财务风险外文文献综述

Market Risk and Model Risk for a Financial Institution Writing OptionsThe Journal of FinanceVolume 54, Issue 4, Date: August 1999, Pages: 1465-1499T Clifton Green, Stephen FiglewskiAbstract | Full Text: PDF (153K) select this item for viewing How Theories of Financial Intermediation and Corporate Risk-Management Influence Bank Risk-Taking BehaviorFinancial Markets, Institutions & InstrumentsVolume 10, Issue 5, Date: December 2001, Pages: 277-323Michael S PaganoAbstract | Full Text: PDF (204K) select this item for viewing The Importance of Financial Leverage and Risk Aversion in Risk–Management Strategy SelectionAmerican Journal of Agricultural EconomicsVolume 84, Issue 4, Date: November 2002, Pages: 1130-1143Brent A Gloy, Timothy G BakerAbstract | Full Text: PDF (130K) select this item for viewing Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates by B Porteous and P TapadarJournal of the Royal Statistical Society: Series A (Statistics in Society)Volume 170, Issue 2, Date: March 2007, Pages: 510-510N H BinghamAbstract | References | Full Text: HTML, PDF (45K) select this item for viewing Handling Weather Related Risks Through the Financial Markets: Considerations of Credit Risk, Basis Risk, and HedgingJournal of Risk & InsuranceVolume 74, Issue 2, Date: June 2007, Pages: 319-346Linda L Golden, Mulong Wang, Chuanhou YangAbstract | References | Full Text: HTML, PDF (717K) select this item for viewing Evaluation of Production and Financial Risk: A Stochastic Dominance ApproachCanadian Journal of Agricultural Economics/Revue canadienne d'agroeconomieVolume 35, Issue 1, Date: March 1987, Pages: 109-126John G Lee, John R Ellis, Ronald D LacewellAbstract | References | Full Text: PDF (645K) select this item for viewing Does Financial Distress Risk Drive the Momentum Anomaly?Financial ManagementVolume 37, Issue 3, Date: Autumn 2008, Pages: 461-484Vineet Agarwal, Richard TafflerAbstract | References | Full Text: HTML, PDF (183K) select this item for viewing Does Difference Make a Difference in Financial Planning for Risk?Social Policy & AdministrationVolume 42, Issue 6, Date: December 2008, Pages: 576-592Deborah Quilgars, Anwen Jones, David AbbottAbstract | References | Full Text: HTML, PDF (125K) select this item for viewing Two Classroom Simulations in Financial Risk Management and InsuranceRisk Management and Insurance ReviewVolume 3, Issue 1, Date: March 2000, Pages: 115-124David T RussellAbstract | References | Full Text: PDF (572K) select this item for viewing Financial Globalization, International Business Cycles and Consumption Risk Sharing*Scandinavian Journal of EconomicsVolume 110, Issue 3, Date: September 2008, Pages: 447-471Michael J Artis, Mathias HoffmannAbstract | References | Full Text: HTML, PDF (225K) select this item for viewing Interest Rate Risk Rewards in Stock Returns of Financial Corporations: Evidence from GermanyEuropean Financial ManagementEarly View, Date: July 2008Marc-Gregor Czaja, Hendrik Scholz, Marco WilkensAbstract | References | Full Text: HTML, PDF (195K) select this item for viewing A Unified Approach to Hedging Interest Rate Risk with Financial Futures*Decision SciencesVolume 19, Issue 3, Date: September 1988, Pages: 654-671Jimmy E HilliardAbstract | References | Full Text: PDF (880K)

1 the meaning of financial risk Ye at "small and medium-sized financial risk assessment and control of research" that the financial risk is the possibility of corporate insolvency and shareholders, the proceeds of uncertainty, it is difficult because of enterprise funds, to adopt a different mode of financing brought about by Starting from the analysis of financial risk on its meaning, characteristics and types of content; at this based on the causes of the financial risk to conduct in-depth analysis and detailed research, analysis concludes that the financial risks arising from internal factors and external aspects; in turn, establish a risk awareness, the establishment of an effective risk prevention mechanism; set up and improve the financial management system to meet the financial management of environmental change; set up the financial risk early warning mechanism, strengthen the financial crisis management; improve the scientific level of financial decision-making to prevent due to poor decisions arising from the financial risk; through internal systems to prevent the establishment of binding mechanisms to control and guard against financial risk in five areas of financial risk prevention measures as well as self-insurance, diversification of risk control, risk transfer, risk averse, risk reducing the five Only controlled enterprises to guard against and defuse financial risks, in order to ensure that enterprises in the fierce competition in the market in an invincible 2 The causes of the financial risks(A) external causes 1, the national policy changes brought about by the financing Generally speaking, small and medium-sized production and operation because of A country's economy or monetary policy changes, there may be small and medium-sized production and management, market conditions and financing forms have a certain Beginning in 2007, our country has increased the intensity of macroeconomic regulation and control, the central bank to raise the fourth time the deposit reserve ratio, in particular, are ready to implement the difference between a direct deposit system to make small and medium-sized service-oriented small and medium-sized commercial banks to tighten credit, SMEs First of all, the capital supply disruption, the risk of inviting a lot of financing, SMEs also in urgent need of funds can not be forced to stop production or the scale of 2, bank financing channels for non-financial risks caused by Corporate sources of funds are nothing more than its own funds and external financing in two In various modes of financing, the bank credit is also an important source of funds, but banks in the country's financial policies as well as their own sound system is not under the influence of such circumstances, the general enthusiasm for SME lending is not high, their loans more difficult to increase the the enterprise's financial (B) internal factors one, blind expansion of investment There is a considerable number of conditions are not ripe for the SMEs in the circumstances, only the experience of one-sided pursuit of companies to determine the expansion of the extension, ignore the company's content and core competitiveness, resulting in a major capital investment 2, the investment decision-making For business, the correct selection of industries are the starting point for the survival and development However, some industrial enterprises in the selection process, the often overlooked "industry is a dynamic selection process" concept, should not a keen grasp of industry trends and direction of 3, improper selection of investment Enterprises to make investment decisions, we must give full consideration to qualified partners, reputation, and should have to bear the corresponding 4, less than Lack of SME credit is a common Therefore, small and medium-sized banks to provide loans or investments to small and medium-sized people had to step up investment on human resources in order to improve the quality of information collection and This respect has increased the investment bank or person lending and investment On the other hand also give small and medium enterprises financing Ability to finance capital, to finance the number of funds, the financing of SMEs exist great

风险的三层涵义：(1)风险的本质是不确定性；(2)风险是客观存在的；(3) 风险被人们厌恶、不愿其发生。 美国小阿瑟·威廉姆斯和里查德·M·汉斯在他们合著的《风险管理与保险》一书中，把风险定义为“在给定的情况下和特定的时间内，那些可能发生的结果间的差异。如果肯定只有—个结果发生，则差异为零，风险为零；如果有多种可能结果，则有风险，且差异越大，风险越大。” 1921年，美国经济学家奈特在他所著的《风险、不确定性和利润》一书对风险的涵义作了进一步阐述，他认为风险不是一般的不确定性，而是“可测定的不确定性”，他明确指出，经济生活中的现实风险和未来风险都可以借助数理统计分析来计量和测定。奈特的观点为后来风险的评估和测度理论的建立奠定了一块基石。 20世纪70年代后，由于布雷顿森林体系倒塌所带来的汇率风险，引起人们 对企业财务风险的关注。尽管企业财务风险管理应该成为风险管理的一个重要组成部分，但20世纪80年代以来，财务风险管理的发展并没有引起管理和经济学界的重视。随着时间的推移，财务风险管理终于在1998年的美国风险管理与保险学会引起了业界重视。美国风险管理与保险学会时任主席Stephen在大学的主 席演讲中特别指出：“风险管理与保险的研究应该从对纯粹风险的研究转向对投资风险的研究，从对人身和财产风险管理的研究转向对财务风险管理的研究。”而国际上从事财务风险管理相关的研究，可以追溯到20世纪50年代，美国三位著名经济学家马可威茨、威廉·夏普和米勒对财务风险管理的深入研究。 早在1952年，马可威茨在《财务学》杂志上发表的《资产组合选择》一文，该文同时采用风险资产期望收益和均方差研究资产组合的收益和风险问题，被学界视为现在资产组合理论的起点。他提出了证券投资组合的效率边界概念，即在相同风险下，效率边界上的组合收益最高；在相同收益下，效率边界的组合风险最。 60年代初威廉·夏普继承并发展了马可威茨的理论，这就是著名的资本资产定价模型，他提出的这一理论结论是：一种股票的风险包括系统风险和非系统风险，通过多元化可以消除非系统风险，为了承担风险，投资者必须得到补偿，风险越大要求的收益率也越大，他提供了计算股票系统风险的方法和通过系统风险计算股票预期收益的模型—资本资产定价模型