摘要
始于运用VaR方法度量金融市场风险的金融风险管理革命,目前已扩展至对企业的全面风险管理。一个理想的全面风险管理体系应站在企业全局的角度去识别、度量和管理风险。全面风险管理体系的优势在于:它有助于通过对冲风险以达到降低收益波动性的目的,从而增加企业价值;它有助于降低对冲的成本,因为它实际上是对净风险的对冲,而不是在单独的风险管理方法下的逐个对冲,这就使得风险的对冲成本下降了。
The revolution in risk management that started with value -at- risk （VAR） -based measures of financial market risk is now spreading to firm -wide risk management. An ideal integrated risk management should discern,measure and control risks on the firm - wide level. Integrated risk management can help to stabilize earnings through hedging, hence increase firm value. It can also reduce the cost of hedging because in contrast to hedging risks individually, considerable cost savings can be achieved by hedging only net risks. This paper first gives a galaxy of risks faced by financial and non - financial institutions and then gives an analysis of the necessity and function of integrated risk management.
出处
《经济经纬》
CSSCI
北大核心
2006年第2期135-138,共4页
Economic Survey
关键词
全面风险管理
分散
对冲
integrated risk management
dispersing
hedging
