上市公司财务风险文献综述中英文资料外文翻译文献

文献出处: Sharifi, Omid. International Journal of Information, Business and Management6.2 (May 2014): 82-94.原文Financial Risk Management for Small and Medium Sized Enterprises(SMES)Omid SharifiMBA, Department of Commerce and Business Management,Kakatiya University, House No. 2-1-664, Sarawathi negar,1．ABSTRACTmedium sized Enterprises (SME) do also face business risks, Similar to large companies, Small and Mwhich in worst case can cause financial distress and lead to bankruptcy. However, although SME are a major part of the India and also international - economy, research mainly focused on risk management in large corporations. Therefore the aim of this paper is to suggest a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. The data required for the study was collected from Annual report of the Intec Capital Limited. For the period of five years, from 2008 to 2012.the findings showed the data and the overview can be used in SME risk management.Keywords: Annual report, Small and Medium sized Enterprises, Financial Risks, Risk Management.2．INTRUDUCTIONSmall and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Their importance in the economy however is large . SME sector of India is considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people,create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their competitiveness in the international market. There are several factors that have contributed towards the growth of Indian SMEs.Few of these include; funding of SMEs by local and foreign investors, the new technology that is used in the market is assisting SMEs add considerable value to their business, various trade directories and trade portals help facilitate trade between buyer and supplier and thus reducing the barrier to trade With this huge potential, backed up by strong government support; Indian SMEs continue to post their growth stories. Despite of this strong growth, there is huge potential amongst Indian SMEs that still remains untapped. Once this untapped potential becomes the source for growth of these units, there would be no stopping to India posting a GDP higher than that of US and China and becoming the world’s economic powerhouse.3. RESEARCH QUESTIONRisk and economic activity are inseparable. Every business decision and entrepreneurial act is connected with risk. This applies also to business of small andmedium sized enterprises as they are also facing several and often the same risks as bigger companies. In a real business environment with market imperfections they need to manage those risks in order to secure their business continuity and add additional value by avoiding or reducing transaction costs and cost of financial distress or bankruptcy. However, risk management is a challenge for most SME. In contrast to larger companies they often lack the necessary resources, with regard to manpower, databases and specialty of knowledge to perform a standardized and structured risk management. The result is that many smaller companies do not perform sufficient analysis to identify their risk. This aspect is exacerbated due to a lack in literature about methods for risk management in SME, as stated by Henschel: The two challenging aspects with regard to risk management in SME are therefore:1. SME differ from large corporations in many characteristics2. The existing research lacks a focus on risk management in SMEThe following research question will be central to this work:1.how can SME manage their internal financial risk?2.Which aspects, based on their characteristics, have to be taken into account for this?3.Which mean fulfils the requirements and can be applied to SME?4. LITERATURE REVIEWIn contrast to larger corporations, in SME one of the owners is often part of the management team. His intuition and experience are important for managing the company.Therefore, in small companies, the (owner-) manager is often responsible for many different tasks and important decisions. Most SME do not have the necessary resources to employ specialists on every position in the company. They focus on their core business and have generalists for the administrative functions. Behr and Guttler find that SME on average have equity ratios lower than 20%. The different characteristics of management, position on procurement and capital markets and the legal framework need to be taken into account when applying management instruments like risk management. Therefore the risk management techniques of larger corporations cannot easily be applied to SME.In practice it can therefore be observed that although SME are not facing less risks and uncertainties than largecompanies, their risk management differs from the practices in larger companies. The latter have the resources to employ a risk manager and a professional, structured and standardized risk management system. In contrast to that, risk management in SME differs in the degree of implementation and the techniques applied. Jonen & Simgen-Weber With regard to firm size and the use of risk management. Beyer, Hachmeister & Lampenius observe in a study from 2010 that increasing firm size among SME enhances the use of risk management. This observation matches with the opinion of nearly 10% of SME, which are of the opinion, that risk management is only reasonable in larger corporations. Beyer, Hachmeister & Lampenius find that most of the surveyed SME identify risks with help of statistics, checklists, creativity and scenario analyses. reveals similar findings and state that most companies rely on key figure systems for identifying and evaluating the urgency of business risks. That small firms face higher costs of hedging than larger corporations. This fact is reducing the benefits from hedging and therefore he advises to evaluate the usage of hedging for each firm individually. The lacking expertise to decide about hedges in SME is also identified by Eckbo, According to his findings, smaller companies often lack the understanding and management capacities needed to use those instruments.5. METHODOLOGY5.1. USE OF FINANCIAL ANALYSIS IN SME RISK MANAGEMENTHow financial analysis can be used in SME risk management?5.1.1 Development of financial risk overview for SMEThe following sections show the development of the financial risk overview. After presenting the framework, the different ratios will be discussed to finally presenta selection of suitable ratios and choose appropriate comparison data.5.1.2. Framework for financial risk overviewThe idea is to use a set of ratios in an overview as the basis for the financial risk management.This provides even more information than the analysis of historical data and allows reacting fast on critical developments and managing the identified risks. However not only the internal data can be used for the risk management. In additionto that also the information available in the papers can be used.Some of them state average values for the defaulted or bankrupt companies one year prior bankruptcy -and few papers also for a longer time horizon. Those values can be used as a comparison value to evaluate the risk situation of the company. For this an appropriate set of ratios has to be chosen.The ratios, which will be included in the overview and analysis sheet, should fulfill two main requirements. First of all they should match the main financial risks of the company in order to deliver significant information and not miss an important risk factor. Secondly the ratios need to be relevant in two different ways. On the one hand they should be applicable independently of other ratios. This means that they also deliver useful information when not used in a regression, as it is applied in many of the papers. On the other hand to be appropriate to use them, the ratios need to show a different development for healthy companies than for those under financial distress. The difference between the values of the two groups should be large enough to see into which the observed company belongs.5.1.3. Evaluation of ratios for financial risk overviewWhen choosing ratios from the different categories, it needs to be evaluated which ones are the most appropriate ones. For this some comparison values are needed in order to see whether the ratios show different values and developments for the two groups of companies. The most convenient source for the comparison values are the research papers as their values are based on large samples of annual reports and by providing average values outweigh outliers in the data. Altman shows a table with the values for 8 different ratios for the five years prior bankruptcy of which he uses 5, while Porporato & Sandin use 13 ratios in their model and Ohlson bases his evaluation on 9 figures and ratios [10]. Khong, Ong & Yap and Cerovac & Ivicic also show the difference in ratios between the two groups, however only directly before bankruptcy and not as a development over time [9]. Therefore this information is not as valuable as the others ([4][15]).In summary, the main internal financial risks in a SME should be covered by financial structure, liquidity and profitability ratios, which are the main categories ofratios applied in the research papers.Financial structureA ratio used in many of the papers is the total debt to total assets ratio, analyzing the financial structure of the company. Next to the papers of Altman, Ohlson and Porporato & Sandin also Khong, Ong & Yap and Cerovac & Ivicic show comparison values for this ratio. Those demonstrate a huge difference in size between the bankrupt and non-bankrupt groups.Figure 1: Development of total debt/ total assets ratioData source: Altman (1968), Porporato & Sandin (2007) and Ohlson (1980), author’s illustrationTherefore the information of total debt/total assets is more reliable and should rather be used for the overview. The other ratios analyzing the financial structure are only used in one of the papers and except for one the reference data only covers the last year before bankruptcy. Therefore a time trend cannot be detected and their relevance cannot be approved.Cost of debtThe costs of debt are another aspect of the financing risk. Porporato & Sandin use the variable interest payments/EBIT for measuring the debt costs. The variable shows how much of the income before tax and interest is spend to finance the debt. This variable also shows a clear trend when firms approach bankruptcy.LiquidityThe ratio used in all five papers to measure liquidity is the current ratio, showingthe relation between current liabilities and current assets (with slight differences in the definition). Instead of the current ratio, a liquidity ratio setting the difference between current assets and current liabilities, also defined as working capital, into relation with total assets could be used.Figure 2: Development of working capital / total assets ratioData source: Altman (1968) and Ohlson (1980); author’s illustratioBasically the ratio says whether the firm would be able to pay back all its’ current liabilities by using its’ current assets. In case it is not able to, which is wh en the liabilities exceed the assets, there is an insolvency risk.6. CRITICAL REVIEW AND CONCLUSIONWhen doing business, constantly decisions have to be made, whose outcome is not certain and thus connected with risk. In order to successfully cope with this uncertainty, corporate risk management is necessary in a business environment, which is influenced by market frictions. Different approaches and methods can be found for applying such a risk management. However, those mainly focus on large corporations, though they are the minority of all companies[13].Furthermore the approaches often require the use of statistical software and expert knowledge, which is most often not available in SME. They and their requirements for risk management have mainly been neglected [17][13].This also includes the internal financial risk management, which was in the focus of this paper. Due to the existing risks in SME and their differences to larger corporations as well as the lack of suitable risk management suggestions in theory, there is a need for a suggestion for a financial risk management in SME. Theaim was to find a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. Based on an examination and analysis of different papers, despite of their different models, many similarities in the applied ratios could be identified. In general the papers focus on three categories of risk, namely liquidity, profitability and solvency, which are in accordance to the main internal financial risks of SME. From the ratios the most appropriate ones with regard to their effectiveness in identifying risks.译文中小企业的财务风险管理奥米德沙利菲1、摘要中小型企业(SME)和大型企业一样，也面临着业务风险，在最糟糕的情况下，可能会导致金融危机，甚至破产。

Research on Financial Risk of the EnterpriseShanshan LiSchool of economics and management,Henan Polytechnic University, P.R. china 454000E-mail:shanshanli@Abstract—With the intensification of market competition, the financial risk faced by enterprises increases day by day. This paper primarily probes into the definition, types, causes and potential harms of financial risk, and puts forward some detailed countermeasures to avoid it.Keywords Financial Risk; Risk Identification; Risk PreventionI.I NTRODUCTIONWith the strengthening of economic globalization and market mechanism, the competition between enterprises is also getting tougher. More enterprises are facing more severe financial risks. Financial risk focuses on the management of uncertainties in companies’financial operating effects. The underestimation of financial risks and ineffective management would cause tremendous economical loss, and some is close to going bankrupt even, close down. So the research in awareness, prevention and control of the financial risks has become an important subject. The study of the financial risk management is not only theoretically but practically significant.II. THE BASIC THEORY OF FINANCIAL RISKA.the Definition of Financial RiskFinancial risk, basically speaking, refers to a variety of unpredictable and uncontrollable factors in the financial system existing objectively, which result in the fact that the financial benefits actually deviate from the expected financial benefit, causing the losses of the financial benefits. Financing risk is the existence of an objective economic phenomenon, a variety of financial risks in a concentrated expression, throughout the various segments of the financial activities. From the economics point of view, as a microeconomic risk, the modem corporate financial risk is the currency manifestation of all risks that companies faced, which is the concentrated on expression of all risks.B.the Types of Financial RiskIn the market economy conditions, the financial risk is an objective existence. For business, financial risk is closely related to the managements about the raising and assigning of fund, especially fund safety. It reflecting risks when enterprises are in financial activity and dealing with financial relationship. There are several different types of financial risk, including fundraising risk, investment risk and risk of income distribution.1)Fundraising risk Businesses cannot do without financing. However, financing will surely bring out risks. Fundraising risk means a variety of unpredictable, which is from changes in supply and demand of funds, the whole macroeconomic and market environment changes, and etc. Fundraising risk basically include interest rate risk, exchange rate risk, refinancing risk, the financial leverage and purchasing power risk. Interest rate risk means the cost of financing changes brought the fluctuation of price of finance assets; Exchange rate risk refers to the uncertainty in the foreign exchange business due to exchange-rate flexibility. Refinancing risk means the uncertainty for companies refinancing. The financial leverage is the enterprise use debt adjustment rights and interests capital income method. Enterprises can use the financial lever to bring the interests of the financial lever to enterprise shareholder or the enterprise owner rationally. As a result of financial leverage is influenced by many factors, in the interests of financial leverage was also accompanied by incalculable financial risks. Purchasing power risk refers to some effect on finance affected by currency fluctuations.2)Investment riskInvestment risk refers to risk due to the future of the enterprise income uncertainty, future income and practical; the deviation between the expected return. When developed areas where market development is not mature, and more likely to be a direct result of the increased level of investment risk factor. In China, investment has two forms, that is, direct investment and securities investment. Typically, direct investment involves the purchase of assets such as land, plant. Securities investments include investments in shares and in bonds. For many decades investments in shares and bonds are one of the most commonly used and popular kinds of investments. Investments in shares is a kind of profit mechanism of mutual benefits and risks. The biggest characteristic of bonds invest is stable income, higher safety factor, but also has strong liquidity. Whether investing in stocks or bonds, in the many uncertainties of the market environment, still have to grasp the sound principles of risk prevention.3)Risk of income distribution.Risk of income distribution, often called transaction exposure, means bad fund movement because of uncertainty in production, supply and sales, resulting in changes in value. The contents of this risk mainly include: purchase risk, production risk, inventory liquidation risk and accounts receivable realizable risk. Purchase risk means insufficient supply of material for changes what vendors made in raw materials, and the changes in actual payment period fordifferent credit conditions and payment. Production risk refers to changes in the production process for new information, changes in energy market prices and personnel changes and etc. Inventory liquidation risk refers to product sales blocked for the product market changes. Accounts receivable are relatively liquid assets, usually converting into cash within a period of 3 to 6 days. Account receivable is an important part of state expenditure of current assets, the strong or infirmness of liquidity has a direct affection on cash flow and working of performance of enterprise. So the corporations must pay attention to the risk on their accounts receivable, and learn to analyze the risk and control it.III.THE CAUSE OF FORMATION OF THE FINANCIAL RISKA.External FactorsEnterprise Financial Management of the external environment is changing the financial risk arising from the objective reasons. External factors mainly include: economic factors, market factors, tax laws and environmental factors, which will have a significant impact on financial administration of enterprise.1)Macro economic changesMacro economic changes to the enterprise, are difficult to accurately predicted and cannot be changed. It will bring adverse changes in financial risk. For example, the rise of oil price would make transportation enterprise increase operating costs, reduce the profits, therefore cannot achieve the financial revenue.2)Changes in tax lawsAny enterprise has the legal duty to pay taxes. Tax of the enterprise is a cost; which would increase cash outflow for enterprise, and has important influence on enterprise management. Enterprises will help reduce the tax burden to lower production costs and increase the profitability of enterprises in space and ability to resist risks. Therefore, enterprise hopes to reduce the tax burden in no violation of tax law. To reduce the corporate tax burden, only by careful arrangement, financing, investment and profit distribution or other financial decision-making. If the tax law changes make the enterprise's financial decisions emerge uncertainty ,these factors may cause the financial risk of the enterprise.3)Interest-rate changesWhen the enterprise raises fund, the interest rate is usually fixed. If the future interest rate declined, enterprise still pay higher interest rates according to the original contract, thus this must increase the financial risk of the enterprise. If the future market rates rised, the enterprise can pay low interest by the contract . But if we look at it in another light, with the higher interest rates, the currency appreciation pressure increases. Due to the revaluation, the corporate bonds may be redeemed by the principal stress, thus increasing enterprise the burden of the financial risks. If the enterprise finances using foreign currency, Changes in exchange rates also will make financial risk.In addition, industrial policy also has important influence on the enterprise's activities. Because the government's policy to industry would always be affected by the economic environment, the enterprise's financial decision-making is also changing. The enterprise financial decision-making changes also can make the financial risk.B. Internal Reasons1)Administrators’ low awareness to the risksFinancial risk is objective existence. As long as financial activities do, financial risk will inevitably exists. In reality, many administrators are lack of knowledge and risk awareness in the financial management. In their opinions, as long as they make good use of funds, the financial risk will disappear. Obviously, administrators’ low awareness to the risks is one of the important reasons the financial risk arising.2)Lack of seriousness for financial decision-making Financial decision-making error is another important reason for financial risks. Avoiding financial decision-making error should make financial decision-making more scientific. At present, experience decision-making and subjective decision are common phenomenons during our country enterprises’ financial decision-making, which lead to the decision-making errors occur frequently, resulting in financial risk arising. For example, in fixed asset investment decision-making process, due to lack of investment project feasibility study, together with incomplete information, investment decision-making errors occur frequently, making investment project cannot obtain the expected returns on investment, and bring the huge financial risk.3)Unreasonable capital structureBoth domestic and foreign cases concerned indicate that it is usually inexpedient capital mode that leads to the companies’ financial difficulties, which sometimes result in their bankruptcy. Enterprise should make sure of the best structure of capital through a suitable measurement, thus to minimize the cost of capital and maximize its business value. If the enterprise’s capital structure is unreasonable and lack of an effective financial warning mechanism, the enterprise financial burden is heavy, resulting financial risk.4)Sales on account blindlySales on account has be used as the one of the important means that promotes products of business enterprise, and already more and more were adopted by large business enterprise. If there is no efficient way to control the account receivable aggradation, it will be more and more while the quantity of sales is bigger and bigger, and it will affect the normal produce. And bad debt risk is an objective existence, as long as there is likely to have bad credit. All this factors would affect the liquidity of enterprise assets and security, and add business expense, resulting financial risk.IV.COUNTERMEASURES OF FINANCIAL RISK PREVENTION A.Optimize Capital StructureThe choice of capital structure in enterprises is an important financial decision. The enterprise should optimize capital structure and improve returns on investment, effective risk management and control.1)Select the optimal financing planOperating with debt is a double-edged sword, it can bring greater revenue, but also may lead to the loss of fundraising risk. So the enterprise must do moderate debt management. How to determine the appropriate liabilities “degree” is more complex and difficult. Theoretically, the theory of proper capital structure has already been stated in detail in the accounting of finance management. In practical work, “degrees” should adapt to enterprises’ specific conditions. For the enterprise that the production and management are going well, their debt ratio may be high. Otherwise, their debt ratio appropriate low.2)Reasonable refinancingRefinancing bring in money also brings a certain financial risk for enterprises. Therefore, When enterprise determines the refinancing plan, they should consider a range of factors, to reasonably arrange financing options. Refinancing scales should be controlled in view of total assets of enterprises. Special department should de arranged to be responsible for auditing the use of funds. These measures can effectively not only reduce the financial risk brought by refinancing, but also make the maximum possible use of the effective marketing tools.B.Supervise Investment Management Activitiescomprehensively1)Strengthen a feasibility study on investment plan Improving the efficient when enterprise works the funds is a key financial problem. Long-term investment can make uncertainty factors cancel out by various constitute investment, to reduce the risk and realize the stable income. Moreover, the enterprise should control the process of investment, strengthen performance appraisal and improve management information systems. As for short-term investments, the enterprise should strengthen the speed of inventory converted into cash , account receivable converted into cash as well. Thereby improving asset liquidity. In addition, selecting the appropriate proportion of Long-term investment and short-term investment is the effective method to prevent the investment risk.2)Discreet choice for merger acquisitionOver recent years, corporate merge and acquisition (M&A) are booming in China. Enterprises have strange preference for merger, because the M&A can not only bring huge economic benefits to the enterprise, but also can improve the financial statements for the company. On the other hand, because the M&A news for enterprise is generally good news, this can help enterprise promote the company and stock, to gain more help In the capital markets.In the course of corporate merge and acquisition, the evaluation of target corporate value is rather essential .Before mergers happen, enterprises should have an accurate estimate to merger object. The accuracy of valuation the merged enterprise owned depends on the Enterprises’ mastery of the information. Mergers are also more likely to success. If necessary, enterprises can employ investment bank to conducting a thorough job analysis aiming at the target enterprises’ industry environment, financial status and management ability. So enterprises can make reasonable expectations to the target enterprises’ future profitability, and make valuations more accurate, which favors the reduction of pricing risk. C.Strengthen Accounts Receivable and InventoryManagement1)Accounts receivable managementThe account receivable management is the key point of an enterprise financial control, which passes through the entire process of the enterprise financial control. The account receivable management level is restricting the enterprise whole management level promotion. The scientific management method of account receivable is not to reduce the income as far as possible, moreover, decrease the risk of account receivable to a minimum. Firstly, the key of receivables is management of enterprise credit risk. Enterprises should establish specialized credit management institutions. Seccondly, enterprises should perfect collective policy. After the occurrence of receivables, enterprises should take various measures to make sure that all credit accounts are collected .When a business recognizes that a debt is unlikely to be repaid, the debt is written off as an expense in the profit and loss account. Thirdly,play the role of internal auditing.Internal audit develops the functions of supervision, evaluation and risk management in corporate governance.2)Inventory managementInventory management plays an important role in the management of enterprises. Stock circulation can help enterprises realize the stable and has strong cash flows. The enterprise should optimize inventory management skills and operation way of working. In the process of inventory management, enterprises must strictly comply with financial regulations, and inventories accurately, to achieve the account, the thing, the card is consistent. Inventory control method has ABC, economic order batch, quantitative order, time order and zero stock, etc.D.Play the Other Aspects of the Constrain Function1)Make full use of the public accounting firmsIn the financial risks of enterprise management, accounting firm, as the intermediary organization which direct audit enterprise financial statement of, can play an important role. In accordance with China's current law, before presenting to external users, the financial statements must be examined by the qualified public accounting firms. This can not only, to a certain extent, guard against mistakes and irregularities in the financial management of enterprises, but also help enterprises to make certain financial adjustment in the audit process. Some companies also hire an accounting firm for company's financial advisers. Therefore, the accounting firm plays a very important role on identifing and preventing financial risk.2)Strengthen the risk consciousnessFinancial risk management depend on enterprise's full participation. The enterprise will work to be more aware of risks, improve related systems, tighten debt management and fend off financial risks. Enterprises must make employees understand a truth, that is, the risk of enterprise financial affairs exists in every link of enterprise financial management, and risk prevention must be throughout the financial management all the time.V.CONCLUSIONThe existence of financial risk will undoubtedly have big impact on the production of business. Because the risk of enterprise financial affairs exists in every link of enterprise financial management, risk prevention can't just rely on the financial department. Every part should cooperate with each other, in this way, can risk prevention be more and more perfect. Enterprises should attach importance to financial risk management, and take effective research on financial risk control and management, to raise the economic benefits of the enterprise.R EFERENCES[1]Herbert Gintis,The financial structure of the enterprise,Journal ofEconomic Behavior&Organization,2005(5) ,pp31l-322(in Chinese)[2]Wei Xiong,The cause of the enterprise financial risks, China sForeign Trade ,2010(22), pp.176. (in Chinese)[3]LIU Ji-Wei, Problems and Countermeasures of Enterprise FinanceRisk Management in China, Journal of Jiyuan Vocational andTechnical College,2009(03),pp52-54(in Chinese)。

文献出处：Biao D. Analysis of Financial Risk Prevention in Mergers and Acquisitions[J]. International Business and Management, 2014, 9(2): 138-144.第一部分为译文，第二部分为原文。

默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。

企业并购财务风险的预防管理分析摘要：并购被认为是改善企业管理模式，扩大企业规模，调整产业结构的有效途径。

这种方法在世界各地的每一次盛行中都受到很多因素的影响，然而企业并购在中国的起步较晚。

复杂而快速变化的环境使得企业并购具有重大风险。

特别是并购流程每一步都有严重的财务风险。

并购存在各种财务风险，如果这些风险没有得到有效的解决和控制，任何时候都会导致企业失败。

因此，许多学者和企业家认为兼并和收购的财务风险是最大的问题。

本文将对并购财务风险提出有效的预防措施，减少财务风险带来的影响，增加并购成功机会，确保企业并购的实施。

关键词：并购，财务风险，因果关系，预防引言自1897年以来，西方资本主义国家的并购遭遇了五次浪潮。

每次并购对企业的结构优化和资源配置都起着重要的作用。

中国改革开放政策实施后，随着经济全球化的快速发展，并购成为企业扩大经营规模，实现国际化的重要途径之一。

20世纪80年代中国出现并购，当时并购行为在中国企业受到欢迎，尽管许多企业从事并购，但成功案例少。

因为并购行为有很多潜在风险，其中包括市场风险，财务风险，法律风险等。

然而，财务风险被认为是并购的主要问题。

因此，有必要研究并购和财务风险的内容，了解财务风险的特点及其影响，系统分析财务风险，具体来说，需要研究并购前的目标企业的定价风险，并购期间的支付风险和财务风险以及并购后的整合风险。

最后，本文提出了基于各种风险的预防和控制措施，这是降低财务风险并提高并购成功概率的有效途径。

公司财务风险管理问题研究国内外文献综述1 国外文献综述西方国家对财务风险的分析与防范研究的比较早，其中“风险管理”一词就是被美国学者莫布雷在20世纪五十年代首次提出的。

Sohnke M. Bartram, Gregory W. Brown, and Murat Atamer发表了《How Important is Financial Risk》的文章，他采用对比分析法与文献资料法等方法，提出了要加强对财务风险分析的观点。

他认为：企业可以通过控制管理财务风险，从而让股东承担较低的经济风险。

对企业来讲财务风险非常重要，只是选择高负债承担水平或管理风险能力缺乏的不同罢了。

相比之下，典型的非金融类公司选择不采取这些风险。

财务总风险可能是重要的，但公司可以管理它。

与此相反，更加难以预防的是基本的经济和商业风险，因为他们可以代表机制，使企业赢得经济效益。

目前，英国、德国和法国等国对财务风险分析与防范的研究也非常重视。

在财务风险控制方面，James（2017年）认为企业财务风险管理的效果受到许多不同因素的影响，包括企业经营市场的外部环境、企业的负债能力和风险管理能力；Rileye（2016年）认为企业对财务风险进行管理时需要建立以行业环境为中心的新模型，拓展原有风险评估模型，从多个层次对企业资产的状况进行剖析，进一步完善现有的财务风险管理系统；YoshikawaH（2014年）认为财务风险的控制是以财务风险的量化作为基础，企业在经营活动中面临的各种各样财务风险可以通过科学的方法进行量化，并将评估的结果应用于企业的决策，这对于转移财务风险，降低决策失误可能性具有重要的意义；William （2015年）认为企业只有建立严密的内部控制制度并且优化资本结构才能够对企业可能面临的各种财务风险进行有效的管理；Sibt-ul-Hasnin Kazmi（2016年）提出财务风险是随同业务活动发展产生的，错误的业务解决策略会导致财务风险,利用套期保值工具可以有效降低金融相关的财务风险；Indranil（2016年）认为企业的财务风险管理与审计人员的判断力和企业构建行之有效的内部控制和风险防范框架存在着密切的联系；Andreea（2017年）认为企业对资产的管理存在不足是导致财务风险管理出现问题的重要原因，因此企业想要制定合理的风险评估体系，就需要结合生产经营活动的实际情况，并对财务风险进行科学评估，这样才能有效化解可能面临的各种风险。

中英文资料外文翻译外文资料Financial firm bankruptcy and systemic riskIn Fall 2008 when the Federal Reserve and the Treasury injected $85 billion into the insurance behemoth American International Group (AIG), themoney lent to AIGwent straight to counterparties, and very few funds remained with the insurer. Among the largest recipients was Goldman Sachs, to whomabout $12 billionwas paid to undoAIG’s credit default swaps (CDSs). The bailout plan focused on repaying the debt by slowly selling off AIG’s assets, w ith no intention of maintaining jobs or allowing the CDSmarket to continue to function as before. Thus, the government’s effort to avoid systemic risk with AIG was mainly about ensuring that firms with which AIG had done business did not fail as a result. T he concerns are obviously greatest vis-a-vis CDSs, ofwhich AIG had over $400 billion contracts outstanding in June 2008.In contrast, the government was much less enthusiastic about aiding General Motors, presumably because they believed its failure would not cause major macroeconomic repercussions by imposing losses on related firms. This decision is consistent with the view in macroeconomicresearch that financialfirmbankruptcies pose a greater amount of systemic risk than nonfinancial firmbankruptcies. For example, Bordo and Haubrich (2009) conclude that “...more severe financial events are associated withmore severe recessions...” Likewise, Bernanke (1983) argues the Great Depressionwas so severe because ofweakness in the banking systemthat affected the amount of credit available for investment. Bernanke et al. (1999) hypothesize a financial accelerator mechanism, whereby distress in one sector of the economy leads to more precarious balance sheets and tighter credit conditions. This in turn leads to a drop in investment, which is followed by less lending and a widespread downturn. Were shocks to the economy always to come in the form of distress at nonfinancial firms, these authors argue that the business downturns would not be so severe.We argue instead that the contagious impact of a nonfinancial firm’s bankruptcy is expected to be far larger than that of a financial firm like AIG, although neither would be catastrophic to the U.S. economy through counterparty risk channels. This is not to say that an episode ofwidespread financial distress among our largest banks would not be followed by an especially severe recession, only that such failures would not cause a recession or affect the depth of a recession. Rather such bankruptcies are symptomatic of common factors in portfolios that lead to wealth losses regardless of whether any firm files for bankruptcy.Pervasive financial fragility may occur because the failure of one firm leads to the failure of other firms which cascades through the system (e.g., Davis and Lo, 1999; Jarrow and Yu, 2001). Or systemic risk may wreak havoc when a number of financial firms fail simultaneously, as in the Great Depression when more than 9000 banks failed (Benston, 1986). In the former case, the failure of one firm, such as AIG, Lehman Brothers or Bear Stearns, could lead to widespread failure through financial contracts such as CDSs. In the latter case, the fact that so many financial institutions have failed means that both the money supply and the amount of credit in the economy could fall so far as to cause a large drop in economic activity (Friedman and Schwartz, 1971).While a weak financial systemcould cause a recession, the recession would not arise because one firm was allowed to file bankruptcy. Further, should one or the other firmgo bankrupt, the nonfinancial firmwould have the greater impact on the economy.Such extreme real effects that appear to be the result of financial firm fragility have led to a large emphasis on the prevention of systemic risk problems by regulators. Foremost amo ng these policies is “too big to fail” (TBTF), the logic of which is that the failure of a large financial institution will have ramifications for other financial institutions and therefore the risk to the economywould be enormous. TBTF was behind the Fed’s decisions to orchestrate the merger of Bear Stearns and J.P.Morgan Chase in 2008, its leadership in the restructuring of bank loans owed by Long Term Capital Management (LTCM), and its decision to prop up AIG. TBTF may be justified if the outcome is preven tion of a major downswing in the economy. However, if the systemic risks in these episodes have been exaggerated or the salutary effects of these actions overestimated, then the cost to the efficiency of the capital allocation system may far outweigh any po tential benefits from attempting to avoid another Great Depression.No doubt, no regulator wants to take the chance of standing down while watching over another systemic risk crisis, sowe do not have the ability to examine empiricallywhat happens to the economy when regulators back off. There are very fewinstances in themodern history of the U.S.where regulators allowed the bankruptcy of amajor financial firm.Most recently,we can point to the bankruptcy of Lehman,which the Fed pointedly allowed to fail.However,with only one obvious casewhere TBTFwas abandoned, we have only an inkling of how TBTF policy affects systemic risk. Moreover, at the same time that Lehman failed, the Fed was intervening in the commercial paper market and aiding money marketmutual fundswhile AIGwas downgraded and subsequently bailed out. In addition, the Federal Reserve and the Treasury were scaremongering about the prospects of a second Great Depression to make the passage of TARPmore likely. Thuswewill never knowifthemarket downturn th at followed the Lehman bankruptcy reflected fear of contagion from Lehman to the real economy or fear of the depths of existing problems in the real economy that were highlighted so dramatically by regulators.In this paper we analyze the mechanisms by which such risk could cause an economy-wide col-lapse.We focus on two types of contagion that might lead to systemic risk problems: (1) information contagion,where the information that one financial firmis troubled is associatedwith negative shocksat other financ ial institutions largely because the firms share common risk factors; or (2) counterparty contagion,where one important financial institution’s collapse leads directly to troubles at other cred-itor firms whose troubles snowball and drive other firms into distress. The efficacy of TBTF policies depends crucially on which of these two types of systemic riskmechanisms dominates.Counterparty contagion may warrant intervention in individual bank failureswhile information contagion does not.If regulators do not ste p in to bail out an individual firm, the alternative is to let it fail. In the case of a bank, the process involves the FDIC as receiver and the insured liabilities of the firmare very quickly repaid. In contrast, the failure of an investment bank or hedge fund does not involve the FDIC andmay closely resemble a Chapter 11 or Chapter 7 filing of a nonfinancial firm. However, if the nonbank financial firm inquestion has liabilities that are covered by the Securities Industry Protection Corporation (SIPC), the firmi s required by lawunder the Securities Industry Protection Act (SIPA) to liquidate under Chapter 7 (Don and Wang, 1990). This explains in large partwhy only the holding company of Lehman filed for bankruptcy in 2008 and its broker–dealer subsidiaries were n ot part of the Chapter 11 filing.A major fear of a financial firm liquidation, whether done through the FDIC or as required by SIPA, is that fire sales will depress recoveries for the creditors of the failed financial firm and that these fire saleswill have ramifications for other firms in related businesses, even if these businesses do not have direct ties to the failed firm (Shleifer and Vishny, 1992). This fear was behind the Fed’s decision to extend liquidity to primary dealers inMarch 2008 – Fed Chairman Bernanke explained in a speech on financial system stability that“the risk developed that liquidity pressuresmight force dealers to sell assets into already illiquid markets. Thismight have resulted in...[a] fire sale scenario..., inwhich a cascade of failures andliquidations sharply depresses asset prices, with adverse financial and economic implications.”(May 13, 2008 speech at the Federal Reserve Bank of Atlanta conference at Sea Island, Georgia) The fear of potential fire sales is expressed in further detail in t he same speech as a reason for the merger of Bear Stearns and JP Morgan:“Bear...would be forced to file for bankruptcy...[which] wouldhave forced Bear’s secured creditors and counterparties to liquidate the underlying collateral and, given the illiquidity of markets, those creditors and counter parties might well have sustained losses. If they responded to losses or the unexpected illiquidity of their holdings by pulling back from providing secured financing to other firms, a much broader liquidity crisis wou ld have ensued.”The idea that creditors of a failed firm are forced to liquidate assets, and to do so with haste, is counter to the basic tenets of U.S. bankruptcy laws, which are set up to allow creditors the ability to maximize the value of the assets now under their control. If that value is greatest when continuing to operate, the laws allow such a reorganization of the firm. If the value in liquidation is higher, the laws are in no way prejudiced against selling assets in an orderly procedure. Bankruptcy actually reduces the likelihood of fire sales because assets are not sold quickly once a bankruptcy filing occurs. Cash does not leave the bankrupt firm without the approval of a judge.Without pressure to pay debts, the firm can remain in bankruptcy for months as it tries to decide on the best course of action. Indeed, a major complaint about the U.S. code is that debtors can easily delay reorganizing and slow down the process.If, however, creditors and management believe that speedy assets sales are in their best interest, then they can press the bankruptcy judge to approve quick action. This occurred in the case of Lehman’s asset sale to Barclays,which involved hiring workers whomight have split up were their divisions not sold quickly.金融公司破产及系统性的风险2008年秋，当美联邦储备委员会和财政部拒绝85亿美金巨资保险投入到美国国际集团时，这边借给美国国际集团的货款就直接落到了竞争对手手里，而投保人只得到极少的一部分资金。

企业财务状况评价外文文献及翻译摘要本文通过对国内外财务状况评价相关外文文献的调研和翻译，总结了不同学者对企业财务状况评价的方法和指标，以及其对企业经营决策和风险管理的影响。

同时，还分析了现有文献中的研究局限，并提出了相应的进一步研究方向。

引言企业财务状况的评价在企业经营决策和风险管理中具有重要的作用。

随着全球经济的不断发展，企业财务状况评价的方法和指标也得到了不断的完善和更新。

本文旨在通过对国内外相关文献的调研和翻译，探讨企业财务状况评价的相关内容。

方法本文通过检索相关数据库和学术期刊，筛选了一批与企业财务状况评价相关的外文文献。

然后，进行了文献综述和内容翻译，并总结出其中的关键信息和研究成果。

结果1. 企业财务状况评价方法根据文献翻译和分析，目前学者们在企业财务状况评价方面主要采用以下方法：- 财务比率分析：通过对企业财务报表的比率分析，评估企业的偿债能力、盈利能力、运营效率等方面的状况。

- 资产负债表分析：通过对企业资产负债表的分析，揭示企业的资产结构、债务水平和净资产价值等方面的情况。

- 现金流量分析：通过对企业现金流量表的分析，探讨企业的现金流入流出情况以及可持续性问题。

- 经验判断和专家评估：通过对企业经营情况的判断和专家的评估，综合考虑多个因素对企业财务状况的影响。

2. 企业财务状况评价指标研究发现，在企业财务状况评价中，常用的指标包括：- 流动比率：反映企业短期偿债能力的指标。

- 速动比率：更加严格地评估企业短期偿债能力的指标。

- 盈利能力指标：如净利润率、毛利率等，用于评估企业的盈利水平。

- 储蓄比率：评估企业的盈利再投资能力的指标。

- 负债比率：反映企业债务水平和承担风险的指标。

3. 对企业经营决策和风险管理的影响学者们的研究表明，企业财务状况评价对企业经营决策和风险管理有重要影响。

合理评估企业财务状况可以帮助企业制定更加科学的经营决策，提高企业效益和竞争力。

同时，对企业财务状况的评价还可以帮助企业及时发现和应对潜在的经营风险，降低经营风险带来的不确定性。

中英文资料翻译Financial Risk ManagementAlthough 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 transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat 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 riskwithin 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.DiversificationFor 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 towhich 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 ProcessThe 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 bepossible 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 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 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 otherfinancial 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 inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield 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 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.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。

文献信息：文献标题：Financial Risk Disclosure: Evidence from Albanian and Italian Companies（财务风险披露：阿尔巴尼亚和意大利公司的证据）国外作者：Grazia Dicuonzo, Antonio Fusco, Vittorio Dell’Atti文献出处：《KnE Social Sciences》,2017,1(2):182-196字数统计：英文4819单词，2734字符；中文15451汉字外文文献：Financial Risk Disclosure:Evidence from Albanian and Italian Companies Abstract In recent years standard setters, regulators and professional bodies worldwide have shown an increased interest in risk reporting. This has reflected the fallacy of the fina ncial reporting model to communicate a company’s risk profile, the recent scandals and the financial crisis. The European Union, the International Accounting Standards Board (IASB) and other national standard setters have introduced specific requirements in order to impose companies to highlight the principal financial risks and uncertainties that they face. The idea is that high-quality risk disclosure help investors and other market participants in their decision-making process, by providing a better understanding of the risk exposures and risk management practices of companies.Previous studies show large heterogeneity in risk reporting within individual countries and identify size as key determinant of risk disclosure. A few researches propose a cross-country investigation of risk reporting and to date there is a lack of evidence about companies operating in Southern Europe, especially in the Balkans.The aim of this study is twofold. First, we fill this gap by analyzing risk reporting regulations in Albania and in Italy to examine the different requirements. Second, we examine risk information disclosed by a sample of 12 Albanian companies and 12Italian companies within their annual reports, using content analysis. Due to small sample size we offer preliminary findings about financial risk disclosure. The results show that on average Albanian companies disclose less information on financial risk than Italian companies. Different explanations can be given for this evidence: i) risk disclosure regulation is less incisive in Albania, because it is limited to inform investors about the relevance of financial instruments and the terms and conditions of loans; ii) Albanian companies have fewer incentives to disclose risk information than Italian companies.Keywords: Financial risk disclosure, risk reporting, risk disclosure, content analysis, cross-country investigation1. IntroductionIn recent years risk reporting has received increasing attention by standard setters, regulators and professional bodies worldwide. Since 2007, listed companies must report the exposure, the objectives and the processes for managing financial risks (IFRS 7). Similarly, the Financial Stability Board (FSB) has developed new guidelines to improve risk reporting. This interest reflects the fallacy of the financial reporting model to communicate company’s risk profile, the recent scandals and the 2007-2009 financial crisis.The objective of this study is to provide further empirical evidence about the financial risk reporting practices in Albania and in Italy and key factors that influence risk disclosure decisions.The extant literature focuses on: i) the level of compliance with ad hoc standard about market risk; ii) the impact of risk disclosure on decision making; iii) the determinants of mandatory financial risk reporting practices. A few of prior researches focused on cross-country investigation, but they are limited to U.S., Canadian, UK and German settings. This study contributes to fill the gaps by exploring the differences between Albanian and Italian financial risk reporting. This paper proceeds as follows. Section 2 goes on to describe risk disclosure regulations. Section 3 reviews the literature related torisk reporting practices. Section 4 provides details onresearch design. Section 5 describes the main findings, while Section 6 details the conclusions.2. Albanian and Italian Risk Disclosure RegulationsThe increased importance of risk information has led financial accounting bodies and national legislators to enhance and improve risk reporting requirements. In the last decade a gradual transition from voluntary risk disclosure to mandatory risk disclosure has been observed, in response to request of investors and users of financial statements. This change concerned the majority of European countries even if it is adopted in different ways and times.In this paragraph we examine the regulatory developments about risk reporting in Albania and in Italy. To understand the differences on mandatory risk disclosure we offer a preliminary brief overview about the two accounting systems.AlbaniaThe first step of Albania for the development of an accounting framework right after the starting of the transition period is represented by the issue of Law No. 7661 “On accounting”, entered into force the 1st January 1993. This law establishes the rules, the principles and the procedures to draw up the Financial Statement of all companies in Albania.The financial report recommended by Law No. 7661 consists in Balance Sheet, Comprehensive Income Statement and Summary Notes and all of them must be considered and drafted as a unique and inseparable element. At the beginning no specific format was required but only a minimum of elements of financial report indicated by the law. Even if the law provided for a chart of accounts, the Minister of Finance enabled operators to use the Annual Fiscal format report.It can be stated that the introduction of this first accounting law was forced by the opening to the market economy and the starting of the first private entrepreneurship and it was still influenced by the old accounting practices.The framework produced few transparency and it was inconsistent with Albanian Company Law. In order to enhance foreign investment and to respond to EuropeanUnion struggles to increase the accounting harmonization, Albanian government issued Law No. 9228 “on Accounting”in 2004, which is still into force.The Law of 2004 also identifies the National Council of Accounting (NCA) as an independent public professional body with legal entity, which is first of all required to develop national accounting standards.The main impact on Albanian accounting framework is the introduction and approval of National Accounting Standards (NAS, or SKK in Albanian language) by the NCA. They were written taking IAS/IFRS as example and result compliant with them. They entered into force in 2008 and the first financial reports written consistently with the new standards have been issued in 2009.Even if the introduction of Standards compliant with IAS/IFRS improved Albanian accounting practices, Albanian financial reports are still considered to be on a poor quality level. The only sector which issues a higher level of reports is the Banking sector: the reason is the affiliation of Albanian banks to European groups which force to adopt a standard accounting practice. Moreover, the affiliation to foreign groups produces the import of higher qualified staff than average Albanian accountants because of a longer accounting tradition. Furthermore, Bank of Albania carries out an important work in the improvement of accounting level. Poor quality of other sectors’firm mainly derives from the absence of information request from third parties, the lack of interest of the Authority to ask for “best practices”and the lack of experienced administrative staff. As a demonstration of the poor quality of financial reports, banks don’t consider Annual Reports so important to investigate loan applicant’s financial conditions.Regarding risk disclosure, the only requirements by NAS are included in Standard No. 3, which in paragraph 37 states that entities must indicate policies used in evaluating financial instruments and other information regarding financial instruments in order to improve financial statement’s comprehension. Paragraph 39, in the end, requires that entities must disclose all the information which enables users to evaluate financial instrument in place relevance and their characteristics.Albanian framework doesn’t require more disclosure for financial risk and the Authority did not prepare any best practice regarding this particular aspect of accounting.ItalyIn Italy we can identify three stages that have characterized the regulatory changes in risk reporting. Before 2005 disclosure was fundamentally voluntary because firm had discretion to choose which information regarding risks had to be communicated. It was generically required to describe the trend of the management, which could consist also in a risk disclosure. A study run in the period 2000-2003 shows high variability in risk disclosure policies, in respect of industry and firm size. The main factor was the absence of regulation regarding risk disclosure.The second stage (2005-2007) shows an increase in financial risk mandatory disclosure requirements.Through Legislative Decree 394/2003 the Italian system adopted Directive 2001/65/EC regarding fair value of financial instrument evaluation.In order to illustrate the new requirements, Italian standard setter (Organismo Italiano di Contabilità, OIC) issued Standard No. 3 “Information about financial instruments to be disclosed in Supplementary Notes and Management Report”in March 2006. Through this document, the standard setter clarifies fair value evaluation and gives exemplifications regarding derivatives’evaluation. OIC 3, like IFRS 7, divides risk into the following categories: market risk, credit risk, liquidity risk and other price risk.From the above, it is evident that in the period taken into consideration financial risk disclosure became mandatory while non-financial risk disclosure remained voluntary.The third stage started in 2007 with the amendment of article 2428 Civil Code by the Legislative Decree 32/2007. This Decree has been adopted as mandatory content of Direc tive 2003/51/EC, also known as “Accounts Modernization Directive”. The new regulations state that Management Report must present “an accurate, balanced and exhausting analysis of the firm’s financial situation and management trends andresults” (…) “and al so a description of main risks and uncertainties to which the firm is exposed”. It is also specified that this analysis must be “consistent with entity and complexity of firm’s business” and include “the necessary financial indicators to understand the financial situation of the company, its trend and its results and, if necessary, non-financial indicators relevant to the specific business, human resources and environment”. Therefore the legal framework now consists not only in financial risk mandatory disclosure but also in cogent system which involves all risk categories that could affect the firm.3. Literature ReviewThe growth of the risk disclosure’s demand from the financial market represents an incentive for academics and practitioners’ associations to investigate risk reporting. Starting from the nineties, the literature examined the need of information to improve risk disclosure quality. It has been revealed that through the analysis of firm risk communication’s best practices it is possible to ass ess the relevance of this kind of corporate disclosure.Literature contribution consists in the analysis of risk factors communicated by the companies. The present work pays attention to the empirical researches which showed the risk disclosure’s policies and the limits of annual report disclosure in the absence of a common legal framework. In order to evaluate informative contents of risk disclosure, some Authors observed the nature (qualitative or quantitative), the dimension (financial or non-financial), the timeframe (past, present or prospective) and the impact (positive or negative) of each information released and communicated to the market. This analysis allows to assess both the existing reporting model and the variability of the information disclosed by firms. Currently, many works investigate the generic risk disclosure practiceswhile some investigate financial risk disclosure or particular categories of financial risks.In conclusion, the results of the different works made at international level show that risk disclosure practices are still inadequate. Most of the information disclosed is qualitative and generic and it turns to be un-useful for financial statements users, whoprefer information regarding future events’impact on the firm’s economy instead of what happened in the past. Some surveys made on investors and analysts sample show a limited appreciation about the risk reporting practices, so the improvement of risk disclosure’s model is necessary (CFA Institute).Given the regulatory background and the gaps in empirical previous studies on financial risk disclosure in Southern Europe, our paper aims at providing a preliminary analysis on risk reporting practices in Albania and in Italy. Our expectations are that Italian companies disclose more information about financial risk than Albanian companies.4. Research Design4.1. Sample SelectionTo conduct our research, we analyse annual financial reports of Albanian companies and we compare them with Italian companies’ financial reports. Because of the lack of an organic list of entities operating in Albania and the difficulties to find financial statements useful for our research, we use a small size sample, constructed as following.In the beginning, the sample consisted in 70 Albanian entities, selected among affiliated to Italian-Albanian Chamber of Commerce. Their financial reports have been collected from the National Registration Centre, in which the entities are obliged to deposit, among other documents, their annual reports. From the initial 70 entities sample, we excluded: i) 19 associations or tax and legal services; ii) 12 companies with 2014 financial reports missing; iii) 2 financial companies and other 2 IAS/IFRS adopters; and iv) 23 companies with narrative information missing. Therefore, the sample of Albanian companies consists in 12 non-financial companies using NAS (SKK in Albanian language).After the selection of Albanian companies, a symmetrical sample of Italian companies using national accounting standards (OIC) has been constructed. We chose Italian firms considering the same industry and the similar size of the companies from Albania.The final sample is composed of 12 Albanian firms using NAS and 12 Italian firms using OIC.4.2. Method of analysisTo examine and classify financial risks disclosure within the Albanian and Italian annual reports we use content analysis. This approach has been widely adopted in previous studies on narrative disclosure. Content analysis is defined as “a research technique for making replicable and valid inferences from texts (or other meaningful matter) to the contexts of their use”. According to the extant literature, a single coder performed the content analysis to ensure reliability. Financial risk information is examined in the supplementary notes and in the management reports. We consider the sentence as recording unit and we classify risk information in these seven categories:1.financial risk management;2.credit risk;3.liquidity risk;4.price risk;5.interest rate risk;6.currencyrisk;7.other financial risk (as a residual category).This analysis captures three attributes of each sentence:1.time orientation: past, present or no-time specific, forward-looking;2.type: quantitative, qualitative;3.nature: good news, bad news, neutral news.5. Findings and DiscussionIn this section we examine how Albanian and Italian companies disclose relevant information about their financial risk exposure. A total of 44 sentences were identified within the Albanian sample, whereas we found a total of 124 sentences within the Italian sample. As shown in table 6, Albanian companies disclose on average 4 sentences about financial risk, while Italian companies disclose 10 sentences. This evidence con-firms our expectations about the predominance of financial riskdisclosure in Italy. Our explanation for this difference is that Italian companies have more incentives to disclose risk information.As regards risk categories, we can observe that Albanian firms disclose mostly other financial risk (75%). Examining their annual reports, we find that these risks arise mainly from tax regulation or litigation problems, factors that can affect negatively the financial position. Information about financial risk management (5%), credit risk (2%), liquidity risk (2%) and currency risk (5%) appears less important for Albanian firms. Some information is provided to users of financial statements regarding interest rate risk (11%).Italian companies disclose mainly information about credit risk (32%) and liquidity r isk (21%), in line with users’ expectations, as revealed by a survey (CFA Institute, 2011). The other risk categoriesare disclosed on average from 10% (price risk) to 13% (interest rate risk).One possible explanation for these differences is probably linked to the regulatory environment and accounting standards. Italy has a more pervasive legislation about financial risk disclosure, similar to IFRS 7, than Albania.6. ConclusionsThis paper is a first financial risk disclosure study that compares two Southern Europe countries. Based on a content analysis of annual reports of a matched-sample of 24 firms from Albania and Italy, we provide evidence on the individual-country and the cross-country levels.We find a prevalence of present (or no-time specific) and of qualitative risk disclosure. Forward-looking information is missing in Italian reports, while Albanian firms provide some details on the future, especially about the possible impact of tax regulation. Descriptive cross-country statistics suggest heterogeneity in risk disclosure quantity. Italian firms provide more risk disclosure than Albanian firms. This finding is consistent with more strict regulation imposed by Legislative Decree 32/2007.Our study is subject to limitations. Firstly, we examine a limited sample size of Albanian and Italian companies due to a difficulty to find published Albanian annualreports. Secondly, we analyse only the quantity of disclosure and we do not provide evidence on the quality of disclosure.中文译文：财务风险披露：阿尔巴尼亚和意大利公司的证据摘要近年来，全球标准制定者、监管机构和专业机构对风险报告的兴趣日益增强。

摘要随着市场经济的日益发展，上市公司的改革逐渐深入，同时由于国内国际竞争的加剧，导致上市公司系统性风险加剧，为了更好的防控风险，本文基于上市公司的财务风险展开全面系统和深入的研究。

本文首先以财务风险为研究对象，从财务风险的基本理论入手，讨论上市公司财务风险的研究与防范问题。

其次对上市公司财务风险的现状和成因进行了系统的分析，最后详细分析了上市公司财务风险防范的方法并得出相应结论。

如何正确把握上市公司财务风险的运行规律，以及如何正确运用并防范上市公司财务风险方法规律已经是目前为止所有的上市公司所重视的一个重要课题。

通过本论题的研究，希望可以提高自己对文献的阅读和分类整理分析应用水平，提高学业水平和独自完成任务的能力，为今后的工作奠定理论基础。

关键字：财务风险，上市公司，防范，问题，措施ABSTRACTWith the increasing development of the market economy, the gradual deepening of the reform of listed companies, and because of domestic and international competition intensifies, leading to increased systemic risk of listed companies, in order to better prevent and control risks, financial risks Based on listed companies to carry out comprehensive systems and in-depth study.Firstly, the financial risk for the study, starting from the basic theory of financial risks, financial risks listed companies to discuss research and prevention issues. Secondly, the causes of listed companies 'financial situation and risk analyzes system, and finally a detailed analysis of the methods listed companies' financial risk prevention and draw the appropriate conclusions.How to correctly grasp the listed companies' financial risks operating rules, and how to correctly use and guard against financial risks listed companies approach the law has been an important topic for all listed companies so far seriously.By studying this topic, hoping to improve their reading and sorting application level analysis of the literature, raise academic standards and ability to complete the task alone, and lay the theoretical foundation for future work.KEY WORDS: Financial risk, Listed companies, To prevent the problem, Measures目录摘要 (I)ABSTRACT (I)1 绪论 (1)1.1上市公司与财务风险 (1)1.1.1上市公司定义 (1)1.1.2上市公司的类型 (2)1.2财务风险 (3)1.3财务风险的类型 (4)1.3.1筹资风险 (4)1.3.2投资风险 (4)1.3.3经营风险 (4)1.3.4存货管理风险 (5)1.3.5流动性风险 (5)1.4财务风险现状形成原因 (5)1.5 财务风险的特征 (6)2上市公司存在财务风险的原因、表现及识别 (7)2.1上市公司的财务风险 (7)2.2上市公司财务风险的原因分析 (7)2.2.1 外部原因 (7)2.2.2 内部原因 (8)2.3上市公司的财务风险主要表现 (9)2.4上市公司的财务风险的识别方式 (10)3 上市公司财务风险的防范与研究 (13)3.1国外 (13)3.2国内 (14)3.3案例 (15)3.3.1公司基本情况简介 (15)3.2 案例分析 (16)3.2.1 财务指标分析 (16)3.2.2综合指标分析 (20)4 上市公司财务风险的防范策略 (27)4.1提高上市公司应对外部环境的适应性 (27)4.2提高财务管理人员的风险意识 (27)4.3提高财务决策的科学化水平 (27)4.4建立财务风险基金 (27)4.5几种不同的防范的方法与建议 (28)4.5.1分散法 (28)4.5.2回避法 (28)4.5.3转移法 (28)4.5.4降低法 (29)4.5.5多角化风险控制法 (29)5 结论 (31)致谢 (33)参考文献 (35)1 绪论1.1上市公司与财务风险1.1.1上市公司定义上市公司就是指那些所发行的股票经过国务院或者国务院授权的证券管理部门批准并在证券交易所上市交易的股份有限公司。

外文原文How Important is Financial Risk?作者：Sohnke M. Bartram, Gregory W. Brown, and Murat Atamer起止页码：1-7出版日期（期刊号）：September 2009,V ol. 2, No. 4(Serial No. 11)出版单位：Theory and Decision, DOI 10.1007/s11238-005-4590-0Abstract：This paper examines the determinants of equity price risk for a large sample of non-financial corporations in the United States from 1964 to 2008. We estimate both structural and reduced form models to examine the endogenous nature of corporate financial characteristics such as total debt, debt maturity, cash holdings, and dividend policy. We find that the observed levels of equity price risk are explained primarily by operating and asset characteristics such as firm age, size, asset tangibility, as well as operating cash flow levels and volatility. In contrast, implied measures of financial risk are generally low and more stable than debt-to-equity ratios. Our measures of financial risk have declined over the last 30 years even as measures of equity volatility (e.g. idiosyncratic risk) have tended to increase. Consequently, documented trends in equity price risk are more than fully accounted for by trends in the riskiness of firms’ assets. Taken together, the results suggest that the typical U.S. firm substantially reduces financial risk by carefully managing financial policies. As a result, residual financial risk now appears negligible relative to underlying economic risk for a typical non-financial firm.Keywords：Capital structure；financial risk；risk management；corporate finance 1IntroductionThe financial crisis of 2008 has brought significant attention to the effects of financial leverage. There is no doubt that the high levels of debt financing by financial institutions and households significantly contributed to the crisis. Indeed, evidence indicates that excessive leverage orchestrated by major global banks (e.g., through the mortgage lending and collateralized debt obligations) and the so-called “shadow banking system” may be the underlying cause of the recent economic and financial dislocation. Less obvious is the role of financial leverage among nonfinancial firms. To date, problems in the U.S. non-financial sector have been minor compared to thedistress in the financial sector despite the seizing of capital markets during the crisis. For example, non-financial bankruptcies have been limited given that the economic decline is the largest since the great depression of the 1930s. In fact, bankruptcy filings of non-financial firms have occurred mostly in U.S. industries (e.g., automotive manufacturing, newspapers, and real estate) that faced fundamental economic pressures prior to the financial crisis. This surprising fact begs the question, “How important is financial risk for non-financial firms?” At the heart of this issue is the uncertainty about the determinants of total firm risk as well as components of firm risk.Recent academic research in both asset pricing and corporate finance has rekindled an interest in analyzing equity price risk. A current strand of the asset pricing literature examines the finding of Campbell et al. (2001) that firm-specific (idiosyncratic) risk has tended to increase over the last 40 years. Other work suggests that idiosyncratic risk may be a priced risk factor (see Goyal and Santa-Clara, 2003, among others). Also related to these studies is work by Pástor and Veronesi (2003) showing how investor uncertainty about firm profitability is an important determinant of idiosyncratic risk and firm value. Other research has examined the role of equity volatility in bond pricing (e.g., Dichev, 1998, Campbell, Hilscher, and Szilagyi, 2008).However, much of the empirical work examining equity price risk takes the risk of assets as given or tries to explain the trend in idiosyncratic risk. In contrast, this paper takes a different tack in the investigation of equity price risk. First, we seek to understand the determinants of equity price risk at the firm level by considering total risk as the product of risks inherent in the firms operations (i.e., economic or business risks) and risks associated with financing the firms operations (i.e., financial risks). Second, we attempt to assess the relative importance of economic and financial risks and the implications for financial policy.Early research by Modigliani and Miller (1958) suggests that financial policy may be largely irrelevant for firm value because investors can replicate many financial decisions by the firm at a low cost (i.e., via homemade leverage) and well-functioning capital markets should be able to distinguish between financial and economic distress. Nonetheless, financial policies, such as adding debt to the capital structure, can magnify the risk of equity. In contrast, recent research on corporate risk management suggests that firms may also be able to reduce risks and increase valuewith financial policies such as hedging with financial derivatives. However, this research is often motivated by substantial deadweight costs associated with financial distress or other market imperfections associated with financial leverage. Empirical research provides conflicting accounts of how costly financial distress can be for a typical publicly traded firm.We attempt to directly address the roles of economic and financial risk by examining determinants of total firm risk. In our analysis we utilize a large sample of non-financial firms in the United States. Our goal of identifying the most important determinants of equity price risk (volatility) relies on viewing financial policy as transforming asset volatility into equity volatility via financial leverage. Thus, throughout the paper, we consider financial leverage as the wedge between asset volatility and equity volatility. For example, in a static setting, debt provides financial leverage that magnifies operating cash flow volatility. Because financial policy is determined by owners (and managers), we are careful to examine the effects of firms’ asset and operating characteristics on financial policy. Specifically, we examine a variety of characteristics suggested by previous research and, as clearly as possible, distinguish between those associated with the operations of the company (i.e. factors determining economic risk) and those associated with financing the firm (i.e. factors determining financial risk). We then allow economic risk to be a determinant of financial policy in the structural framework of Leland and Toft (1996), or alternatively, in a reduced form model of financial leverage. An advantage of the structural model approach is that we are able to account for both the possibility of financial and operating implications of some factors (e.g., dividends), as well as the endogenous nature of the bankruptcy decision and financial policy in general.Our proxy for firm risk is the volatility of common stock returns derived from calculating the standard deviation of daily equity returns. Our proxies for economic risk are designed to capture the essential characteristics of the firms’ operations and assets that determine the cash flow generating process for the firm. For example, firm size and age provide measures of line of- business maturity; tangible assets (plant, property, and equipment) serve as a proxy for the ‘hardness’ of a firm’s assets; capital expenditures measure capital intensity as well as growth potential. Operating profitability and operating profit volatility serve as measures of the timeliness and riskiness of cash flows. To understand how financial factors affect firm risk, we examine total debt, debt maturity, dividend payouts, and holdings of cash andshort-term investments.The primary result of our analysis is surprising: factors determining economic risk for a typical company explain the vast majority of the variation in equity volatility. Correspondingly, measures of implied financial leverage are much lower than observed debt ratios. Specifically, in our sample covering 1964-2008 average actual net financial (market) leverage is about 1.50 compared to our estimates of between 1.03 and 1.11 (depending on model specification and estimation technique). This suggests that firms may undertake other financial policies to manage financial risk and thus lower effective leverage to nearly negligible levels. These policies might include dynamically adjusting financial variables such as debt levels, debt maturity, or cash holdings (see, for example, Acharya, Almeida, and Campello, 2007). In addition, many firms also utilize explicit financial risk management techniques such as the use of financial derivatives, contractual arrangements with investors (e.g. lines of credit, call provisions in debt contracts, or contingencies in supplier contracts), special purpose vehicles (SPVs), or other alternative risk transfer techniques.The effects of our economic risk factors on equity volatility are generally highly statistically significant, with predicted signs. In addition, the magnitudes of the effects are substantial. We find that volatility of equity decreases with the size and age of the firm. This is intuitive since large and mature firms typically have more stable lines of business, which should be reflected in the volatility of equity returns. Equity volatility tends to decrease with capital expenditures though the effect is weak. Consistent with the predictions of Pástor and Veronesi (2003), we find that firms with higher profitability and lower profit volatility have lower equity volatility. This suggests that companies with higher and more stable operating cash flows are less likely to go bankrupt, and therefore are potentially less risky. Among economic risk variables, the effects of firm size, profit volatility, and dividend policy on equity volatility stand out. Unlike some previous studies, our careful treatment of the endogeneity of financial policy confirms that leverage increases total firm risk. Otherwise, financial risk factors are not reliably related to total risk.Given the large literature on financial policy, it is no surprise that financial variables are,at least in part, determined by the economic risks firms take. However, some of the specific findings are unexpected. For example, in a simple model of capital structure, dividend payouts should increase financial leverage since they represent an outflow of cash from the firm (i.e., increase net debt). We find thatdividends are associated with lower risk. This suggests that paying dividends is not as much a product of financial policy as a characteristic of a firm’s operations (e.g., a mature company with limited growth opportunities). We also estimate how sensitivities to different risk factors have changed over time. Our results indicate that most relations are fairly stable. One exception is firm age which prior to 1983 tends to be positively related to risk and has since been consistently negatively related to risk. This is related to findings by Brown and Kapadia (2007) that recent trends in idiosyncratic risk are related to stock listings by younger and riskier firms.Perhaps the most interesting result from our analysis is that our measures of implied financial leverage have declined over the last 30 years at the same time that measures of equity price risk (such as idiosyncratic risk) appear to have been increasing. In fact, measures of implied financial leverage from our structural model settle near 1.0 (i.e., no leverage) by the end of our sample. There are several possible reasons for this. First, total debt ratios for non-financial firms have declined steadily over the last 30 years, so our measure of implied leverage should also decline. Second, firms have significantly increased cash holdings, so measures of net debt (debt minus cash and short-term investments) have also declined. Third, the composition of publicly traded firms has changed with more risky (especially technology-oriented) firms becoming publicly listed. These firms tend to have less debt in their capital structure. Fourth, as mentioned above, firms can undertake a variety of financial risk management activities. To the extent that these activities have increased over the last few decades, firms will have become less exposed to financial risk factors.We conduct some additional tests to provide a reality check of our results. First, we repeat our analysis with a reduced form model that imposes minimum structural rigidity on our estimation and find very similar results. This indicates that our results are unlikely to be driven by model misspecification. We also compare our results with trends in aggregate debt levels for all U.S. non-financial firms and find evidence consistent with our conclusions. Finally, we look at characteristics of publicly traded non-financial firms that file for bankruptcy around the last three recessions and find evidence suggesting that these firms are increasingly being affected by economic distress as opposed to financial distress.In short, our results suggest that, as a practical matter, residual financial risk is now relatively unimportant for the typical U.S. firm. This raises questions about the level of expected financial distress costs since the probability of financial distress islikely to be lower than commonly thought for most companies. For example, our results suggest that estimates of the level of systematic risk in bond pricing may be biased if they do not take into account the trend in implied financial leverage (e.g., Dichev, 1998). Our results also bring into question the appropriateness of financial models used to estimate default probabilities, since financial policies that may be difficult to observe appear to significantly reduce risk. Lastly, our results imply that the fundamental risks born by shareholders are primarily related to underlying economic risks which should lead to a relatively efficient allocation of capital.Before proceeding we address a potential comment about our analysis. Some readers may be tempted to interpret our results as indicating that financial risk does not matter. This is not the proper interpretation. Instead, our results suggest that firms are able to manage financial risk so that the resulting exposure to shareholders is low compared to economic risks. Of course, financial risk is important to firms that choose to take on such risks either through high debt levels or a lack of risk management. In contrast, our study suggests that the typical non-financial firm chooses not to take these risks. In short, gross financial risk may be important, but firms can manage it. This contrasts with fundamental economic and business risks that are more difficult (or undesirable) to hedge because they represent the mechanism by which the firm earns economic profits.The paper is organized at follows. Motivation, related literature, and hypotheses are reviewed in Section 2. Section 3 describes the models we employ followed by a description of the data in Section 4. Empirical results for the Leland-Toft model are presented in Section 5. Section 6 considers estimates from the reduced form model, aggregate debt data for the no financial sector in the U.S., and an analysis of bankruptcy filings over the last 25 years. Section 6 concludes.2 Motivation, Related Literature, and HypothesesStudying firm risk and its determinants is important for all areas of finance. In the corporate finance literature, firm risk has direct implications for a variety of fundamental issues ranging from optimal capital structure to the agency costs of asset substitution. Likewise, the characteristics of firm risk are fundamental factors in all asset pricing models.The corporate finance literature often relies on market imperfections associated with financial risk. In the Modigliani Miller (1958) framework, financial risk (or more generally financial policy) is irrelevant because investors can replicate the financialdecisions of the firm by themselves. Consequently, well-functioning capital markets should be able to distinguish between frictionless financial distress and economic bankruptcy. For example, Andrade and Kaplan (1998) carefully distinguish between costs of financial and economic distress by analyzing highly leveraged transactions, and find that financial distress costs are small for a subset of the firms that did not experience an “economic” shock. They conclude that financial distress costs should be small or insignificant for typical firms. Kaplan and Stein (1990) analyze highly levered transactions and find that equity beta increases are surprisingly modest after recapitalizations.The ongoing debate on financial policy, however, does not address the relevance of financial leverage as a driver of the overall riskiness of the firm. Our study joins the debate from this perspective. Correspondingly, decomposing firm risk into financial and economic risks is at the heart of our study.Research in corporate risk management examines the role of total financial risk explicitly by examining the motivations for firms to engage in hedging activities. In particular, theory suggests positive valuation effects of corporate hedging in the presence of capital market imperfections. These might include agency costs related to underinvestment or asset substitution (see Bessembinder, 1991, Jensen and Meckling, 1976, Myers, 1977, Froot, Scharfstein, and Stein,1993), bankruptcy costs and taxes (Smith and Stulz, 1985), and managerial risk aversion (Stulz,1990). However, the corporate risk management literature does not generally address the systematic pricing of corporate risk which has been the primary focus of the asset pricing literature.Lintner (1965) and Sharpe (1964) define a partial equilibrium pricing of risk in a mean variance framework. In this structure, total risk is decomposed into systematic risk and idiosyncratic risk, and only systematic risk should be priced in a frictionless market. However, Campbelletal (2001) find that firm-specific risk has increased substantially over the last four decades and various studies have found that idiosyncratic risk is a priced factor (Goyal and Santa Clara,2003, Ang, Hodrick, Xing, and Zhang, 2006, 2008, Spiegel and Wang, 2006). Research has determined various firm characteristics (i.e., industry growth rates, institutional ownership, average firm size, growth options, firm age, and profitability risk) are associated with firm-specific risk. Recent research has also examined the role of equity price risk in the context of expected financial distress costs (Campbell and Taksler, 2003, Vassalou and Xing, 2004, Almeida and Philippon, 2007, among others). Likewise, fundamental economicrisks have been shown to be to be related to equity risk factors (see, for example, Vassalou, 2003, and the citations therein). Choiand Richardson (2009) examine the volatility of the firm’s assets using issue-level data on debt and find that asset volatilities exhibit significant time-series variation and that financial leverage has a substantial effect on equity volatility.How Important is Financial Risk?财务风险的重要性作者：Sohnke M. Bartram, Gregory W. Brown, and Murat Atamer起始页码：1-7出版日期（期刊号）：September 2009,Vol. 2, No. 4(Serial No. 11)出版单位：Theory and Decision, DOI 10.1007/s11238-005-4590-0外文翻译译文：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。