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财务风险管理外文文献翻译

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。

财务风险管理外文文献翻译

商业银行信贷风险管理外文文献翻译中文3000多字

商业银行信贷风险管理外文文献翻译中文3000多字Credit risk management is a XXX business。

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金融风险管理外文翻译文献

金融风险管理外文翻译文献(文档含英文原文和中文翻译)原文：Enterprise Risk Management in InsuranceEnterprise Risk Management (hereinafter referred as “ERM”) interests a wide range of professions (e.g., actuaries, corporate financial managers, underwriters, accountants,and internal auditors), however, current ERM solutions often do not cover all risks because they are motivated by the core professional ethics and principles of these professions who design and administer them. In a typical insurance company all such professions work as a group to achieve the overriding corporate objectives.Risk can be defined as factors which prevent an organization in achieving its objectives and risks affect organizations holistically. The management of risk in isolation often misses its big picture. It is argued here that a holistic management of risk is logical and is the ultimate destination of all general management activities.Moreover, risk management should not be a separate function of the business process;rather, managing downside risk and taking the opportunities from upside risk should be thekey management goals. Consequently, ERM is believed as an approach to risk management, which provides a common understanding across the multidisciplinary groups of people of the organization. ERM should be proactive and its focus should be on the organizations future. Organizations often struggle to see and understand the full risk spectrum to which they are exposed and as a result they may fail to identify the most vulnerable areas of the business. The effective management of risk is truly an interdisciplinary exercise grounded on a holistic framework.Whatever name this new type of risk management is given (the literature refers to it by diverse names, such as Enterprise Risk Management, Strategic Risk Management, and Holistic Risk Management) the ultimate focus is management of all significant risks faced by the organization. Risk is an integral part of each and every action of the organization in the sense that an organization is a basket of contracts associated with risk (in terms of losses and opportunities). The idea of ERM is simple and logical, but implementation is difficult. This is because its involvement with a wide stakeholder community, which in turn involves groups from different disciplines with different beliefs and understandings. Indeed, ERM needs theories (which are the interest of academics) but a grand theory of ERM (which invariably involves an interdisciplinary concept) is far from having been achieved.Consequently, for practical proposes, what is needed is the development of a framework(a set of competent theories) and one of the key challenges of this thesis is to establish the key features of such a framework to promote the practice of ERM. Multidisciplinary Views of RiskThe objective of the research is to study the ERM of insurance companies. In line with this it is designed to investigate what is happening practically in the insurance industry at the current time in the name of ERM. The intention is to minimize the gap between the two communities (i.e., academics and practitioners) in order to contribute to the literature of risk management.In recent years ERM has emerged as a topic for discussion in the financial community,in particular, the banks and insurance sectors. Professional organizations have published research reports on ERM. Consulting firms conducted extensive studies and surveys on the topic to support their clients. Rating agencies included theERM concept in their rating criteria. Regulators focused more on the risk management capability of the financial organizations. Academics are slowly responding on the management of risk in a holistic framework following the initiatives of practitioners.The central idea is to bring the organization close to the market economy. Nevertheless,everybody is pushing ERM within the scope of their core professional understanding.The focus of ERM is to manage all risks in a holistic framework whatever the source and nature. There remains a strong ground of knowledge in managing risk on an isolated basis in several academic disciplines (e.g., economics, finance, psychology,sociology, etc.). But little has been done to take a holistic approach of risk beyond disciplinary silos. Moreover, the theoretical understanding of the holistic (i.e., multidisciplinary)properties of risk is still unknown. Consequently, there remains a lack of understanding in terms of a common and interdisciplinary language for ERM.Risk in FinanceIn finance, risky options involve monetary outcomes with explicit probabilities and they are evaluated in terms of their expected value and their riskiness. The traditional approach to risk in finance literature is based on a mean-variance framework of portfolio theory, i.e., selection and diversification. The idea of risk in finance is understood within the scope of systematic (non-diversifiable) risk and unsystematic (diversifiable)risk. It is recognized in finance that systematic risk is positively correlated with the rate of return. In addition, systematic risk is a non-increasing function of a firm’s growth in terms of earnings. Another established concern in finance is default risk and it is argued that the performance of the firm is linked to the firm’s default risk. A large part of finance literature deals with severa l techniques of measuring risks of firms’ investment portfolios (e.g., standard deviation, beta, VaR, etc.). In addition to the portfolio theory, Capital Asset Pricing Model (CAPM) was discovered in finance to price risky assets on the perfect capital markets. Finally, derivative markets grew tremendously with the recognition of option pricing theory.Risk in EconomicsRisk in economics is understood within two separate (independent) categories,i.e.,endogenous (controllable) risk and background (uncontrollable) risk. It is recognized that economic decisions are made under uncertainty in the presence of multiple risks.Expected Utility Theory argues that peoples’ risk attitude on the size of risk (small,medium, large) is derived from the utility-of-wealth function, where the utilities of outcomes are weighted by their probabilities. Economists argue that people are risk averse (neutral) when the size of the risks is large (small).Prospect theory provides a descriptive analysis of choice under risk. In economics, the concept of risk-bearing preferences of agents for independent risks was described under the notion of “ standard risk aversion.” Most of the economic research on risk is originated on the study of decision making behavior on lotteries and other gambles. Risk in PsychologyWhile economics assumes an individual’s risk preference is a function of probabilistic beliefs, psychology explores how human judgment and behavior systematically forms such beliefs. Psychology talks about the risk taking behavior (risk preferences).It looks for the patterns of human reactions to the context, reference point,mental categories and associations that influence how people make decisions.The psychological approach to risk draws upon the notion of loss aversion that manife sts itself in the related notion of “regret.” According to Willett; “risk affects economic activity through the psychological influence of uncertainty.” Managers’ attitude of risk taking is often described from the psychological point of view in terms of feelings.Psychologists argue that risk, as a multidisciplinary concept, can not be reduced meaningfully by a single quantitative treatment. Consequently, managers tend to utilize an array of risk measurers to assist them in the decision making process under uncertainty. Risk perception plays a central role in the psychological research on risk, where the key concern is how people perceive risk and how it differs to the actual outcome. Nevertheless, the psychological research on risk provides fundamental knowledge of how emotions are linked to decision making.Risk in SociologyIn sociology risk is a socially constructed phenomenon (i.e., a social problem) and defined as a strategy referring to instrumental rationality. The sociologicalliterature on risk was originated from anthropology and psychology is dominated by two central concepts. First, risk and culture and second, risk society. The negative consequences of unwanted events (i.e., natural/chemical disasters, food safety) are the key focus of sociological researches on risk. From a sociological perspective entrepreneurs remain liable for the risk of the society and responsible to share it in proportion to their respective contributions. Practically, the responsibilities are imposed and actions are monitored by state regulators and supervisors.Nevertheless, identification of a socially acceptable threshold of risk is a key challenge of many sociological researches on risk.Convergence of Multidisciplinary Views of RiskDifferent disciplinary views of risk are obvious. Whereas, economics and finance study risk by examining the distribution of corporate returns, psychology and sociology interpret risk in terms of its behavioral components. Moreover, economists focus on the economic (i.e., commercial) value of investments in a risky situation.In contrast, sociologists argue on the moral value (i.e., sacrifice) on the risk related activities of the firm. In addition, sociologists’ criticism of economists’concern of risk is that although they rely on risk, time, and preferences while describing the issues related to risk taking, they often miss out their interrelationships(i.e., narrow perspective). Interestingly, there appears some convergence of economics and psychology in the literature of economic psychology. The intention is to include the traditional economic model of individuals’ formal rational action in the understanding of the way they actually think and behave (i.e., irrationality).In addition, behavioral finance is seen as a growing discipline with the origin of economics and psychology. In contrast to efficient market hypothesis behaviour finance provides descriptive models in making judgment under uncertainty.The origin of this convergence was due to the discovery of the prospect theory in the fulfillment of the shortcomings of von Neumann-Morgenstern’s utility theory for providing reasons of human (irrational) behavior under uncertainty (e.g., arbitrage).Although, the overriding enquiry of disciplines is the estimation of risk, they comparing and reducing into a common metric of many types of risks are there ultimate difficulty. The key conclusion of the above analysis suggests that there existoverlaps on the disciplinary views of risk and their interrelations are emerging with the progress of risk research. In particular, the central idea of ERM is to obscure the hidden dependencies of risk beyond disciplinary silos.Insurance Industry PracticeThe practice of ERM in the insurance industry has been drawn from the author’s PhD research completed in 2006. The initiatives of four major global European insurers(hereinafter referred as “CASES”) were studied for this purpose. Out of these four insurers one is a reinsurer and the remaining three are primary insurers. They were at various stages of designing and implementing ERM. A total of fifty-one face-to-face and telephone interviews were conducted with key personnel of the CASES in between the end of 2004 and the beginning of 2006. The comparative analysis (compare-and-contrast) technique was used to analyze the data and they were discussed with several industry and academic experts for the purpose of validation. Thereafter,a conceptual model of ERM was developed from the findings of the data.Findings based on the data are arranged under five dimensions. They are understanding;evaluation; structure; challenges, and performance of ERM. Understanding of ERMIt was found that the key distinction in various perceptions of ERM remains between risk measurement and risk management. Interestingly, tools and processes are found complimentary. In essence, meaning that a tool can not run without a process and vice versa. It is found that the people who work with numbers (e.g.,actuaries, finance people, etc.) are involved in the risk modeling and management(mostly concerned with the financial and core insurance risks) and tend to believe ERM is a tool. On the other hand internal auditors, company secretaries, and operational managers; whose job is related to the human, system and compliance related issues of risk are more likely to see ERM as a process.ERM: A ProcessWithin the understanding of ERM as a process, four key concepts were found. They are harmonization, standardization, integration and centralization. In fact, they are linked to the concept of top-down and bottom-up approaches of ERM.The analysis found four key concepts of ERM. They are harmonization,standardization,integration and centralization (in decreasing order of importance). It was also found that a unique understanding of ERM does not exist within the CASES, rather ERM is seen as a combination of the four concepts and they often overlap. It is revealed that an understanding of these four concepts including their linkages is essential for designing an optimal ERM system.Linkages Amongst the Four ConceptsAlthough harmonization and standardization are seen apparently similar respondents view them differently. Whereas, harmonization allows choices between alternatives,standardization provides no flexibility. Effectively, harmonization offers a range of identical alternatives, out of which one or more can be adopted depending on the given circumstances. Although standardization does not offer such flexibility,it was found as an essential technique of ERM. Whilst harmonization accepts existing divergence to bring a state of comparability, standardization does not necessarily consider existing conventions and definitions. It focuses on a common standard, (a “top-down” approach). Indeed, integration of competent policies and processes,models, and data (either for management use, compliance and reporting) are not possible for global insurers without harmonizing and standardizing them. Hence, the research establishes that a sequence (i.e., harmonization, standardization, integration,and then centralization) is to be maintained when ERM is being developed in practice (from an operational perspective). Above all, the process is found important to achieve a diversified risk culture across the organization to allocate risk management responsibilities to risk owners and risk takers.ERM: A ToolViewed as a tool, ERM encompasses procedures and techniques to model and measure the portfolio of (quantifiable) enterprise risk from insurers’ core disciplinary perspective. The objective is to measure a level of (risk adjusted) capital(i.e., economic capital) and thereafter allocation of capital. In this perspective ERM is thought as a sophisticated version of insurers’ asset-liability management.Most often, extreme and emerging risks, which may bring the organization down,are taken into consideration. Ideally, the procedure of calculating economic capital is closely linked to the market volatility. Moreover, the objective is clear, i.e., meetingthe expectation of shareholders. Consequently, there remains less scope to capture the subjectivity associated with enterprise risks.ERM: An ApproachIn contrast to process and tool, ERM is also found as an approach of managing the entire business from a strategic point of view. Since, risk is so deeply rooted in the insurance business, it is difficult to separate risk from the functions of insurance companies. It is argued that a properly designed ERM infrastructure should align risk to achieve strategic goals. Alternatively, application of an ERM approach of managing business is found central to the value creation of insurance companies.In the study, ERM is believed as an approach of changing the culture of the organization in both marketing and strategic management issues in terms of innovating and pricing products, selecting profitable markets, distributing products, targeting customers and ratings, and thus formulating appropriate corporate strategies. In this holistic approach various strategic, financial and operational concerns are seen integrated to consider all risks across the organization.It is seen that as a process, ERM takes an inductive approach to explore the pitfalls (challenges) of achieving corporate objectives for broader audience (i.e.,stakeholders) emphasizing more on moral and ethical issues. In contrast, as a tool,it takes a deductive approach to meet specific corporate objectives for selected audience(i.e., shareholders) by concentrating more on monitory (financial) outcomes.Clearly, the approaches are complimentary and have overlapping elements. 作者：M Acharyya译文：保险业对企业风险管理的实证研究企业风险管理涉及各种行业(如保险精算师、公司财政经理、保险商、会计和内部审计员)，当前企业风险管理解决方案往往不能涵盖所有的风险，因为这些方案取决于决策者和执行则的专业道德和原则。

中小企业的财务风险管理外文文献翻译2014年译文3000字

中小企业的财务风险管理外文文献翻译2014年译文3000字Financial Risk Management for Small and Medium-Sized Enterprises (SMEs)Financial risk management is an essential aspect of business management。

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金融银行信用风险论文中英文资料外文翻译文献

中英文资料外文翻译文献Managing Credit Risks with Knowledge Management forFinancial BanksAbstract-Nowadays,financial banks are operating in a knowledge society and there are more and more credit risks breaking out in banks.So,this paper first discusses the implications of knowledge and knowledge management, and then analyzes credit risks of financial banks with knowledge management. Finally, the paper studies ways for banks to manage credit risks with knowledge management. With the application of knowledge management in financial banks, customers will acquire better service and banks will acquire more rewards.Index Terms–knowledge management; credit risk; risk management; incentive mechanism; financial banksI.INTRODUCTIONNowadays,banks are operating i n a“knowledge society”.So, what is knowledge? Davenport(1996)[1]thinks knowledge is professional intellect, such as know-what, know-how, know-why, and self-motivated creativity, or experience, concepts, values, beliefs and ways of working that can be shared and communicated. The awareness of the importance of knowledge results in the critical issue of “knowledge management”. So, what is knowledge management? According to Malhothra(2001)[2], knowledge management(KM)caters to the critical issues of organizational adaptation, survival and competence in face of increasingly discontinuous environmental change. Essentially it embodies organizational processes that seek synergistic combination of data and information processing capacity of information technologies and the creative and innovative capacity of human beings. Through the processes of creating,sustaining, applying, sharing and renewing knowledge, we can enhance organizational performance and create value.Many dissertations have studied knowledge managementapplications in some special fields. Aybübe Aurum(2004)[3] analyzes knowledge management in software engineering and D.J.Harvey＆R.Holdsworth(2005)[4]study knowledge management in the aerospace industry. Li Yang(2007)[5] studies knowledge management in information-based education and Jayasundara＆Chaminda Chiran(2008)[6] review the prevailing literature on knowledge management in banking industries. Liang ping and Wu Kebao(2010)[7]study the incentive mechanism of knowledge management inBanking.There are also many papers about risks analysis and risks management. Before the 1980s, the dominant mathematical theory of risks analysis was to describe a pair of random vectors.But,the simplification assumptions and methods used by classical competing risks analysis caused controversy and criticism.Starting around the 1980s, an alternative formulation of risk analysis was developed,with the hope to better resolve the issues of failure dependency and distribution identifiability. The new formulation is univariate risk analysis.According to Crowder(2001)[8], David＆Moeschberger(1978)[9]and Hougaard(2000)[10],univariate survival risk analysis has been dominantly, which is based on the i.i.d assumptions(independent and identically distributed) or, at least, based on the independent failure assumption.Distribution-free regression modeling allows one to investigate the influences of multiple covariates on the failure, and it relaxes the assumption of identical failure distribution and to some extent, it also relaxes the single failure risk restriction. However, the independent failures as well as single failure events are still assumed in the univariate survival analysis. Of course,these deficiencies do not invalidate univariate analysis, and indeed, in many applications, those assumptions are realistically valid.Based on the above mentioned studies, Ma and Krings(2008a, 2008b)[11]discuss the relationship and difference of univariate and multivariate analysis in calculating risks.As for the papers on managing the risks in banks, Lawrence J.White(2008)[12]studies the risks of financial innovations and takes out some countermeasures to regulate financial innovations. Shao Baiquan(2010)[13]studies the ways to manage the risks in banks.From the above papers, we can see that few scholars have studied the way to manage credit risks with knowledge management. So this paper will discuss using knowledgemanagement to manage credit risks for financial banks.This paper is organized as follows: SectionⅠis introduction. SectionⅡanalyzes credit risks in banks with knowledge management. SectionⅢstudies ways for banks to manage credit risks with knowledge management. SectionⅣconcludes.II.ANALYZING CREDIT RISKS IN BANKS WITHKNOWLEDGE MANAGEMENTA.Implication of Credit RiskCredit ris k is the risk of loss due to a debtor’s non-payment of a loan or other line of credit, which may be the principal or interest or both.Because there are many types of loans and counterparties-from individuals to sovereign governments-and many different types of obligations-from auto loans to derivatives transactions-credit risk may take many forms.Credit risk is common in our daily life and we can not cover it completely,for example,the American subprime lending crisis is caused by credit risk,which is that the poor lenders do not pay principal and interest back to the banks and the banks do not pay the investors who buy the securities based on the loans.From the example,we can find that there are still credit risks,though banks have developed many financial innovations to manage risks.B.Sharing KnowledgeKnowledge in banks includes tacit knowledge and explicit knowledge,which is scattered in different fields.For example, the information about the customers’income, asset and credit is controlled by different departments and different staffs and the information can’t be communicated with others. So it is necessary for banks to set up a whole system to communicate and share the information and knowledge to manage the risks.C.Setting up Incentive Mechanism and Encouraging Knowledge InnovationThe warning mechanism of credit risks depends on how bank’s staffs use the knowledge of customers and how the staffs use the knowledge creatively.The abilities of staffs to innovate depend on the incentive mechanism in banks,so, banks should take out incentive mechanism to urge staffs to learn more knowledge and work creatively to manage credit risks.We can show the incentive mechanism as Fig.1:Fig.1 The model of incentive mechanism with knowledge management From Fig.1,we can see there are both stimulative and punitive measures in the incentive model of knowledge management for financial banks.With the incentive mechanism of knowledge management in financial banks,the staffs will work harder to manage risks and to acquire both material returns and spiritual encouragement.III.MANAGING CREDIT RISKS IN BANKS WITH KNOWLEDGEMANAGEMENTThere are four blocks in managing credit risks with knowledge management.We can show them in Fig.2:Fig.2 The blocks of managing credit risksA.Distinguishing Credit RiskDistinguishing credit risks is the basis of risk management.If we can’t recognize the risks,we are unable to find appropriate solutions to manage risks.For example,the United States subprime crisis in 2007 was partly caused by that the financial institutions and regulators didn’t recognize the mortgage securitization risks timely.With knowledge management,we can make out some rules to distinguish credit risks,which are establishing one personal credit rating system for customers and setting up the data warehouse.We can use the system to analyze customers’credit index, customers’credit history and the possible changes which may incur risks.At the same time,we should also watch on the changes of customers’property and income to recognize potential risks.B.Assessing and Calculating Credit RiskAfter distinguishing the credit risks,we should assess the risk exposure,risk factors and potential losses and risks, and we should make out the clear links.The knowledgeable staffs in banking should use statistical methods and historical data to develop specific credit risks evaluation model and the regulators should establish credit assessment system and then set up one national credit assessment system.With the system and the model of risk assessment,the managers can evaluate the existing and emerging risk factors,such as they prepare credit ratings for internal use.Other firms,including Standard ＆Poor’s,Moody’s and Fitch,are in the business of developing credit rating for use by investors or other third parties.Table Ⅰshows the credit ratings of Standard ＆Poor’s.TABLE ISTANDARD ＆POOR’S CREDITT RATINGSAfter assessing credit risks,we can use Standardized Approach and Internal Rating-Based Approach to calculate the risks.And in this article,we will analyze how Internal Rating-Based Approach calculates credit risk of an uncovered loan.To calculate credit risk of an uncovered loan,firstly,we will acquire the borrower’s Probability of Default(PD),Loss Given Default(LGD),Exposure at Default(EAD)and Remaining Maturity(M).Secondly,we calculate the simple risk(SR)of the uncovered loan,using the formula as following:SR=Min{BSR(PD)*[1+b(PD)*(M-3)]*LGD／50,LGD*12.5} (1)Where BSR is the basic risk weight and b(PD)is the adjusting factor for remaining maturity(M).Finally,we can calculate the weighted risk(WR)of the uncovered loan,using the following formula:WR=SR*EAD (2)From(1)and(2),we can acquire the simple and weighted credit risk of an uncovered loan,and then we can take some measures to hedge the credit risk.C.Reducing Credit RiskAfter assessing and calculating credit risks,banks should make out countermeasures to reduce the risks.These measures include：(1)Completing security system of loans. The banks should require customers to use the collateral and guarantees as the security for the repayment,and at the same time,banks should foster collateral market.(2)Combining loanswith insurance.Banks may require customers to buy a specific insurance or insurance portfolio.If the borrower doesn’t repay the loans,banks can get the compensation from the insurance company.(3)Loans Securitization. Banks can change the loans into security portfolio,according to the different interest rate and term of the loans,and then banks can sell the security portfolio to the special organizations or trust companies.D.Managing Credit Risk and Feeding backA customer may have housing loans,car loans and other loans,so the banks can acquire the customer’s credit information,credit history,credit status and economic background from assessing the risks of the customer based on the data the banks get.By assessing and calculating the risks of the customer,banks can expect the future behavior of the customers and provides different service for different customers. Banks can provide more value-added service to the customers who have high credit rates and restrict some business to the customers who have low credit rates.At the same time, banks should refuse to provide service to the customers who are blacklisted. Banks should set up the pre-warning and management mechanism and change the traditional ways,which just rely on remedial after the risks broke out.In order to set up the warning and feeding back mechanism,banks should score credit of the customers comprehensively and then test the effectiveness and suitability of the measures,which banks use to mitigate risks.Finally, banks should update the data of the customers timely and keep the credit risk management system operating smoothly.IV.CONCLUSIONIn this paper,we first discuss the implications of knowledge and knowledge management.Then we analyze the credit risks of financial banks with knowledge management. Finally,we put forward ways for banks to manage credit risks with knowledge management.We think banks should set up data warehouse o f customers’credit to assess and calculate the credit risks,and at the same time,banks should train knowledgeable staffs to construct a whole system to reduce risks and feed back.With knowledge management,banks can take out systemic measures to manage cust omers’credit risks and gain sustainable profits.ACKNOWLEDGMENTIt is financed by the humanities and social sciences project of the Ministry of Educationof China(NO.06JC790032).REFERENCES[1]Davenport,T.H.et al,“Improving knowledge work processes,”Sl oan Management Review,MIT,USA,1996,V ol.38,pp.53-65.[2]Malhothra,“Knowledge management for the new world of business,”New York BRINT Institute,2001,lkm/whatis.htm.[3]Aybübe Aurum,“Knowledge management in software engineering education,”Proceedings of the IEEE International Conference on Advanced Learning Technologies,2004,pp.370-374.[4]D.J.Harvey＆R.Holdsworth,“Knowledge management in the aerospace industry,”Proceedings of the IEEE International Professional Communication Conference,2005,pp.237-243.[5]Li Yang,“Thinking about knowledge management applications in information-based education,”IEEE International Conference on Advanced Learning Technologies,2007,pp.27-33.[6]Jayasundara＆Chaminda Chiran,“Knowledge management in banking industries:uses and opportunities,”Journal of the University Librarians Association of Sri Lanka,2008,V ol.12,pp.68-84.[7]Liang Ping,Wu Kebao,“Knowledge management in banking,”The Conference on Engineering and Business Management,2010, pp.4719-4722.[8]Crowder,M.J.Classical Competing Risks,British:Chapman&Hall, 2001,pp.200.[9]David,H.A.&M.L.Moeschberger,The Theory of Competing Risks, Scotland,Macmillan Publishing,1978,pp.103.金融银行信用风险管理与知识管理摘要：目前，金融银行经营在一个知识型社会中，而且越来越多的信用风险在在银行中爆发。

银行风险管理外文文献及翻译

“RISK MANAGEMENT IN COMMERCIAL BANKS”(A CASE STUDY OF PUBLIC AND PRIVATE SECTOR BANKS) - ABSTRACT ONLY1. PREAMBLE:1.1 Risk Management:The future of banking will undoubtedly rest on risk management dynamics. Only those banks thathave efficient risk management system will survive in the market in the long run. The effective management of credit risk is a critical component of comprehensive risk management essential for long-term success of a banking institution. Credit risk is the oldest and biggest risk that bank, by virtueof its very nature of business, inherits. This has however, acquired a greater significance in the recentpast for various reasons. Foremost among them is the wind of economic liberalization that is blowing across the globe. India is no exception to this swing towards market driven economy. Competition from within and outside the country has intensified. This has resulted in multiplicity of risks both in numberand volume resulting in volatile markets. A precursor to successful management of credit risk is a clear understanding about risks involved in lending, quantifications of risks within each item of the portfolioand reaching a conclusion as to the likely composite credit risk profile of a bank.The corner stone of credit risk management is the establishment of a framework that defines corporate priorities, loan approval process, credit risk rating system, risk-adjusted pricing system, loan-review mechanism and comprehensive reporting system.1.2 Significance of the study:The fundamental business of lending has brought trouble to individual banks and entire banking system. It is, therefore, imperative that the banks are adequate systems for credit assessment of individual projects and evaluating risk associated therewith as well as the industry as a whole. Generally, Banks in India evaluate a proposal through the traditional tools of project financing, computing maximum permissible limits, assessing management capabilities and prescribing a ceilingfor an industry exposure. As banks move in to a new high powered world of financial operations and trading, with new risks, the need is felt for more sophisticated and versatile instruments for risk assessment, monitoring and controlling risk exposures. It is, therefore, time that banks managements equip themselves fully to grapple with the demands of creating tools and systems capable of assessing, monitoring and controlling risk exposures in a more scientific manner.Credit Risk, that is, default by the borrower to repay lent money, remains the most important riskto manage till date. The predominance of credit risk is even reflected in the composition of economic capital, which banks are required to keep a side for protection against various risks. According to one estimate, Credit Risk takes about 70% and 30%remaining is shared between the other two primary risks, namely Market risk (change in the market price and operational risk i.e., failure of internal controls, etc.). Quality borrowers (Tier-I borrowers) were able to access the capital market directly without going through the debt route. Hence, the credit route is now more open to lesser mortals (Tier-II borrowers).With margin levels going down, banks are unable to absorb the level of loan losses. There has been very little effort to develop a method where risks could be identified and measured. Most of the banks have developed internal rating systems for their borrowers, but there hasbeen verylittle study to compare such ratings with the final asset classification and also to fine-tune the rating system. Also risks peculiar to each industry are not identified and evaluated openly. Data collection is regular driven. Data on industry-wise, region-wise lending, industry-wise rehabilitated loan, can provide an insight into the future course to be adopted.Better and effective strategic credit risk management process is a better way to Manage portfolio credit risk. The process provides a framework to ensure consistency between strategy and implementation that reduces potential volatility in earnings and maximize shareholders wealth. Beyondand over riding the specifics of risk modeling issues, the challenge is moving towards improved creditrisk management lies in addressing banks’readiness and openness to accept change to a more transparent system, to rapidly metamorphosing markets, to more effective and efficient ways of operating and to meet market requirements and increased answerability to stake holders.There is a need for Strategic approach to Credit Risk Management (CRM) in Indian Commercial Banks, particularly in view of;(1) Higher NPAs level in comparison with global benchmark(2) RBI’ s stipulation about dividend distribution by the banks(3) Revised NPAs level and CAR norms(4) New Basel Capital Accord (Basel –II) revolutionAccording to the study conducted by ICRA Limited, the gross NPAs as a proportion of total advances for Indian Banks was 9.40 percent for financial year 2003 and 10.60 percent for financial year 20021. The value of the gross NPAs as ratio for financial year 2003 for the global benchmark banks was as low as 2.26 percent. Net NPAs as a proportion of net advances of Indian banks was 4.33 percent for financial year 2003 and 5.39 percent for financial year 2002. As against this, the value ofnet NPAs ratio for financial year 2003 for the global benchmark banks was 0.37 percent. Further, it was found that, the total advances of the banking sector to the commercial and agricultural sectors stood at Rs.8,00,000 crore. Of this, Rs.75,000 crore, or 9.40 percent of the total advances is bad and doubtful debt. The size of the NPAs portfolio in the Indian banking industry is close to Rs.1,00,000crore which is around 6 percent of India’ s GDP2.The RBI has recently announced that the banks should not pay dividends at more than 33.33 percent of their net profit. It has further provided that the banks having NPA levels less than 3 percentand having Capital Adequacy Reserve Ratio (CARR) of more than 11 percent for the last two years will only be eligible to declare dividends without the permission from RBI3. This step is for strengthening the balance sheet of all the banks in the country. The banks should provide sufficient provisions from their profits so as to bring down the net NPAs level to 3 percent of their advances.NPAs are the primary indicators of credit risk. Capital Adequacy Ratio (CAR) is another measureof credit risk. CAR is supposed to act as a buffer against credit loss, which isset at 9 percent under theRBI stipulation4. With a view to moving towards International best practices and to ensure greaterdue’ norm for identification of NPAs transparency, it has been decided to adopt the ’ 90 days’‘ overfrom the year ending March 31, 2004.The New Basel Capital Accord is scheduled to be implemented by the end of 2006. All the banking supervisors may have to join the Accord. Even the domestic banks in addition to internationally active banks may have to conform to the Accord principles in the coming decades. The RBI as the regulatorof the Indian banking industry has shown keen interest in strengthening the system, and the individual banks have responded in good measure in orienting themselves towards global best practices.1.3 Credit Risk Management(CRM) dynamics:The world over, credit risk has proved to be the most critical of all risks faced by a banking institution. A study of bank failures in New England found that, of the 62 banks in existence before 1984, which failed from 1989 to 1992, in 58 cases it was observed that loans and advances were notbeing repaid in time 5 . This signifies the role of credit risk management and therefore it forms the basisof present research analysis.Researchers and risk management practitioners have constantly tried to improve on current techniques and in recent years, enormous strides have been made in the art and science of credit risk measurement and management6. Much of the progress in this field has resulted form the limitations of traditional approaches to credit risk management and with the current Bank for International (BIS) regulatory model. Even in banks which regularly fine-tune credit policies and Settlement’　streamline credit processes, it is a real challenge for credit risk managers to correctly identify pocketsof risk concentration, quantify extent of risk carried, identify opportunities for diversification and balance the risk-return trade-off in their credit portfolio.The two distinct dimensions of credit risk management can readily be identified as preventive measures and curative measures. Preventive measures include risk assessment, risk measurement andrisk pricing, early warning system to pick early signals of future defaults and better credit portfolio diversification. The curative measures, on the other hand, aim at minimizing post-sanction loan losses through such steps as securitization, derivative trading, risk sharing, legal enforcement etc. It is widely believed that an ounce of prevention is worth a pound of cure. Therefore, the focus of the study is on preventive measures in tune with the norms prescribed by New Basel Capital Accord.The study also intends to throw some light on the two most significant developments impacting the fundamentals of credit risk management practices of banking industry – New Basel Capital Accord and Risk Based Supervision. Apart from highlighting the salient features of credit risk management prescriptions under New Basel Accord, attempts are made to codify the response of Indian banking professionals to various proposals under the accord. Similarly, RBI proposed Risk Based Supervision (RBS) is examined to capture its direction and implementation problems。

财务风险管理外文文献翻译译文

Although financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.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.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 systemsFinancial 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 withinternal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and theinteractions 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 to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks.Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management 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 be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existingexposures 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 theuncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of 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 economyvulnerable 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.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。

民间金融风险防范与控制研究外文文献翻译最新

毕业设计附件外文文献翻译：原文+译文文献出处:Thomas. The study on the prevention and control of folk financial risk. International journal of forecasting, 2016, 3(12): 149-162.原文The study on the prevention and control of folk financial riskThomasAbstractA lot of research results show that the formal financial market and the folk financial markets is a common phenomenon in developing countries. Formal financial information cost, transaction cost and risk cost, makes the folk financial the first choice of most of the farmers and rural small and medium-sized enterprises (sees).Although folk finance is a semi-public, half underground running, but the farmers and small and medium-sized enterprise financing and development plays an extremely important role in the process, the play an important role in the improvement in economic welfare. Folk finance is in order to solve the economic subject within a certain geographical area need for the funds for production and life and spontaneously formed a kind of endogenous financial, private financial scale is directly related to how developed private economy.Keywords: private finance; financial risk; Risk control1 IntroductionFolk finance, as a kind of the endogenous financial system arrangement, in meet the demand of farmers and small and medium-sized enterprise financing, improve economic benefits of the role of the bottom has been unanimously recognized by the academia. The folk financial the call for sunlight and regularization is becoming more and stronger. However, we really ready? Frequent in the folk financial markets, andfinancial regulatory authorities to the chaos of control less than reality, our answer is no. Everything has two sides, the folk finance as well. For the existence of the folk financial basis and research a lot of social and economic benefits. For folk concept, characteristics, causes of financial risk, control, research, academic circles still have a long way to go, and this is the way a footprint. The purpose of this article is to put forward a feasible risk control mode to achieve the folk financial risk regulation. Occur in multiple places of the folk financial mess shows that private lending activities may have entered the exposure period, local financial risk and social risk may arise the overlay, attaches great importance to and need to be vigilant. All of these events are severely disrupted the financial market order, exacerbated the instability of financial markets, resulting in serious losses to the national economy. In addition, the huge private financial markets, also makes the national macroeconomic regulation and control ability is limited, especially the effectiveness of monetary policy under great challenge. The implementation of the national monetary policy, not only should consider macroeconomic reality needs, also want to consider the folk financial markets bear ability, reduce the systemic risk. But as a result of the folk financial nature of species diversity, complex and hidden operation, making its financing risks are difficult to measure and control.2 Literature review2.1 Financial deepeningMcKinnon proposed developing countries to solve the problem of informal finance can only reduce the government too much intervention in the financial, financial deepening. Financial deepening can break the monopoly of state-owned financial, on the one hand, on the other hand can improve the efficiency of market allocation of resources. This view is essentially trying to through the financial deepening, use formal financial instead of private finance. Yet this view ignores the costs and risks of financial deepening and financial deepening in Latin America and Africa countries proved no obvious achievements, but lead to chaos in the part of the country's financial order.2.2 The formal financial and private financial connectedBy comparing formal financial and private financial analysis, points out that the formal financial and private financial connection can not only effectively reduce the transaction costs, but also can promote the development of informal finance and the shift to the formal financial. The present study focused on the various connection modes on the influence of the folk financial market interest rates, and interest rates is influence and reflect the folk financial market risk level of an important factor. As the World Bank report points out, the development of a connection of two markets is a promising strategy for the development of financial system, can provide some useful reference for the folk financial regulation. Theoretical results eventually supported by practice, practice show that in developing countries such as the Philippines, Indonesia vertical connection way is preferable.2.3 Recognize the legitimacy of the folk financeThe system orientation is mainly having three: one is from the legal level admits the folk finance. Folk financial activities in the formation of the contract must be effective protection law, to include the credit relationship in the adjusting range of formal system, within the legal framework to solve disputes and contradictions, eliminate the possibility of instability. The second is to reduce market access conditions, the folk financial development to provide a relatively loose financial competition environment, so that it can really on the platform of "fair, just" equal competition with formal financial. Three is to provide business consulting and related services for private finance. This can not only reduce the management risk, but also can enlarge the folk financial management activity area, make its share the benefit from the scale economy, improve its efficiency.3 Folk overview of financial risk3.1 The conceptionFolk financial also refers to the informal finance, it is relative to the formal financial, norms and management in the central and financial regulatory authorities of those financial activities and financial institutions. Folk finance, as a kind of endogenous institutional arrangement, its in eliminating poverty, improve the underlying community welfare, and promote the development of small andmedium-sized economic subject role has been widely recognized by the academic circle. However, folk financial market development is not normative and presents the various risks seriously impedes the development of private financial markets function, also led to the chaos in the regional financial order. People increasingly realize that how to effectively avoid and resolve, the folk financial risk control, has become a stable financial order and maintain people's vital interests of the major problems. Folk financial risks with folk suffers from the co-existence of financial markets is, is the product of market economy. Folk include financial risk; financial risk is the financial risk in the embodiment of the folk finance. The diversity of the folk financial form determines the folk financial risk the diversity of forms. The analysis of risk characterization, help us to know more intuitive folk financial risks. Folk financial market risk accumulation mainly has: the folk financing activities active, folk financing interest rates are high, formal financial institutions handling disorder. Active folk financing activity often is the result of speculation, rather than normal investment behavior of the capital requirements.3.2 ConstitutionFolk financial market risk consists of three parts: system risk, the systemic risk and systemic risk system risk refers to the many folk financial market trading behavior due to do not conform to the current laws and regulations under the law, and the possibility of asset losses. In general, the more the government's attitude towards the folk financial tough, suppression of crowding out, the more folk facing the greater the risk of financial activities. Systemic risk refers to the changes in the macroeconomic and financial situation of the folk financial market changes in the borrower solvency. Economic prosperity and recession, the financial situation better and worse, formal financial institutions such as the change of the management behavior is the main source of folk financial market systemic risk. The systemic risk refers to the borrowing enterprise or individual characteristic of the folk financial market risk. The systemic risk depends on the private information of the lender to borrowers to master and the constraints of the ability for its breach. In general, borrowing the relationship is more intimate, to get to know each other more fully, thesystemic risk. Unsystematic risk is the folk financial markets themselves can control and restrained, and the system risk and systemic risk is the result of the folk external financial market, private financial market participants to take the initiative to take measures to prevent the extremely limited.3.3 Features3.3.1 RegionalOn the one hand, the folk causes have regional financial risk. Relative to the entire country macro economic changes, the folk financial markets to be more sensitive to the change of regional economic development situation. The regional economy, industrial structure, changes in the residents' income and other economic variables, is the direct cause of regional folk financial risk. On the other hand, the folk has affected the scope of regional financial risks. These connections between private financial institutions than mutual communications between the formal financial institutions is much more loose, so the folk financial markets don't like formal financial market risk, once the outbreak often threaten the country's economic development and social stability. Folk financial market risk within the scope of general concentrated in certain areas, the scope is much smaller than formal financial market risk.3.3.2 Rainfall distribution on 10-12 diversityFolk financial markets in the form of diversification is diversity of the main causes of financial risk. Folk finance not only includes folk lending, loan, financing, and other forms of direct financing, also including the private bank, pawn, small loan companies, financial companies, financial intermediaries, such as the financing guarantee company. Financing forms of participation in different objects, different mode of operation, financing scale, the frequency characteristics of each different, this leads to the diversity of risk: a sudden, there is also a moderate; there are explicit and implicit; There are also passive faithless, active default; There are well-intentioned repayment willingness and malicious financial fraud. In addition, the folk financial risk also has complexity. Folk financial market not only influenced by macro economy and regional economy, but also by national monetary policy, the formalfinancial institutions market behavior, the influence of many factors interweave together, makes it hard for the folk financial risk identification and control.3.3.3 ConcealmentLow degree of organization, private financial markets by external supervision and institutional constraints are weak, some financing behavior is deep underground is difficult to detect, much less regulation. Folk financial risk can often hidden for a long time and don't explode, investigate its reason mainly lies in its financial activities is not subject to supervision, when assets loss occurs, the borrower often through constantly create new credit assets loss to compensate for the previous financial risk formation, so as to achieve the aim of risk cover. The concealment of the folk financial risk and broad sweep the subject makes folk financial risk is extremely difficult to control, and the risk after the outbreak of easy to induce malignant social events. Folk difficult control of the financial risk is relative to the norms of formal financial risks, it does not represent can't control. Through to the folk finance main body behavior guide and specification, on the basis of modern technology, can realize to the folk financial risk prediction, prevention and control.译文民间金融风险防范与控制研究Thomas摘要大量的研究结果表明，正规金融市场与民间金融市场的并存是发展中国家的一个普遍现象。

Financial-Risk-Management财务风险管理大学毕业论文外文文献翻译及原文

毕业设计（论文）外文文献翻译文献、资料中文题目：财务风险管理文献、资料英文题目：Financial Risk Management 文献、资料来源：文献、资料发表（出版）日期：院（部）：专业：班级：姓名：学号：指导教师：翻译日期： 2017.02.14财务管理类本科毕业论文外文翻译译文：[美]卡伦·A·霍契.《什么是财务风险管理？》.《财务风险管理要点》.约翰.威立国际出版公司,2005:P1-22.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

全球市场越来越多的问题是，风险可能来自几千英里以外的与这些事件无关的国外市场。

意味着需要的信息可以在瞬间得到，而其后的市场反应，很快就发生了。

经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题。

因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。

准备是风险管理工作的一个关键组成部分。

什么是风险？风险给机会提供了基础。

风险和暴露的条款让它们在含义上有了细微的差别。

风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。

风险起因是由于暴露。

金融市场的暴露影响大多数机构，包括直接或间接的影响。

当一个组织的金融市场暴露，有损失的可能性，但也是一个获利或利润的机会。

金融市场的暴露可以提供战略性或竞争性的利益。

风险损失的可能性事件来自如市场价格的变化。

事件发生的可能性很小，但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。

换句话说，可能就是变异的风险回报。

由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。

识别暴露和风险形式的基础需要相应的财务风险管理策略。

财务风险是如何产生的呢？无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。

它可以出现在合法的交易中，新项目中，兼并和收购中，债务融资中，能源部分的成本中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。

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文献信息：文献标题：MANAGING FINANCIAL RISK BY USING DERIVATIVES:A Study of United Arab Emirate Listed Companies（利用金融衍生工具管理金融风险：阿拉伯联合酋长国上市公司研究）国外作者：Ali Said文献出处：《Economics and Finance Review》, 2017, 5(03):5–13字数统计：英文2093单词，11611字符；中文3580汉字外文文献：MANAGING FINANCIAL RISK BY USING DERIV ATIVES:A Study of United Arab Emirate Listed CompaniesAbstract The present paper attempts to identify the ways that the United Arab Emirate listed companies manage their financial risk with the use of derivatives. By examining the companies’ annual reports and financial reviews for the year 2015. The studied revealed that low use of the financial derivatives within Investment and the real estate industries. The use of the derivatives was only 25% while is consider to be below due to the high risk associated with the industry. The risk management tools available for hedging real-estate risk within the United Arab Emirate financial market are very much in their infancy and have problems ranging from illiquidity of trading to lack of theoretical development regarding modeling.Keywords: Financial risk, derivatives, interest rate risk, foreign exchange risk, United Arab Emirate ListedCompanies.1.INTRODUCTIONMany of the companies work on reducing risk associated with a business such as interest rates, currency-exchange rates, commodity prices and equity markets. Therefore, many companies are relying heavily on the use of the finance derivatives.The financial derivatives play an important role to support companies to manage and reduce risk by shelter these firms from the volatility of the financial market.Many of the academies and practitioners have expressed concerns over the use of derivatives. Some of the academic studies, such as Faulkender (2005) and Vickery (2008), show that companies frequently utilize interest rate risk derivatives to time the market. Another study such by Brown, Crabb, and Haushalter (2002) discovered that the use of corporate risk management instrument in the gold mining industry is often affected by attempts to time market prices.While other studies by Nance, Smith, and Smithson (1993), Mian (1996), and Hentschel and Kothari (2001) demonstrate that the employ of derivatives does not produce meaningful differences in firms' risk.This paper is organized as follows. Section 2 review the relevant literature, followed by section 3 that states out the research questions. Section 4 explains the methodology of the present study. Section 5 results, and the last section contains the conclusion.2.LITERATURE REVIEWThe volatility, the constant changes in the business arena, and deal with the changes in interest rates and exchange rate movements make a company exposed to losses. During 2008, the financial markets expose to the loss which affected enterprises and the overall economy. Therefore, many companies started to explore and implement risk management within the enterprise. Risk management is a practice that identifies possible risks in advance and examines these events and takes the necessary actions to reduce or eliminate these risks.Financial derivatives considered to be one of the essential tools that can be used to reduce and cost risk. In the 2002 Berkshire Hathaway, annual report, Warren Buffet advised against the utilizing of derivatives, and consider them to be the financial weapons of mass destruction bringing dangers that are potential can lethal for the business and economy. However, Buffet's view on derivatives faces resistance from the standard academics that derivatives are used to reduce risk (Smith and Stulz(1985))Bartram et.al. (2011) examined the use of financial derivatives to reduce both total risk and systematic risk. While Nguyen and Faff (2010) showed that regardless of the public distress about utilization and implementing financial derivatives would increase firm risk, the evidence demonstrations that in most cases, financial derivatives are used for hedging intentions.As discussed by Clark and Judge (2008), hedging tools are contingent on the type of exposure and risk. For example, Short-term instruments such as foreign currency forwards and options are used to hedge short-term exposure against of generated from export actions, while foreign currency debt and foreign currency swaps into foreign currency (but not into domestic currency) are employed to hedge long-term exposure result from assets located in foreign positions.Papaioannou (2006) showed that the larger companies are, the more likely to utilize financial derivative to try to hedge against the risk associated with the exchange rate. The primary goal of using the derivatives instruments to reduce the losses due to the volatility and instability of the market, for example, foreign exchange derivatives have given companies the stability in the cash flow and earning to give due to the reducing the risk associated with exchange rates.The companies’choice of foreign exchange derivatives tools is focused on OTC currency forwards (over 50% of all foreign exchange derivatives used), OTC currency options (around 20%), and OTC currency swaps (around 10%). El-Masry (2006) emphasized that the objective of the use of derivative for hedging intentions is controlling the unpredictability and instability in cash flows, and the second reason was the market value of the firm.Another study by Stulz (2005), reported that 28 percent of firms employ derivatives instruments to reduce earnings volatility. While Adedeji and Baker (2002) stated that the purpose of using interest rate derivatives to hedge against the risk that associated with financial troubles and economies of scale. Yu et.al. (2001) stated that many of the Hong Kong firms had used derivatives instruments for risk management purpose to manage the associated with foreign exchange and interest rate derivatives.There is various kind of instruments in the derivative markets. Below we describe the major types that are widely used in the market:(1)Forward contracts: represent agreements for postponed delivery of financial tools or commodities in which the buyer decides to purchase, and the seller decides to provide, at a specified future date, a specified instrument or commodity at an indicated price or yield. Forward contracts are not traded on organized exchanges, and their contractual terms are not standardized. The reporting exercise also includes deals where only the difference between the contracted forward outright rate and the prevailing spot rate is settled at maturity, such as non-deliverable forwards (i.e., forwards which do not require physical delivery of a non-convertible currency) and other contracts for difference (Michael, 2012).(2)Swaps are contracts in which two participants agree to trade payment streams established on a specified notional amount for a period. Forward exchange swap agreements are reported as swaps (Michael, 2012).(3)Options: Option contracts grant either the right or the responsibility, depending upon whether the reporting organization is the buyer or the writer, respectively, to buy or sell a financial instrument or commodity at an agreed price up to a required future date (Michael, 2012).(4)Forward rate agreement is a forward contract in which the two participants agree to establish interest payments to each other at futures dates. One party makes a payment at a rate decided to in advance. The other party makes a disbursement at a rate to be determined later (Michael, 2012).3.RESEARCH QUESTIONManaging risk by implementing financial derivatives can be controversial topic due to the events that were associated with last financial crisis. Also, the financial derivatives topic considers being relative new particularly in the Middle East. More theoretical and empirical studies are needed particularly countries generate significant of their income through oil production. In this paper, we are trying to fill this research gap. To assess and explain how publicly traded companies in United Arab Emiratemanage their financial risk through the use of the financial derivatives. The following questions are to be addressed in the present study.（1）Do the United Arab Emirate listed companies use derivatives to hedge the risks?（2）What are the risks that the derivatives are hedging?（3）What are the types of derivative instruments that the companies are using?（4）What are the objectives of using such kinds of derivatives?4.DEFINITION OF V ARIABLES AND DATAThe past of 20 years, the financial derivatives have shown growth in the engineering and the use. The increase in the growth of these instruments. Along with this growth, the regulation and disclosure of the utilization of the derivatives have been developed too.Therefore, companies in different countries are required to report the information about their use of the derivatives in their annual reports. In this study, we gathered and examined company-level data. The data come from United Arab Emirate Financial Market. The first step is collecting the annual reports and financial reviews. The second phase identified whether the companies employed derivatives to hedge their financial risks. The third phase would be determining the types of derivatives these companies utilized against types of risks.5.RESULTSOf all the 70 companies in the United Arab Emirate Financial stock market, 37 of them (or 82.9%) reported that they used at least one derivative to manage the risk of the company’s operation. It was interesting that the study has revealed that companies within the Hospitality, Telecommunication, and Pharmaceutical at 100% the companies reported that they used derivatives.Also, the study showed the companies within the banking and financial services industry only 71% revealed used financial sector. Furthermore, the study revealed that Insurance, Real Estate, Construction, Industrial, and energy industries were 47.1%,25%, 60%, 50%, and 50% respectively. It is interesting to note that 47.9% of the companies did not use any derivatives. The tourism, telecommunication, and pharmaceutical sectors, the percentage is the highest (100%). Here are some examples.Gulf Pharmaceutical Co. and Gulf Medical Projects within the pharmaceutical sector has used the financial derivatives as investment tools to support the company’s operation costs. Nance, Smith, and Smithson (1993),Geczy, Minton, and Schrand (1995), and Dolde (1995) find that firms with high levels of research and development (R&D) expenses are more likely to use some form of derivatives instrument as an investment tool.Another example, Abu Dhabi National Hotels and National Corp For Tourism and Hotels sector were using the interest rate swaps hedging. According to Amirik Singh and Arun Upneja (2008) the lodging firms predominantly use interest rate swaps and options to manage interest rate risk due to underinvestment costs, financial distress costs, managerial risk aversion, information asymmetry, cash-flow volatility, proportion of floating-rate debt, foreign sales ratio, and firm size are significant determinants of the decision to hedge.In the telecommunication sectors, Sudan Telecommunication Co. Ltd, Ooredoo, and Emirates Telecommunication Group Company have used financial derivatives to hedge against foreign currency and interest rate risk. The result consistent with the findings of, Grant and Marshall (1997), Bodnar et al. (1999), Mallin et al. (2001) indicate that in hedging contractual obligations, forwards is the most popular derivative instrument used to hedge currency risk, and swaps the most popular derivative instrument to hedge interest rate risks within the telecommunication sector.The studied revealed that low use of the financial derivatives within Investment and the real estate industries. The use of the derivatives was only 25% while is consider to be below due to the high risk associated with the sector which agreed with the finding of the study of Fabozzi, et al. (2009) real estate markets represent a very large proportion of the total wealth in developed countries. The risk management tools available for hedging real-estate risk are very much in their infancy and haveproblems ranging from illiquidity of trading to lack of theoretical development regarding modeling.The study has also revealed that only 50% of the companies within the United Arab Emirate financial market has been using the interest rates financial derivatives to reduce the cost of borrowing. Furthermore, these companies have used futures and options to hedged against the liabilities and assets 29% and 30% respectively. The other interesting finding that some of the companies started to use Islamic financial derivatives however the rate is still low only 11% of the companies within the United Arab Emirate financial market reported using these tools.6.CONCLUSIONSOur study has provided some preliminary information about the determinations and the use of financial derivatives among the companies in United Arab Emirate financial market. Our research has revealed some interesting patterns that can influence the company financial stability through risk management. In the future, more research should be carried to assess the trend by using different statistics models such as time-series data or propensity score-matching methods.Also, the comparison can be made between Dubai financial market to other Middle Eastern financial markets and such as Kuwaiti and Saudi Arabi. As well, study the companies that use Islamic financial tools compare to traditional financial derivatives as a tool to manage risks associated with the enterprise’s operation. If firm-level data are available, it is desirable to research the financial decisions concerning the use of derivatives and the outcomes of these decisions. As well compare the use the financial derivatives result to other companies that use Islamic financial instruments.中文译文：利用金融衍生工具管理金融风险：阿拉伯联合酋长国上市公司研究摘要通过对2015年公司的年度报告和财务报告进行审查，本文试图确定阿拉伯联合酋长国上市公司利用衍生工具来管理其金融风险的方式。

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