értekezés - Budapesti Corvinus Egyetem

16. A ábra - A vállalati kockázatkezelés értéknövelő hatásmechanizmusai és
lehetséges eszközei
CORPORATE RISK VALUE MECHANISMS AND OPERATIVE TOOLS (1/2)
Drivers of corporate and shareholder value from risk point of view Operative tools for action
Reduce value
of of tax claim
Reduce volatility of of
future tax outflow
stream
Increase debt capacity
at at acceptable increase
in in funding costs
Increase debt capacity
by pre-committed risk
flexibility
Reduce probability of
of
endogenous default
* Strategic risk management
* Operational hedge
* Capital structure and debt portfolio o decisions
* Dynamic risk setting of of firm mark et et value with pre-
commitment and transparency
* Strategic risk management
* Operational hedge
* Capital structure and debt portfoli
o decisions
Ensure adequate
supply of of nonexpensive
cash for
investments
* Risk modeling of of operative CF and
Capex need
* Investment timing decisions
* Financial derivatives to to manage y
early internal CF
* Liquidity management (liquid ass sets and credit lines)
Reduce
financial
agency costs
Pre-commit risk
management strategy
* Target credit rating/explicit risk
profile strategy –
through active LT and ST hedging
* Debt covenants
* Shorter debt maturities
Reduce agency costs
of of risk-shifting, underinv.,
claim dil.
Increase transparency
and predictability of of
business performance
Reduce gradient of of
value transfer in in case
of of risk-shifting
Reduce agency cost
implicitly put on
shareholders
Reduce limitations
on growth/ investment
opportunities
shareholders Reduce expected
costs of of waiver,
debt renegotiation
* Communication of of risk profile
* Stabilizing risk profile
* Reduce external noise on accoun
* Transparent accounting system
* Convertible debt
* Preferred stock
* Optimized debt contracting (trade-o
funding cost and limitations on bus
nting earnings
ff ff between lower
iness flexibility)
* Avoid breach of of covenants by ST
hedging/active risk
monitoring (managing accounting terms)
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