財(cái)務(wù)管理外文翻譯-其他專業(yè)-資料下載頁
2025-01-19 01:54本頁面
【導(dǎo)讀】譯文：[美]卡倫·A·霍契.《什么是財(cái)務(wù)風(fēng)險(xiǎn)管理？》.《財(cái)務(wù)風(fēng)險(xiǎn)管理要點(diǎn)》.盡管近年來金融風(fēng)險(xiǎn)大大增加，但風(fēng)險(xiǎn)和風(fēng)險(xiǎn)管理不是當(dāng)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(yīng)，很快就發(fā)生了。會(huì)迅速成為一個(gè)問題。準(zhǔn)備是風(fēng)險(xiǎn)管理工作的一個(gè)關(guān)鍵組成部分。風(fēng)險(xiǎn)和暴露的條款讓它們?cè)诤x上有了細(xì)微的差。金融市場的暴露影響大多數(shù)機(jī)構(gòu)，包括直接或間接的影響?？梢蕴峁?zhàn)略性或競爭性的利益。風(fēng)險(xiǎn)損失的可能性事件來自如市場價(jià)格的變化。這可能導(dǎo)致?lián)p失率很高，特別麻煩，因?yàn)樗麄兺阮A(yù)想的要嚴(yán)重得多。識(shí)別暴露和風(fēng)險(xiǎn)形式的基礎(chǔ)需要相應(yīng)的財(cái)務(wù)風(fēng)險(xiǎn)管理策。品和服務(wù)的價(jià)格，并分配資金。財(cái)務(wù)風(fēng)險(xiǎn)管理是用來處理金融市場中不確定的事情的。管理，業(yè)務(wù)人員，利益相關(guān)者，董事會(huì)董事在對(duì)風(fēng)險(xiǎn)的關(guān)鍵問題達(dá)成協(xié)議。采取行動(dòng)的戰(zhàn)略是在默認(rèn)情況下接受所有的風(fēng)險(xiǎn)。潛在風(fēng)險(xiǎn)的總數(shù)。財(cái)務(wù)比率及價(jià)格受多項(xiàng)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, .
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