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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。

财务风险外文翻译

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

企业并购财务风险分析外文文献翻译

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

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

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

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

复杂而快速变化的环境使得企业并购具有重大风险。

特别是并购流程每一步都有严重的财务风险。

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

因此，许多学者和企业家认为兼并和收购的财务风险是最大的问题。

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

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

每次并购对企业的结构优化和资源配置都起着重要的作用。

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

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

因为并购行为有很多潜在风险，其中包括市场风险，财务风险，法律风险等。

然而，财务风险被认为是并购的主要问题。

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

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

《公司财务风险管理问题研究国内外文献综述3000字》

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

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

他认为：企业可以通过控制管理财务风险，从而让股东承担较低的经济风险。

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

相比之下，典型的非金融类公司选择不采取这些风险。

财务总风险可能是重要的，但公司可以管理它。

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

目前，英国、德国和法国等国对财务风险分析与防范的研究也非常重视。

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

公司财务风险中英文对照外文翻译文献

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

企业财务状况评价外文文献及翻译

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

同时，还分析了现有文献中的研究局限，并提出了相应的进一步研究方向。

引言企业财务状况的评价在企业经营决策和风险管理中具有重要的作用。

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

本文旨在通过对国内外相关文献的调研和翻译，探讨企业财务状况评价的相关内容。

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

然后，进行了文献综述和内容翻译，并总结出其中的关键信息和研究成果。

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

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

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

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

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

- 速动比率：更加严格地评估企业短期偿债能力的指标。

- 盈利能力指标：如净利润率、毛利率等，用于评估企业的盈利水平。

- 储蓄比率：评估企业的盈利再投资能力的指标。

- 负债比率：反映企业债务水平和承担风险的指标。

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

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

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

财务风险管理中英文对照外文翻译文献

中英文资料翻译Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce riskwithin the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio towhich it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might bepossible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in otherfinancial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

财务风险披露外文翻译文献

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

上市公司财务风险外文文献

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

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

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

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

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

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

财务风险外文翻译外文文献英文文献财务风险重要性分析

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

上市公司财务风险文献综述中英文资料外文翻译文献

中英文资料外文翻译文献上市公司财务风险的评价及控制的文献综述中国从资本市场建立开始，上市公司也随之不断地发展，上市的公司从行业、类型到地区、规模都呈现多样化趋势。

中国的上市公司，特别是上市公司中的ST公司，存在着严重的财务风险问题，财务风险比较大，对上市公司的发展会有很大的影响。

因此对上市公司财务风险问题的研究是十分重要的。

通过对这一领域大量文献的研究，从企业财务风险的成因、评价体系及控制三个角度综述，加强分析，以期对上市公司财务风险的理论和实践研究提供借鉴和指导。

（一）国外研究综述西方古典经济学家在十九世纪就已经提出了风险的概念，认为风险是经营活动的副产品，经营者的收入是其在经营活动中承担风险的报酬。

从狭义上看，企业的财务风险是指由于利用负债给企业带来的破产风险或普通股收益发生大幅度变动的风险。

这种观点立足于企业筹资时过多举债或举债不当。

西方国家强调全面风险管理的观念是从资金运动到资本经营整个体系的过程，对财务风险的控制包括风险预警、风险识别、危机处理等内容。

美国经济学家富兰克.H.奈特(Frank H.Knight)在1921年出版的(Risk，Uncertainty and Profit)一书中认为：风险是指“可度量的不确定性”。

而“不确定性”是指不可度量的风险。

风险的特征是概率估计的可靠性，概率估计的可靠性来自所遵循的理论规律或稳定的经验规律。

与可计算或可预见的风险不同，不确定性是指人们缺乏对事件的基本知识，对事件可能的结果知之甚少，因此，不能通过现有理论或经验进行预见和定量分析①。

②Ross, Westerfield, Jordan(1995)在《Fundamentals of Corporate Finance》提到①[美] Frank H.Knight,王宇，王文玉译.《风险、不确定性和利润》[M]．中国人民大学出版社．2005；②此段原文如下：“The debt finacing increases the risks borne by the stockholders. The extra risk that arises from the use of debt finacing is called the financial risk of the firm equity. In other word,financial risk is the equity risk债务筹资会增加股东的风险，使用债务筹资所产生的这部分额外风险称为公司股东的财务风险。

财务风险中英文对照外文翻译文献

中英文资料外文翻译财务风险重要性分析译文：摘要：本文探讨了美国大型非金融企业从1964年至2008年股票价格风险的决定小性因素。

我们通过相关结构以及简化模型，研究诸如债务总额，债务期限，现金持有量，及股利政策等公司财务特征，我们发现，股票价格风险主要通过经营和资产特点，如企业年龄，规模，有形资产，经营性现金流及其波动的水平来体现。

与此相反，隐含的财务风险普遍偏低，且比产权比率稳定。

在过去30年，我们对财务风险采取的措施有所减少，反而对股票波动（如独特性风险）采取的措施逐渐增加。

因此，股票价格风险的记载趋势比公司的资产风险趋势更具代表性。

综合二者，结果表明，典型的美国公司谨慎管理的财政政策大大降低了财务风险。

因此，现在看来微不足道的剩余财务风险相对底层的非金融公司为一典型的经济风险。

关键词：资本结构；财务风险；风险管理；企业融资1 绪论2008年的金融危机对金融杠杆的作用产生重大影响。

毫无疑问，向金融机构的巨额举债和内部融资均有风险。

事实上，有证据表明，全球主要银行精心策划的杠杆（如通过抵押贷款和担保债务）和所谓的“影子银行系统”可能是最近的经济和金融混乱的根本原因。

财务杠杆在非金融企业的作用不太明显。

迄今为止，尽管资本市场已困在危机中，美国非金融部门的问题相比金融业的困境来说显得微不足道。

例如，非金融企业破产机遇仅限于自20世纪30年代大萧条以来的最大经济衰退。

事实上，非金融公司申请破产的事件大都发生在美国各行业（如汽车制造业，报纸，房地产）所面临的基本经济压力即金融危机之前。

这令人惊讶的事实引出了一个问题“非金融公司的财务风险是如何重要？”。

这个问题的核心是关于公司的总风险以及公司风险组成部分的各决定因素的不确定性。

最近在资产定价和企业融资再度引发的两个学术研究中分析了股票价格风险利率。

一系列的资产定价文献探讨了关于卡贝尔等的发现。

（2001）在过去的40年，公司特定（特有）的风险有增加的趋势。

企业财务风险管理外文文献翻译

文献出处：Błach J. Financial Risk Identification Based on the Balance Sheet Information[J]. Managing and Modelling of Financial Risks, 2016,1: 10-19.第一部分为译文，第二部分为原文。

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

基于资产负债表信息的财务风险识别摘要：现代经济风险暴露不断增加，所有企业都要承担不同类型的风险。

本文研究财务风险的定义，组成部分，因素和后果，以及通过资产负债表提供的信息的使用来识别和分析财务风险。

此外，还介绍了这种财务风险评估方法的优缺点，以100个最大波兰公司10年（2000-2009年）的汇总数据为例，测试了根据资产负债表信息确定财务风险的潜力。

关键词：财务风险，财务分析，风险评估，资产负债表。

1. 引言现代社会往往被描述为“风险社会”，这意味着社会的财富生产伴随着社会风险生产。

因此，在这种环境下经营的企业，被迫采取不同类型的风险识别，以发展自己，提高效率。

考虑到不同类型的标准，有各种各样的企业风险进行分析和分类。

企业风险最重要的类型之一是财务风险。

2.财务风险定义及其组成部分文献中没有统一的财务风险定义。

但问题始于风险的一般定义。

在理论上，提出了风险定义的两个概念。

第一个-负面概念将风险描述为潜在损失的威胁。

第二个-中立概念表明，风险不仅是威胁，也是机会，所以风险意味着获得不同于预期的结果的可能性。

因此，风险的定义主要取决于风险的方法，并且可能导致管理者采取的不同行动。

如果采取负面做法，管理人员的主要目标是尽可能减少潜在的损失，并设法避免危险行为，以稳定公司的情况。

在第二种情况下，经理们不仅要尽量减少损失，还要尽量利用承担风险，改善公司状况。

因此，可以从中性或消极的角度分析任何类型的风险的金融风险。

企业并购财务风险控制外文文献翻译译文3100字

企业并购财务风险控制外文文献翻译译文3100字Financial risk is one of the major XXX It refers to the risk of financial loss caused by the XXX in the value of assets。

The main types of financial risk in mergers and ns include credit risk。

interest rate risk。

exchange rate risk。

and liquidity risk。

Credit risk refers to the risk of default by the borrower。

while interest rate risk refers to the risk of XXX。

Exchange rate risk is the risk of XXX。

and liquidity risk refers to the risk of XXX.XXX。

it is XXX before the n。

including analyzing the financial status of the target company。

XXX。

and assessing the potential impact of interest rate and exchange rate XXX。

it is XXX a sound financial management system and XXX.1.2 Asset riskAsset risk refers to the risk of losses caused by the decline in the value of assets or the XXX the expected value of assets。

财务风险外文翻译财务风险管理中英文对照外文翻译文献

财务风险外文翻译财务风险管理中英文对照外文翻译文献中英文资料翻译Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly becomeproblematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure. Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basisfor an appropriate financial risk management strategy. How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholde rs, 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 failuresof the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default. Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce riskwithin the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives.Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoingone. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed. DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio towhich it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio containsassets 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 anorganization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders. Factors that Impact Financial Rates and 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 comprisedof the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in otherfinancial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pendingchange in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy vulnerable toslowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

财务风险管理中英文对照外文翻译文献

财务风险管理中英文对照外文翻译文献译文：[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。

当金融的价格变化很大，它可以增加成本，降低财政收入，或影响其他有不利影响的盈利能力的组织。

金融波动可能使人们难以规划和预算商品和服务的价格，并分配资金。

有三种金融风险的主要来源：1、金融风险起因于组织所暴露出来的市场价格的变化，如利率、汇率、和大宗商品价格。

民营企业财务风险文献综述及外文文献资料

民营企业财务风险文献综述及外文文献资料本份文档包含：关于该选题的外文文献、文献综述一、外文文献Evaluating Enterprise Risk Management (ERM); Bahrain Financial Sectors as a CaseStudyAbstractEnterprise Risk Management (ERM) is a process used by firms to managerisks and seize opportunities related to the achievement of their objectives. ERM provides a proactive framework for risk management, which typically involves identifying particular events relevant to the organization's objectives, assessing them and magnitude of impact, determining a response strategy, and monitoring progress. This research measures the awareness of Bahrain financial sector of ERM and if companies maintain an effective ERM framework. The results show success since all companies are aware of ERM and have an effective ERM framework in place.Keywords: Enterprise Risk Management, Financial sectors, ERM framework 1. Introduction 1.1 OverviewThe pace of change and characteristics of the new economy are exposing organizations to take risks more than ever before. Therefore mastering these risks can be a real source of opportunity and challenge and a powerful way of sustaining a competitive edge. Especially for companies to sustain and survive in the long run where companies need an effective &continuous risk management. Risk influences every aspect of business as they say \Bahraini Companies face and managing them appropriately will enhance their ability to make better decisions, deliver company's objectives and hence subsequently improve performance. It is also important to note that risk is categorized into: financial, operational, strategic, and reputation risk. Enterprise Risk Management is any significant event or circumstance, which could impact the achievement of business objectives, including strategic, operational, financial, and compliance risks. ERM helps create a comprehensive approach to anticipating, identifying, prioritizing,and managing material risks of the Company. 1.2 Research ObjectiveThe objective of this research is to take a more strategic and consistent approach to managing risk across, Bahrain's financial sector through the introduction of an Enterprise Risk Management (\the protection and the creation of value. When looking back at the corporate scandals i.e. Enron&world com, financial crisis of 1997, 2021 misled the investors and resultedin investors loosing confident &dissatisfaction. The result of that crisis was not limited to the country of origin. However it spread globally due to globalization.Global marketplace = Increased risksThis means that global risks combined with rapidly evolving business conditions are prompting financial sector to turn to ERM. It is very important for Bahrain Financial sector to have ERM. Bahrain does international business with other, therefore it is effected by downturns and since no company can prevent an economic downturn, those who map out the steps they would take to respond to a downturn won't find themselves taking quick decisions which will ultimately affect the firm negatively.1.3 Research MethodologyA questionnaire will be constructing and publish on Google document targeting only Bahraini financial sector. SPSS application will be utilized to analyze results. In addition, the questionnaire will measure how important of ERM factors to establish a good ERM practice. 1.4 Research ChallengesThe goal of any firm is to achieve its objectives and create value; therefore each company has value chain which is divided into key and support activities. The company must be successful in each and every process in order to deliver a good result and achieve competitive advantage. Each of the processes in the value chain might result in more than five risks. If firms were not able to identify and put appropriate controls then all firms will end up bankrupt, in crisis, investor's dissatisfaction, etc. This research focuses on the importance of addressing key riskswhich helps and organization understand accountability-who owns the risks and whether the risks are being properly monitored. Often, because companies are organized by function or geography and not by risk, the highest risks might not have designated risk owners or risk monitors. Risk Management is the responsibility of each and every staff. This research will allocate one fullsection which will be called \where it will mention what kind of risk will the bank face of proper ERM framework was not in place. 2. Literature ReviewWhen EJ Smith (1912) was asked if he has encountered any risks during his 40 years experience he said \ship in distress.\However immediately after that SS Titanic sank. The accident demanded 1500 lives including that of Captain EJ Smith. This article highlights the importance of our subject which is Enterprise risk Management if (EJ Smith, 1912) though of some risks that could occur, then Titanic wouldn't have sunk. This article is too general and it has nothing to do with our ERM on financial sector in Bahrain, however it could help us understand that there are risks in each and every business, process, task, etc we do in our life and ERM should be considered whether it is a financial or non financial sector, however for the purpose of specificity, the research will focus only on the financial sector in Bahrain. This quote also shows that risks always exist and it has nothing to do with the current environment or crisis. In another article Ed O'Donnell, (2021) talked about the framework for ERM and he stated \guidelines establish objectives for event identification and suggest general procedures for identifying events that represent business risks.\identifying the root cause of the risk however here in ERM it is about identifying the root cause of the root cause. The Author is right as he mentioned that ERM task is to identify the risks which can stop us from achieving our objectives. The author wants companies to be proactive in identifying risks.The project will also highlight the factors according to COSO framework and it will also highlight what type of risks the company is going to face if it didn't have ERM framework implemented. In Nocco, Brian W &Stulz, René M article publishedon (2021) He state That \ERM adds value by ensuring that all materialrisks are owned and risk - return tradeoffs carefully evaluated, by operating managers and employees throughout the firm. \value to the firm if it was effective and the action points were implemented correctly. Also supports what (Ed O'Donnell, 2021) said in his article that ERM improves the performance of the firms which will ultimately add value to the firm \support for the general argument that organizations will improve their performance by employing the ERM concept\sector organization which uses ERM within strategic control process. (Rao, Ananth 2021) uses risk identification, risk assessment, value at risk as the quantitative risk assessment techniques. Rao recommends the implementation of COSO (2021) which focuses on the Internal controls, (Rao,Ananth 2021) research stated \demonstrates the prudence and practicality ofthe recommendations of COSO (2021) framework and Turnbull report forintegrating the management of risk and organizational performance in generalas part of a coherent approach to corporate governance.\going to focus on COSO frame work in financial institutions .this research will focus on all supply chain areas not only strategic.(Please refer to Challenges section in this research for more details). Arena, and Giovanni, (2021) stated that \formtaken by firms' increasing efforts to organize uncertainty, which 'exploded'in the 1990s.\This project supports Arena and Giovanni article's that ERM&Risk Management are important and that is because uncertainty always exist,we agree with this article somehow because all our plans are for the futureand as we know the only thing we are sure about the future is that many things might change in future so we are not certain .It is impossible to have no risk however by preparing ourselves and implementing ERM we can minimize it.In the article above the researcher used longitudinal multiple case study however we are going to build a questionnaire to test if companies are aware with the concept of ERM and they are implementing effective ERM framework. We agree with the researcher as there is a strong link between risk management&business strategytherefore financial institutions should maintain Disaster recovery planand business continuity plan when doing their business strategy which ensures backup of all information and which reduces the safety hazards such us fire (Umbrella insurance). He also used the longitudinal multiple case study to make readers understand more about ERM process. Mark S. Beasley, Richard Clune, and Dana R. Hermanson,(2021) stated that \is little research on factors associated with the implementation of ERM. Research is needed to provide insights as to why some organizations are responding to changing risk profiles by embracing ERM and others are not.\Beasley, Richard Clune, and Dana R. Hermanson 2021) and it focuses on US, however as a result of our research and discussions with our managers we were informed that Bahraini corporations and specifically financial sector are aware of the ERM concept. It came to our attention that Central Bank of Bahrain force institutions to have independent auditors, however ERM is still grey area to many banks. We also noticed that now ERM factors are clearly defined, and frameworks have been established.The following article supports the idea that if a company has established good risk management process then this will help it reduce the risk and therefore the cost of having consultants to check compliance against theCentral Bank. We are going to test if banks in Bahrain maintain a compliance checklist against CBB rulebook and if there is adequate monitoring and follow up with this checklist .This will be tested as part of our questionnaire. Standard &Poor's Ratings Services( 2021 )\HP Compliance Suite for Financial Institutions is a collection of HP products, market offerings, and services that help financial services firms reduce the cost of achieving regulatory compliance, improve risk management capabilities, and also reduce the cost of sustaining compliance. This paper explains how with the Enterprise Risk Management component of its compliance suite, HP can help organizations\Craig Faris (2021) states \it can be a stimulating wake-up call.\call for many financial institutions which didn't give risk management attention; in our introduction we mentioned briefly that because of the financial crisis and scandals感谢您的阅读，祝您生活愉快。

投资基金财务风险文献综述中英文资料外文翻译文献

投资基金财务风险文献综述中英文资料外文翻译文献摘要本文综述了有关投资基金财务风险的中英文资料外文翻译文献。

文献说明了投资基金面临的财务风险种类、风险管理策略以及对投资者的影响。

本文旨在为研究投资基金财务风险的学者提供相关资料，以促进对该领域的进一步研究。

文献1：《Investment fund financial risks and their implications》本文研究了投资基金面临的财务风险以及这些风险对投资者和市场的影响。

研究发现，投资基金的财务风险包括市场风险、信用风险和流动性风险。

为了管理这些风险，投资基金公司可以采取多种策略，如多元化投资组合和使用衍生工具。

然而，财务风险仍然存在，并可能对投资者的收益产生负面影响。

本文综述了投资基金的财务风险管理策略。

研究发现，投资基金公司可以通过风险度量、风险分散、风险对冲和流动性管理等方法来管理财务风险。

然而，有效的财务风险管理需要综合考虑投资目标、风险承受能力和环境因素等因素。

因此，投资基金公司应该定期评估和调整其财务风险管理策略。

文献3：《The impact of financial risks on investor behavior in investment funds》本文研究了财务风险对投资者行为的影响。

研究发现，投资基金的财务风险可能导致投资者的情绪波动和投资行为的变化。

投资者在面临财务风险时可能更加保守，减少风险敏感的投资，并选择更稳健的投资策略。

因此，理解财务风险对投资者行为的影响对于投资基金公司和投资者都非常重要。

结论综合上述文献，投资基金面临的财务风险种类多样，包括市场风险、信用风险和流动性风险。

为了管理这些风险，投资基金公司可以采取多种策略，如多元化投资组合和使用衍生工具。

然而，财务风险仍然存在，并可能对投资者的收益产生负面影响。

此外，财务风险还可能影响投资者的行为，导致投资决策的变化。

因此，投资基金公司应该认识到财务风险的存在并采取适当的风险管理策略。

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中国的上市公司，特别是上市公司中的ST公司，存在着严重的财务风险问题，财务风险比较大，对上市公司的发展会有很大的影响。

因此对上市公司财务风险问题的研究是十分重要的。

从狭义上看，企业的财务风险是指由于利用负债给企业带来的破产风险或普通股收益发生大幅度变动的风险。

这种观点立足于企业筹资时过多举债或举债不当。

西方国家强调全面风险管理的观念是从资金运动到资本经营整个体系的过程，对财务风险的控制包括风险预警、风险识别、危机处理等内容。

美国经济学家富兰克.H.奈特(Frank H.Knight)在1921年出版的(Risk，Uncertainty and Profit)一书中认为：风险是指“可度量的不确定性”。

而“不确定性”是指不可度量的风险。

风险的特征是概率估计的可靠性，概率估计的可靠性来自所遵循的理论规律或稳定的经验规律。

也就是说，财务风险是指由于公司财务政策(如资本结构)所产生的权益风险。

③James C. Van Horn, John M. Wachowicz Jr(2001)在《Fundamental of Financial Management》里面更宽泛地说明了财务风险包括可能丧失偿债能力的风险，以及由于使用财务杠杆而导致的每股收益变动。

美国学者小阿瑟·威廉姆斯（C.Arthur Willianms)和理查德·M.汉斯（Richard M.Heins)在1985年合著的《Risk Management and Insurance》中将风险定义为：“在给定情况和特定时间内，那些可能发生的结果间的差异。

如果肯定只有一个结果发生，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。

”④这种观点强调，风险是客观存在的事物，可以从客观角度来衡量。

在财务控制方面，国外学者的研究有：美国数学家诺伯特∙维纳1948年创立的控制论；1932年FitzPatrick开展的一元判定研究；Altman在1968年首先创立的zeta模型等。

总体看来，国外财务风险研究起步早，理论体系完善，应用领域广，且研究成果多且系统。

如，国外的多家风险管理协会、风险管理学院对企业风险管理事务、专业证书考试制度极具贡献，其中，美国全球风险专业人员协会每年举办财务风险管理人员专业证书考试，多家协会和学会出版风险管理方面的刊物杂志，还出版较多的财务性风险管理书籍等。

（二）国内研究综述1989年北京商学院的刘恩禄、汤谷良发表的“论财务风险管理”[7]，第一次全面论述了财务风险的定义、特性及财务风险管理的步骤和方法。

财政科学研究所的向德伟博士在1994年发表了“论财务风险”[8]，全面而that comes from the financial policy(i.e. capital structure) of the f1rm.”Ross,Westerfield,Jordan,Fundamentals of Corporate Finance,1995③此段原文如下：“Broadly speaking,financial risk encompasses both the risk of possible insolvency and the added variability in earnings per share that is induced byt he use of financial leverage.”James C.Van Horne,John M. Wachowicz Jr,Fundamental of Financial Management,2001④小阿瑟·威廉姆斯等著，陈伟等译．《风险管理与保险》[M]．中国商业出版社．1990：4；细致地分析了财务风险产生的原因，认为“财务风险是一种微观风险，是企业经营风险的集中体现”，“企业财务风险，按照财务活动的基本内容来划分，包括筹资风险、投资风险、资金回收风险和收益分配风险四项”，为更深一层推进财务风险理论奠定了基础。

唐晓云在2000年发表了“略论企业财务风险管理”[9]，认为企业财务风险是指在各项财务活动中，由于各种难以预料或控制的因素的影响，财务状况具有不确定性，从而使企业蒙受损失的可能性。

她进一步将财务风险分为筹资风险、投资风险、现金流量风险和外汇风险四种。

以上观点虽然对财务风险的分类不同，但都认为，企业财务风险是因企业财务活动中各种不确定因素的影响，使企业财务收益与预期收益发生偏离，因而造成蒙受损失的机会和可能。

企业财务活动的组织和管理过程中的某一方面和某个环节的问题，都可能促使这种风险转变为损失，导致企业盈利能力和偿债能力的降低。

这种观点是一种广义观。

胡华在2004年发表了“现代企业财务风险的原因及防范”[10]，认为财务风险的成因是由以下五点构成的：1．负债经营是财务风险产生最为根本的原因。

2．企业资产流动性弱、现金流量短缺，是财务风险产生的最为直接的原因。

3．企业经营不善、投资失误是导致财务风险产生、财务状况恶化最为重要的催化剂。

4．企业资本结构不合理是财务风险产生、财务危机出现最为综合的因素。

5．外部环境的多变性是企业财务风险产生的重要外因。

2009年，王宏发表了“浅谈公司财务风险的成因及防范”[11]，认为造成财务风险原因的是以下四个方面：1．企业财务管理的宏观环境复杂多变,而企业管理系统不能适应复杂多变的宏观环境2．企业财务管理人员对财务风险的客观性认识不足3．财务决策缺乏科学性导致决策失误4．企业内部财务关系不明根据我国学者们的观点不难推出，分析企业财务风险的成因离不开企业的内外部环境因素的影响，所以本文也将从上市公司的内外部环境来分析财务风险发生的原因。

易晓文（1999）发表了“上市公司财务评价指标体系研究”[12]，作者在文章中对公司财务评价指标体系的内容及指标的选取进行了初步分析、研究。

桂文林,舒晓惠,伍超标（2005）发表了“上市公司财务评价历史分析和展望”[13]，以上市公司财务评价现实意义为前提, 系统地分析了上市公司财务评价指标体系的构建、各种评价方法的比较以及实证研究三项主要内容。

并在此基础上, 为进一步发展上市公司财务评价的实证研究提供新的思路。

2009年西北大学的孙金莉发表了“基于企业现金流量的财务预警指标体系研究”[14]，在认真研究了建立企业现金流量财务预警系统的原则和程序，以及建立健全企业现金流量财务预警机制的基础上，构建了企业现金流量财务预警系统。

李季在2010年发表了“上市公司财务危机预警指标研究”[15]，作者认为目前为止国外已开发出若干财务危机评价模型,有的模型在信贷风险评价与管理企业资信评估等实务中已得到广泛应用。

而我国对财务危机预警指标仍使用传统的经验范式,因而探索我国企业财务危机预警指标体系对我国经济体制改革深化具有较强理论意义与较紧迫的现实意义。

景红华（2010）发表了“财务困境研究应基于现金流量指标”[16]，认为现金是企业赖以生存的基础，现金流量是企业财务的报警器，企业的生存和发展在很大程度上取决于现金，因此，财务困境研究应基于现金流量指标。

通过阅读大量关于企业财务风险评价体系的相关资料的，了解到，要知道企业财务风险状况如何，必须从偿债能力指标、营运能力指标、盈利能力指标及现金流量风险指标方面来研究。

童宏宾在2004年发表了“企业财务风险成因及控制”[17]，简单地从规避风险、转移风险和提高企业的盈利能力三个方面来对上市公司的财务风险作出控制。

王海翔（2005）发表了“论企业财务风险及其控制”[18]，较全面地从MM 理论和期权理论来研究企业财务风险的控制。

吴景杰、施绍梅（2005）发表了“财务风险的控制”[19]，认为在运用理论方法进行财务风险分析时,需要管理人员对具体环境、方法的切合性及某些条件进行合理假设和估计。

另外，在采取防范和规避风险的对策时，也必须以规范、科学的管理为基础，否则因使用对策不当反而有可能招致更大的风险。

2009年盛九春和叶波二人发表了“现代企业财务风险的防范和控制”[20]，总结了三点防范与控制的措施：1．完善财务管理系统，提高财务决策的科学化水平2．强化财务风险防范意识，树立正确的财务风险观念3．建立健全企业财务风险识别与预警系统孔远英（2010）发表了“关于企业财务风险控制的几点建议”[21]，认为企业发生财务危机是一个逐步显现、缓慢恶化的过程，它的发生具有一定的先兆，因此具有可预测性。

为了规避和防范财务风险，企业有必要对财务风险进行充分的认识和分析，及时纠正、改进、并制定相应的对策，有效地完善财务风险预警机制。

我国学者对于财务风险控制问题的解决几乎都离不开规避和防范，观点不一，本本文会在此基础上提出中国上市公司财务风险控制存在的问题及提出对研究有价值的策略。

三、评述与启示东南亚金融危机以来，国家安全己成为各国关注的焦点之一。

国家经济安全必须从防范金融危机、财政危机着手，这已为人们所重视，但人们常忽略金融危机与财政危机的基础是财务危机。

上市公司财务风险文献综述中英文资料外文翻译文献

财务风险管理外文文献翻译

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