After a brief review of the current theory and practice of risk capital by financial firms, the authors define the concept of risk capital and identify the costs and benefits of using more or less of it. Next, they present their procedure for allocating risk capital to assets and lines of business on the basis of marginal default values, and in a way designed to prevent risk shifting and internal arbitrage. Then, they show how allocations of risk capital are likely to be affected by, and in turn influence, a financial firm's decisions about both the scale and composition of its portfolio of businesses. Finally, the authors present a number of applications and consider their implications for maximizing the value of financial firms.

中文翻译：

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风险资本：理论与应用

在简要回顾了金融公司当前的风险资本理论和实践之后，作者定义了风险资本的概念，并确定了或多或少使用风险资本的成本和收益。接下来，他们介绍了基于边际违约值以及旨在防止风险转移和内部套利的方式将风险资本分配给资产和业务部门的程序。然后，他们展示了风险资本的分配可能如何受到金融公司关于其业务组合的规模和组成的决策的影响，进而影响。最后，作者提出了许多应用程序，并考虑了它们对最大化金融公司价值的影响。