értekezés - Budapesti Corvinus Egyetem
értekezés - Budapesti Corvinus Egyetem
értekezés - Budapesti Corvinus Egyetem
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16. B ábra - A vállalati kockázatkezelés értéknövelő hatásmechanizmusai és<br />
lehetséges eszközei<br />
CORPORATE RISK VALUE MECHANISMS AND OPERATIVE TOOLS (2/2)<br />
Drivers of corporate and shareholder value from risk point of view Operative tools for action<br />
Reduce<br />
information<br />
asymmetry for<br />
shareholders<br />
Ensure stable and transparent<br />
risk profile for shareholders<br />
Reduce forecast errors made<br />
by investor community<br />
* Consistent and explicit policy on t t<br />
derivatives<br />
* Clear communication of of changes<br />
strategy or or operations impacting r<br />
he use of of financial<br />
in in business<br />
risk exposure<br />
* Continuous communication with<br />
investor community<br />
on risk profile<br />
* Reduce external noise on accoun<br />
ting earnings<br />
* Transparent financial disclosure sy system stem<br />
Reduce suboptimal<br />
managerial<br />
decisions<br />
Align managers' risk tolerance<br />
with shareholders' to to reduce<br />
economic agency costs<br />
Guard Capex discipline to to<br />
ensure positive risk-adjusted<br />
expected returns<br />
Apply risk-adjusted<br />
performance measurement on<br />
existing business<br />
Support corporate planning by<br />
creating transparency on risk<br />
implications<br />
Create optimal<br />
management incentives<br />
system<br />
Discourage sub-optimal<br />
risk decisions due to to<br />
managerial reputation<br />
intentions<br />
* Management compensation pack<br />
incentives tailored to to corporate ris<br />
* Adjusted MIS as basis of of individu<br />
measurement<br />
* Reduce earnings volatility<br />
* Adequate financial disclosure pol<br />
activities<br />
* Risk modeling<br />
* Risk conscious capital allocation (<br />
reflecting marginal risk contributi<br />
* Risk modeling<br />
kages with long-run<br />
sk k appetite<br />
dual/BU performance<br />
licy of of hedging<br />
(project evaluation<br />
on)<br />
* Risk modeling<br />
* Risk adjusted performance monit<br />
itoring<br />
* Risk-conscious business decisions<br />
(e.g. pricing)<br />
Keep only those risks which the<br />
firm is is the natural owner of of –<br />
optimize risk capacity of of equity<br />
* Strategic risk management<br />
* Operational hedge<br />
* Capital structure and debt portfoli<br />
* Financial hedges<br />
o decisions<br />
Increase entire<br />
firm value (EBIT<br />
cake)<br />
Monetize real options<br />
(production/contract flexibility)<br />
* Flexible contracting<br />
* Flexible production<br />
* Hedging aligned with competitor behavior<br />
Provide value added risk<br />
related customer services<br />
* Risk-driven product innovation<br />
* Tailor-made risk-profiled services for customers<br />
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