[雙語(yǔ)翻譯]現(xiàn)金流外文翻譯--風(fēng)險(xiǎn)現(xiàn)金流財(cái)務(wù)規(guī)劃的工具

1、2100 英文單詞， 英文單詞，1.1 萬(wàn)英文字符，中文 萬(wàn)英文字符，中文 3500 字文獻(xiàn)出處： 文獻(xiàn)出處：Oral C , Cenkakkaya G . Cash Flow at Risk: A Tool for Financial Planning[J]. Procedia Economics and Finance, 2015, 23:262-266.Cash Flow at Risk: A Tool for Financial

2、 PlanningCeren Oral, G. Cenk AkkayaAbstractThe company's cash levels can vary considerably over time depending on, payment and collection cycle. Made full and timely payment of sufficient operating capital to keep an

3、d disruption of operations, it is important to predict cash levels correctly. Cash Flow at Risk; as well as financial strategies and long-term investment planning based on the scientific basis of creation, it provides an

4、 assessment of capital structure. Through different scenarios that may occur rarely even considers events. Through Cash Flow at Risk calculations on a specific date how much cash levels may fall within the confidence int

5、erval, how can rise under favorable market conditions can be analyzed. As a result of this analysis, to meet the level of cash payments , the probability of occurrence of certain changes in the cash flow, working capital

6、 requirements for market risk are determined in consideration of cash planning is done. The purpose of the study is to evaluate the risks that may arise due to the deviation of cash flows. In this context, based on 2014

7、budget of a sample business, cash flow at risk will be calculated. To manage the liquidity risk of sample business, an analysis will be carried out in two different scenarios whether to use or not to use a credit.Keyword

8、s: Cash Flow, Risk, Financial Planning1. IntroductionRisk is defined as an event that has a probability of occurring, and could have either a positive or negative impact to a project should that risk occur. A risk may ha

9、ve one or more causes and, if it occurs, one or more impacts (www.phe.gov). The concept of risk is manageable due to the phenomenon of constantly being analyzed by investors, and development tools for hedging evil is con

10、stantly monitored studies. Risk management is a rapidly developing discipline and there are many and varied views and descriptions of what risk management involves, how it should be conducted and what it is for (www.thei

11、rm.org).Financial planning is a process by which you assess your financial situation and your sources of finance, determine your objectives, and then formulate financial strategies to achieve those objectives (Elahi, 20

12、08). Having planned financial activities in advance, where they could be used in the most profitable way of funding also means early detection. In addition, financial planning, and all business units to focus on their bu

13、siness objectives in a coordinated way towards achieving the same goal efforts provide an important contribution.In search of such information, the managers of the company could opt to evaluate its risk profile using the

14、 widely used Value-at-Risk measure, or, being an industrial company, Cash Flow-at-Risk (CFaR). The CFaR measure provides a summary statistic of the risk inherent in the firm’s portfolio of cash flows. It essentially repr

15、esents the shortfall of cash flow, associated with a certain probability, a company could experience over a certain time period. Such a modelling effort can be helpful in managing the firm’s operating cash flow and provi

16、de a sense of the firm’s overall liquidity risk over a certain time period (Jankensgard, 2008).2. Financial Planning4. Value at Risk- (VAR)Scientific studies, VAR measures the financial risk if done correctly, many busin

17、esses have shown that they can protect themselves against advance. Risk measurement, it is of great importance in terms of the continuity of the company. Therefore, states, independent auditors, suppliers, customers, com

18、petitors, and even trade unions are interested in VAR figures (Demireli and Taner, 2009). Value at Risk is used mainly in all institutions exposed to financial risks. Due to the sector audit and control activities in the

19、 regulatory agencies and their holding of financial instruments ,in risk management mandatory largest trading portfolio with banks, pension funds, other financial institutions, Value at Risk provides useful results non-f

20、inancial institutions exposed to financial risk (Jorion, 2000). Value at Risk, is a risk management tool. Also, it is used to measure in the reporting of information on the risks of the company, risk-adjusted returns tha

21、t permit the use of resources within the company to determine the position and performance measuring.VAR, estimates interest rates, inflation, exchange rate and stock prices as well as the total effect of market risk. Th

22、us, for a predetermined period and a confidence interval, which are sensitive to changes in market factors specific to the assets and liabilities represents the total expected loss. So that; Micro base can be also used t

23、o invest in a single investment portfolio as at the macro level (Akta?, 2008).5. Cash Flow at Risk- (C-FaR)C-FaR is defined as an analytic method of measuring with high degree of probability the risk of cash flow shocks

24、for non-financial firms by its producers. This model helps firms by being a measure to evaluate the changes in their values. The model is proposed as a form of VaR for finding the overall risk against a firm’s cash flow

25、(Vural, 2004). The company's cash levels can vary considerably over time depending on, payment and collection cycle. Made full and timely payment of sufficient operating capital to keep and disruption of operations,

26、it is important to predict cash levels correctly. Cash Flow at Risk; as well as financial strategies and long-term investment planning based on the scientific basis of creation, it provides an assessment of capital struc

27、ture. Through different scenarios that may occur rarely even considers events (Balkoç, 2012).The firms want to know their C-FaR for the purpose of their capital structure policy. Capital structure policy means the

28、debt-equity choice of the firms. These firms try to exploit the benefits of debt against the potential costs such as financial distress. C-FaR helps firms to evaluate their probability of financial distress by interpreti

29、ng the cash flow volatility. And C-FaR helps them to consider new investments and make strategic decisions (Vural, 2004). The difference between the CFaR and the analogy of value at risk (VaR) is that the CFaR focuses on

30、 the operating cash flow, whereas the VaR on the asset value, and the time horizon of the CFaR can even be a quarter or one year. The essence of the CFaR metrics is to condense the overall corporate risk exposure into on

31、e manageable figure. Management must be fully aware what risk measures are monitored by those concerned within the company, and has to disclose the related information in the form of a risk report accordingly (Kuti, 2011

32、).6. ApplicationThe purpose of the study, due to the deviation of cash flows is to assess the risks that may arise. In this context, through a sample of the 2014 budget business, cash flow risk will be calculated. This s