財務(wù)管理本科及外文文獻-資料下載頁

【導(dǎo)讀】業(yè)財務(wù)上的集中體現(xiàn)。企業(yè)經(jīng)營者需要進行經(jīng)常性財務(wù)分析，防范財務(wù)危機。但只要了解風(fēng)險的來源和特征，正確預(yù)測、衡量和控制財務(wù)風(fēng)險，就可能。將損失降低至最低程度，為企業(yè)創(chuàng)造最大的收益。從我國目前的經(jīng)濟情況著手，認真研究我國的風(fēng)險管理現(xiàn)狀，完善現(xiàn)有的財務(wù)風(fēng)險管理制度，有效提高我國企業(yè)財務(wù)風(fēng)險的控制水平。

　　

【正文】 n or profit. Financial market exposure may provide strategic or petitive benefits. 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 high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. Since it is not always possible or desirable to eliminate 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. 2 How Does Financial Risk? 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 result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy ponent of costs, or through the activities of management, stakeholders, petitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an anization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital. There are three main sources of financial risk: 1. Financial risks arising from an anization’s exposure to changes in market prices, such as interest rates, exchange rates, and modity prices. 2. Financial risks arising from the actions of, and transactions with, other anizations such as vendors, customers, and counterparties in derivatives transactions 3. Financial risks resulting from internal actions or failures of the anization, particularly people, processes, and systems What Is Financial Risk Management? Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an anization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an anization with a petitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk. Managing financial risk necessitates making anizational decisions 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. Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk 3 within the context of the anization’s risk tolerance and objectives. Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on anized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, modities, equity and fixed ine securities, credit, and even weather. The products and strategies 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 of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities. The ability to estimate the likelihood of a financial loss is highly desirable. 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 developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior. The process of financial risk management is 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 international political conditions, for example. In general, the process can be summarized as follows: Identify and prioritize key financial risks. Determine an appropriate level of risk tolerance. Implement risk management strategy in accordance with policy. Measure, report, monitor, and refine as needed. Diversification 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 contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of 4 risk diversification. In portfolio management terms, the addition of individual ponents to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an anization as a portfolio and consider the impact of changes or additions on the potential risk of the total. Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the anization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an anization will have its business adversely affected by changes outside management’s