【導讀】譯文：[美]卡倫·A·霍契.《什么是財務風險管理？》.《財務風險管理要點》.盡管近年來金融風險大大增加，但風險和風險管理不是當代的主要問題。意味著需要的信息可以在瞬間得到，而其后的市場反應，很快就發(fā)生了。會迅速成為一個問題。準備是風險管理工作的一個關鍵組成部分。風險和暴露的條款讓它們在含義上有了細微的差。金融市場的暴露影響大多數(shù)機構，包括直接或間接的影響?？梢蕴峁?zhàn)略性或競爭性的利益。風險損失的可能性事件來自如市場價格的變化。這可能導致?lián)p失率很高，特別麻煩，因為他們往往比預想的要嚴重得多。識別暴露和風險形式的基礎需要相應的財務風險管理策。品和服務的價格，并分配資金。財務風險管理是用來處理金融市場中不確定的事情的。管理，業(yè)務人員，利益相關者，董事會董事在對風險的關鍵問題達成協(xié)議。采取行動的戰(zhàn)略是在默認情況下接受所有的風險。潛在風險的總數(shù)。財務比率及價格受多項因素的影響。

　　

【正文】 lso reflective of supply and demand for funds and credit risk. Interest rates are particularly important to panies and governments because they are the key ingredient in the cost of capital. Most panies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is farreaching. Other ponents to the interest rate may include a risk premi um to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional pensation for the increased risk of default. Factors that influence the level of market interest rates include: Expected levels of inflation General economic conditions Moary policy and the stance of the central bank Foreign exchange market activity Foreign investor demand for debt securities Levels of sovereign debt outstanding Financial and political stability Yield Curve The yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30year terms. Typically, the rates are zero coupon government rates. Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forwardstarting terms can be calculated using the information in the yield curve. For example, using rates for one and twoyear maturities, the expected oneyear interest rate beginning in one year’s time can be determined. The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals. The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be pensated accordingly. Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk ponents. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to pensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upwardsloping yield curve. Occasionally, the demand for shortterm funds increases substantially, and shortterm interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of shortterm funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both shortterm and longterm funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown. Source: Karen A. Horcher, 2021. “What Is Financial Risk Management?”. Essentials of Financial Risk Management, John Wiley amp。 Sons, .