金融學專業(yè)外文翻譯---保險業(yè)對企業(yè)風險管理的實證研究

1、<p>　　外文題目： An Empirical Study on Enterprise Risk Management in Insurance </p><p>　　出 處： New Frontiers in Enterprise Risk Management </p><p>　　作 者： M.Acha

2、ryya </p><p><b>　　原 文：</b></p><p>　　Enterprise Risk Management in Insurance</p><p>　　Enterprise Risk Management (he

3、reinafter referred as “ERM”) interests a wide range of professions (e.g., actuaries, corporate financial managers, underwriters, accountants,and internal auditors), however, current ERM solutions often do not cover all r

4、isks because they are motivated by the core professional ethics and principles of these professions who design and administer them. In a typical insurance company all such professions work as a group to achieve the overr

5、iding corporate objectives.Ris</p><p>　　Whatever name this new type of risk management is given (the literature refers to it by diverse names, such as Enterprise Risk Management, Strategic Risk Management, a

6、nd Holistic Risk Management) the ultimate focus is management of all significant risks faced by the organization. Risk is an integral part of each and every action of the organization in the sense that an organization is

7、 a basket of contracts associated with risk (in terms of losses and opportunities). The idea of ERM is simple and</p><p>　　Multidisciplinary Views of Risk</p><p>　　The objective of the research

8、is to study the ERM of insurance companies. In line with this it is designed to investigate what is happening practically in the insurance industry at the current time in the name of ERM. The intention is to minimize the

9、 gap between the two communities (i.e., academics and practitioners) in order to contribute to the literature of risk management.</p><p>　　In recent years ERM has emerged as a topic for discussion in the fin

10、ancial community,in particular, the banks and insurance sectors. Professional organizations have published research reports on ERM. Consulting firms conducted extensive studies and surveys on the topic to support their c

11、lients. Rating agencies included the ERM concept in their rating criteria. Regulators focused more on the risk management capability of the financial organizations. Academics are slowly responding on the manageme</p&g

12、t;<p>　　Risk in Finance</p><p>　　In finance, risky options involve monetary outcomes with explicit probabilities and they are evaluated in terms of their expected value and their riskiness. The tradit

13、ional approach to risk in finance literature is based on a mean-variance framework of portfolio theory, i.e., selection and diversification. The idea of risk in finance is understood within the scope of systematic (non-d

14、iversifiable) risk and unsystematic (diversifiable)risk. It is recognized in finance that systematic risk is posi</p><p>　　Risk in Economics</p><p>　　Risk in economics is understood within two s

15、eparate (independent) categories, i.e.,endogenous (controllable) risk and background (uncontrollable) risk. It is recognized that economic decisions are made under uncertainty in the presence of multiple risks.Expected U

16、tility Theory argues that peoples’ risk attitude on the size of risk (small,medium, large) is derived from the utility-of-wealth function, where the utilities of outcomes are weighted by their probabilities. Economists a

17、rgue that people</p><p>　　Risk in Psychology</p><p>　　While economics assumes an individual’s risk preference is a function of probabilistic beliefs, psychology explores how human judgment and b

18、ehavior systematically forms such beliefs. Psychology talks about the risk taking behavior (risk preferences).It looks for the patterns of human reactions to the context, reference point,mental categories and association

19、s that influence how people make decisions.The psychological approach to risk draws upon the notion of loss aversion that manifests itself i</p><p>　　Psychologists argue that risk, as a multidisciplinary con

20、cept, can not be reduced meaningfully by a single quantitative treatment. Consequently, managers tend to utilize an array of risk measurers to assist them in the decision making process under uncertainty. Risk perception

21、 plays a central role in the psychological research on risk, where the key concern is how people perceive risk and how it differs to the actual outcome. Nevertheless, the psychological research on risk provides fundament

22、al </p><p>　　Risk in Sociology</p><p>　　In sociology risk is a socially constructed phenomenon (i.e., a social problem) and defined as a strategy referring to instrumental rationality. The socio

23、logical literature on risk was originated from anthropology and psychology is dominated by two central concepts. First, risk and culture and second, risk society. The negative consequences of unwanted events (i.e., natur

24、al/chemical disasters, food safety) are the key focus of sociological researches on risk. From a sociological perspective entr</p><p>　　Convergence of Multidisciplinary Views of Risk</p><p>　　Di

25、fferent disciplinary views of risk are obvious. Whereas, economics and finance study risk by examining the distribution of corporate returns, psychology and sociology interpret risk in terms of its behavioral components.

26、 Moreover, economists focus on the economic (i.e., commercial) value of investments in a risky situation.In contrast, sociologists argue on the moral value (i.e., sacrifice) on the risk related activities of the firm. In

27、 addition, sociologists’ criticism of economists’concern o</p><p>　　Although, the overriding enquiry of disciplines is the estimation of risk, they comparing and reducing into a common metric of many types o

28、f risks are there ultimate difficulty. The key conclusion of the above analysis suggests that there exist overlaps on the disciplinary views of risk and their interrelations are emerging with the progress of risk researc

29、h. In particular, the central idea of ERM is to obscure the hidden dependencies of risk beyond disciplinary silos.</p><p>　　Insurance Industry Practice</p><p>　　The practice of ERM in the insura

30、nce industry has been drawn from the author’s PhD research completed in 2006. The initiatives of four major global European insurers(hereinafter referred as “CASES”) were studied for this purpose. Out of these four insur

31、ers one is a reinsurer and the remaining three are primary insurers. They were at various stages of designing and implementing ERM. A total of fifty-one face-to-face and telephone interviews were conducted with key perso

32、nnel of the CASES in betwee</p><p>　　Understanding of ERM</p><p>　　It was found that the key distinction in various perceptions of ERM remains between risk measurement and risk management. Inter

33、estingly, tools and processes are found complimentary. In essence, meaning that a tool can not run without a process and vice versa. It is found that the people who work with numbers (e.g.,actuaries, finance people, etc.

34、) are involved in the risk modeling and management(mostly concerned with the financial and core insurance risks) and tend to believe ERM is a tool. On th</p><p>　　ERM: A Process</p><p>　　Within

35、the understanding of ERM as a process, four key concepts were found. They are harmonization, standardization, integration and centralization. In fact, they are linked to the concept of top-down and bottom-up approaches o

36、f ERM.The analysis found four key concepts of ERM. They are harmonization, standardization,integration and centralization (in decreasing order of importance). It was also found that a unique understanding of ERM does not

37、 exist within the CASES,</p><p>　　rather ERM is seen as a combination of the four concepts and they often overlap. It is revealed that an understanding of these four concepts including their linkages is esse

38、ntial for designing an optimal ERM system.</p><p>　　Linkages Amongst the Four Concepts</p><p>　　Although harmonization and standardization are seen apparently similar respondents view them diffe

39、rently. Whereas, harmonization allows choices between alternatives,standardization provides no flexibility. Effectively, harmonization offers a range of identical alternatives, out of which one or more can be adopted dep

40、ending on the given circumstances. Although standardization does not offer such flexibility,it was found as an essential technique of ERM. Whilst harmonization accepts existing diver</p><p>　　ERM: A Tool<

41、/p><p>　　Viewed as a tool, ERM encompasses procedures and techniques to model and measure the portfolio of (quantifiable) enterprise risk from insurers’ core disciplinary perspective. The objective is to measur

42、e a level of (risk adjusted) capital(i.e., economic capital) and thereafter allocation of capital. In this perspective ERM is thought as a sophisticated version of insurers’ asset-liability management.</p><p&g

43、t;　　Most often, extreme and emerging risks, which may bring the organization down,are taken into consideration. Ideally, the procedure of calculating economic capital is closely linked to the market volatility. Moreover,

44、 the objective is clear, i.e., meeting</p><p>　　the expectation of shareholders. Consequently, there remains less scope to capture the subjectivity associated with enterprise risks.</p><p>　　ERM

45、: An Approach</p><p>　　In contrast to process and tool, ERM is also found as an approach of managing the entire business from a strategic point of view. Since, risk is so deeply rooted in the insurance busin

46、ess, it is difficult to separate risk from the functions of insurance companies. It is argued that a properly designed ERM infrastructure should align risk to achieve strategic goals. Alternatively, application of an ERM

47、 approach of managing business is found central to the value creation of insurance companies.In </p><p>　　It is seen that as a process, ERM takes an inductive approach to explore the pitfalls (challenges) of

48、 achieving corporate objectives for broader audience (i.e.,stakeholders) emphasizing more on moral and ethical issues. In contrast, as a tool,it takes a deductive approach to meet specific corporate objectives for select

49、ed audience(i.e., shareholders) by concentrating more on monitory (financial) outcomes.Clearly, the approaches are complimentary and have overlapping elements.</p><p>　　外文題目： An Empirical Study on Enterprise

50、 Risk Management in Insurance </p><p>　　出 處：New Frontiers in Enterprise Risk Management </p><p>　　作 者： M Acharyya

51、 </p><p><b>　　譯 文：</b></p><p>　　保險業(yè)對企業(yè)風險管理的實證研究</p><p>　　企業(yè)風險管理涉及各種行業(yè)(如保險精算師、公司財政經理、保險商、會計和內部審計員)，當前企業(yè)風險管理解決方案往往不能涵蓋所有的風險，因為這些方案取決于決策者和執(zhí)行則的專業(yè)道德和原則。在一家典型的保險公司中，

52、專業(yè)工作將以小組的形式完成，風險也可以稱為因素，其阻礙組織目標的實現(xiàn)進而影響整體。而孤立的風險管理往往忽略了全局。本文所研究的全面的風險管理是合理的，也是一般管理活動的最終目標。風險管理不是一個獨立的業(yè)務流程的，管理目標的關鍵應該是處理好風險的負面效應，以及從風險的正面效應中獲取機會。企業(yè)風險管理是風險管理的一種途徑，它是各個學科的專家達成的共識。企業(yè)風險管理要具有前攝性，應立足于企業(yè)的未來發(fā)展。企業(yè)應了解風險涉及的范圍以及可能引起的損

53、失。有效的風險管理是以全面的框架為基礎的一項跨學科的實踐活動。</p><p>　　無論以何種名義定義這種新型的風險管理（本文指的是不同的名稱，如企業(yè)風險管理，戰(zhàn)略風險管理，整體風險管理），最終都統(tǒng)一于對該企業(yè)所有重大風險的管理。風險存在于任何事項中，企業(yè)的任何一項決策，無論是虧損還是獲利都與風險密切相關。企業(yè)風險管理理論上是簡單合理的，但由于它的主體是社會，有廣泛的利益相關者，而且涉及到不同信仰，不同世界觀的社

54、會群體，在現(xiàn)實中很難實行。企業(yè)風險管理需要理論作為依據，但卻始終缺少強有力的理論（它涉及跨學科的概念）。本文認為，現(xiàn)在需要的是一個整體框架的發(fā)展，本文的主要任務就是建立一個完整的理論體系，以促進企業(yè)風險管理的實際運用。</p><p>　　多學科的風險觀：此次討論的目的是研究保險公司的風險管理。為此我們設計了一份調查，調查內容是保險業(yè)實際面臨的狀況，調查目的是盡量減少學者和從業(yè)人員之間的差距，以促進風險管理的實證

55、研究。</p><p>　　近年來，風險管理已成為金融界一個重點討論的話題，尤其是銀行業(yè)和保險業(yè)。專業(yè)組織發(fā)表關于企業(yè)風險管理的研究報告，咨詢公司為支持他們的客戶進行廣泛的研究課題和調查，評級機構在評級標準中包含了企業(yè)風險管理。監(jiān)管機構更注重金融機構的風險管理能力。學者們也逐漸響應從業(yè)人員的號召，提倡對風險管理構建一個全面的框架結構，其中心思想是使該組織貼近市場經濟。然而大家推崇各自核心專業(yè)的企業(yè)風險管理思想。風

56、險管理的重點是整個管理活動中任何性質的一切風險。在一些學科中，仍有大量風險管理知識是孤立存在的（例如，經濟學，金融學，心理學，社會學等），完整的跨學科風險體系還未建立。此外，整體（即多學科的）風險性質的理論認識仍是盲點，因此，人們對跨學科的企業(yè)風險管理的認識仍然難以達成共識。</p><p>　　金融學中的風險：在金融學中，風險主要通過期望值和風險程度來表現(xiàn)。傳統(tǒng)規(guī)避風險的方法是投資組合理論；金融風險包括系統(tǒng)性風

57、險和非系統(tǒng)性風險；系統(tǒng)性風險與投資回報率密切相關，但與企業(yè)自身盈利能力無關；金融風險還包括違約風險，這與公司的業(yè)績密切相關；相當一部分金融風險與投資組合風險的衡量標準有關（如標準差，β，風險等）；除了投資組合理論，資本資產定價模型在完美的資本市場也適用于風險資產的定價；衍生市場隨著期權定價理論的推廣而迅速擴張。</p><p>　　經濟學中的風險：經濟學中的風險可以分為兩類即內部風險和外部風險。經濟決策往往是在存

58、在多個風險的不確定性下做出的。預期效用理論認為，人們根據自己的風險態(tài)度判斷風險大?。ㄐ⌒?，中型，大型），而根據財富效用理論，風險態(tài)度取決于財富，它通過風險的概率來衡量。經濟學家認為當風險很大時，人們是風險厭惡型的。風險預期理論論述了風險狀態(tài)下的選擇分析。標準風險厭惡是指在獨立的風險中偏好于承擔風險的個體。經濟中對風險的研究來自于為彩票和其他賭博行為制定規(guī)則。</p><p>　　心理學中的風險：雖然經濟學假定個人

59、的風險偏好是信念的表現(xiàn)，心理學家仍在研究系統(tǒng)的判斷和行為對建立這種信念的影響。心理學家討論的冒險行為，看起來只是研究人類的反應模式，但對其內容，局部，主旨都進行了分析，進而探討其如何影響人們的決策。心理學上的風險表現(xiàn)在對損失發(fā)生后的遺憾程度上。據威利特所論述，“風險是通過對不確定性的心理反應進而影響經濟活動的一種行為?！苯浝砣藢︼L險采取的態(tài)度往往表現(xiàn)在他對待風險的個人主觀感受。</p><p>　　心理學家爭論，

60、橫跨多重學科的風險，不能簡單的以獨立的學科知識進行闡述，這樣會破壞風險內容體系的完整性。經理人習慣運用風險測量工具協(xié)助他們解決在決策過程中的不確定性。風險感知是風險在心理學中研究的重要環(huán)節(jié)，其關鍵就是解決人類如何覺察風險，風險對于不同的人群的區(qū)別。并且，對心理學上風險的研究為情緒與決策的緊密聯(lián)系提供了基礎的理論支持。</p><p>　　社會學中的風險：在社會學中的風險是社會創(chuàng)造出的一種正?，F(xiàn)象（即社會問題），通

61、常被定義為社會事件后的決策。風險在社會學中的學術研究遲于人類學和心理學作對風險的研究。風險先和文化聯(lián)系在一起，其次才是社會學。研究社會學風險的重點是對有害事件的后果加以分析。從社會學的角度看，企業(yè)家的經營活動是對社會負責，按照財富的比例負起屬于自己的那份責任。實際上，這些都是由國家監(jiān)管部門執(zhí)行并實施的。研究社會學風險的關鍵是正確認識社會可接受的風險范圍。</p><p>　　交叉學科中的風險：顯然，不同學科對風險

62、的看法是不同的，經濟學和金融學通過公司的投資回報率來衡量風險，而心理學和社會學則是通過人們自身的行為反應來定義風險。經濟學家注重的是在風險環(huán)境中的投資的經濟收益。相反，社會學家們卻認為風險的道德價值更為重要，有時候會使經濟效益有所損失。風險的經濟學學說，通過風險，時間和偏好來描述風險事故的發(fā)生，但仍遭到社會學家的批判，他們認為，在這一過程中經濟學家，往往會忽略它們的內在關系。一些經濟學家，心理學家正在對經濟心理學進行研究，目的是通過對個

63、人思維和行為的分析建立一個理性的經濟行為模型。此外，行為金融學是經濟學和心理學的衍生。而且，有效市場假說為行為經濟學的研究提供了理論依據。針對馮諾伊曼，摩根斯坦的效用理論的缺陷，行為經濟學為人們在不確定條件下的非理性行為提供理由。</p><p>　　這些學科首先要解決的是對風險的認知，但各個學科的學者們想要在這一認識上達成共識，仍存在很多難題。通過以上分析，從中可以看出各個學科對風險的認識有重疊的部分，它們在對

64、風險的研究過程中是有內在聯(lián)系的。</p><p>　　在保險業(yè)的風險管理做法：全球四大保險公司為此進行了研究。這四家保險公司除了一個是再保險公司外，其余三個是主要的保險公司，他們處于設計和實施企業(yè)風險管理的各個階段。這些公司在2004年底至2006年初期間通過面對面和電話訪問的方式對案件的關鍵人員進行研究，他們用比較分析法進行分析并與專家討論審定，據此建立了企業(yè)風險管理的概念模型。</p><

65、p>　　對企業(yè)風險管理的了解：結果發(fā)現(xiàn)，區(qū)別企業(yè)風險管理各種定義的關鍵是風險計量和風險管理是否存在。精算師、財務人員在處理數(shù)據時都運用了風險建模和管理，尤其是財務風險和核心保險風險，他們將風險管理視為一項工具，而內部審計、公司秘書、業(yè)務經理等為便于風險的管理，將風險管理視為一個過程。</p><p>　　企業(yè)風險管理是一個過程：風險管理作為一個過程，主要包括四個方面：統(tǒng)一化，標準化，一體化和集中化。這些概念

66、與企業(yè)風險管理的自上而下或自下而上的解決途徑有關，對概念方法的分析衍生出了這四個企業(yè)風險管理的關鍵概念：統(tǒng)一化，標準化，一體化和集中化。風險管理不是指單個獨立的概念，而應該是四個方面的組合，它們相互融合。了解掌握這四個概念的聯(lián)系是設計一個最佳的風險管理體系至關重要的環(huán)節(jié)。</p><p>　　四個概念的聯(lián)系：雖然統(tǒng)一化和標準化看上去相似，但仍是有區(qū)別的。統(tǒng)一化有更多的靈活性。統(tǒng)一化是提供了一個相同的替代品，可以根

67、據不同的情況采用其中一個或多個工具。雖然標準化缺乏了這種靈活性，但它卻是企業(yè)風險管理的基本工具。</p><p>　　作為一項工具，企業(yè)風險管理從保險公司的角度來衡量整個風險投資組合，包含了該模型的所有程序和技術。企業(yè)風險管理可以衡量資本質量和資本配置水平。從這個角度看企業(yè)風險管理是保險公司的資產負債管理的先進手段，此時應考慮的風險是極端的和可能引起重大事故的風險。經濟資本的計算過程與市場波動緊密相關。此外，企業(yè)

68、風險管理的目標是明確的，即滿足股東的期望值。</p><p>　　企業(yè)風險管理是一種方法：企業(yè)風險管理不僅僅是過程和工具，從企業(yè)戰(zhàn)略角度看也是管理保險業(yè)務的一種方法。這是因為風險根植于整個保險業(yè)務中，無法簡單的從中分離出來。因此最佳的風險管理設計應根據戰(zhàn)略目標調整風險。另外，風險管理在管理業(yè)務中的應用是保險公司價值創(chuàng)造的核心。在研究中，企業(yè)風險管理被視為市場管理和戰(zhàn)略管理的創(chuàng)新方法，包括創(chuàng)新和產品定價，選擇有利可