商業(yè)銀行風(fēng)險(xiǎn)管理分析的過(guò)程-wenkub
2022-11-27 15:56:38 本頁(yè)面
【正文】 e role of mercial banks in the financial sector, both in the academic literature a nd in the financial press. These arguments will be neither reviewed nor enumerated here. Suffice it to say that market participants seek the services of these financial institutions because of their ability to provide market knowledge, transaction efficiency and funding capability. In performing these roles they generally act as a principal in the transaction, As such, they use their own balance sheet to facilitate the transaction and to absorb the risks associated with it. To be sure, there are activities performed by banking firms which do not have direct balance sheet implications. These services include agency and advisory activities such as (i) trust and investment management, (ii) private and public placements through best efforts or facilitating contracts, (iii) standard underwriting through Section 20 Subsidiaries of the holding pany, or (iv) the packaging, securitizing, distributing and servicing of loans in the areas of consumer and real estate debt primarily. These items are absent from the traditional financial statement because the latter rely on generally accepted accounting procedures rather than a true economic balance sheet. Noheless, the overwhelming majority of the risks facing the banking firm is in onbalancesheet businesses. It is in this area that the discussion of risk management and the necessary procedures for risk management and control has centered. Accordingly, it is here that our review of risk management procedures will concentrate. What Kinds Of Risks Are Being Absorbed ? The risks contained in the bank39。s array of services. Elsewhere, Oldfield and Santomero (1997), it has been argued that risks facing all financial institutions can be segmented into three separable types, from a management perspective. These are: (i) risks that can be eliminated or avoided by simple business practices, (ii) risks that can be transferred to other participants, and, (iii) risks that must be actively managed at the firm level. In the first of these cases, the practice of risk avoidance involves actions to reduce the chances of idiosyncratic losses from standard banking activity by eliminating risks that are superfluous to the institution39。etre of the firm. Credit risk inherent in the lending activity is a clear case in point, as is market risk for the trading desk of banks active in certain markets. In all such circumstances, risk is absorbed and needs to be monitored and managed efficiently by the institution. Only then will the firm systematically achieve its financial performance goal. Why Do Banks Manage These Risks At All ? It seems appropriate for any discussion of risk management procedures to begin with why these firms manage risk. According to standard economic theory, managers of value maximizing firms ought to maximize expected profit without regard to the variability around its expected value. However, there is now a growing literature on the reasons for active risk management including the work of Stulz (1984), Smith, Smithson and Wolford (1990), and Froot, Sharfstein and Stein (1993) to name but a few of the more notable contributions. In fact, the recent review of risk management reported in Santomero (1995) lists dozens of contributions tothe area and at least four distinct rationales offered for active risk management. These include managerial selfinterest, the nonlinearity of the tax structure, the costs of financial distress and the existence of capital market imperfections. Any one of these justify the f
環(huán)評(píng)公示相關(guān)推薦
鄂ICP備17016276號(hào)-1