1、1本科毕业论文外文翻译外文文献译文标题什么是金融风险管理资料来源约翰威利父子出版公司作者霍博肯近年来的财务风险已增大到引人注目，风险和风险管理是当代值得关注的问题。日益全球化的市场导致风险可能来自于与国内市场无关的千里之外。汇率、利率和商品价格的变化可以很快并且积极的反映环境和市场。风险管理迅速成为一个问题。因此，保证财务风险的能被很好的识别和对其适当的管理是非常重要的。准备措施是风险管理的一个关键组成部分。什么是风险风险为行动提供了良机。条件风险和承受风险在意义上有细微的差别，条件风险归属于损失的可能性，而承受风险是损失的可能性，虽然他们往往交替使用，风险包括承受风险。金融市场的承受风险会影
2、响大部分的组织，无论是直接或间接地。当一个组织有金融市场承受风险时，会有损失的可能性，但也是获得收益或利润的一次机会。金融市场承受风险可能提供关键的或有竞争性的收益。风险是如市场价格变化之类造成损失的可能性。一方面，该事件的发生率较低，但可能会导致高的损失，因为他们往往是预期不了的，所以一旦发生还是比较麻烦的。另一方面，风险是回报的可能变异性。虽然对于消除风险来说并非总是可能或可取的，但是在决定如何管理前了解它是一个重要的步骤。了解风险和风险的形成是一个适当的金融风险管理策略的基础。财务风险是如何产生的金融风险的产生通过无数的交易行为，包括销售和采购，投资和贷款，以及其他各种业务活动。它可以由
3、法律事务，新项目，兼并和收购，债务融资，能源组成部分的费用产生，也可以通过管理者，利益相关者，竞争者，外国政府或天气变化等活动产生。当金融市场价格急剧变化，它会增加成本，减少利润，或对组织造成其他不利的影响。金融市场波动可能使它的计划和预算、商品价格和服务和资金分配更加困难。金融风险有三个主要的来源1金融风险由一个组织对市场的价格变化而产生的，如利率，汇率，和商2品价格。2金融风险由行动产生，如供应商，客户和其他组织在衍生品交易时产生的。3金融风险也有可能是由于组织内部的操作失败而引起的，特别是人，过程，和系统什么是财务风险管理财务风险管理是处理金融市场造成的不确定性的一个过程。它涉及到评估一
4、个组织面临的财务风险和符合内部的工作重点和政策的发展管理战略。及时的处理金融风险可以提供组织一个良好的竞争优势。它还为管理者、业务人员、利益相关者和董事会提供保证。管理金融风险，就必须对可以接受的或不可接受的风险做出组织决策。不采取任何行动的消极策略是对接受所有风险的默认。组织对金融风险进行管理时会使用各种战略和程序。重要的是要了解这些策略和程序是如何在组织的风险承受能力和目标范围内降低风险的。战略风险管理往往涉及衍生物。衍生品交易在金融机构和组织交流中是非常广泛的。价值的衍生工具合约，如期货，期权和掉期，是源于标的资产价格的。市场参与者在管理财务风险时使用的措施和战略与投机者再增加杠杆与风险
5、时使用的措施和战略是相同的。虽然可以认为，衍生品的广泛使用使风险增加，那些希望用来减少风险的衍生物的存在，传递给那些寻求风险及其相关的机会。有估计一个财务损失的可能性的能力是非常必须的。然而，标准概率理论往往不能在金融市场分析。风险通常不是孤立存在的，并且相互作用的几个措施可能必须要考虑发展中国家，了解它的财务风险是如何产生的。有时，这些相互作用是难以预测的，因为他们最终取决于人的行为。处理金融风险管理是一个持续不断的过程。战略需要得到实施和完善必须考虑市场和需求的变化，改进可能反映变化的期望市场利率、变化的商业环境，或改变国际政治条件等。一般来说，这个过程可以概括如下1确定和优先关注关键的财
6、务风险。2确定一个适当的风险容忍度。3实施风险管理战略与政策。4措施，报告，监测，和完善的需要。多年来，对一项资产的风险水平的评估仅仅只建立在可能会变的回报的基础上。与此相反，现代投资组合理论不仅考虑资产的风险，而且还考虑其对被添加的投资组合的整体风险的贡献。由于风险的多样化，组织可能有机会减少3它的风险。经营多样化是在金融风险管理里一个重要的工具。经营多样化的措施可能会减少组织通过违约之类的突发事件所产生的不利影响的的风险。如果发行人没有失败，经营多样化在投资资产时会减少损失的程度。多样化的客户，供应商，和资金来源会降低，组织将其业务受到不利影响的变化以外的控制管理的可能性。虽然损失的风险依
7、然存在，但是多元化可能减少不良后果的机会较大。风险管理过程金融风险管理的过程需要有战略，使一个组织管理与金融市场上带来的风险。风险管理是一个动态的过程，应与组织及其业务一起发展。它涉及和影响组织的很多部分，包括财政、销售、市场营销、法律、税务、商品和公司金融。风险管理过程包括内部和外部分析。第一部分的过程包括确定和优先考虑组织面对的金融风险和理解他们的意义。审查该组织及其产品、管理、客户、供应商、竞争对手、定价、行业趋势、资产负债结构和在行业中的地位，可能是非常有必要。这也是需要考虑利益相关者和他们的目标和风险承受力。一旦一个了解明确的风险出现，可以实施适当的战略与风险管理政策。例如，它有可能
8、改变在哪里和如何做生意，从而减少组织的错误和风险。另外，现有的风险可能是管理的衍生物。管理风险有三个广泛的替代品1什么也不做，积极或消极地默认，接受所有的风险。2通过确定有哪些风险和套期保值对部分进行采取措施。3尽可能的采取所有措施。风险的测量和报告给决策者提供信息来执行决策和监测成果，之前和之后的策略都是缓和他们。由于风险管理过程是持续的，报告和反馈可以通过修改或改进策略用来改进系统。一个积极的决策过程是风险管理的一个重要组成部分。关于潜在损失和减少风险所做出的决定，为讨论的问题和不同利益相关者的观点提供了一个论坛。总结1金融风险管理是一个当代非常重要问题。财务风险管理是一个挑战，只要在这里
9、有市场和价格波动。2金融风险由一个组织对金融市场的反映，与他人的交易的过程中，对程序，系统，和人的依赖产生的。3要了解财务风险，考虑影响金融资产价格和利率的因素是非常有用的，包括利率，汇率，与商品价格。4自人类创造财务决策以来，一些金融财务历史对理解财务风险的性质是非常有用的。4外文文献原文TITLEWHATISFINANCIALRISKMANAGEMENTMATERIALSOURCEJOHNWILEYSONS，INCAUTHORHOBOKENALTHOUGHFINANCIALRISKHASINCREASEDSIGNIFICANTLYINRECENTYEARS,RISKANDRISKMANAG
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31、SOFANORGANIZATIONINCLUDINGTREASURY,SALES,MARKETING,LEGAL,TAX,COMMODITY,ANDCORPORATEFINANCETHERISKMANAGEMENTPROCESSINVOLVESBOTHINTERNALANDEXTERNALANALYSISTHEFIRSTPARTOFTHEPROCESSINVOLVESIDENTIFYINGANDPRIORITIZINGTHEFINANCIALRISKSFACINGANORGANIZATIONANDUNDERSTANDINGTHEIRRELEVANCEITMAYBENECESSARYTOEXAM
32、INETHEORGANIZATIONANDITSPRODUCTS,MANAGEMENT,CUSTOMERS,SUPPLIERS,COMPETITORS,PRICING,INDUSTRYTRENDS,BALANCESHEETSTRUCTURE,ANDPOSITIONINTHEINDUSTRYITISALSONECESSARYTOCONSIDERSTAKEHOLDERSANDTHEIROBJECTIVESANDTOLERANCEFORRISKONCEACLEARUNDERSTANDINGOFTHERISKSEMERGES,APPROPRIATESTRATEGIESCANBEIMPLEMENTEDI
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34、TIVESFORMANAGINGRISK1DONOTHINGANDACTIVELY,ORPASSIVELYBYDEFAULT,ACCEPTALLRISKS2HEDGEAPORTIONOFEXPOSURESBYDETERMININGWHICHEXPOSURESCANANDSHOULDBEHEDGED3HEDGEALLEXPOSURESPOSSIBLEMEASUREMENTANDREPORTINGOFRISKSPROVIDESDECISIONMAKERSWITHINFORMATIONTOEXECUTEDECISIONSANDMONITOROUTCOMES,BOTHBEFOREANDAFTERSTR
35、ATEGIESARETAKENTOMITIGATETHEMSINCETHERISKMANAGEMENTPROCESSISONGOING,REPORTINGANDFEEDBACKCANBEUSEDTOREFINETHESYSTEMBYMODIFYINGORIMPROVINGSTRATEGIESANACTIVEDECISIONMAKINGPROCESSISANIMPORTANTCOMPONENTOFRISKMANAGEMENTDECISIONSABOUTPOTENTIALLOSSANDRISKREDUCTIONPROVIDEAFORUMFORDISCUSSIONOFIMPORTANTISSUESA
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38、LARGERCITIESFORCENTURIES,ALLOWINGFARMERSTOTRADETHEIRPRODUCTSFOROTHERITEMSOFVALUETHESEMARKETPLACESARETHEPREDECESSORSOFMODERNEXCHANGESTHELATERDEVELOPMENTOFFORMALIZEDFUTURESMARKETSENABLEDPRODUCERSANDBUYERSTOGUARANTEEAPRICEFORSALESANDPURCHASESTHEABILITYTOTRADEPRODUCTANDGUARANTEEAPRICEWASPARTICULARLYIMPO
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40、TRACTSALSOFACILITATEDTRADINGINPRIZEDTULIPBULBSINSEVENTEENTHCENTURYAMSTERDAMDURINGTHEINFAMOUSTULIPMANIAERAINSEVENTEENTHCENTURYJAPAN,RICEWASANIMPORTANTCOMMODITYASGROWERSBEGANTOTRADERICETICKETSFORCASH,ASECONDARYMARKETBEGANTOFLOURISHTHEDOGMARICEFUTURESMARKETWASESTABLISHEDINTHECOMMERCECENTEROFOSAKAIN1688
41、WITH1,300REGISTEREDRICETRADERSRICEDEALERSCOULDSELLFUTURESINADVANCEOFAHARVESTINANTICIPATIONOFLOWERPRICES,ORALTERNATIVELYBUYRICEFUTURESCONTRACTSIFITLOOKEDASTHOUGHTHEHARVESTMIGHTBEPOORANDPRICESHIGHRICETICKETSREPRESENTEDEITHERWAREHOUSEDRICEORRICETHATWOULDBEHARVESTEDINTHEFUTURETRADINGATTHEDOGMAMARKETWASA
42、CCOMPANIEDBYASLOWBURNINGROPEINABOXSUSPENDEDFROMTHEROOFTHEDAYSTRADINGENDEDWHENTHEROPESTOPPEDBURNINGTHEDAYSTRADINGMIGHTBECANCELED,HOWEVER,IFTHEREWERENOTRADINGPRICEWHENTHEROPESTOPPEDBURNINGORIFITEXPIREDEARLYNORTHAMERICANDEVELOPMENTSINNORTHAMERICA,DEVELOPMENTOFFUTURESMARKETSISALSOCLOSELYTIEDTOAGRICULTUR
43、ALMARKETS,INPARTICULARTHEGRAINMARKETSOFTHENINETEENTHCENTURYVOLATILITYINTHEPRICEOFGRAINMADEBUSINESSCHALLENGINGFORBOTHGROWERSAND9MERCHANTBUYERSTHECHICAGOBOARDOFTRADECBOT,FORMEDIN1848,WASTHEFIRSTORGANIZEDFUTURESEXCHANGEINTHEUNITEDSTATESITSBUSINESSWASNONSTANDARDZEDGRAINFORWARDCONTRACTSWITHOUTACENTRALCLE
44、ARINGORGANIZATION,HOWEVER,SOMEPARTICIPANTSDEFAULTEDONTHEIRCONTRACTS,LEAVINGOTHERSUNHINGEDINRESPONSE,THECBOTDEVELOPEDFUTURESCONTRACTSWITHSTANDARDIZEDTERMSANDTHEREQUIREMENTOFAPERFORMANCEBONDIN1865THESEWERETHEFIRSTNORTHAMERICANFUTURESCONTRACTSTHECONTRACTSPERMITTEDFARMERSTOFIXAPRICEFORTHEIRGRAINSALESINA
45、DVANCEOFDELIVERYONASTANDARDIZEDBASISFORTHEBETTERPARTOFACENTURY,NORTHAMERICANFUTURESTRADINGREVOLVEDAROUNDTHEGRAININDUSTRY,WHERELARGESCALEPRODUCTIONANDCONSUMPTION,COMBINEDWITHEXPENSEOFTRANSPORTANDSTORAGE,MADEGRAINANIDEALFUTURESMARKETCOMMODITYNEWERAFINANCETHE1990SBROUGHTTHEDEVELOPMENTOFNEWDERIVATIVESPR
46、ODUCTS,SUCHASWEATHERANDCATASTROPHECONTRACTS,ASWELLASABROADERACCEPTANCEOFTHEIRUSEINCREASEDUSEOFVALUEATRISKANDSIMILARTOOLSFORRISKMANAGEMENTIMPROVEDRISKMANAGEMENTDIALOGUEANDMETHODOLOGIESSOMESPECTACULARLOSSESPUNCTUATEDTHEDECADE,INCLUDINGTHEFALLOFVENERABLEBARINGSBANK,ANDMAJORLOSSESATORANGECOUNTYCALIFORNI
47、A,DAIWABANK,ANDLONGTERMCAPITALMANAGEMENTNOLONGERWASDERIVATIVESLOSSESBIGNEWSINTHENEWERAOFFINANCE,THENEWSWORTHYLOSSESWEREDENOMINATEDINBILLIONS,RATHERTHANMILLIONS,OFDOLLARSIN1999,ANEWEUROPEANCURRENCY,THEEURO,WASADOPTEDBYAUSTRIA,BELGIUM,FINLAND,FRANCE,GERMANY,IRELAND,ITALY,LUXEMBOURG,THENETHERLANDS,PORT
48、UGAL,ANDSPAIN,ANDTWOYEARSLATER,GREECETHEMOVETOACOMMONCURRENCYSIGNIFICANTLYREDUCEDFOREIGNEXCHANGERISKFORORGANIZATIONSDOINGBUSINESSINEUROPEASCOMPAREDWITHMANAGINGADOZENDIFFERENTCURRENCIES,ANDITSPARKEDAWAVEOFBANKCONSOLIDATIONSASTHELONGEQUITIESBULLMARKETTHATHADSUSTAINEDTHROUGHMUCHOFTHEPREVIOUSDECADELOSTS
49、TEAM,TECHNOLOGYSTOCKSREACHEDAFINALSPECTACULARTOPIN2000SUBSEQUENTDECLINESFORSOMEEQUITIESWEREWORSETHANTHOSEOFTHEPOST1929MARKET,ANDTHECORPORATEFAILURESTHATFOLLOWEDTHEBOOMMADEHISTORYSHORTLYTHEREAFTER,THETERRORISTATTACKSOFSEPTEMBER11,2001CHANGEDMANYPERSPECTIVESONRISKPRECIOUSMETALSANDENERGYCOMMODITIESBECAMEINCREASINGLYATTRACTIVEINANINCREASINGLYUNSETTLEDGEOPOLITICALENVIRONMENT10NEWFRONTIERSINTHEEVOLUTIONOFFINANCIALRISKMANAGEMENTINCLUDENEWRISKMODELINGCAPABILITIESANDTRADINGINDERIVATIVESSUCHASWEATHER,ENVIRONMENTALPOLLUTIONCREDITS,ANDECONOMICINDICATORSSUMMARYFINANCIALRISKMANAGEMENTISNOTACONT
