毕业设计论文外文文献翻译.docx
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毕业设计论文外文文献翻译.docx
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毕业设计论文外文文献翻译
毕业设计(论文)外文文献翻译
院系:
财务与会计学院
年级专业:
201*级财务管理
姓名:
学号:
132148***
附件:
财务风险管理
指导老师评语:
指导教师签名:
2017年2月15日
【Abstract】Althoughfinancialriskhasincreasedsignificantlyinrecentyearsriskandriskmanagementarenotcontemporaryissues.Theresultofincreasinglyglobalmarketsisthatriskmayoriginatewitheventsthousandsofmilesawaythathavenothingtodowiththedomesticmarket.Informationisavailableinstantaneouslywhichmeansthatchangeandsubsequentmarketreactionsoccurveryquickly.Theeconomicclimateandmarketscanbeaffectedveryquicklybychangesinexchangeratesinterestratesandcommodityprices.Counterpartiescanrapidlybecomeproblematic.Asaresultitisimportanttoensurefinancialrisksareidentifiedandmanagedappropriately.Preparationisakeycomponentofriskmanagement.
【KeyWords】Financialrisk,Riskmanagement,Yields
I.Financialrisksarising
1.1WhatIsRisk
Riskprovidesthebasisforopportunity.Thetermsriskandexposurehavesubtledifferencesintheirmeaning.Riskreferstotheprobabilityoflosswhileexposureisthepossibilityoflossalthoughtheyareoftenusedinterchangeably.Riskarisesasresultofexposure.
Exposuretofinancialmarketsaffectsmostorganizationseitherdirectlyorindirectly.Whenanorganizationhasfinancialmarketexposurethereisapossibilityoflossbutalsoanopportunityforgainorprofit.Financialmarketexposuremayprovidestrategicorcompetitivebenefits.
Riskthepossibilityofloss
Riskisthelikelihoodoflossesresultingfromeventssuchaschangesinmarketprices.Eventswithalowprobabilityofoccurringbutthatmayresultinahighloserparticularlytroublesomebecausetheyareoftennotanticipated.Putanotherwayriskistheprobablevariabilityofreturns.
Sinceitisnotalwayspossibleordesirabletoeliminateriskunderstandingitisanimportantstepindetermininghowtomanageit.Identifyingexposuresandrisksformsthebasisforanappropriatefinancialriskmanagementstrategy.
Financialriskarisesthroughcountlesstransactionsofafinancialnatureincludingsalesandpurchasesinvestmentsandloansandvariousotherbusinessactivities.Itcanariseasaresultoflegaltransactionsnewprojectsmergersandacquisitionsdebtfinancingtheenergycomponentofcostsorthroughtheactivitiesofmanagementstakeholderscompetitorsforeigngovernmentsorweather.Whenfinancialpriceschangedramaticallyitcanincreasecostsreducerevenuesorotherwiseadverselyimpacttheprofitabilityofanorganization.Financialfluctuationsmaymakeitmoredifficulttoplanandbudgetpricegoodsandservicesandallocatecapital.
Therearethreemainsourcesoffinancialrisk:
1.Financialrisksarisingfromanorganization’sexposuretochangesinmarketpricessuchasinterestratesexchangeratesandcommodityprices.
2.Financialrisksarisingfromtheactionsofandtransactionswithotherorganizationssuchasvendorscustomersandcounterpartiesinderivativestransactions.
3.Financialrisksresultingfrominternalactionsorfailuresoftheorganizationparticularlypeopleprocessesandsystems.
2.1WhatIsFinancialRisk
ManagementFinancialriskmanagementisaprocesstodealwiththeuncertaintiesresultingfromfinancialmarkets.Itinvolvesassessingthefinancialrisksfacinganorganizationanddevelopingmanagementstrategiesconsistentwithinternalprioritiesandpolicies.Addressingfinancialrisksproactivelymayprovideanorganizationwithacompetitiveadvantage.Italsoensuresthatmanagementoperationalstaffstakeholdersandtheboardofdirectorsareinagreementonkeyissuesofrisk.
Managingfinancialrisknecessitatesmakingorganizationaldecisionsaboutrisksthatareacceptableversusthosethatarenot.Thepassivestrategyoftakingnoactionstheacceptanceofallrisksbydefault.
Organizationsmanagefinancialriskusingavarietyofstrategiesandproducts.Itisimportanttounderstandhowtheseproductsandstrategiesworktoreduceriskwithinthecontextoftheorganization’srisktoleranceandobjectives.
Strategiesforriskmanagementofteninvolvederivatives.Derivativesaretradedwidelyamongfinancialinstitutionsandonorganizedexchanges.Thevalueofderivativescontractssuchasfuturesforwardsoptionsandswapsisderivedfrothedpriceoftheunderlyingasset.Derivativestradeoninterestratesexchangeratescommoditiesequityandfixedincomesecuritiescreditandevenweather.
Theproductsandstrategiesusedbymarketparticipantstomanagefinancialriskarethesameonesusedbyspeculatorstoincreaseleverageandrisk.Althoughitcanbearguedthatwidespreaduseofderivativesincreasesrisktheexistenceofderivativesenablesthosewhowishtoreducerisktopassitalongtothosewhoseekriskanditsassociatedopportunities.
Theabilitytoestimatethelikelihoodofafinanciallossishighlydesirable.Howeverstandardtheoriesofprobabilityoftenfailintheanalysisoffinancialmarkets.Risksusuallydonotexistinisolationandtheinteractionsofseveralexposuresmayhavetobeconsideredindevelopinganunderstandingofhowfinancialriskarises.Sometimestheseinteractionsaredifficulttoforecastsincetheyultimatelydependonhumanbehavior.
Theprocessoffinancialriskmanagementisanongoingone.Strategiesneedtubeimplementedandrefinedasthemarketandrequirementschange.Refinementsmayreflectchangingexpectationsaboutmarketrateschangestothebusinessenvironmentorchanginginternationalpoliticalconditionsforexample.Ingeneraltheprocesscanbesummarizedasfollows:
1.Identifyandprioritizekeyfinancialrisks.
2.Determineanappropriatelevelofrisktolerance.
3.Implementriskmanagementstrategyinaccordancewithpolicy.
4.Measurereportmonitorandrefineasneeded.
2.2Diversification
Formanyyearstheriskinessofanassetwasassessedbasedonlyonthevariabilityofitsreturns.Incontrastmodernportfoliotheoryconsidersnotonlyanasset’sriskinessbutalsoitscontributiontotheoverallriskinessoftheportfoliotowhichitisadded.Organizationsmayhaveanopportunitytoreduceriskasaresultofriskdiversification.
Inportfoliomanagementtermstheadditionofindividualcomponentstoaportfolioprovidesopportunitiesfordiversificationwithinlimits.Adiversifiedportfoliocontainsassetswhosereturnsaredissimilarinotherwordsweaklyornegativelycorrelatedwithoneanother.Itisusefultothinkoftheexposuresofanorganizationasaportfolioandconsidertheimpactofchangesoradditionsonthepotentialriskofthetotal.
Diversificationisanimportanttoolinmanagingfinancialrisks.Diversificationamongcounterpartiesmayreducetheriskthatunexpectedeventsadverselyimpacttheorganizationthroughdefaults.Diversificationamonginvestmentassetsreducesthemagnitudeoflossifoneissuerfails.Diversificationofcustomerssuppliersandfinancingsourcesreducesthepossibilitythatanorganizationwillhaveitsbusinessadverselyaffectedbychangesoutsidemanagement’scontrol.Althoughtheriskoflossstillexistsdiversificationmayreducetheopportunityforlargeadverseoutcomes.
2.3RiskManagementProcess
Theprocessoffinancialriskmanagementcomprisesstrategiesthatenableanorganizationtomanagetherisksassociatedwithfinancialmarkets.Riskmanagementisadynamicprocessthatshouldevolvewithanorganizationanditsbusiness.Itinvolvesandimpactsmanypartsofanorganizationincludingtreasurysalesmarketinglegaltaxcommodityandcorporatefinance.Theriskmanagementprocessinvolvesbothinternalandexternalanalysis.Thefirstpartoftheprocessinvolvesidentifyingandprioritizingthefinancialrisksfacinganorganizationandunderstandingtheirrelevance.Itmaybenecessarytoexaminetheorganizationanditsproductsmanagementcustomerssupplierscompetitorspricingindustrytrendsbalancesheetstructureandpositionintheindustry.Itisalsonecessarytoconsiderstakeholdersandtheirobjectivesandtoleranceforrisk.
Onceaclearunderstandingoftherisksemergesappropriatestrategiescanbeimplementedinconjunctionwithriskmanagementpolicy.Forexampleitmightbepossibletochangewhereandhowbusinessisdonetherebyreducingtheorganization’sexposureandrisk.Alternativelyexistingexposuresmaybemanagedwithderivatives.Anotherstrategyformanagingriskistoacceptallrisksandthepossibilityoflosses.
Therearethreebroadalternativesformanagingrisk:
1.Donothingandactivelyorpassivelybydefaultacceptallrisks.
2.Hedgeaportionofexposuresbydeterminingwhichexposurescanandshouldbehedged.
3.Hedgeallexposurespossible.
Measurementandreportingofrisksprovidesdecisionmakerswithinformationtoexecutedecisionsandmonitoroutcomesbothbeforeandafterstrategiesaretakentomitigatethem.Sincetheriskmanagementprocessisongoingreportingandfeedbackcanbeusedtorefinethesystembymodifyingorimprovingstrategies.
Anactivedecision-makingprocessisanimportantcomponentofriskmanagement.Decisionsaboutpotentiallossandriskreductionprovideaforumfordiscussionofimportantissuesandthevaryingperspectivesofstakeholders.FactorsthatImpactFinancialRatesandPrices
Financialratesandpricesareaffectedbyanumberoffactors.Itisessentialtounderstandthefactorsthatimpactmarketsbecausethosefactorsinturnimpactthepotentialriskofanorganization.
.FactorsAffectingFinancialRatios
3.1FactorsthatAffectInterest
RatesInterestratesareakeycomponentinmanymarketpricesandanimportanteconomicbarometer.Theyarecomprisedoftherealrateplusacomponent
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