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ID:9899512
大小:80.50 KB
页数:14页
时间:2018-05-14
《企业的风险管理-财务和会计方面【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、本科毕业论文(设计)外文翻译原文:EnterpriseRiskManagement:FinancialandAccountingPerspectivesERMandFinanceOperations:KeyFinancialRisksRecentfinancialdisastersinfinancialandnon-financialfirmsandingovernmentalagencieshaveledtoincreasedemphasisonvariousformsofriskmanagementsuchasmarketriskmanagement,cr
2、editriskmanagement,andoperationalriskmanagement.Financialinstitutionslikebanksarefurthermotivatedbytheneedtomeetvariousregulatoryrequirementsforriskmeasurementandcapital.Thereisanincreasingtendencytowardanintegratedorholisticviewofrisks.Aframeworkforthinkingaboutthecollectiveriskofa
3、groupoffinancialinstrumentsandanindividualsecurity’scontributiontothatcollectiveriskwouldbeuseful.ATillinghast-TowersPerrinsurveyhasreportedthatnearlyhalfoftheinsuranceindustryusedanintegratedriskmanagementprocess(withanother40%planningtodoso),and40%hadachiefriskofficer.EnterpriseRi
4、skManagement(ERM)isanintegratedapproachtoachievingtheenterprise’sstrategic,programmatic,andfinancialobjectiveswithacceptablerisk.ThephilosophyofERMgeneralizestheseconceptsbeyondfinancialriskstoincludeallkindsofrisks.Forexample,aportfolioofequityinvestmentshasbeengeneralizedtotheenti
5、recollectionofrisksfacinganorganization.Anumberofprincipleshaveoftenbeenfoundusefulinpractice:1.Portfolioriskcanneverbethesimplesumofvariousindividualriskelements.2.Onehastounderstandvariousindividualriskelementsandtheirinteractionsinordertounderstandportfoliorisk.3.Thekeyrisk,i.e.,
6、themostimportantrisk,contributesmosttotheportfolioriskortheriskfacingtheentireorganization.Therefore,decisionmakersshouldbemostconcernedaboutkeyriskdecisions.4.Usingquantitativeapproachestomeasureriskisveryimportant.Forexample,akeyfinancialmarketriskcanbroadlybedefinedasvolatilityre
7、lativetothecapitalmarkets.Onemeasureofthisriskisthecostofcapital,whichcanbemeasuredthroughmodelssuchastheWeightedAverageCostofCapital(WACC)andCapitalAssetPricingModel(CAPM).ERMandFinancialOperationsTraditionalfinanceoperationshavefocusedoncostandefficiencyinoperationsandprocesses.Af
8、irmisassumedtoseeke
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