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    188宝金博页面版: Enterprises’ Treasury Management Strategy in Post Financial Crisis Era

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    内容提示： Quality Technology & Quantitative Management Vol. 11, No. 2, pp. 217-222, 2014 Q QT TQ Q M ? ICAQM 2014 Enterprises’ Treasury Management Strategy in Post Financial Crisis Era Bin Zhou * Research Center for International Finance and Risk Management East China Normal University, Shanghai, China (Received February 2012, accepted March 2013) ______________________________________________________________________ Abstract: Robert Frost pointed out that the goal of all reservation or creation is to ...

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    Quality Technology & Quantitative Management Vol. 11, No. 2, pp. 217-222, 2014 Q QT TQ Q M © ICAQM 2014 Enterprises’ Treasury Management Strategy in Post Financial Crisis Era Bin Zhou * Research Center for International Finance and Risk Management East China Normal University, Shanghai, China (Received February 2012, accepted March 2013) ______________________________________________________________________ Abstract: Robert Frost pointed out that the goal of all reservation or creation is to make benefit. The U.S financial crisis which started in 2007 has proved this statement. To make big benefit, the U.S government, finance institute, mortgage organization and real estate operators have deducted a worldwide risk game in the beginning of this century. The breadth of its impact and the huge damage it brings to global economy are rarely seen in the history of world economy. In the current financial crisis, a large number of corporations get bankrupted. These painful lessons undoubtedly point out one thing: the capability of corporation treasury management has to be pushed up to a higher level. Hence, as the world economy is getting better, it is highly necessary to probe into the enterprises’ treasury management strategy in post financial crisis era. Keywords: Enterprises’ treasury management strategy, post financial crisis era, subprime mortgage crisis. ______________________________________________________________________ 1. Introduction ll business activities of modern enterprises are always accompanied with risks. Taking precautions against financial risks is the focus of treasury management. Financial risks include interest rate risk, currency risk, commodity price risk and the negative impact of highly leveraged capital structure and the consequent financial loss directly and indirectly. Reducing the adverse consequences to the enterprise due to the loss comes from risks is the responsibility of treasury managers. Enterprises’ treasury risk management process generally has the following five steps: Step one, indentify enterprises’ risk tolerance according to business objectives. This is the starting point of treasury management process. Step two, identify the sources of risks in enterprises’ treasury management. Here we should pay attention to distinguishing the effects of fluctuations in interest rate, exchange rate and commodity prices on different industries. Step three, risk measurement. This involves three important factors: ? Risk exposure－means that once risks happens, how much losses may happen to enterprise. ? Risk probability－means the probability of risk breaking out. ? VAR－depends on the product of risk probability and risk losses. Step four, according to the source of risks which has been identified, making evaluations for the major risks and implementing appropriate risk control strategies. * Corresponding author. E-mail: bzhou@stat.ecnu.edu.cn A

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