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本科毕业论文（设计）
外文翻译
Financial Risk Management
Although financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly.The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.
What Is Risk?
Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.
Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.
Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.
Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.
How Does Financial Risk?
Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.
There are three main sources of financial risk:
1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.
2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions
3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systems
What Is Financial Risk Management?
Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.
Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.
Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk
within the context of the organization’s risk tolerance and objectives.
Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.
The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.
The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.
The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:
1、Identify and prioritize key financial risks.
2、Determine an appropriate level of risk tolerance.
3、Implement risk management strategy in accordance with policy.
4、Measure, report, monitor, and refine as needed.
Diversification
For many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio to
which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.
In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.
Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.
Risk Management Process
The process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.
The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.
Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be
possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another 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 outcomes, 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 decision-making process is an important component 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 Prices
Financial 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 Rates
Interest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component 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 companies and governments because they are the key ingredient in the cost of capital. Most companies 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 far-reaching.
Other components 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 compensation for the increased risk of default.
Factors that influence the level of market interest rates include:
1、Expected levels of inflation
2、General economic conditions
3、Monetary policy and the stance of the central bank
4、Foreign exchange market activity
5、Foreign investor demand for debt securities
6、Levels of sovereign debt outstanding
7、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 30-year 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 forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year 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 compensated 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 components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.
Occasionally, the demand for short-term funds increases substantially, and short-term 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 short-term 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 short-term and long-term 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, 2005. “What Is Financial Risk Management?”. Essentials of Financial Risk Management, John Wiley & Sons, Inc.pp.1-22.
财务风险管理
尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。全球市场越来越多的问题是，风险可能来自几千英里以外的与这些事件无关的国外市场。意味着需要的信息可以在瞬间得到，而其后的市场反应，很快就发生了。经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题。因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。准备是风险管理工作的一个关键组成部分。
什么是风险？
风险给机会提供了基础。风险和暴露的条款让它们在含义上有了细微的差别。风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。风险起因是由于暴露。
金融市场的暴露影响大多数机构，包括直接或间接的影响。当一个组织的金融市场暴露，有损失的可能性，但也是一个获利或利润的机会。金融市场的暴露可以提供战略性或竞争性的利益。
风险损失的可能性事件来自如市场价格的变化。事件发生的可能性很小，但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。换句话说，可能就是变异的风险回报。
由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。识别暴露和风险形式的基础需要相应的财务风险管理策略。
财务风险是如何产生的呢？
无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。它可以出现在合法的交易中，新项目中，兼并和收购中，债务融资中，能源部分的成本中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。当金融的价格变化很大，它可以增加成本，降低财政收入，或影响其他有不利影响的盈利能力的组织。金融波动可能使人们难以规划和预算商品和服务的价格，并分配资金。
有三种金融风险的主要来源：
1、金融风险起因于组织所暴露出来的市场价格的变化，如利率、汇率、和大宗商品价格。
2、引起金融风险的行为有与其他组织的交易如供应商、客户，和对方在金融衍生产品中的交易。
3、由于内部行动或失败的组织，特别是人、过程和系统所造成的金融风险。
什么是财务风险管理？
财务风险管理是用来处理金融市场中不确定的事情的。它涉及到一个组织所面临的评估和组织的发展战略、内部管理的优先事项和当政策一致时的财务风险。企业积极应对金融风险可以使企业成为一个具有竞争优势的组织。它还确保管理，业务人员，利益相关者，董事会董事在对风险的关键问题达成协议。
金融风险管理组织就必须作出那些不被接受的有关风险的决定。那些被动不采取行动的战略是在默认情况下接受所有的风险。
组织使用各种策略和产品来管理金融风险。重要的是要了解这些产品和战略方面，通过工作来减少该组织内的风险承受能力和目标范围内的风险。
风险管理的策略往往涉及衍生工具。在金融机构和有组织的交易所，衍生物广泛地进行交易。衍生工具的合约的价值，如期货，远期，期权和掉期，是源自相关资产的价格。衍生物利用利率，汇率，商品，股票和固定收入的证券，信贷，甚至是天气进行交易。
这些产品和市场参与者使用策略来管理金融风险，与由投机者用来提高风险的杠杆作用是相同。虽然可以认为，衍生工具的广泛使用增加了风险，衍生品的存在使那些希望通过把它传递给那些寻求风险及相关机会的人降低了风险。
估计财务损失的可能性是非常令人满意的。然而，概率标准的理论往往在金融市场的分析中不适用。风险通常不会孤立存在的，通常会和几个风险的相互作用，必须认真考虑在发展中国家的金融风险是如何产生的。有时，这些相互作用是很难预测的，因为它们最终取决于人的行为。
金融风险管理是一个持续不断的过程。随着市场需求的变化和完善，战略必须得到执行。有关的修改反映不断变化的市场利率，变化的预期营商环境，或例如不断变化的国际政治条件。一般来说，这个过程可以概括如下：
1、识别并优先考虑关键的财务风险。
2、确定适当的风险容忍程度。
3、按照政策实施风险管理战略。
4、按需要衡量，报告，监控和改进。
多样化
多年来，公司资产的风险评价的可变性仅仅基于其回报。与此形成对比的是,现代投资组合理论不仅考虑了一项资产的风险，而且是经济体总体风险的组合。由于风险多样化，组织可以有机会来降低风险。
在投资组合管理方面，在一定限度内给个别部件组合提供了多样化的机会。一个多元化的资产组合中包含的回报是不同的，换句话说，彼此之间的关系是弱或负面的。考虑到一个投资组合的风险是非常有用的，并且应考虑改变或增加的潜在风险的总数。
多样化是一个管理金融风险的重要工具。通过预设的组织，对手之间的多样
化可以减少突发事件对组织所造成的不利影响而引起的风险。其中投资资产多元化减少了发行人失败的损失程度。多样化的客户、供应商和金融来源减少了一个组织的贸易被外面变化控制的负面影响的可能性。虽然损失的风险仍然存在，多样化的机会可以减少大的不良结果。
风险管理过程
金融风险管理过程中的战略使一个组织去管理与金融相关的风险市场。风险管理是一个动态过程，应逐步发展成一个组织和它的生意。它涉及和影响了许多方面，包括国债，销售，营销，法律，税务，商品组织和企业融资。
风险管理过程包括内部和外部分析。该进程的第一部分包括确定和排列金融机构面临的风险和了解其相关性。有必要审查该组织及其产品，管理，客户，供应商，竞争对手，价格，行业的发展趋势，资产负债结构，并在行业中的地位。也有必要考虑利益相关者和他们的目标和风险承受能力。
一旦清楚地了解这些风险的出现，就可实施适当的策略会同风险管理政策。例如，有可能改变的地方，从而减少该组织的暴露和风险。另外，可能对现有的衍生工具进行风险管理。另一种经营战略风险是接受所有的风险和损失的可能性。
有三个广泛的风险管理办法：
1、什么都不做，在默认情况下，积极或被动地接受一切风险。
2、对冲一部分，通过确定那些可以而且应该进行对冲的风险。
3、所有可能的风险对冲。
风险的计量和报告提供给决策者与信息执行者决定和监测的结果，在它的前面和后面都采取策略来减轻。由于风险管理进程仍在进行，报告和反馈可以用来精化系统的修改或改进策略体系。
活跃的决策过程是风险管理的重要组成部分。讨论潜在的损失和为降低风险的决策提供了一个讨论重要问题与各种关于利益相关者的观点的场所。
财务比率的影响因素和价格
财务比率及价格受多项因素的影响。关键是要了解影响市场的因素，因为这些因素，反过来影响到一个组织的潜在风险。
影响利率的因素
利率是许多市场价格的主要组成部分和重要的经济晴雨表。它们是由真实利率加上通货膨胀的预期成分组成的，因为通货膨胀降低了贷款人的资产购买力。离到期日越近，它的不确定性就越大。利率也是资金的供给和需求和信贷风险的反射。
利率对企业和政府来说是非常重要的，因为他们是资金成本的关键因素。大多数公司和政府债务融资需要扩展和基建项目。当利率增加，对借款人有显著的影响。利率也影响到其他金融市场的价格，所以他们的影响是深远的。
对利率的其他组件可能包括一个风险溢价，以反映借款人的信用。例如，政治或主权风险的威胁可能导致利率上升，有时很大，因为随着投资者需求的增加，额外的补偿违约风险也会增加。
影响市场利率水平的因素包括：
1、通货膨胀的预期水平
2、总体经济状况
3、货币政策和央行的立场
4、外汇市场活动
5、外国投资者对债务证券化的需求
6、外债突出的水平
7、金融和政治稳定
收益率曲线
收益率曲线产量是一种图形法，表示的是一系列条件成熟。例如，一个收益率曲线可能说明产量在(一天一夜之间成熟)30年里的关系。通常情况下，利率是零息政府率。
由于目前的利率反映的是预期的，收益曲线提供了有关未来市场预期的利率的有用信息。前向启动利率的默示条款可以计算收益曲线的信息。例如，使用一两个年到期利率，预计的一年期利率在一年的时间开始时才能确定。
对收益曲线的形状进行了分析和对广泛的市场参与者进行监测。由于人们对它的期望，它通常被认为是未来经济活动的预测和可能提供的经济基本面有待改变的信号。
一般产量的收益率曲线向上倾斜是具有正斜率，就像贷方或投资者要求更高
的利率因为贷款期限和借款人的持续的时间更长了。由于期限至到期日，借款人违约的机会增加，贷款人要求相应的补偿。
利率构成的收益率曲线也受预期的通货膨胀率影响。除了借款人的贷款和风险的部分，投资者要求借款人至少达到预期的通货膨胀率。如果投资者预期的未来的通胀率会变得更高, 他们将会被要求延长还款期限，以弥补这种不确定性产生的更多的保费。因此，期限越长，利率越高(在其它条件相同的情况)，一个向上倾斜的收益率曲线就产生。
有时，短期资金的需求大幅增加，短期利率可能上升超过了长期利率的水平。收益曲线向下倾斜，这是它的外观反演的结果。短期资金成本高，否则将有损于通过投资获得扩张，使经济增长放缓或衰退。最后，利率上升使短期和长期资金的需求都减少。在所有利率下降到一个正常的曲线，可能会出现由于经济增长放缓而带来的回报。
出处:[美]卡伦·A·霍契.《什么是财务风险管理？》.《财务风险管理要点》.
约翰.威立国际出版公司,2005:P1-22.
浅析基于价值最大化目标下的企业财务风险 摘要 一、企业价值最大化与财务风险的基本理论问题 要研究财务管理的适当模式，必然首先确定企业财务管理目标。研究财务管理目标，有利于完善财务管理的理论结构，有效地指导财务管理实践，科学地设置财务管理目标，有利于优化理财行为，实现财务管理的良性循环。 （一）财务管理的目标 1、概念 企业财务管理目标又称理财目标，是在特定的理财环境中，通过组织财务活动，处理财务关系所要达到的根本目的或所希望实现的结果。 它是企业财务理论与实践研究的起点，是企业优化理财行为结果的理论化描述，企业未来发展的蓝图。同时，理财目标又是对企业理财行为的理性化牵引，有助于财务决策的科学性与合理性。理财目标是评价企业理财活动是否合理有效的基本标准，是企业财务管理工作的行为导向，是财务人员工作实践的出发点和归宿。 科学的财务管理目标能适时、合理地控制企业的理财行为，优化企业财务状况，更好地发挥财务管理在现代企业管理机制中的作用。 2、主要观点 随着市场经济体制的逐步完善,财务管理理论在不断地丰富和发展。其中财务管理的目标,也在不断推陈出新。到目前为止,
先后出现了四种比较具有代表性的观点,分别是:利润最大化原则、资本利润率最大化或每股收益最大化原则、股东财富最大化原则和企业价值最大化原则。 （1）利润最大化，利润代表了企业新创造的财富，利润越多则说明企业的财富增加得越多，越接近企业的目标。 （2）资本利润率最大化或每股收益最大化原则 (3)股东财富最大化，是指通过财务上的合理经营，为股东带来最多的财富。该观点强调应站在股东的立场来考虑问题，认为股东是企业的所有者，其投资的价值在于它能给所有者带来未来报酬。在股份经济条件下，股东财富由其所拥有的股票数量和股票市场价格来决定，因此股东财富最大化也最终体现为股票价格。股价的高低代表了投资大众对公司价值的客观评价，反映了资本和获利之间的关系，每股盈余大小和取得的时间以及每股盈余的风险。 (4)企业价值最大化，是指通过企业财务上的合理经营，采取最优的财务政策，充分考虑货币的时间价值和风险与报酬的关系，在保证企业长期稳定发展的基础上使企业总价值达到最大。企业是多边契约关系的总和，如果将企业财务管理的目标归结为股东的目标，而忽视其他相关利益主体，必然导致矛盾冲突，最终损害企业的价值。如果把企业的财富比做一块蛋糕，可以分属于企业契约关系的各方——-股东、债权人、员工、政府，等等。企业财富总额一定时，各方利益是此消彼长的关系，而当企业的财富增加后，利益各方都会较好地得
中等分辨率制备分离的 快速色谱技术 W. Clark Still,* Michael K a h n , and Abhijit Mitra Departm(7nt o/ Chemistry, Columbia Uniuersity,1Veu York, Neu; York 10027 ReceiLied January 26, 1978 我们希望找到一种简单的吸附色谱技术用于有机化合物的常规净化。这种技术是适于传统的有机物大规模制备分离，该技术需使用长柱色谱法。尽管这种技术得到的效果非常好，但是其需要消耗大量的时间，并且由于频带拖尾经常出现低复原率。当分离的样本剂量大于1或者2g时，这些问题显得更加突出。近年来，几种制备系统已经进行了改进，能将分离时间减少到1-3h，并允许各成分的分辨率ΔR f≥（使用薄层色谱分析进行分析）。在这些方法中，在我们的实验室中，媒介压力色谱法1和短柱色谱法2是最成功的。最近，我们发现一种可以将分离速度大幅度提升的技术，可用于反应产物的常规提纯，我们将这种技术称为急骤色谱法。虽然这种技术的分辨率只是中等（ΔR f≥），而且构建这个系统花费非常低，并且能在10-15min内分离重量在的样本。4 急骤色谱法是以空气压力驱动的混合介质压力以及短柱色谱法为基础，专门针对快速分离，介质压力以及短柱色谱已经进行了优化。优化实验是在一组标准条件5下进行的，优化实验使用苯甲醇作为样本，放在一个20mm*5in.的硅胶柱60内，使用Tracor 970紫外检测器监测圆柱的输出。分辨率通过持续时间（r）和峰宽（w,w/2）的比率进行测定的（Figure 1），结果如图2-4所示，图2-4分别放映分辨率随着硅胶颗粒大小、洗脱液流速和样本大小的变化。
企业财务风险及应对探讨文献综述 重庆工商大学会计专业200X级X班XX 指导老师XXX 目录 摘要 ............................................................................................................................... 错误!未定义书签。 一、财务风险基础理论研究在理论界，财务风险已经成为现在财务理论的核心内容，得到了学者的广泛关注和重视。财务风险与企业资金的筹措、运用、管理以及安全密切相关，它是从价值方面反映企业在理财活动里边以及处理财务关系中所遇到的风险。.......................... 错误!未定义书签。 1、财务风险的概念研究........................................................................................ 错误!未定义书签。James C. Van Horn, John M. Wachowicz Jr(2001)在《Fundamental of Financial Management》里面更宽泛地说明了财务风险包括可能丧失偿债能力的风险，以及由于使用财务杠杆而导致的每股收益变动。 ......................................................................................................................................... 错误!未定义书签。 2、财务风险的类型研究........................................................................................ 错误!未定义书签。 二、财务风险产生因素研究.......................................................................................... 错误!未定义书签。 三、财务风险管理策略研究.......................................................................................... 错误!未定义书签。参考文献 ......................................................................................................................... 错误!未定义书签。
财务分析外文翻译! 财务报表 报表要求 前面主要讨论了向外界提供的财务资料格式和用途，本章着重讨论的内容，浏览一下资产负债表，其项目如下: 现金主要是指在有偿付能力的银行中的活期存款。在会计期终止时补充的办公和工程备用基金也可包括在内。在职能分权的会计制度中，现金可以包括全部自有业务的各种分项工程银行存款，但是联合账户存款中属本公司的份额。如果不属本公司支配，可以不包括在内。现金不应该包括投标保证金或其它保证金以保证履行合同。也不应包括对雇员的预付款或对提款附加有种种限制的存款。在受货币限制的外国银行中的现金，只要它不超出公司对所在国货币的现金需求，也可视为现金。在建立银行现金明细表时，使存款现金与同一银行未清偿的各项贷款、抵押品、银行给予的最大担保信贷以及上年度的平均余额相符倒是个好主意。每份报告应包括现金预测，至少应在交给管理部门的报告中包括现金预侧。 应收款项可分成下列细目 1.核定的和到期的按进度付款的金额。 2.已开出但尚未核定的按进度付款的金额。 3.收益的金额和可即付的但开单当日实际未付的金额。 4.正在执行中的合同押金。 已完成的工程押金。 5. 6(如果把支付给分散经营的业务和合资企业的预付款看作应收款项，这些预付款应单独列表并单列科目放在资产负债表的首页。是否应将工程利润带来的产权当作应收款项还有争议。但一旦运用这种方式，就应该列出该项目。一般来说，最好
的做法是把合资企业的预付款和未分配的收益标明为“合资企业投资”，并加上适当的附注，说明投资的性质和合资企业的简要财务数据。 7(运转中的工程费用。当这些项目被看作应收账款时。只应列入某一特定工程按进度付款的已赚收益中的超额部分。如果按进度付款超过营业收益，这些费用应当作债务，如果资产负债表分为流动负债和非流动负债两类，这些费用应归人流动负债类。 8(各类销售、服务和保险赔偿金等应收款项 9(应付供应商和雇员的款项，明细附表应详细显示这些项目，当这些项目出自某一特定业务或与某一特定业务有关时，应将这些项目与该业务一并在明细表上标明。库存，从技术上讲，仅限于未拨用的材料，物资和备用件。有时把小工具归入物资类，有时单独列出。无论用那种形式，库存都应该在资产负债表的首页或明细附表中标明、购进的库存物资应按成本价或市场价，根据低的一种价格定价。对从工地归还到中心仓库的主要的旧材料(胶合板和金属模具)和小工具(气锤、钻头等)没有严格和固定的规则。标准处理方法是按成本价加10%将新材料“出售"给工程。当归还到中心仓库时，按原售价冲减so,记人工程账户，并在库存账户记人同样的数目。在下次“出售”给另一工程时，在前一工程的归还值上增加10,。归还时，再次重复这一手续，直到该物品不能用为止。丢失或残余价值微不足道可以不计。10,的加价系数用于弥补小修和仓储的费用。这种方法的另一种形式是指定回收估值而不是不断增加百分比，然而，这种方法需要有足够知识的人在每次回收物品时估值，这样做很麻烦，也不值得。但是，当这些物品出售给合资企业或成本加成工程时，肯定这种价格可以公平代表 材料或小型工具的价值是一种好做法。值得注意的是这种交易文件不能写得让国家把这种交易作为要交营业税的买卖。 财务报表的制订
企业的财务风险及防范措施
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浅谈企业的财务风险及防范措施 企业的财务风险是指在各项财务活动过程中，由于各种难以预料或控制的因素影响，从而使企业有蒙受损失的可能性。在市场经济条件下，财务风险是客观存在的，要完全消除风险及其影响是不现实的。企业财务风险管理的目标在于：了解风险的来源和特征，正确预测、衡量财务风险，进行适当的控制和防范，健全风险管理机制，完善财务政策，将损失降至最低程度，为企业创造最大的收益。 一、财务风险涵义与特征的理性认识 对于财务风险的定义，学术界尚未有一个确切的说法。但一般认为，财务风险即指在各项财务活动中，由于各种难以预料和控制因素的作用，使企业实际收益与目标收益发生背离，因而蒙受损失的可能性。财务风险涵义有狭义和广义之分。狭义的财务风险指在筹资决策时，由于负债性资本占全部资本比例过高，使得企业不能按期还本付息所造成的风险，也称为负债风险或筹资风险；广义的财务风险是泛指企业全部财务活动过程中所存在的风险，它不仅包括在筹资活动、投资活动、利润分配及日常资金营运过程中产生的风险，还包括企业其他各项关联活动的失败而诱发的财务损失和危机。本文讨论的财务风险是广义的财务风险范畴。 根据产生路径的不同，财务风险可划分为5种类型： (1)筹资风险，是指企业在筹集资金过程中由于资金来源结构、债务期限结构不合理及筹资成本过高等原因而给企业财务成本带来的不确定性。筹资风险亦即狭义的财务风险。 (2)投资风险，是指企业在投资活动过程中由于各种因素的变化而致使投资报酬达不到预期目标而产生的风险。 (3)现金流量风险，产生于企业正常运营过程中，由于权责发生制与收付实现制的偏离，导致企业货币资金回收的金额和回收时间的不确定性，此时，企业因债务规模过大或债务期限结构不合理，很可能会造成偿债能力急剧下降，现金支出压力陡升，进而陷入财务困境。 (4)连带财务风险，是指企业其他各项关联活动的失败而诱发的风险。如企业为其它单位提供贷款担保而可能产生的财务风险。(5)外汇风险，即由于汇率变
机械设计理论 机械设计是一门通过设计新产品或者改进老产品来满足人类需求的应用技术科学。它涉及工程技术的各个领域，主要研究产品的尺寸、形状和详细结构的基本构思，还要研究产品在制造、销售和使用等方面的问题。 进行各种机械设计工作的人员通常被称为设计人员或者机械设计工程师。机械设计是一项创造性的工作。设计工程师不仅在工作上要有创造性，还必须在机械制图、运动学、工程材料、材料力学和机械制造工艺学等方面具有深厚的基础知识。如前所诉，机械设计的目的是生产能够满足人类需求的产品。发明、发现和科技知识本身并不一定能给人类带来好处，只有当它们被应用在产品上才能产生效益。因而，应该认识到在一个特定的产品进行设计之前，必须先确定人们是否需要这种产品。 应当把机械设计看成是机械设计人员运用创造性的才能进行产品设计、系统分析和制定产品的制造工艺学的一个良机。掌握工程基础知识要比熟记一些数据和公式更为重要。仅仅使用数据和公式是不足以在一个好的设计中做出所需的全部决定的。另一方面，应该认真精确的进行所有运算。例如，即使将一个小数点的位置放错，也会使正确的设计变成错误的。 一个好的设计人员应该勇于提出新的想法，而且愿意承担一定的风险，当新的方法不适用时，就使用原来的方法。因此，设计人员必须要有耐心，因为所花费的时间和努力并不能保证带来成功。一个全新的设计，要求屏弃许多陈旧的，为人们所熟知的方法。由于许多人墨守成规，这样做并不是一件容易的事。一位机械设计师应该不断地探索改进现有的产品的方法，在此过程中应该认真选择原有的、经过验证的设计原理，将其与未经过验证的新观念结合起来。 新设计本身会有许多缺陷和未能预料的问题发生，只有当这些缺陷和问题被解决之后，才能体现出新产品的优越性。因此，一个性能优越的产品诞生的同时，也伴随着较高的风险。应该强调的是，如果设计本身不要求采用全新的方法，就没有必要仅仅为了变革的目的而采用新方法。 在设计的初始阶段，应该允许设计人员充分发挥创造性，不受各种约束。即使产生了许多不切实际的想法，也会在设计的早期，即绘制图纸之前被改正掉。只有这样，才不致于堵塞创新的思路。通常，要提出几套设计方案，然后加以比较。很有可能在最后选定的方案中，采用了某些未被接受的方案中的一些想法。
中英文资料外文翻译 财务风险重要性分析 译文： 摘要：本文探讨了美国大型非金融企业从1964年至2008年股票价格风险的决定小性因素。我们通过相关结构以及简化模型，研究诸如债务总额，债务期限，现金持有量，及股利政策等公司财务特征，我们发现，股票价格风险主要通过经营和资产特点，如企业年龄，规模，有形资产，经营性现金流及其波动的水平来体现。与此相反，隐含的财务风险普遍偏低，且比产权比率稳定。在过去30年，我们对财务风险采取的措施有所减少，反而对股票波动（如独特性风险）采取的措施逐渐增加。因此，股票价格风险的记载趋势比公司的资产风险趋势更具代表性。综合二者，结果表明，典型的美国公司谨慎管理的财政政策大大降低了财务风险。因此，现在看来微不足道的剩余财务风险相对底层的非金融公司为一典型的经济风险。 关键词：资本结构；财务风险；风险管理；企业融资 1 绪论 2008年的金融危机对金融杠杆的作用产生重大影响。毫无疑问，向金融机构的巨额举债和内部融资均有风险。事实上，有证据表明，全球主要银行精心策划的杠杆（如通过抵押贷款和担保债务）和所谓的“影子银行系统”可能是最近的经济和金融混乱的根本原因。财务杠杆在非金融企业的作用不太明显。迄今为止，尽管资本市场已困在危机中，美国非金融部门的问题相比金融业的困境来说显得微不足道。例如，非金融企业破产机遇仅限于自20世纪30年代大萧条以来的最大经济衰退。事实上，非金融公司申请破产的事件大都发生在美国各行业（如汽车制造业，报纸，房地产）所面临的基本经济压力即金融危机之前。这令人惊讶的事实引出了一个问题“非金融公司的财务风险是如何重要？”。这个问题的核心是关于公司的总风险以及公司风险组成部分的各决定因素的不确定性。 最近在资产定价和企业融资再度引发的两个学术研究中分析了股票价格风险利
Developing student competencies_ An integrated approach to a financial statement analysis project This paper presents an instructional resource for an integrated fi-nancial statement analysis project. The project requires a quantitative analysis of a company's financial statements and a written re-search report. The project is designed to develop students' critical thinking and analytical capabilities through the application of course concepts to a real company, while also providing opportunities to develop professional competencies. Following Anson's Instruc-tional Design Model (2007), the integrated project includes supporting activities, which are designed to aid students in achiev-ing the project's learning goals. The supporting activities include in-class instruction on financial ratios, a computer lab session on Excel, draft papers, peer reviews of writing, and paper revisions. The in-tegrated project also serves as an example of an assignment that is consistent with two recent education frameworks, the Inte-grated Competency-Based Framework (Lawson et al., 2014) and the AICPA Core Competency Framework (2015), which both advocate for increased integration of professional competencies within the ac-counting curriculum. Our instructional resource provides project instructions, supporting activities, as well as implementation guid-ance and a grading rubric. The paper discusses adaptations to tailor the project to various courses and audiences. The resources in this article are useful for instructors implementing a financial state-ment analysis project into accounting, finance, financial statement analysis and investment courses targeted at either the undergrad-uate or graduate levels.
[加强企业财务风险管理的具体措施]财务风险防控措施如何防范企业财务风险，化解财务风险，以实现财务管理目标，是企业财务管理的工作重点。下面跟着一起来探讨加强企业财务风险管理的具体措施。 (一)提高企业对财务管理环境的适应能力和应变能力 建立并不断完善财务管理系统，以适应不断变化的财务管理环境，即应制定财务管理战略。面对不断变化的财务管理环境，企业应设置高效的财务管理机构，配备高素质的财务管理人员，健全财务管理规章制度，强化财务管理的各项基础工作，使企业财务管理系统有效运行，提高财务管理系统对环境变化的适应能力。 (二)提高财务人员的风险意识 企业应通过会计政策和会计策略来解决财务风险问题。财务风险存在于财务管理工作的各个环节，任何环节的工作失误都会给企业带来财务风险。因此财务管理人员必须将风险防范意识贯穿于财务管理工作的始终。基于目前财务人员风险意识淡薄的现实情况，企业高层管理人员应定期对财务人员进行风险意识培训，积极向风险管理较好的企业学习，努力提高财务人员的风险意识，并能够贯彻于整个企业财务活动的始终。
(三)提高财务决策的科学化水平 财务决策的正确与否直接关系到财务管理工作的成败，经验决策和主观决策会使决策失误的可能性大大增加。为防范财务风险，企业在决策过程中应充分考虑影响决策的各种因素，尽量采用定量分析方法，并运用科学的决策模型进行决策。对各种可行方案决策，切忌主观臆断。如在对固定资产投资的决策中，应采用科学的方法，计算各种投资方案的投资回收期、投资报酬率、净现值及内含报酬率等指标，并对计算结果进行综合评价，在考虑其他因素的基础上选择最佳的投资方案。这样可以使产生失误的可能性大大降低，从而可以避免因决策失误所带来的财务风险。 (四)科学控制财务风险 1.坚持谨慎性原则。建立财务风险基金即在损失发生前以预提方式或其他形式建立一项专门用于防范风险损失的基金。企业可以按一定标准提取坏账准备金，这是弥补风险损失的一种有效方法。在损失发生后，从已经建立了风险基金的项目中列支，或分批进入经营成本，尽量减少财务风险对企业正常活动的干扰。
外文翻译 英文原文 Belt Conveying Systems Development of driving system Among the methods of material conveying employed，belt conveyors play a very important part in the reliable carrying of material over long distances at competitive cost．Conveyor systems have become larger and more complex and drive systems have also been going through a process of evolution and will continue to do so．Nowadays，bigger belts require more power and have brought the need for larger individual drives as well as multiple drives such as 3 drives of 750 kW for one belt(this is the case for the conveyor drives in Chengzhuang Mine)．The ability to control drive acceleration torque is critical to belt conveyors’performance．An efficient drive system should be able to provide smooth，soft starts while maintaining belt tensions within the specified safe limits．For load sharing on multiple drives．torque and speed control are also important considerations in the drive system’s design. Due to the advances in conveyor drive control technology，at present many more reliable．Cost-effective and performance-driven conveyor drive systems covering a wide range of power are available for customers’ choices[1]. 1 Analysis on conveyor drive technologies 1．1 Direct drives Full-voltage starters．With a full-voltage starter design，the conveyor head shaft is direct-coupled to the motor through the gear drive．Direct full-voltage starters are adequate for relatively low-power, simple-profile conveyors．With direct fu11-voltage starters．no control is provided for various conveyor loads and．depending on the ratio between fu11-and no-1oad power requirements，empty starting times can be three or four times faster than full load．The maintenance-free starting system is simple，low-cost and very reliable．However, they cannot control starting torque and maximum stall torque；therefore．they are
本科毕业论文（设计） 外文翻译 Financial Risk Management Although financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management. What Is Risk? Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure. Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits. Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it.
浅析企业的财务风险及防范措施 企业的财务风险是指在各项财务活动过程中，由于各种难以预料或控制的因素影响，从而使企业有蒙受损失的可能性。在市场经济条件下，财务风险是客观存在的，要完全消除风险及其影响是不现实的。企业财务风险管理的目标在于：了解风险的来源和特征，正确预测、衡量财务风险，进行适当的控制和防范，健全风险管理机制，完善财务政策，将损失降至最低程度，为企业创造最大的收益。 一、财务风险的含义 风险是指当一项活动可能产生几种不同的结果，而这些结果的可能性或概率又可以推算时，则认为这些活动是有风险的。一般来讲，企业面临两种风险：一是经营风险；二是财务风险。企业的财务风险往往是由经营风险引起的，是企业在财务活动中由于各种不确定因素的影响，财务收益与预期收益发生偏离，因而造成经营过程中的某一方面和某个环节的问题。都可能促使这种风险转变成损失，导致企业盈利能力和偿债能力的降低。 二、企业财务风险成因分析 只有了解了企业的财务风险的成因，才能采取相应的预防对策，加强财务风险的防范。不同企业财务风险形成的具体原因也不尽相同。总的来说，有以下几个方面的原因： （一）企业财务管理系统不能适应复杂多变的宏观环境 企业财务管理的宏观环境复杂多变是企业产生财务风险的外在成因。众所周知，持续的通货膨胀，将使企业资金供给持续发生短
缺，货币性资金持续贬值，实物性资金相对升值，资金成本持续升高。例如，世界原油价格上涨导致成品油价格上涨，使企业增加了运营成本，减少了利润，无法实现预期的收益。而利率的变动必然会产生利率风险，包括支付利息过多的风险、产生利息的投资发生亏损的风险和不能履行偿债义务的风险。市场风险因素也会对财务风险有很大的影响。这些因素存在于企业之外，但对企业财务管理产生重大影响。宏观环境的变化对企业来说，是难以准确预测和无法改变的。宏观环境的不利变化必然给企业带来财务风险。财务管理的环境具有复杂性和多变性，外部环境变化可能为企业带来某种机会，也可能使企业面临风险。财务管理系统如果不能适应复杂多变的外部环境，必然使企业理财陷入困境。 （二）财务管理决策缺乏科学性导致决策失误而产生财务风险 财务决策失误是产生财务风险的最直接的原因。目前我国企业的财务决策普遍存在着经验决策和主观决策现象，从而导致决策失误经常发生，导致产生财务风险。具体表现在： 1.固定资产投资决策缺乏科学性导致投资失误。在固定资产投资决策过程中，由于企业对投资项目的可行性缺乏周密系统的分析和研究，加之决策所依据的经济信息不全面、不真实以及决策者决策能力低下等原因，导致投资决策失误频繁发生。决策失误使投资项目不能获得预期的收益，投资无法按期收回，为企业带来巨大的财务风险。 2.对外投资决策失误，导致大量投资损失。企业对外投资包括有价证券投资，联营投资等。由于投资者对投资风险的认识不足，缺乏科学的论证，导致企业盲目投资和投资决策的失误使企业产生巨大的投资损失，由此产生很大的财务风险。 3.筹资规模和结构决策不当导致财务风险的产生。在我国有的企业盲目的扩大生产规模，本身资金又不够，只好向外筹集大量的负债资金，造成资金结
A Distributed Approach for Track Occupancy Detection Abstract This paper investigates the problem of track occupancy detection in distributed settings. Track occupancy detection determines which tracks are occupied in a railway system. For each track, the Neyman–Pearson structure is applied to reach the local decision. Globally, it is a multiple hypotheses testing problem. The Bayesian approach is employed to minimize the probability of the global decision error. Based on the prior probabilities of multiple hypotheses and the approximation of the prior probabilities of multiple hypotheses and the approximationofthereceiving operation characteristic curve of the local detector, a person-by-person optimization method is implemented to obtain the fusion rule and the local strategies off line. The results are illustrated through an example constructed from in situ devices. Key Words:Track occupancy detection,Neyman–Pearson, Generalized likelihood ratio test, Bayesian approach,Distributed detection 1Introduction With respect to the majority of railway systems in China, a quasi-moving block method is employed to specify the safe zone of a train. A key piece of knowledge to be determined is the set of track segments that are occupied, i.e., track occupancy detection. Then the speed restriction curves for the following trains are calculated accordingly. When there are misdetections, collisions may happen; additionally, false alarms may lead to declines of line capacity. Track occupancy detection is achieved by a set of track circuits. The track circuit is a crucial device mainly composed of a transmitter–receiver pair and a track segment. The measurement is the receiving signal at the end of the track. For each segment, a decision is made locally and individually, which leads to frequent ambiguities on which tracks are occupied for the whole line. It means that the false alarm rate of the line increases greatly. Besides, for the next generation of railway systems, a moving block method is adopted. Such a method requires the exact position and velocity of the train. However, those data are not provided in the current detection mechanism.
Financial Risk Management Although financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management. What Is Risk? Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure. Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits. Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk,