财务风险管理外文翻译英文文献.doc
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财务风险管理外文翻译英文文献.doc
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财务风险管理
中英文资料翻译
FinancialRiskManagement
Althoughfinancialriskhasincreasedsignificantlyinrecentyears,riskandriskmanagementarenotcontemporaryissues.Theresultofincreasinglyglobalmarketsisthatriskmayoriginatewitheventsthousandsofmilesawaythathavenothingtodowiththedomesticmarket.Informationisavailableinstantaneously,whichmeansthatchange,andsubsequentmarketreactions,occurveryquickly.Theeconomicclimateandmarketscanbeaffectedveryquicklybychangesinexchangerates,interestrates,andcommodityprices.Counterpartiescanrapidlybecomeproblematic.Asaresult,itisimportanttoensurefinancialrisksareidentifiedandmanagedappropriately.Preparationisakeycomponentofriskmanagement.
WhatIsRisk?
Riskprovidesthebasisforopportunity.Thetermsriskandexposurehavesubtledifferencesintheirmeaning.Riskreferstotheprobabilityofloss,whileexposureisthepossibilityofloss,althoughtheyareoftenusedinterchangeably.Riskarisesasaresultofexposure.
Exposuretofinancialmarketsaffectsmostorganizations,eitherdirectlyorindirectly.Whenanorganizationhasfinancialmarketexposure,thereisapossibilityoflossbutalsoanopportunityforgainorprofit.Financialmarketexposuremayprovidestrategicorcompetitivebenefits.
Riskisthelikelihoodoflossesresultingfromeventssuchaschangesinmarketprices.Eventswithalowprobabilityofoccurring,butthatmayresultinahighloss,areparticularlytroublesomebecausetheyareoftennotanticipated.Putanotherway,riskistheprobablevariabilityofreturns.
Sinceitisnotalwayspossibleordesirabletoeliminaterisk,understandingitisanimportantstepindetermininghowtomanageit.Identifyingexposuresandrisksformsthebasisforanappropriatefinancialriskmanagementstrategy.
HowDoesFinancialRisk?
Financialriskarisesthroughcountlesstransactionsofafinancialnature,includingsalesandpurchases,investmentsandloans,andvariousotherbusinessactivities.Itcanariseasaresultoflegaltransactions,newprojects,mergersandacquisitions,debtfinancing,theenergycomponentofcosts,orthroughtheactivitiesofmanagement,stakeholders,competitors,foreigngovernments,orweather.Whenfinancialpriceschangedramatically,itcanincreasecosts,reducerevenues,orotherwiseadverselyimpacttheprofitabilityofanorganization.Financialfluctuationsmaymakeitmoredifficulttoplanandbudget,pricegoodsandservices,andallocatecapital.
Therearethreemainsourcesoffinancialrisk:
1.Financialrisksarisingfromanorganization’sexposuretochangesinmarketprices,suchasinterestrates,exchangerates,andcommodityprices.
2.Financialrisksarisingfromtheactionsof,andtransactionswith,otherorganizationssuchasvendors,customers,andcounterpartiesinderivativestransactions
3.Financialrisksresultingfrominternalactionsorfailuresoftheorganization,particularlypeople,processes,andsystems
WhatIsFinancialRiskManagement?
Financialriskmanagementisaprocesstodealwiththeuncertaintiesresultingfromfinancialmarkets.Itinvolvesassessingthefinancialrisksfacinganorganizationanddevelopingmanagementstrategiesconsistentwithinternalprioritiesandpolicies.Addressingfinancialrisksproactivelymayprovideanorganizationwithacompetitiveadvantage.Italsoensuresthatmanagement,operationalstaff,stakeholders,andtheboardofdirectorsareinagreementonkeyissuesofrisk.
Managingfinancialrisknecessitatesmakingorganizationaldecisionsaboutrisksthatareacceptableversusthosethatarenot.Thepassivestrategyoftakingnoactionistheacceptanceofallrisksbydefault.
Organizationsmanagefinancialriskusingavarietyofstrategiesandproducts.Itisimportanttounderstandhowtheseproductsandstrategiesworktoreduceriskwithinthecontextoftheorganization’srisktoleranceandobjectives.
Strategiesforriskmanagementofteninvolvederivatives.Derivativesaretradedwidelyamongfinancialinstitutionsandonorganizedexchanges.Thevalueofderivativescontracts,suchasfutures,forwards,options,andswaps,isderivedfromthepriceoftheunderlyingasset.Derivativestradeoninterestrates,exchangerates,commodities,equityandfixedincomesecurities,credit,andevenweather.
Theproductsandstrategiesusedbymarketparticipantstomanagefinancialriskarethesameonesusedbyspeculatorstoincreaseleverageandrisk.Althoughitcanbearguedthatwidespreaduseofderivativesincreasesrisk,theexistenceofderivativesenablesthosewhowishtoreducerisktopassitalongtothosewhoseekriskanditsassociatedopportunities.
Theabilitytoestimatethelikelihoodofafinanciallossishighlydesirable.However,standardtheoriesofprobabilityoftenfailintheanalysisoffinancialmarkets.Risksusuallydonotexistinisolation,andtheinteractionsofseveralexposuresmayhavetobeconsideredindevelopinganunderstandingofhowfinancialriskarises.Sometimes,theseinteractionsaredifficulttoforecast,sincetheyultimatelydependonhumanbehavior.
Theprocessoffinancialriskmanagementisanongoingone.Strategiesneedtobeimplementedandrefinedasthemarketandrequirementschange.Refinementsmayreflectchangingexpectationsaboutmarketrates,changestothebusinessenvironment,orchanginginternationalpoliticalconditions,forexample.Ingeneral,theprocesscanbesummarizedasfollows:
1、Identifyandprioritizekeyfinancialrisks.
2、Determineanappropriatelevelofrisktolerance.
3、Implementriskmanagementstrategyinaccordancewithpolicy.
4、Measure,report,monitor,andrefineasneeded.
Diversification
Formanyyears,theriskinessofanassetwasassessedbasedonlyonthevariabilityofitsreturns.Incontrast,modernportfoliotheoryconsidersnotonlyanasset’sriskiness,butalsoitscontributiontotheoverallriskinessoftheportfoliotowhichitisadded.Organizationsmayhaveanopportunitytoreduceriskasaresultofriskdiversification.
Inportfoliomanagementterms,theadditionofindividualcomponentstoaportfolioprovidesopportunitiesfordiversification,withinlimits.Adiversifiedportfoliocontainsassetswhosereturnsaredissimilar,inotherwords,weaklyornegativelycorrelatedwithoneanother.Itisusefultothinkoftheexposuresofanorganizationasaportfolioandconsidertheimpactofchangesoradditionsonthepotentialriskofthetotal.
Diversificationisanimportanttoolinmanagingfinancialrisks.Diversificationamongcounterpartiesmayreducetheriskthatunexpectedeventsadverselyimpacttheorganizationthroughdefaults.Diversificationamonginvestmentassetsreducesthemagnitudeoflossifoneissuerfails.Diversificationofcustomers,suppliers,andfinancingsourcesreducesthepossibilitythatanorganizationwillhaveitsbusinessadverselyaffectedbychangesoutsidemanagement’scontrol.Althoughtheriskoflossstillexists,diversificationmayreducetheopportunityforlargeadverseoutcomes.
RiskManagementProcess
Theprocessoffinancialriskmanagementcomprisesstrategiesthatenableanorganizationtomanagetherisksassociatedwithfinancialmarkets.Riskmanagementisadynamicprocessthatshouldevolvewithanorganizationanditsbusiness.Itinvolvesandimpactsmanypartsofanorganizationincludingtreasury,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.
FactorsthatImpactFinancialRatesandPrices
Financialratesandpricesareaffectedbyanumberoffactors.Itisessentialtounderstandthefactorsthatimpactmarketsbecausethosefactors,inturn,impactthepotentialriskofanorganization.
FactorsthatAffectInterestRates
Interestratesareakeycomponentinmanymarketpricesandanimportanteconomicbarometer.Theyarecomprisedoftherealrateplusacomponentforexpectedinflation,sinceinflationreducesthepurchasingpowerofalender’sassets.Thegreaterthetermtomaturity,thegreatertheuncertainty.
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