資本市場，財務(wù)管理和投資管理[外文翻譯]

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：CapitalMarketsFinancialManagementInvestmentManagementRiskDefinedThereisnoshtageofdefinitionsfrisk.Ineverydayparlanceriskisoftenviewedassomethingthatisnegative.Butweknowthatsomerisksleadtoeconomicgains

2、whileothershavepurelynegativeconsequences.Fexamplethepurchaseofalotteryticketinvolvesanactionthatresultsintheriskofthelossequaltothecostoftheticketbutpotentiallyhasasubstantialmoaryreward.Incontrasttheriskofdeathinjuryfr

3、omaromshootingispurelyanegativeconsequence.Inthecpatewldacceptingrisksisnecessarytoobtainacompetitiveadvantagegenerateaprofit.Infact“risk”isderivedfromtheItalianverbriscarewhichmeans“todare.”Cpations“dareto”generateprofi

4、tsbytakingadvantageoftheopptunisticsideofrisk.ThefmerDelawareSupremeCourtChiefJusticeNmanVeasey(2000pp.26–27)inadecisionwrote:Potentialprofitoftencrespondstothepotentialrisk....Stockholders’investmentinterests...willbead

5、vancedifcpatedirectsmanagershonestlyassessriskrewardacceptfthecpationthehighestavailableriskadjustedreturnsthatareabovethefirm’scostofcapital.Wehavealreadyseenvariousdefinitionsofriskthroughoutthisbooktherewillbemeinlate

6、rchapters.InthediscussionofcapitalbudgetinginChapter14variousmeasuresofriskwereintroduced.Howeverriskasusedatthecpatelevelhasamegeneralmeaningthandoesitsuseincapitalbudgeting.Fexampledistinguishesbetweenthefollowingtypes

7、ofriskthatareusefulfultimatelymanagingrisks:financialriskperilaccidenthazard.Whenacpationisexposedtoaneventthatcancauseashtfallinatargeted2.Environmental.Weathernoise3.Mechanical.Weightstabilityspeed4.Energy.Electricalra

8、diation5.Chemical.Toxicityflammabilitycombustability.Riskscanalsobeclassifiedascerisksnoncerisks.Thedistinctionisimptantinthemanagementofrisk.Inattemptingtogenerateareturnoninvestedfundsthatexceedstheriskfreeinterestrate

9、afirmmustbearrisk.Thecerisksarethoserisksthatthefirmisinthebusinesstobearthetermbusinessriskisusedtodescribethisrisk.Incontrasttoceriskrisksthatareincidentaltotheoperationsofabusinessarereferredtoasnoncerisks.Tounderstth

10、edifferenceconsidertheriskassociatedwiththeuncertaintyaboutthepriceofelectricity.Fafirmthatproducessellselectricitytheriskthatthepriceofelectricitythatitsuppliesmaydeclineisacerisk.Howeverfamanufacturingfirmthatuseselect

11、ricitytooperateitsplantsthepriceriskassociatedwithelectricity(i.e.thepriceincreasing)isanoncerisk.Yetchangingthecircumstancescouldresultinadifferentclassification.Fexamplesupposethatthefirmproducingsellingelectricityisdo

12、ingsoonafixedpricecontractfthenextthreeyears.Inthiscasethepriceriskassociatedwithelectricityisanoncerisk.EnterpriseRiskManagementThetraditionalprocessofriskmanagementfocusesonmanagingtherisksofonlypartsofthebusiness(prod

13、uctsdepartmentsdivisions)igningtheimplicationsfthevalueofthefirm.Theganizationofariskmanagementprocessfocusingononlypartsofabusinessisreferredtoasasilostructure.Whatisneededisaprocessthatmanagementcanemploytoeffectivelyh

14、leuncertaintyevaluatehowtherisksopptunitiesthatafirmfacescaneithercreatedestroypreserveafirm’svalue.Thisprocessshouldallowmanagementto:Aligntheriskappetitestrategiesacrossthefirm.Improvethequalityofthefirm’sriskresponsed