毕业设计论文外文文献翻译.docx

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