英文案例風險管理

Riskmanagement第六小組韓庭安佳佳

Lehmanbrothers（雷曼兄弟）whoisa158-year-oldcompanyisWallStreet'sfourth-largestinvestmentbank.In2007,Lehman'stop500rankedis132thintheworld,andtotalassetsisnearly$700billion.Outstandingperformance

However,OnSeptember15,2008,Lehmanbrothersdeclaredbankruptcy.LehmanbrothersisthebiggestfinancialcompanieswhogetoutofbusinessinthehistoryoftheU.S.Whysuchabigcompanycouldgobankrupt?

Why?Why?Why?(重要的問題問三遍）Therearetherereasons.Theeffectsofthesubprimecrisis(次貸危機）Fallinghousepricescausedthatthesubprimeloans（次級貸款對象）losethesolvency（償付能力）,andthenevolvedintothecreditcrisis（信貸危機）.lenmanbrothersholdofmangsubordinatedbond（次級債券）whosepricesplunge(價格暴跌）.

Businessdevelopment（業(yè)務(wù)發(fā)展）istoofastandconcentratedAfter2000,

Lehmanbrotherswentintorealestate（房地產(chǎn)）andcredit（信貸）whichisnon-traditionalbusiness.

Thisisunderstandable,but

theexpansionistoofastandholdingpropertydebt（地產(chǎn)債券）istoomuch.

Therefore,thesystemrisk（系統(tǒng)風險）isverybig

Itscapitalistoolittle,andleverageratio（杠桿率）istoohigh

Lehmanbrothershasverylittlecapital.Inordertoraisefundstoexpandbusiness,theyhadtorelyonthebondmarketandbanklendingmarket(銀行拆借市場）.Thenthemoneyisforthebusinessandinvestment.Profitafterdeductingtopaythefinancingcost,isthecompany‘soperatinginreturn.Themoreborrowing,thelesscapital,thehigherleverage.Leveragehasthecharacteristicsthattheearningsandlossisamplified(擴大）astheleverageratio.Revelation（啟示）Asa158-year-oldenterprise,thefailureofLehmanbrothershasalotofenlightenmentforourbusiness.Thecrisisconsciousness（危機意識）AsBillGatessays,Microsoftonlyhas18monthsawayfrombankruptcyforever.Themorelargetheenterpriseis,themoreconscioustheentrepreneurshouldhave.Improveenterprise‘sabilitytoresistrisksThecollapseoflehmanbrotherscanincludethatenterprise'sabilitytoresistriskisaveryimportantability,andenterprisesshouldimprovetheirabilitytosurviveintrouble.Rightstrategicplanning（戰(zhàn)略計劃）Holdingthesubordinateddebtstrategicdecisionisoneofthereasonsforthecollapseoflehmanbrothers.

Soitisveryimportanttoenterprisestrat