英文案例风险管理研究报告.ppt

Risk management 第六小组 韩庭 安佳佳 Outstanding performance The effects of the subprime crisis(次贷危机） Falling house prices caused that the subprime loans（次级贷款对象） lose the solvency（偿付能力）, and then evolved into the credit crisis（信贷危机）. lenman brothers hold of mang subordinated bond （次级债券）whose prices plunge(价格暴跌）. Its capital is too little, and leverage ratio （杠杆率）is too high Lehman brothers has very little capital. In order to raise funds to expand business, they had to rely on the bond market and bank lending market(银行拆借市场）. Then the money is for the business and investment.Profit after deducting to pay the financing cost, is the company‘s operating in return. The more borrowing, the less capital, the higher leverage. Leverage has the characteristics that the earnings and loss is amplified (扩大）as the leverage ratio. Revelation（启示） As a 158 - year - old enterprise, the failure of Lehman brothers has a lot of enlightenment for our business. The crisis consciousness（危机意识） As Bill Gates says, Microsoft only has 18 months away from bankruptcy forever.The more large the enterprise is,the more conscious the entrepreneur should have. Improve enterprise‘s ability to resist risks The collapse of lehman brothers can include that enterprise's ability to resist risk is a very important ability, and enterprises should improve their ability to survive in trouble. Right strategic planning（战略计划） Holding the subordinated debt strategic decision is one of the reasons for the collapse of lehman brothers. So it is very important to enterprise strategic planning. Any negligence of strategic planning will bring enterprises into unforeseen difficulties. 谢谢聆听 * * ?Lehman brothers （雷曼兄弟）who is a 158 - year - old company is Wall Street's fourth-largest investment bank.In 2007, Lehman's top 500 ranked is 132th in the world,and total assets is nearly $700 billion. However,On September 15, 2008, Lehman brothers declared bankruptcy. Lehman brothers is the biggest financial companies who