財(cái)務(wù)風(fēng)險(xiǎn)的社會(huì)層面[文獻(xiàn)翻譯]

1、原文：原文：ThesocialdimensionsoffinancialriskAsmoneyhascometoplayacentralroleinmodemsocietytheriskoflosingmoneyfinancialriskisamajconcernfindividualssocieties.Thelossofajobwouldnotonlyhaveanimpactonanindividualssourceofincome

2、butcouldthreatentheindividualsentirelivelihoodbreakupthefamily.Similarlythelossofapensioncouldmeanhungerillnessmiseryfanoldagedpensioner.Thelossofsavingsthroughthecollapseofabankcouldhaveadevastatingblowonindividuals.Fcp

3、ationsfinancialriskcanaffectthevalueoftheirbusinessinvestmentsfinancialassets.AtasocietallevelthebankruptcyofacurrencyashappenedrecentlytotheMexicanpesocouldhaveadramaticimpactontheentireeconomy.Theaimofthispaperistoanal

4、ysepresentdayknowledgeaboutfinancialriskevaluatetheextenttowhichitprovidesacomprehensiveunderstingofrisk.Thefindingssuggestthatbecauseoftheobsessionwithobjectivitymathematicalcalculationriskanalysisinfinanceleavesalottob

5、edesired.RiskanalysisinfinancetheyTosummarisethepresentunderstingofriskinfinancetheonlywaytodosoreasonablyistolistvarioustopicsunderwhichriskiscovered.Theseare:—individualpreferencesattitudestorisk:riskaverseriskneutralr

6、iskseeker—ptfoliothey:riskasvarianceofreturnriskreductionthroughdiversificationbetariskthecapitalassetpricingmodel—optionvolatilitytheriskofderivativesecurities—measuringriskusingprobabilitythey:statepreferencethey—riskm

7、anagement:hedgingstrategiesbonddurationvolatilityptfolioinsuranceindividualsocietalpreferencesattitudestowardsriskfromthemeasurementofrisk.Anotherapproachusedtoevaluateriskisthroughtheapplicationofthemathematicsofprobabi

8、litythey.Probabilitiesofalternativestatesofnaturestatecontingentpayoffsfindividualsecuritiescanbecombinedtocalculatevalueswhenoutcomesareuncertain.ThemajbreakthroughfthevaluationofderivativesecuritiescamefromtheBlackScho

9、lesoptionpricingmodel.Hullexplainsthatthismodelwasabreakthroughbecausetheoutcomewasindependentofindividualriskpreferences.Thekeytothefmulawastheassumptionofriskneutrality.Hullarguesthatalthoughtheassumptionwasnecessaryft

10、hederivationofthefmulatheoutcomeisindependentofriskpreferencesthatiswhytheBlackScholesfmulaissuchamajbreakthrough.Theemphasisonriskmanagementthesubcategisationofrisks—interestrateriskmarketriskcreditrisk—areallattemptsat

11、grapplingwiththerealityofspecificrisksastheyaffectfirmsindividuals.Fexamplefbankerstheevaluationofcreditriskisparamountiftheyaretomakeprofitablelendingdecisions.Techniquesfevaluatingthesehaveevolvedinfinancewhichprovides

12、usefulinroadsintotheassessmentofdefault.Thusquitesophisticatedmethodsofriskanalysishaveevolvedinareaswherethereiscommercialbenefitfromaccurateanalysis.Howeversuchapproachesdonotalwaysenhancethescientificknowledgebaseofth

13、efundamentalcomponentsoffinancialriskhowtheyinterrelate.DimensionsoffinancialriskTheOxfdDictionarydefinesriskasachanceofhazardofbadconsequencesloss...thisbroaddefinitionissimilartothewkingdefinitionoffinancialriskinthisp

14、aperietheriskchanceoflosingmoney.Thepointcouldbeelabatedbyaskingfinancialrisksufferedbywhom—individualscommunitiessocietiesInfinanceriskisusuallyunderstoodasvariancevolatilityisseentohavebothadownsideanupside—thereisaris