Зменшення інтегрального ризику банкрутства підприємства за рахунок використання переваг ризик-менеджменту

Abstract

Визначення переваг “ризик-менеджменту”, за рахунок яких можна досягти зменшення ймовірності реалізації сукупного (інтегрального) ризику банкрутства. Проведено аналіз сукупного ризику банкрутства морського торговельного порту України. Запропоновано напрямки зменшення вірогідності банкрутства: скорочення податків та трансакійних витрат, покращення якості прийняття інвестиційних рішень, залучення управлінського персоналу, зменшення нестабільності доходів, підвищення акціонерної вартості та захист фінансових інтересів акціонерів. Результати дослідження можуть бути застосовані для впровадження системи управління ризиками у морських торговельних портах. The purpose of the article is to define the “risk-management” advantages, which would allow achieving the probability reduction of enterprise integral bankruptcy risk. As a result, the next range of research tasks was solved: risk-management terminology was analyzed and the author’s understanding concretized; the directions for bankruptcy risk reduction under the Enterprise Risk Management (ERM) framework were formed. Enterprise Risk Management is understandable as a new philosophy of strategic management. It arose as a result of revolutionary change if the risk-management purpose. The change means refuse from the defensive function of risk minimization to adaptation of proactive managing of risks. Integral bankruptcy risk became an object of analysis and management. The quantitative measurement is a volatility of market value of the enterprise, for which the standard deviation is used. Successful introduction of risk-management is possible in the case of four components interaction: organizational provision; methodological support, including qualitative evaluation of the risk-appetite; calculation of the economic effectives (Economic Value Added – EVA); stress-testing and monitoring by risk-map; information analytical systems. It was suggested to use the range-score approach to analyze the financial and economic performance of the port to prevent the overall risk of bankruptcy. It is a financial method, which is based on the comparison of real and normative results of financial coefficients. During the comparison the principle of colored visualizing is used, depending on the distance from the recommended optimal meaning of the coefficients. The coefficients were chosen by orientation of the next criteria: informational availability and simplicity of the evaluation coefficients calculations; avoiding of double-coefficients, i.e. coefficients with linear dependence. As a result, 16 coefficients were chosen, that give the complete observation about the financialeconomic activity of the enterprise. The coefficients were divided to the 5 groups relatively to the most important characteristics of the enterprise. The coefficients calculations and distribution under risk zones gives the primary understanding of solvency. The next step is to unite the coefficients to one resulting parameter. Thus, each side of the enterprise activity is qualified by the overall evaluation. The evaluation results of the state enterprise “Berdyanskiy sea trade port” were presented. Using of the range-score approach for bankruptcy risk evaluation upon the indicators of financial stability, solvency, business effectiveness, balance structure, profitability, bankruptcy probability. The directions for further decreasing of the bankruptcy probability of the sea trade port in the ERM framework are: tax and transaction costs reduction; improvement of the quality of investment decisions; attraction of the managerial staff and support of their career security; mitigation of the earnings instability; amplification of the shareholders’ value and defense of their financial interests. The further research perspectives are to form the business-model of the enterprise development, based on the decomposition of the indicators, oriented on risk optimization.