the same ones used by speculators to increase leverageand risk. Although it can be argued that widespread use of derivativesincreasesrisk,theexistenceofderivativesenablesthosewhowishtoreduce risktopass it alongtothosewhose

16、ekriskanditsassociatedopportunities.Theabilitytoestimatethelikelihoodof afinanciallossishighlydesirable.However,standard theoriesof probabilityoftenfailintheanalysis of financial markets. Risks usually do not exist in isolation, andtheinteractionsofseveralexposuresmayhavetobeconsideredindevelopingan

17、understandingof howfinancialriskarises. Sometimes,these interactions are difficult to forecast, since they ultimately depend專業資料.on human behavior.Theprocessoffinancialriskmanagementisanongoingone.Strategiesneedtobeimplementedandrefinedas themarketandrequirementschange.Refinementsmayreflectchanginge

18、xpectationsabout market rates, changes to the business environment, or changinginternational political conditions, for example. In general, the process canbe summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk manage

19、ment 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 onthe variabilityofitsreturns.In contrast,modernportfoliotheoryconsiders not onlyan asset s riskiness, but also its contribution t

20、o theoverall riskiness of the portfolio to which it is added. Organizations mayhave an opportunity to reduce risk as a result of risk diversification.Inportfoliomanagementterms,theadditionofindividualcomponentstoaportfolioprovidesopportunitiesfordiversification,withinlimits.Adiversifiedportfoliocont

21、ainsassetswhose returnsaredissimilar,inotherwords,weaklyornegativelycorrelatedwithoneanother.Itisusefultothink oftheexposures ofanorganizationas a專業資料.portfolioandconsidertheimpactofchangesoradditionsonthepotential risk of the total.Diversificationis animportanttoolinmanagingfinancialrisks.Diversifi

22、cationamongcounterpartiesmayreducetheriskthatunexpected events adversely impact the organization through defaults.Diversification among investment assets reduces the magnitude of loss ifoneissuerfails.Diversificationofcustomers,suppliers,andfinancingsources reduces the possibility that an organizati

23、on will have its businessadverselyaffectedby changesoutsidemanagement scontrol.Althoughtheriskoflossstillexists,diversification may reducetheopportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies thatenableanorganizationtomanagethe

24、risksassociatedwith financialmarkets. Risk management is a dynamic process that should evolve withan organization and its business. It involves and impacts many parts ofanorganizationincludingtreasury,sales,marketing,legal,tax,commodity, and corporate finance.Theriskmanagementprocessinvolves bothint

25、ernalandexternalanalysis. The first part of the process involves identifying and prioritizingthefinancialrisksfacinganorganizationandunderstandingtheirrelevance.Itmaybenecessarytoexaminetheorganizationandits專業資料.products,management,customers,suppliers,competitors,pricing,industry trends, balance she

26、et structure, and position in the industry. It isalsonecessarytoconsiderstakeholdersandtheirobjectivesandtolerance for risk.Onceaclearunderstandingoftherisksemerges,appropriatestrategiescanbeimplementedin conjunctionwithriskmanagementpolicy.For example, itmightbepossibletochangewhereandhowbusiness i

27、s done,thereby reducing the organization s exposure and risk.Alternatively,existingexposuresmaybemanagedwithderivatives.Anotherstrategyformanagingriskis toaccept allrisksandthepossibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by defau

28、lt, accept all risks.2. Hedgea portionofexposuresby determiningwhichexposurescanand should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers withinformationtoexecutedecisionsandmonitoroutcomes,both beforeandafterstrategiesare takentomitigatethem.Si

29、ncetheriskmanagement process is ongoing, reporting and feedback can be used torefine the system by modifying or improving strategies.Anactivedecision-makingprocessis animportantcomponentof專業資料.riskmanagement.Decisionsaboutpotentiallossandriskreductionprovidea forumfordiscussionofimportantissuesandth

30、evaryingperspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It isessential to understand the factors that impact markets because thosefactors, in turn, impact the potential risk of an organization.Factors that Aff

31、ect Interest RatesInterestrates are akeycomponentinmanymarketpricesandanimportant economic barometer. They are comprised of the real rate plusa componentfor expectedinflation,sinceinflationreducesthepurchasingpower of a lender s assets.Thegreater the term to maturity,the greater the uncertainty. Int

32、erest rates are also reflective of supply anddemand for funds and credit risk.Interest rates are particularly important to companies and governmentsbecause they are the keyingredientinthecostofcapital.Mostcompanies and governments require debt financing for expansion andcapitalprojects.Wheninterestr

33、atesincrease, theimpactcanbesignificantonborrowers.Interest ratesalsoaffectpricesinotherfinancial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium toreflectthecreditworthinessofaborrower.Forexample,thethreatof專業資料.politicalor sovereignriskcan

34、causeinterestratestorise, sometimessubstantially,as investorsdemandadditionalcompensationfortheincreased 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 stance of the central bank4、

35、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 representation of yields for a range ofterms to maturity. For example, a yield curve might illustrate yields

36、 formaturity from one day (overnight) to 30-year terms. Typically, the ratesare zero coupon government rates.Sincecurrentinterestratesreflectexpectations,theyieldcurveprovidesuseful information about the market s expectations of futureinterestrates. Impliedinterestratesfor forward-startingtermscan b

37、ecalculated using the information in the yield curve. For example, usingrates forone-and two-yearmaturities,the expected one-yearinterestrate beginning in one year s time can be determined.專業資料.Theshape oftheyieldcurveis widelyanalyzedandmonitoredbymarket participants. As a gauge of expectations, it

38、 is often considered tobe a predictor of future economic activity and may provide signals of apending change in economic fundamentals.Theyieldcurvenormallyslopesupwardwith a positiveslope,aslenders/investorsdemandhigherratesfromborrowersforlongerlendingterms.Sincethe chanceofaborrowerdefaultincrease

39、s withterm to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by theexpected rate of inflation. Investors demand at least the expected rate ofinflation from borrowers, in addition to lending and risk components. Ifinvestors expect

40、future inflation to be higher, they will demand greaterpremiumsforlongertermstocompensateforthisuncertainty.As aresult,thelongertheterm,thehighertheinterestrate(allelsebeingequal), resulting in an upward-sloping yield curve.Occasionally,thedemandforshort-termfundsincreasessubstantially, andshort-ter

41、minterestratesmayriseabove the leveloflonger term interest rates. This results in an inversion of the yield curveand a downwardslopeto itsappearance.Thehighcost of short-termfundsdetractsfromgainsthatwouldotherwisebeobtained throughinvestmentandexpansionandmaketheeconomyvulnerabletoslowdown or reces

42、sion. Eventually, rising interest rates slow the demand專業資料.forbothshort-termandlong-termfunds.A declinein all ratesandareturn to a normal curve may occur as a result of the slowdown.Source: Karen A. Horcher, 2005.“ What Is Financial RiskManagement?”.Essentials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

43、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，盡管他們通常可以互換。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，

44、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重得多。換句話說，專業資料.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

45、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，和對在金融衍生產品中的交易。3、由于部行動或失敗的組織，特別是人、過程和系統所造成的金融風險。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展戰略、部管理的優先事項和當政策一致時的財務風險。

46、企業積極應對金融風險可以使企業成為一個具有競爭優勢的組織。它還確保管理，業務人員，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。那些被動不專業資料.采取行動的戰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略面，通過工作來減少該組織的風險承受能力和目標圍的風險。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

47、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，必須認真考慮在發展中的金融風險是如產生的。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不斷的過程。隨著市場需求的變化和完善， 戰略必須得到執行。 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