財(cái)務(wù)風(fēng)險(xiǎn)管理[外文翻譯]-在線瀏覽
2025-06-05 02:33本頁面
【正文】 er strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decisionmaking process is an important ponent of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key ponent in many market prices and an important economic barometer. They are prised of the real rate plus a ponent for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also 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 premium 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 inflationGeneral economic conditionsMonetary policy and the stance of the central bankForeign exchange market activityForeign investor demand for debt securitiesLevels of sovereign debt outstandingFinancial and political stability Yield CurveThe 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 pen
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