【正文】 f NPVrm0, and NPVrmNPV. Riskmanagement activities are valueadding, and the project has a positive NPV after such activities. Take the project, but do not riskmanage, if NPV0, and NPVNPV. Riskmanagement activities are valuereducing, but the project has a positive NPV without them.Reject the project if 0 NPVrm NPV, or 0 NPV NPVrm. In this case, we reject the project, whether riskmanagement activities are valueadding or valuereducing. Conclusion: Financial riskmanagement activities can reduce total risk. This may be valueadding if it reduces the cost of financial distress. If investors are welldiversified, and if CAPM is robust, then the reduction of total risk should not affect the cost of capital. Therefore, following Shapiro and Titman (1998), we have analysed the effects of riskmanagement on firm value through the cashflows, rather than through the discount rate. We develop a method of investment appraisal that takes account of total risk through expected financial distress costs. Such a method can result in three possible decisions relating to a new project:(1) Refuse to this project。積極應(yīng)對財(cái)務(wù)風(fēng)險(xiǎn)能提高企業(yè)的競爭力，確保管理層、業(yè)務(wù)人、利益相關(guān)者和董事會(huì)在有關(guān)風(fēng)險(xiǎn)的重大問題上達(dá)成一致。Welldiversified investors have already eliminated all of the specific risk, and riskmanagement may be seen as a zero NPV activity at best, and at worst, a valuereducing ,在最壞的情況，However, there is a role for risk ，風(fēng)險(xiǎn)管理有這樣一個(gè)作用，即 Reduction of total risk may reduce the expected costs of financial distress, hence increasing expected ，This increases firm 。具有代表性的金融工具比如說股票、債券、期貨和期權(quán)等，以獲取所需的財(cái)務(wù)分析（見史密斯和史密森的一個(gè)精辟的分析）。 market risk (which measures the sensitivity of the firm39。The equilibrium market price of each firm39。These activities may reduce total risk, but diversified investors have already done so by eliminating all of the specific ，但已經(jīng)做了消除所有的特殊風(fēng)險(xiǎn)，因此風(fēng)險(xiǎn)管理活動(dòng)不會(huì)增加該公司的股票的市場價(jià)格。也就是說，如果公司在i年的預(yù)期現(xiàn)金流為X1，資本成本率為r，那么公司的價(jià)值V就為：V0=X1/（1+r）+X2/（1+r） ^2+…（1）資本成本率（或投資者要求的回報(bào)）包括市場風(fēng)險(xiǎn)因素。s beta will be unchanged, and hence the cost of capita will remain the ，該公司的貝塔系數(shù)將保持不變，因此資本成本r也將保持不變。風(fēng)險(xiǎn)管理目的在于降低總風(fēng)險(xiǎn)，但不影響折現(xiàn)率，預(yù)期現(xiàn)金流量可能會(huì)增加，這將使其價(jià)值增加。However, it could be disastrous for the management of that firm, in terms of loss of employment and ，這也可能對該公司管理具有災(zāi)難性的，從而影響就業(yè)和聲譽(yù)。s attempts to increase their private valuation towards the market 。他的風(fēng)險(xiǎn)調(diào)整后的現(xiàn)值系統(tǒng)（RPV）方法有力的解決了貼現(xiàn)率的調(diào)整問題。史默克The time 1 cashflow provided by the project is a normally distributed random variable with mean μ 1 and standard deviation σ 1 .Shimko assumes that the cashflow is not correlated with any market risk factors. 史假設(shè)現(xiàn)金流量不與任何市場風(fēng)險(xiǎn)因素相關(guān)，The riskfree rate i .無風(fēng)險(xiǎn)利率值為r。而The present value of the worst case cashflow is 0 = 1 /(1 ).現(xiàn)金流量現(xiàn)值最嚴(yán)重的情況是W0=W1/（1+R），Hence, risk capital 0 ? 0 .因此，風(fēng)險(xiǎn)資本=V0－W0。“該項(xiàng)目的現(xiàn)金流量是不相關(guān)的”請注意，因?yàn)樗羌僭O(shè)該項(xiàng)目的現(xiàn)金流是不與市場相關(guān)的，凈現(xiàn)值是在貼現(xiàn)的無風(fēng)險(xiǎn)利率的預(yù)期現(xiàn)金流量中發(fā)現(xiàn)的。這種方法強(qiáng)調(diào)的是，當(dāng)投資組合多樣化受到限制時(shí)，投資者（和管理者）就會(huì)變得關(guān)心總風(fēng)險(xiǎn)。 private valuations, either through , or through the choice of 0 (since this choice affec ).一個(gè)潛在的缺點(diǎn)是價(jià)值V0是受到不同代理商的私人估價(jià)影響的，無論是通過k，或者通過選擇W0（因?yàn)檫@個(gè)選擇會(huì)影響z）的。在本節(jié)中，我們提供一個(gè)投資評估的方法，主要根據(jù)夏皮羅和曼特（1998）而不是史默克（2001）。考慮一個(gè)周期的投資機(jī)會(huì)需要投資l在時(shí)間0時(shí)，時(shí)間－現(xiàn)金流量是成正態(tài)分布的，均值為μ1和標(biāo)準(zhǔn)差為σ1。在我們后續(xù)的例子中，我們將證明E（F）的計(jì)算是明確的。然而，我們明確的模擬了這種財(cái)務(wù)危機(jī)，并且我們介紹了其現(xiàn)金流，而不是折現(xiàn)率。由于先前相關(guān)的論點(diǎn)多數(shù)是關(guān)于多元化的投資者與非多樣化管理者的比較，我們期望Fm （Fm）包含在凈現(xiàn)值公式中：NPVm=－l*（μ1－E （F））/ （1+k） NPV （6）如果NPVm 0 NPV，自利的管理部門可能會(huì)拒絕這個(gè)價(jià)值增加的項(xiàng)目。此外，假設(shè)這項(xiàng)活動(dòng)的總風(fēng)險(xiǎn)可以降低到足以消除財(cái)務(wù)危機(jī)。這意味著如果有價(jià)值的財(cái)務(wù)困境成本的現(xiàn)值超過消除的風(fēng)險(xiǎn)管理活動(dòng)所需的開支，風(fēng)險(xiǎn)管理活動(dòng)是值得的，該項(xiàng)目驗(yàn)收和風(fēng)險(xiǎn)管理決策規(guī)則如下：如果NPVrm0，以及NPVrmNPV，參與該項(xiàng)目并進(jìn)行風(fēng)險(xiǎn)管理，風(fēng)險(xiǎn)管理活動(dòng)是增值的，以及該項(xiàng)目在以后這樣的活動(dòng)中將會(huì)具有一個(gè)正的凈現(xiàn)值。結(jié)論：Financial riskmanagement activities can reduce total may be valueadding if it reduces the cost of financial distress. If investors are welldiversified, and if CAPM is robust, then the reduction of total risk should not affect the cost of capital. Therefore, following Shapiro and Titman (1998), but contrary to Shimko (2001), we have analysed the effects of riskmanagement on firm value through the cashflows, rather than through the discount 。We develop a method of investment appraisal that takes account of total risk through expected financial distress costs. Such a method can result in three possible decisions relating to a new project:我們開發(fā)了一種投資評價(jià)方法，充分考慮了財(cái)務(wù)整體風(fēng)險(xiǎn)的成本壓力。 Presents a method of investment appraisal that takes account of total risk through expected financial distress costs. Presents a method of investment appraisal that takes account of total risk through expected financial distress cos Presents a method of investment appraisal that takes account of total risk through expected financial distress cos出處：理查德費(fèi)爾柴爾德，《財(cái)務(wù)風(fēng)險(xiǎn)管理：這是一個(gè)增值活動(dòng)？》，資產(chǎn)負(fù)債表，第10卷（4），2002：22－25.11 / 12