第1页共11页编号:时间:2021年x月x日书山有路勤为径,学海无涯苦作舟页码:第1页共11页原文:ThesocialdimensionsoffinancialriskAsmoneyhascometoplayacentralroleinmodemsocietytheriskoflosingmoney,financialrisk,isamajorconcernforindividualsandsocieties.Thelossofajobwouldnotonlyhaveanimpactonanindividual'ssourceofincome,butcouldthreatentheindividual'sentirelivelihoodandbreakupthefamily.Similarly,thelossofapensioncouldmeanhunger,illnessandmiseryforanold-agedpensioner.Thelossofsavingsthroughthecollapseofabankcouldhaveadevastatingblowonindividuals.Forcorporations,financialriskcanaffectthevalueoftheirbusinessinvestmentsandfinancialassets.Atasocietallevel,thebankruptcyofacurrency,ashappenedrecentlytotheMexicanpeso,couldhaveadramaticimpactontheentireeconomy.Theaimofthispaperistoanalysepresentdayknowledgeaboutfinancialriskandevaluatetheextenttowhichitprovidesacomprehensiveunderstandingofrisk.Thefindingssuggestthatbecauseoftheobsessionwithobjectivityandmathematicalcalculation,riskanalysisinfinanceleavesalottobedesired.RiskanalysisinfinancetheoryTosummarisethepresentunderstandingofriskinfinance,theonlywaytodosoreasonablyistolistvarioustopicsunderwhichriskiscovered.Theseare:—individualpreferencesandattitudestorisk:riskaverse,riskneutral,riskseeker—portfoliotheory:riskasvarianceofreturn,riskreductionthroughdiversification,betariskandthecapitalassetpricingmodel—optionvolatilityandtheriskofderivativesecurities—measuringriskusingprobabilitytheory:state-preferencetheory—riskmanagement:hedgingstrategies,bonddurationandvolatility,portfolioinsurance—differenttypesofassetriskeginterestraterisk,marketrisk,credit/defaultrisk.第2页共11页第1页共11页编号:时间:2021年x月x日书山有路勤为径,学海无涯苦作舟页码:第2页共11页Theabovelistoftopicsdemonstratesthepartialanddisjointedunderstandingofriskinfinance.Oneofthecentralconcernsoffinanceisthevaluationofsecurities,andriskisonlyreallyexaminedandexploredtotheextentthatitinfluencesthevaluation.However,examinedfromasocietalperspective,theimportanceattachedtovaluationisdirectlytiedtothebeliefinefficientmarketsasameansofresolvingsocialproblems.Thispreceptisthesubjectofdebateinthesocialsciences.Theassumptionthatifefficientandcompetitivemarketscanbeensuredthenthereisnoneedtoworryaboutriskseemsfar-fetched,especiallywhensystemicrisksareexamined.Onindividualattitudestorisk,adescriptionisgivenofdifferenttypesofriskpositionsadopted:risk-averse,riskneutralandriskseeker.Individualsareriskaverseiftheyintendtomatchriskwithrewardandwouldonlytakeonmoreriskifthereisanexpectationofahigherreturn.Riskneutralindividualsareindifferenttowardsrisk,andriskseekersarethosewholovetotakeonrisk,evenifthereturnsmaynotbecommensuratelyhigh.Theanalysisthengoesontoassumethatmostindividualsareriskaverse,andthisisthebasisforthesubsequentmeasurementofrisk.Noempiricalproofisprovidedofthisassumption,noristhereanyquestioningofthelinkbetweenriskandfinancialreward,thereisanimplicitassumptionthatrisksareacceptableprovidedtherearehighpotentialrewards.Intermsofriskmeasurement,thebreakthroughinfinancewasmadebyMarkowitzwhenhesuggestedthatriskcanbemeasuredbystandarddeviation,andassumingassetreturnsarenormallydistributed,thisopenedupawholeseriesoftechniquesofriskmeasurementusingstandardstatisticalandmathematicalmethods.Theentiredistributionofreturnsofanassetcouldnowbedescribedbytwostatistics,meanandstan...