企業(yè)風(fēng)險(xiǎn)管理(中英文)(編輯修改稿)
2025-02-02 11:15 本頁面
【文章內(nèi)容簡介】 權(quán)合約 ? Options provide the right, but not the obligation, to buy or sell an asset at a fixed price 期權(quán)提供權(quán)利而不是義務(wù)進(jìn)行一定價(jià)格的買賣資產(chǎn) – Call option is right to buy 買進(jìn)期權(quán)取得買進(jìn)權(quán)利 – Put option is right to sell 賣出期權(quán)取得賣出權(quán)利 ? Options are one sided agreements 期權(quán)是單方協(xié)定 ? Exercising the option forces the seller to perform 出售者有義務(wù)應(yīng)購買者要求履行期權(quán)合約 ? Expiration date is the date at which the option ceases to exist 過期日是期權(quán)失效之日 New Elements of Risk – 1990s 90年代風(fēng)險(xiǎn)中的新元素 ? Failure to manage derivatives appropriately 不恰當(dāng)?shù)毓芾斫鹑谘苌? ? Financial model failures 金融模型失敗 ? Improper accounting for derivatives 對于衍生物的不適當(dāng)?shù)臅?jì)記賬手段 Mismanagement of Financial Risk 金融風(fēng)險(xiǎn)的不妥當(dāng)管理 ? Mismanagement of derivatives 衍生物的不善管理 – Gibson Greetings – Barings Bank 巴林銀行 – Orange County, California 橙縣，加州 ? Model failure 金融模型失敗 – Long Term Capital Management 長期資本管理 ? Accounting improprieties 不適當(dāng)做賬 – Enron 安然公司 – Arthur Andersen 安達(dá)信公司 The “New” Risk Management 1990s and beyond 90年代以后的“新式”風(fēng)險(xiǎn)管理 ? Enterprise Risk Management 企業(yè)風(fēng)險(xiǎn)管理 – Initial focus on avoiding derivative disasters 最初致力于避免衍生工具帶來的災(zāi)難 – Developing into optimizing firm value 發(fā)展到最優(yōu)化公司價(jià)值 ? Chief Risk Officer 設(shè)立首席風(fēng)險(xiǎn)執(zhí)行官 ? SarbanesOxley Act in the U. S. – 2023 SOX法案 ? Increased focus on risk models 對風(fēng)險(xiǎn)模型的關(guān)注不斷增長 ERM Risk Categories 風(fēng)險(xiǎn)分類 Common risk allocation 風(fēng)險(xiǎn)分布 ? Hazard risk 災(zāi)難風(fēng)險(xiǎn) ? Financial risk 金融風(fēng)險(xiǎn) ? Operational risk 運(yùn)營風(fēng)險(xiǎn) ? Strategic risk 戰(zhàn)略風(fēng)險(xiǎn) Bank view – New Basel Accord ? Credit risk 信用風(fēng)險(xiǎn) – Loan and counterparty risk 信貸風(fēng)險(xiǎn) ? Market risk (financial risk) 市場 (金融 )風(fēng)險(xiǎn) ? Operational risk 運(yùn)營風(fēng)險(xiǎn) Hazard Risk 災(zāi)難風(fēng)險(xiǎn) ? “ Pure” loss sit
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