金融风险测度模型及其蕴含的金融风险主观性

Financial Risk Measurement Models and Their Implied Financial Risk Subjectivity

金融风险会给个人、组织甚至整个社会带来巨大的损失,而金融风险测度模型则试图对市场风险、信用风险、操作风险、流动性风险等不同类型的金融风险进行评估,期望根据评估结果来管理风险。这些模型虽不同程度反映了金融风险的客观性因素,但实际上均包含了一定的主观因素,即投资人对风险的容忍度。因此,应充分认识各个模型的主观性,以期对模型测度的风险有更合理的理解。

According to the classification of financial risks by Basel Accord, the paper discusses risk measure models of different types of financial risks such as the market, credit, operation and liquidity ones. And it also clarifies the implied subjectivity of financial risks that is people＇s risk tolerance. The author concludes that it is necessary to think about the subjectivity completely in the management of financial risk and the subjectivity should be compatible with the maximum value of shareholders.