财务风险管理是一个增值活动吗[文献翻译]VIP免费

原文：Financialriskmanagement:isitavalue-addingactivity？Financialriskmanagementisaprocesstodealwiththeuncertaintiesresultingfromfinancialmarkers.Itinvolvesassessingthefinancialrisksfacinganorganizationanddevelopingmanagementstrategiesconsistentwithinternalprioritiesandpolicies.Addressingfinancialrisksproactivelymayprovideanorganizationwithacompetitiveadvantage.Italsoensuresthatmanagement,operationalstaff,stakeholders,andtheboardofdirectorsareinagreementonkeyissuesofrisk.Consideringwhetherfinancialriskmanagementisvalue-adding.Althoughriskmanagementcanreducetotalrisk,thismaynotaffectthecostofcapitalorfirmvalue.Well-diversifiedinvestorshavealreadyeliminatedallofthespecificrisk,andrisk-managementmaybeseenasazeroNPVactivityatbest,andatworst,avalue-reducingactivity.However,thereisaroleforriskmanagement.Reductionoftotalriskmayreducetheexpectedcostsoffinancialdistress,thisincreasesfirmvalue.Presentamethodofinvestmentappraisalthattakesaccountoftotalriskthroughexpectedfinancialdistresscosts.Suchamethodcanresultinthreepossibledecisionsrelatingtoanewproject;rejecttheprojectinvestintheproject;andrisk-manage;orinvestintheprojectbutdonotrisk-manage.Finally,presentsworkedexamples.Whenconsideringafirm’sfinancialriskmanagementactivities,wemayasktwoquestions;whydofirmsengageinsuchactivities,andhowdotheydoit?Howfirmsengageinrisk-managementhasbeenextensivelyconsidered.Methodstypicallyinvolvecombiningfinancialinstrumentssuchasshares,bonds,optionsandfutures,inordertoobtainadesiredpayoffprofile(seeSmithandSmithson(1998)foranexcellentanalysis).Inthispaper,weconsiderthemorecontroversialquestion;whybotherwithfinancialrisk-management?Isfinancialrisk-managementvalueadding?ShapiroandTitman(1998)considerthisquestionofwhetherriskmanagementisdesirable.Afirm’stotalriskconsistsoftwoelements;marketrisk(whichmeasuresthesensitivityofthefirm’sstockpricetomarket-widemovements),andspecificrisk第1页共13页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共13页(whichmeasuresthestockpricemovementswhicharespecifictothefirm,andindependentofmarketmovements).AccordingtotheCAPMandAPTmodels,well-diversifiedinvestorsholdportfoliosthathavealreadyeliminatedallofafirm’sspecificrisk,butinvestorscannoteliminatemarketrisk.Theequilibriummarketpriceofeachfirm’ssharesintheportfolioissuchthatexpectedreturnsonlycompensateinvestorsforholdingmarketrisk,asembodiedinafirm’sbeta.Assuch,risk-managementactivitiesbythefirmareirrelevantinthesensethattheyareunabletoaddvalue.Theseactivitiesmayreducetotalrisk,butdiversifiedinvestorshavealreadydonesobyeliminatingallofthespecificrisk.Hence,riskmanagementactivitieswillnotincreasethemarketpriceofthefirm’sshares.ShapiroandTitman(1998)arguethat,sincefinancialinstrumentsarefairlypriced,andcompensateinvestorsformarketriskonly,hedgingriskthroughfinancialinstrumentsis,atbest,azeronetpresentvalue(NPV)activity.Intheworstscenario,riskmanagementmayactuallybevaluereducing,sinceitmaybeacostlyactivityintermsoftimeandresources.Riskmanagementirrelevancecanbeanalysedasfollows.Considerthevalueofthefirmasthesumofthediscountedvalueofexpectedfuturecashflows.Thatis,ifthefirmisexpectingcashflowsofX1inyeari,andthefirmdiscountsatacostofcapitalr,thenfirmvalueVisgivenby:V1=X1/(1+r)+X2/(1+r)^2+…(1)Thecostofcapital(ortheinvestors’requiredreturn)includesanelementformarketrisk.Thefirm’sriskmanagement...