风险

This part is the hard core of the thesis.

风险导向审计的精髓之处就是对风险的分析和管理。

Risk measurement is the foundation and hardcore of financial market risk management.

风险度量是金融市场风险管理的基础和核心。

This said, he sat; and expectation held His look suspence, awaiting who appeer'd To second, or oppose, or undertake The perilous attempt; but all sat mute, [ 420 ] Pondering the danger with deep thoughts; and each In others count'nance read his own dismay Astonisht: none among the choice and prime Of those Heav'n-warring Champions could be found So hardie as to proffer or accept [ 425 ] Alone the dreadful voyage; till at last Satan, whom now transcendent glory rais'd Above his fellows, with Monarchal pride Conscious of highest worth, unmov'd thus spake.

V1：一席话说完，他坐下，眼光里显露期待的神情，等待众人的赞成或反对，或起而表示自己甘冒风险一试。可是大家都默坐，相视无言，思虑那危险而面面相觑，各从别人的脸上照出自己的心惊胆战。就是在天战中最勇敢的精英，也没有一个自告奋勇承担起这个可怕的远征。直到最后，撒旦，那时他的荣光超群，自恃力量最大，俨有寡君的骄矜，神态自若地开口说道： V2：这样说后，他坐下，眼光里显露期待的神情，等待谁来赞成，或反对，或起而表示自己甘冒风险一试。可是大家都默坐，噤若寒蝉，沉思那危险而面面相觑，各从别人的脸上照出自己的心惊胆战。就是在天战中最勇敢的精英，也没有一个自告奋勇敢于承担这个可怕的远征。

At last, gives examples to illustrate the harmfulness and necessary of market risk management.

最后，举例说明市场风险的危害和进行市场风险管理的必要性。

Brian Harte, Royal Bank of Canada's head of compliance for Europe and Asia, told the Financial Times that the spending covered "a number of factors including upgrading compliance risk – especially market and operations risk – and general control functions such as finance, both in terms of people and systems".

加拿大皇家银行欧洲和亚洲合规部门主管布莱恩·哈特向英国《金融时报》表示，这些支出涵盖"许多因素，包括从人员和系统两方面，升级合规风险——尤其是市场和经营风险——和财务等总体控制职能。"

Because the greatest hazard in life is to risk nothing.

因为生活中最大的风险是没有风险。

Currently in China's rural areas, price risk through the futures market to hedge the operation, and control of natural risks is only through agricultural insurance to resolve or reduce.

目前在中国的农村地区，价格风险，通过期货市场套期保值的运作，和控制自然风险，只有通过农业保险来解决或减少。

Considering transaction cost, Hedger's attitude to risk, variance of foreign exchange rate , with Von Neumann Morgenstern utility function and Bernoulli principle, this paper analyses optimal hedging of the foreign exchange risk during the import/export with forward/future contracts, and the influence of the above mentioned factors on the optimal hedge rate.

本文在前人研究基础上，考虑交易费用，决策人对风险的态度，汇率相对风险大小等因素，用Von Neumann- Morgenstern效用函数和 Bernoulli决策法则建立了研究利用远期/期货和约做外汇套期保值问题的一般模型，然后具体分析了一种典型情况下的最优套期保值率的性质。

The dissertation in depth analyzes the inner relationship between hedging and risk diversification, finds out that the relevance among prices or returns of different assets is the common basis for hedging and portfolio selection,and presents the notion of hedging portfolio selection referring to portfolio selection theory,which means that hedgers choose optimal hedging portfolio from a set of feasible hedging tools considering risky elements and hedger\'s real requirements during the course of hedging.

本文深入分析了套期保值与风险分散化思想的内在联系，指出资产之间价格的相关性是套期保值问题和资产组合选择问题的共同基础，提出应该在真正的资产组合选择理论意义上研究套期保值问题的研究思路，即在充分考虑套期保值过程中各种风险因素和套期保值者实际要求的基础上从可供选择的套期保值工具集合中选择最优套期保值组合，并称这种研究套期保值的方法为套期保值组合选择。

Philipp Hildebrand, vice-chairman of the Swiss National Bank, who spent five years at Moore Capital, a hedge fund, argues that prime brokers need tools to assess the aggregate risk exposure of their biggest hedge-fund clients to the entire universe of their peers.

瑞士国家银行的副主席菲利普·希尔德布兰德在摩尔资本管理公司对对冲基金花了五年心血，他认为经济人们需要一些手段来对付不断聚集的风险，这些风险来自他们最大的对冲基金客户。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。