財(cái)務(wù)風(fēng)險(xiǎn)管理是一個增值活動嗎[文獻(xiàn)翻譯]

1、原文：原文：Financialriskmanagement:isitavalueaddingactivity？Financialriskmanagementisaprocesstodealwiththeuncertaintiesresultingfromfinancialmarkers.Itinvolvesassessingthefinancialrisksfacinganganizationdevelopingmanagementst

2、rategiesconsistentwithinternalpriitiespolicies.Addressingfinancialrisksproactivelymayprovideanganizationwithacompetitiveadvantage.Italsoensuresthatmanagementoperationalstaffstakeholderstheboardofdirectsareinagreementonke

3、yissuesofrisk.Consideringwhetherfinancialriskmanagementisvalueadding.Althoughriskmanagementcanreducetotalriskthismaynotaffectthecostofcapitalfirmvalue.Welldiversifiedinvestshavealreadyeliminatedallofthespecificriskriskma

4、nagementmaybeseenasazeroNPVactivityatbestatwstavaluereducingactivity.Howeverthereisarolefriskmanagement.Reductionoftotalriskmayreducetheexpectedcostsoffinancialdistressthisincreasesfirmvalue.Presentamethodofinvestmentapp

5、raisalthattakesaccountoftotalriskthroughexpectedfinancialdistresscosts.Suchamethodcanresultinthreepossibledecisionsrelatingtoanewprojectrejecttheprojectinvestintheprojectriskmanageinvestintheprojectbutdonotriskmanage.Fin

6、allypresentswkedexamples.Whenconsideringafirm’sfinancialriskmanagementactivitieswemayasktwoquestionswhydofirmsengageinsuchactivitieshowdotheydoitHowfirmsengageinriskmanagementhasbeenextensivelyconsidered.Methodstypically

7、involvecombiningfinancialinstrumentssuchassharesbondsoptionsfuturesindertoobtainadesiredpayoffprofile(seeSmithSmithson(1998)fanexcellentanalysis).Inthispaperweconsiderthemecontroversialquestionwhybotherwithfinancialriskm

8、anagementIsfinancialriskmanagementvalueaddingShapiroTitman(1998)considerthisquestionofwhetherriskmanagementisdesirable.Afirm’stotalriskconsistsoftwoelementsmarketrisk(whichmeasuresthesensitivityofthefirm’sstockpricetomar

9、ketwidemovements)specificriskFurthermeafirm’smanagershaveanincentivetoengageinriskmanagementevenifthisisnotvalueincreasing.Asinglefirm’sfinancialdistressmaynotbeofmuchconcernfawelldiversifiedinvest.Howeveritcouldbedisast

10、rousfthemanagementofthatfirmintermsoflossofemploymentreputation.Itmaybearguedthatmanagementhasaprivatediscountratewhichreflectstotalriskhenceexceedsthesocialdiscountrater.Sincethefirmisvaluedinthemarketusingrthemanagemen

11、twouldhavealowerprivatevaluationofthefirmthanthemarket.Riskmanagementcouldthenbeviewedasmanagement’sattemptstoincreasetheirprivatevaluationtowardsthemarketvaluation.ShouldweadjustthediscountrateShimko(2001)arguesthatwell

12、diversifiedinvestsdonotexist.TherefetheNPVmethodofinvestmentappraisalmaybeflawedsinceitusesadiscountratethatonlyreflectsmarketrisk.HeproposesanadjustmenttotheNPVmethodindertotakeaccountoftotalrisk.Hisriskadjustedpresentv

13、alue(RPV)methodattackstheproblembyadjustingthediscountrate.Shimko’sRPVapproachisderivedasfollows.ConsideraoneperiodinvestmentprojectwithpresentvalueV1attime0(thisistheamountthattheinvestispreparedtopayattime0isdefinedasc

14、ashcapital).Thetime1cashflowprovidedbytheprojectisanmallydistributedromvariablewithmeanμ1starddeviationσ1.Shimkoassumesthatthecashflowisnotcrelatedwithanymarketriskfacts.Theriskfreerateisr.Theinvestrequiresareturnonhishe

15、rcashcapitalhisherriskcapital.Riskcapitalisthemaximumamountthattheinvestmightloseontheprojectovertheyear.Indertoderiveriskcapitalthefirmmustdefinea“wstcase”time1cashflowW1=μ1?z1.Thatisthewstcasecashflowiszstarddeviations

16、belowthemean.ThepresentvalueofthewstcasecashflowisW0=W1(1r).Henceriskcapital=V0?W0.Theexpectedcapitalgainovertheyearis:μ1V=rV0k(V0W0)(2)Thelefthsideshowsthattheexpectedcapitalgainistheexpectedtime1value(thatisthemean)min