Wpływ zarządzania ryzykiem finansowym na wartość firmy: analiza teoretycznych przesłanek wpływu zarządzania ryzykiem na wartość firmy

Abstract

The article discusses theoretical premises for the influence of financial risk management on firm’s value. Financial risk management presents a firm with the possibility of a reduction in the volatility of future earnings and assets’ value. This can lead to an increase in an enterprise value by means of: - reduction in the required rate of return for investors, providers of debt and other stakeholders of a company; - decrease of the expected value of financial distress costs; - deployment of optimal tax management strategies, in case of non-linear, convex effective income tax rate; - reduction of the underinvestment problem, by providing a company with more stable internal financing. Some factors of active financial risk management could negatively impact firm’s value, like increased operating risk, deadweight and transaction costs of hedging and agency conflicts between owners and management. In conclusion the authors find that a hedging is beneficial to firm’s value provided that its scale matches firm’s needs, a proper information system is in place and management incentives arc right.