企业风险管理外文文献翻译2014年译文5000字Word下载.docx
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原文
ThedevelopmentoftheenterpriseriskmanagementtheoryBedardJC,HoitashR
Abstract
Enterpriseriskmanagementasanimportantfieldofriskmanagementdisciplines,inmorethan50yearsofdevelopmentprocessoftheimplementationofdispersingfrommultipleareasofresearchtotheintegrationofcomprehensiveriskmanagementframeworkevolution,thetheoryofriskmanagementandinternalauditandcontroltheoryaretwomajortheoreticalsourcesofriskmanagementtheoryhasexperiencedfromthetraditionalriskmanagement,financialvolatilitytothedevelopmentoftheenterpriseriskmanagement,riskmanagementandinternalauditandcontroltheorywentthroughtheinternalaccountingcontrolandinternalcontrolintegratedframeworktotheevolutionofenterpriseriskmanagement,thedevelopmentofthetheoryoftheabovetwopointstothedirectionoftheenterpriseriskmanagement,finallyrealizestheintegrationdevelopment,enterpriseriskmanagementtheorytobecomeanimportantpartofenterprisemanagementisindispensable.
Keywords:
enterpriseriskmanagement,internalaudittheinternalcontrol
1Thefirsttheorysource,evolutionofthetheoryofriskmanagement
"
Riskmanagement"
asakindofoperationandmanagementidea,hasalonghistory:
thousandsofyearsagointhewesthave"
don'
tputalleggsinonebasket"
theproverb,theancientChinesefamous"
productvalleyhunger"
allusionsand"
yicang("
18
system,"
boatwas"
organizationhaveaprototypeofthemodernriskmanagementthought,andpointsunderescortshiptransportation,yuen,iseffectivewaytospreadrisk,transferrisk.Inthemodernsenseofriskmanagementthoughtappearedinthefirsthalfofthe20thcentury,suchasfayol'
ssafeproductionideas,Marshall'
s"
risksharingmanagement"
pointofview,etc.;
Butriskmanagementasadisciplinesystemdevelopmentisstartedinthemiddleofthe20thcentury:
in1950,gallagherintheriskmanagement:
anewstageofcostcontrolinthepaper,putsforwardtheconceptofriskmanagement;
Johnso(1952)mentionedtheproblemshowtodealwithrisksanduncertaintiesinfarmmanagement,whichinvolvesearlyenterprise(farms)ofriskmanagementproblem.TheemergenceofriskmanagementasadisciplinerealMehrandHedgesoftheenterpriseriskmanagement(1963)andC.A.WilliamsandRichard
m.Heins"
riskmanagementandinsurance"
(1964)publishedmarked.WilliamsandHeinsthinks,"
riskmanagementisbasedontheriskidentification,measurementandcontroltothesmallestcostriskcausedbythelosstothelowestlevelofmanagementmethods"
riskmanagementisnotjustatechnology,amethod,akindofmanagementprocess,andisanewandscientificmanagement.Thedevelopmentofthetheoryofriskmanagement.
1.1Thefirststage:
the70sand1950s
Theoreticaltendencymainlyisthepureriskpreventionandmanagementofenterprise(adverserisk);
Takethemainstrategyofenterpriseriskmanagementisriskavoidanceandrisktransfer,insurancebecomesthemainriskmanagementtools.FireeventsofgeneralmotorsandtheUnitedStatessteelindustrytheworkerswentonstriketoenterprise'
snormaloperationcausedseriousimpactandlosses,becomeanimportantopportunitytopromotethedevelopmentofenterpriseriskmanagementtheory.Thisphasethefirstimportantareaofriskmanagementtheory,istheriskmanagementobjectdefinitionandresearch.Sincethe20thcentury,scholarshavebeentheobjectofriskmanagementdividedintotwomajorcategoriesofpureriskandspeculativerisk,andthepurerisksas theobjectofriskmanagementandthetarget(Denenberg,1966;
Gahin,1967).Infact,theriskcanbedividedintopureriskand
speculativeriskisakindofmethodbasedontheresponsibility,istargetedatloss,isnotaimedatrisk,soitcanbedividedintopureriskandspeculativerisk,butnotasgoodasitcanbedividedintopurelossandspeculativeloss,becauseitcanreflectthetruerespectoftheriskmanagermorelossproblem.
Isthesecondimportantareas,totheenterprisedecision-makingandofbehavior,andinsuranceinresponsetotheimportantroleofenterpriseriskanduniversalityofthestudy.Greene(1955)orientationisinsurancebuyersofriskmanagement.Apaperpublishedin1955,themanagementreview"
totheriskofakindofmanagementmethod"
thinkofinsuranceasthemostimportantmeansofenterpriseriskmanagementshouldbeattentionbytheenterprisemanagementandtheshareholders,thinkinsuranceisabusinessspendingthemostvaluablepartofallkindsofcosts.Denenbergetc.(1966)alsoemphasizestheinsuranceatthisstagetheimportantroleofriskmanagement,pointsouttheimportantresponsibilityoftheriskmanageristodeterminetheappropriateinsurancepolicyfortheenterpriseandinsuranceproducts,thatwillbetheriskmanager'
snamechangedto"
insuranceandriskmanagers"
.Snider(1956),McCahill,Jr.(1971)stressedthatriskmanagementintheenterpriseorganizationstructurenotonlyhasacertainstatus,reporttotopmanagementwork,andwanttomaintaingoodcommunicationandcoordinationwiththefinancedepartment.
Athirdimportantareais,theriskmanagementtheoryintotheanalysisframeworkofmainstreameconomicsandmanagement.Ontheonehand,bythewindmanagementtheorycombinedwiththetraditionalenterprisetheory,theriskmanagementofthedecision-makingprocessandtheintegrationofenterprise'
soveralldecision.Usingthecapitalassetpricingmodel,thedecisionruleofenterpriseintheoptimalretentionratio,cumulativefranchisepolicyselectionandchoiceofreserves,etc.,makestheriskmanagementtheoryintothefinancialmarket;
Andtheuseofmarginalanalysistooltodeterminetheoptimalstrategyofriskmanagement,thenfurtherformingmarksinriskmanagementtheory,andbecomeanimportantareaoffinance(Cummins,1976).,ontheotherhand,Williamg.Scottcomplextypecombinedwithriskmanagementorganizationsystem,throughtotheenterprisebasic
systemandbranchofficesneat,willbetheoverallgoalandtheriskoftheenterprisemanagerdailytargetorganicunification,thentotheappraisalofthebranchtocontributiontotheenterpriseoverallriskidentificationandmeasurement,andconsidertherelationshipbetweenthemandtherelationshipbetweenthedynamiccharacteristics,soastoprovidetheoreticalsourcesforthedevelopmentofriskmanagement(Close,1974).
1.2Thesecondstage,thelate1970stotheendofthe20thcentury
Riskmanagementobjectismainlythebusinessandfinancialresultsofvolatility,riskmanagementtoolsonthebasisofinsurancealsoachievedgreatdevelopment,newderivativesandalternativerisktransfer(ART)playanimportantrole.Inthe1970s,thecollapseofthebrettonwoodssystemofexchangeratevolatilitysignificantlyincreased,oilpricerisingsharply,theproductioncostofenterpriseisdifficulttocontrol;
Afterenteringthe80s,highinflationandinterestratevolatilityandnumberofmoneyandcreditcrisismakestheenterprisethemanagementfacegreateruncertainty.Toolofalargenumberofapplicationsinconveniententerpriseriskmanagementatthesametime,alsobecauseofitscharacteristicsofleveragedtoamplifythedamageduetoimproperusestrategyofsotheuseofderivativesandthemanagement strategy becomes very important.Therefore, the enterprise riskmanagementandderivativestrading,hedgestrategyshouldpaycloseattentiontothecompetitor(Frootetc.,1994).And(2001)studyfoundthatsuchasCummins,althoughthemeasurementoftheriskandtheliquidityaswellasthedecision-makinghasapositiveconnectionoftheunderwriter,butforthosewhousederivativestohedgerisk,theriskindexwashasnegativerelationshipwiththewidthanddepthofthehedge.
1.3Thethirdstage,sincethe21stcentury
Afterenteringthe21stcentury,withthespeedingupoftheglobaleconomicintegration,companies,increasingtheriskfortheinfluenceofvariousrisksandpotentialconsequenceswillmagnify,togetherwiththecomplexityofthefinancialderivativestradingandfrequencyareincreasedrapidly,tothecontinuousoperationof
theenterpriseputforwardtheseriouschallenge,theenterprisemustbreakthroughthetraditionalpatternofriskmanagement,fromamorecomprehensive,integratedviewofriskanalysisandmanagement,asaresult,thecomprehensiveriskmanagementstageofthedevelopmentofriskmanagement.Theemergenceofcomprehensiveriskmanagementandapplicationofriskmanagementfortheenterpriseprovidesnewmethodsandtools,itsapplicationfieldisverybroad,fromenterprises,non-profitorganizationstothegovernmentaregraduallyintroducedtheanalysisframework.
2Secondtheorysource
Internalauditandthedevelopmentofcontroltheoryintheprocessoftheevolutionofenterpriseriskmanagementtheory,theoryofthesecondsourceistheevolutionanddevelopmentofinternalauditandcontroltheory.Fromtheliteratureininternalauditandcontroloftheinternalaccountingcontrol,internalcontrolintegratedframework,enterpriseriskmanagementprocessoftheoverallframework,includingtheCOSOhasplayedaleadingrole,inparticular,itissuedtwosymbolicfile"
enterpriseinternalcontrol,theoverallframework"
and"
enterpriseriskmanagement-integratedframework"
.Theseparationofcorporateownershipandcontrolistheultimatecauseofinternalauditandtheemergenceofacontroltheory,andtheexpansionofenterprisescaleandthestructureofthebranchinshortagep