（风险管理）财务风险的社会层面文献翻译.pdf

（风险管理）财务风险的 社会层面文献翻译 原文： Thesocialdimensionsoffinancialrisk Asmoneyhasetoplayacentralroleinmodemsocietytheriskoflosingmoney,f inancialrisk,isamajorconcernforindividualsandsocieties.Thelossofajobw ouldnotonlyhaveanimpactonanindividualssourceofine,butcouldthreatenth eindividualsentirelivelihoodandbreakupthefamily.Similarly,thelossofa pensioncouldmeanhunger,illnessandmiseryforanold-agedpensioner.Theloss ofsavingsthroughthecollapseofabankcouldhaveadevastatingblowonindividu als.Forcorporations,financialriskcanaffectthevalueoftheirbusinessinve stmentsandfinancialassets.Atasocietallevel,thebankruptcyofacurrency,a shappenedrecentlytotheMexicanpeso,couldhaveadramaticimpactontheentire economy. Theaimofthispaperistoanalysepresentdayknowledgeaboutfinancialrisk andevaluatetheextenttowhichitprovidesaprehensiveunderstandingofrisk.T hefindingssuggestthatbecauseoftheobsessionwithobjectivityandmathemati calcalculation,riskanalysisinfinanceleavesalottobedesired. Riskanalysisinfinancetheory Tosummarisethepresentunderstandingofriskinfinance,theonlywaytodos oreasonablyistolistvarioustopicsunderwhichriskiscovered.Theseare: —individualpreferencesandattitudestorisk:riskaverse,riskneutral, riskseeker —portfoliotheory:riskasvarianceofreturn,riskreductionthroughdive rsification,betariskandthecapitalassetpricingmodel —optionvolatilityandtheriskofderivativesecurities —measuringriskusingprobabilitytheory:state-preferencetheory —riskmanagement:hedgingstrategies,bonddurationandvolatility,port folioinsurance —differenttypesofassetriskeginterestraterisk,marketrisk,credit/d efaultrisk. Theabovelistoftopicsdemonstratesthepartialanddisjointedunderstand ingofriskinfinance.Oneofthecentralconcernsoffinanceisthevaluationofse curities,andriskisonlyreallyexaminedandexploredtotheextentthatitinflu encesthevaluation.However,examinedfromasocietalperspective,theimporta nceattachedtovaluationisdire