財(cái)務(wù)管理外文翻譯

1、<p>　　財(cái)務(wù)管理類本科畢業(yè)論文外文翻譯</p><p>　　譯文：[美]卡倫·A·霍契.《什么是財(cái)務(wù)風(fēng)險(xiǎn)管理？》.《財(cái)務(wù)風(fēng)險(xiǎn)管理要點(diǎn)》.約翰.威立國(guó)際出版公司,2005:P1-22.</p><p><b>　　財(cái)務(wù)風(fēng)險(xiǎn)管理</b></p><p>　　盡管近年來金融風(fēng)險(xiǎn)大大增加，但風(fēng)險(xiǎn)和風(fēng)險(xiǎn)管理不是當(dāng)代的主要

2、問題。全球市場(chǎng)越來越多的問題是，風(fēng)險(xiǎn)可能來自幾千英里以外的與這些事件無關(guān)的國(guó)外市場(chǎng)。意味著需要的信息可以在瞬間得到，而其后的市場(chǎng)反應(yīng)，很快就發(fā)生了。經(jīng)濟(jì)氣候和市場(chǎng)可能會(huì)快速影響外匯匯率變化、利率及大宗商品價(jià)格，交易對(duì)手會(huì)迅速成為一個(gè)問題。因此，重要的一點(diǎn)是要確保金融風(fēng)險(xiǎn)是可以被識(shí)別并且管理得當(dāng)?shù)?。?zhǔn)備是風(fēng)險(xiǎn)管理工作的一個(gè)關(guān)鍵組成部分。</p><p><b>　　什么是風(fēng)險(xiǎn)？</b><

3、/p><p>　　風(fēng)險(xiǎn)給機(jī)會(huì)提供了基礎(chǔ)。風(fēng)險(xiǎn)和暴露的條款讓它們?cè)诤x上有了細(xì)微的差別。風(fēng)險(xiǎn)是指有損失的可能性，而暴露是可能的損失，盡管他們通?？梢曰Q。風(fēng)險(xiǎn)起因是由于暴露。</p><p>　　金融市場(chǎng)的暴露影響大多數(shù)機(jī)構(gòu)，包括直接或間接的影響。當(dāng)一個(gè)組織的金融市場(chǎng)暴露，有損失的可能性，但也是一個(gè)獲利或利潤(rùn)的機(jī)會(huì)。金融市場(chǎng)的暴露可以提供戰(zhàn)略性或競(jìng)爭(zhēng)性的利益。</p><p&

4、gt;　　風(fēng)險(xiǎn)損失的可能性事件來自如市場(chǎng)價(jià)格的變化。事件發(fā)生的可能性很小，但這可能導(dǎo)致?lián)p失率很高，特別麻煩，因?yàn)樗麄兺阮A(yù)想的要嚴(yán)重得多。換句話說，可能就是變異的風(fēng)險(xiǎn)回報(bào)。</p><p>　　由于它并不總是可能的，或者能滿意地把風(fēng)險(xiǎn)消除，在決定如何管理它中了解它是很重要的一步。識(shí)別暴露和風(fēng)險(xiǎn)形式的基礎(chǔ)需要相應(yīng)的財(cái)務(wù)風(fēng)險(xiǎn)管理策略。</p><p>　　財(cái)務(wù)風(fēng)險(xiǎn)是如何產(chǎn)生的呢？</p

5、><p>　　無數(shù)金融性質(zhì)的交易包括銷售和采購(gòu)，投資和貸款，以及其他各種業(yè)務(wù)活動(dòng)，產(chǎn)生了財(cái)務(wù)風(fēng)險(xiǎn)。它可以出現(xiàn)在合法的交易中，新項(xiàng)目中，兼并和收購(gòu)中，債務(wù)融資中，能源部分的成本中，或通過管理的活動(dòng)，利益相關(guān)者，競(jìng)爭(zhēng)者，外國(guó)政府，或天氣出現(xiàn)。當(dāng)金融的價(jià)格變化很大，它可以增加成本，降低財(cái)政收入，或影響其他有不利影響的盈利能力的組織。金融波動(dòng)可能使人們難以規(guī)劃和預(yù)算商品和服務(wù)的價(jià)格，并分配資金。</p><

6、;p>　　有三種金融風(fēng)險(xiǎn)的主要來源：</p><p>　　1、金融風(fēng)險(xiǎn)起因于組織所暴露出來的市場(chǎng)價(jià)格的變化，如利率、匯率、和大宗商品價(jià)格。</p><p>　　2、引起金融風(fēng)險(xiǎn)的行為有與其他組織的交易如供應(yīng)商、客戶，和對(duì)方在金融衍生產(chǎn)品中的交易。</p><p>　　3、由于內(nèi)部行動(dòng)或失敗的組織，特別是人、過程和系統(tǒng)所造成的金融風(fēng)險(xiǎn)。</p>&

7、lt;p>　　什么是財(cái)務(wù)風(fēng)險(xiǎn)管理？</p><p>　　財(cái)務(wù)風(fēng)險(xiǎn)管理是用來處理金融市場(chǎng)中不確定的事情的。它涉及到一個(gè)組織所面臨的評(píng)估和組織的發(fā)展戰(zhàn)略、內(nèi)部管理的優(yōu)先事項(xiàng)和當(dāng)政策一致時(shí)的財(cái)務(wù)風(fēng)險(xiǎn)。企業(yè)積極應(yīng)對(duì)金融風(fēng)險(xiǎn)可以使企業(yè)成為一個(gè)具有競(jìng)爭(zhēng)優(yōu)勢(shì)的組織。它還確保管理，業(yè)務(wù)人員，利益相關(guān)者，董事會(huì)董事在對(duì)風(fēng)險(xiǎn)的關(guān)鍵問題達(dá)成協(xié)議。</p><p>　　金融風(fēng)險(xiǎn)管理組織就必須作出那些不被接受

8、的有關(guān)風(fēng)險(xiǎn)的決定。那些被動(dòng)不采取行動(dòng)的戰(zhàn)略是在默認(rèn)情況下接受所有的風(fēng)險(xiǎn)。</p><p>　　組織使用各種策略和產(chǎn)品來管理金融風(fēng)險(xiǎn)。重要的是要了解這些產(chǎn)品和戰(zhàn)略方面，通過工作來減少該組織內(nèi)的風(fēng)險(xiǎn)承受能力和目標(biāo)范圍內(nèi)的風(fēng)險(xiǎn)。</p><p>　　風(fēng)險(xiǎn)管理的策略往往涉及衍生工具。在金融機(jī)構(gòu)和有組織的交易所，衍生物廣泛地進(jìn)行交易。衍生工具的合約的價(jià)值，如期貨，遠(yuǎn)期，期權(quán)和掉期，是源自相關(guān)資產(chǎn)的價(jià)

9、格。衍生物利用利率，匯率，商品，股票和固定收入的證券，信貸，甚至是天氣進(jìn)行交易。</p><p>　　這些產(chǎn)品和市場(chǎng)參與者使用策略來管理金融風(fēng)險(xiǎn)，與由投機(jī)者用來提高風(fēng)險(xiǎn)的杠桿作用是相同。雖然可以認(rèn)為，衍生工具的廣泛使用增加了風(fēng)險(xiǎn)，衍生品的存在使那些希望通過把它傳遞給那些尋求風(fēng)險(xiǎn)及相關(guān)機(jī)會(huì)的人降低了風(fēng)險(xiǎn)。</p><p>　　估計(jì)財(cái)務(wù)損失的可能性是非常令人滿意的。然而，概率標(biāo)準(zhǔn)的理論往往在金

10、融市場(chǎng)的分析中不適用。風(fēng)險(xiǎn)通常不會(huì)孤立存在的，通常會(huì)和幾個(gè)風(fēng)險(xiǎn)的相互作用，必須認(rèn)真考慮在發(fā)展中國(guó)家的金融風(fēng)險(xiǎn)是如何產(chǎn)生的。有時(shí)，這些相互作用是很難預(yù)測(cè)的，因?yàn)樗鼈冏罱K取決于人的行為。</p><p>　　金融風(fēng)險(xiǎn)管理是一個(gè)持續(xù)不斷的過程。隨著市場(chǎng)需求的變化和完善，戰(zhàn)略必須得到執(zhí)行。有關(guān)的修改反映不斷變化的市場(chǎng)利率，變化的預(yù)期營(yíng)商環(huán)境，或例如不斷變化的國(guó)際政治條件。一般來說，這個(gè)過程可以概括如下：</p>

11、;<p>　　1、識(shí)別并優(yōu)先考慮關(guān)鍵的財(cái)務(wù)風(fēng)險(xiǎn)。</p><p>　　2、確定適當(dāng)?shù)娘L(fēng)險(xiǎn)容忍程度。</p><p>　　3、按照政策實(shí)施風(fēng)險(xiǎn)管理戰(zhàn)略。</p><p>　　4、按需要衡量，報(bào)告，監(jiān)控和改進(jìn)。</p><p><b>　　多樣化</b></p><p>　　多年來，公司

12、資產(chǎn)的風(fēng)險(xiǎn)評(píng)價(jià)的可變性僅僅基于其回報(bào)。與此形成對(duì)比的是,現(xiàn)代投資組合理論不僅考慮了一項(xiàng)資產(chǎn)的風(fēng)險(xiǎn)，而且是經(jīng)濟(jì)體總體風(fēng)險(xiǎn)的組合。由于風(fēng)險(xiǎn)多樣化，組織可以有機(jī)會(huì)來降低風(fēng)險(xiǎn)。</p><p>　　在投資組合管理方面，在一定限度內(nèi)給個(gè)別部件組合提供了多樣化的機(jī)會(huì)。一個(gè)多元化的資產(chǎn)組合中包含的回報(bào)是不同的，換句話說，彼此之間的關(guān)系是弱或負(fù)面的。考慮到一個(gè)投資組合的風(fēng)險(xiǎn)是非常有用的，并且應(yīng)考慮改變或增加的潛在風(fēng)險(xiǎn)的總數(shù)。&l

13、t;/p><p>　　多樣化是一個(gè)管理金融風(fēng)險(xiǎn)的重要工具。通過預(yù)設(shè)的組織，對(duì)手之間的多樣化可以減少突發(fā)事件對(duì)組織所造成的不利影響而引起的風(fēng)險(xiǎn)。其中投資資產(chǎn)多元化減少了發(fā)行人失敗的損失程度。多樣化的客戶、供應(yīng)商和金融來源減少了一個(gè)組織的貿(mào)易被外面變化控制的負(fù)面影響的可能性。雖然損失的風(fēng)險(xiǎn)仍然存在，多樣化的機(jī)會(huì)可以減少大的不良結(jié)果。</p><p><b>　　風(fēng)險(xiǎn)管理過程</b&

14、gt;</p><p>　　金融風(fēng)險(xiǎn)管理過程中的戰(zhàn)略使一個(gè)組織去管理與金融相關(guān)的風(fēng)險(xiǎn)市場(chǎng)。風(fēng)險(xiǎn)管理是一個(gè)動(dòng)態(tài)過程，應(yīng)逐步發(fā)展成一個(gè)組織和它的生意。它涉及和影響了許多方面，包括國(guó)債，銷售，營(yíng)銷，法律，稅務(wù)，商品組織和企業(yè)融資。</p><p>　　風(fēng)險(xiǎn)管理過程包括內(nèi)部和外部分析。該進(jìn)程的第一部分包括確定和排列金融機(jī)構(gòu)面臨的風(fēng)險(xiǎn)和了解其相關(guān)性。有必要審查該組織及其產(chǎn)品，管理，客戶，供應(yīng)商，競(jìng)爭(zhēng)

15、對(duì)手，價(jià)格，行業(yè)的發(fā)展趨勢(shì)，資產(chǎn)負(fù)債結(jié)構(gòu)，并在行業(yè)中的地位。也有必要考慮利益相關(guān)者和他們的目標(biāo)和風(fēng)險(xiǎn)承受能力。</p><p>　　一旦清楚地了解這些風(fēng)險(xiǎn)的出現(xiàn)，就可實(shí)施適當(dāng)?shù)牟呗詴?huì)同風(fēng)險(xiǎn)管理政策。例如，有可能改變的地方，從而減少該組織的暴露和風(fēng)險(xiǎn)。另外，可能對(duì)現(xiàn)有的衍生工具進(jìn)行風(fēng)險(xiǎn)管理。另一種經(jīng)營(yíng)戰(zhàn)略風(fēng)險(xiǎn)是接受所有的風(fēng)險(xiǎn)和損失的可能性。</p><p>　　有三個(gè)廣泛的風(fēng)險(xiǎn)管理辦法：&l

16、t;/p><p>　　1、什么都不做，在默認(rèn)情況下，積極或被動(dòng)地接受一切風(fēng)險(xiǎn)。</p><p>　　2、對(duì)沖一部分，通過確定那些可以而且應(yīng)該進(jìn)行對(duì)沖的風(fēng)險(xiǎn)。</p><p>　　3、所有可能的風(fēng)險(xiǎn)對(duì)沖。</p><p>　　風(fēng)險(xiǎn)的計(jì)量和報(bào)告提供給決策者與信息執(zhí)行者決定和監(jiān)測(cè)的結(jié)果，在它的前面和后面都采取策略來減輕。由于風(fēng)險(xiǎn)管理進(jìn)程仍在進(jìn)行，報(bào)告和

17、反饋可以用來精化系統(tǒng)的修改或改進(jìn)策略體系。</p><p>　　活躍的決策過程是風(fēng)險(xiǎn)管理的重要組成部分。討論潛在的損失和為降低風(fēng)險(xiǎn)的決策提供了一個(gè)討論重要問題與各種關(guān)于利益相關(guān)者的觀點(diǎn)的場(chǎng)所。</p><p>　　財(cái)務(wù)比率的影響因素和價(jià)格</p><p>　　財(cái)務(wù)比率及價(jià)格受多項(xiàng)因素的影響。關(guān)鍵是要了解影響市場(chǎng)的因素，因?yàn)檫@些因素，反過來影響到一個(gè)組織的潛在風(fēng)險(xiǎn)。&

18、lt;/p><p>　　影響利率的因素 利率是許多市場(chǎng)價(jià)格的主要組成部分和重要的經(jīng)濟(jì)晴雨表。它們是由真實(shí)利率加上通貨膨脹的預(yù)期成分組成的，因?yàn)橥ㄘ浥蛎浗档土速J款人的資產(chǎn)購(gòu)買力。離到期日越近，它的不確定性就越大。利率也是資金的供給和需求和信貸風(fēng)險(xiǎn)的反射。</p><p>　　利率對(duì)企業(yè)和政府來說是非常重要的，因?yàn)樗麄兪琴Y金成本的關(guān)鍵因素。大多數(shù)公司和政府債務(wù)融資需要擴(kuò)展和基建項(xiàng)目。當(dāng)利率

19、增加，對(duì)借款人有顯著的影響。利率也影響到其他金融市場(chǎng)的價(jià)格，所以他們的影響是深遠(yuǎn)的。</p><p>　　對(duì)利率的其他組件可能包括一個(gè)風(fēng)險(xiǎn)溢價(jià)，以反映借款人的信用。例如，政治或主權(quán)風(fēng)險(xiǎn)的威脅可能導(dǎo)致利率上升，有時(shí)很大，因?yàn)殡S著投資者需求的增加，額外的補(bǔ)償違約風(fēng)險(xiǎn)也會(huì)增加。</p><p>　　影響市場(chǎng)利率水平的因素包括：</p><p><b>　　通貨膨

20、脹的預(yù)期水平</b></p><p><b>　　總體經(jīng)濟(jì)狀況</b></p><p>　　貨幣政策和央行的立場(chǎng)</p><p><b>　　外匯市場(chǎng)活動(dòng)</b></p><p>　　外國(guó)投資者對(duì)債務(wù)證券化的需求</p><p><b>　　外債突出的水

21、平</b></p><p><b>　　金融和政治穩(wěn)定</b></p><p><b>　　收益率曲線</b></p><p>　　收益率曲線產(chǎn)量是一種圖形法，表示的是一系列條件成熟。例如，一個(gè)收益率曲線可能說明產(chǎn)量在(一天一夜之間成熟)30年里的關(guān)系。通常情況下，利率是零息政府率。</p>&l

22、t;p>　　由于目前的利率反映的是預(yù)期的，收益曲線提供了有關(guān)未來市場(chǎng)預(yù)期的利率的有用信息。前向啟動(dòng)利率的默示條款可以計(jì)算收益曲線的信息。例如，使用一兩個(gè)年到期利率，預(yù)計(jì)的一年期利率在一年的時(shí)間開始時(shí)才能確定。</p><p>　　對(duì)收益曲線的形狀進(jìn)行了分析和對(duì)廣泛的市場(chǎng)參與者進(jìn)行監(jiān)測(cè)。由于人們對(duì)它的期望，它通常被認(rèn)為是未來經(jīng)濟(jì)活動(dòng)的預(yù)測(cè)和可能提供的經(jīng)濟(jì)基本面有待改變的信號(hào)。</p><p

23、>　　一般產(chǎn)量的收益率曲線向上傾斜是具有正斜率，就像貸方或投資者要求更高的利率因?yàn)橘J款期限和借款人的持續(xù)的時(shí)間更長(zhǎng)了。由于期限至到期日，借款人違約的機(jī)會(huì)增加，貸款人要求相應(yīng)的補(bǔ)償。</p><p>　　利率構(gòu)成的收益率曲線也受預(yù)期的通貨膨脹率影響。除了借款人的貸款和風(fēng)險(xiǎn)的部分，投資者要求借款人至少達(dá)到預(yù)期的通貨膨脹率。如果投資者預(yù)期的未來的通脹率會(huì)變得更高, 他們將會(huì)被要求延長(zhǎng)還款期限，以彌補(bǔ)這種不確定性產(chǎn)

24、生的更多的保費(fèi)。因此，期限越長(zhǎng)，利率越高(在其它條件相同的情況)，一個(gè)向上傾斜的收益率曲線就產(chǎn)生。</p><p>　　有時(shí)，短期資金的需求大幅增加，短期利率可能上升超過了長(zhǎng)期利率的水平。收益曲線向下傾斜，這是它的外觀反演的結(jié)果。短期資金成本高，否則將有損于通過投資獲得擴(kuò)張，使經(jīng)濟(jì)增長(zhǎng)放緩或衰退。最后，利率上升使短期和長(zhǎng)期資金的需求都減少。在所有利率下降到一個(gè)正常的曲線，可能會(huì)出現(xiàn)由于經(jīng)濟(jì)增長(zhǎng)放緩而帶來的回報(bào)。&

25、lt;/p><p>　　出處: [美]卡倫·A·霍契.《什么是財(cái)務(wù)風(fēng)險(xiǎn)管理？》.《財(cái)務(wù)風(fēng)險(xiǎn)管理要點(diǎn)》.約翰.威立國(guó)際出版公司,2005:P1-22. </p><p><b>　　原文：</b></p><p>　　Financial Risk Management</p><p>　　Although

26、financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away t

27、hat have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected ve

28、ry quickly by changes in exchange rates, interest r</p><p>　　What Is Risk?</p><p>　　Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning.

29、 Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.</p><p>　　Exposure to financial markets a

30、ffects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provi

31、de strategic or competitive benefits.</p><p>　　Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a hi

32、gh loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. </p><p>　　Since it is not always possible or desirable to eliminate

33、 risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.</p><p>　　How Does Financia

34、l Risk?</p><p>　　Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a res

35、ult of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When

36、financial prices change dramatically, it can increase costs, reduce revenues, or otherwise</p><p>　　There are three main sources of financial risk:</p><p>　　1. Financial risks arising from an or

37、ganization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.</p><p>　　2. Financial risks arising from the actions of, and transactions with, other organiza

38、tions such as vendors, customers, and counterparties in derivatives transactions</p><p>　　3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, a

39、nd systems</p><p>　　What Is Financial Risk Management?</p><p>　　Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the

40、financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantag

41、e. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.</p><p>　　Managing financial risk necessitates making organizational dec

42、isions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.</p><p>　　Organizations manage financial risk using a vari

43、ety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.</p><p>　　Strategies

44、 for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is

45、 derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.</p><p>　　The products and stra

46、tegies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence

47、of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.</p><p>　　The ability to estimate the likelihood of a financial loss is highly de

48、sirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developi

49、ng an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.</p><p>　　The process of financial risk management is

50、 an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing int

51、ernational political conditions, for example. In general, the process can be summarized as follows:</p><p>　　1、Identify and prioritize key financial risks.</p><p>　　2、Determine an appropriate le

52、vel of risk tolerance.</p><p>　　3、Implement risk management strategy in accordance with policy.</p><p>　　4、Measure, report, monitor, and refine as needed.</p><p>　　Diversification&l

53、t;/p><p>　　For many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contrib

54、ution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.</p><p>　　In portfolio management terms, the add

55、ition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlat

56、ed with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.</p><p>　　Diversification is a

57、n important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets re

58、duces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside ma

59、nagement’s control. Although the risk of</p><p>　　Risk Management Process</p><p>　　The process of financial risk management comprises strategies that enable an organization to manage the risks a

60、ssociated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing,

61、 legal, tax, commodity, and corporate finance.</p><p>　　The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the finan

62、cial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance shee

63、t structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for r</p><p>　　Once a clear understanding of the risks emerges, appropriate strateg

64、ies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existin

65、g exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.</p><p>　　There are three broad alternatives for managing risk:</p>

66、<p>　　1. Do nothing and actively, or passively by default, accept all risks.</p><p>　　2. Hedge a portion of exposures by determining which exposures can and should be hedged.</p><p>　　3. H

67、edge all exposures possible.</p><p>　　Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mit

68、igate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.</p><p>　　An active decision-making process is an import

69、ant component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.</p><p>　　Factors that Impa

70、ct Financial Rates and Prices</p><p>　　Financial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the

71、 potential risk of an organization.</p><p>　　Factors that Affect Interest Rates</p><p>　　Interest rates are a key component in many market prices and an important economic barometer. They are co

72、mprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also

73、reflective of supply and demand for funds and credit risk.</p><p>　　Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most com

74、panies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so

75、 their impact is far-reaching.</p><p>　　Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk

76、can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.</p><p>　　Factors that influence the level of market interest rates in

77、clude:</p><p>　　1、Expected levels of inflation</p><p>　　2、General economic conditions</p><p>　　3、Monetary policy and the stance of the central bank</p><p>　　4、Foreign e

78、xchange market activity</p><p>　　5、Foreign investor demand for debt securities</p><p>　　6、Levels of sovereign debt outstanding</p><p>　　7、Financial and political stability </p>

79、;<p>　　Yield Curve</p><p>　　The yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (over

80、night) to 30-year terms. Typically, the rates are zero coupon government rates. </p><p>　　Since current interest rates reflect expectations, the yield curve provides useful information about the market’s exp

81、ectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected on

82、e-year interest rate beginning in one year’s time can be determined.</p><p>　　The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often con

83、sidered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.</p><p>　　The yield curve normally slopes upward with a positive slope, as lenders/i

84、nvestors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.</p><p>　　Interest r

85、ates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors exp

86、ect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting i

87、n an upward-sloping yield curve.</p><p>　　Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This res

88、ults in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy

89、 vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and lon</p><p>　　Source: Karen A. Horcher, 2005. “What Is Financial Risk Management?”. Essentials &