鏂?/p>
鐚?/p>
鍑?/p>
澶?/p>
锛?/p>
鏍?/p>
棰?/p>
: A ssessm ent of Financial R isk in Firm 's Profitability A naly sis
浣?/p>
鑰?/p>
: S olomon, Daniela C ristina; M untean, M i rcea
鍑?/p>
鐗?/p>
鐗?/p>
鍚?/p>
绉?/p>
: Economy Transdisciplinarity C og nition
鍗?/p>
:
15
鏈?/p>
:
2
椤?/p>
: 58 -67
椤?/p>
鏁?/p>
: 10
鍑?/p>
鐗?/p>
骞?/p>
浠?/p>
:
2012
A ssessm en t
of
F in a n c
ia l
R isk
in
F ir m
' s
P r ofita b i
l
i
t
y
A n a ly sis
A bstract:
In
the
contex t
of
g lobalization
w e
are
w i tnessing
an
unprecedented
diversification
of
risk
situations
and
uncertainty
in
the
business
w orld,
the
w hole
ex i stence
of
an
org anization
being
related
to
risk .
The
notion
of
risk
i s
inextricably l inked to the return. R eturn includes ensuring remuneration of production factors and invested capital but
a lso
resources
manag em ent
in
terms
of
efficiency
and
effectiveness.
A full
financial
and
econom ic
diag nosis
can
not
be done w i thout reg a rd to the return-risk ra tio.
S tock profitability
analy
s i s should
not be dissociated
from risk
analy
s i s to w hich the com pany
i s subdued.
R
isk
analy
sis
i
s
useful
in
decision
making
concerning
the
use
of
economic-financial
potential
or
investm
ent
decisions,
in
developing business plans, and a lso to inform partners about the enterprise's performa nce
level.
R i sk
takes
many
form:,
operational
risk,
financial
risk
and
tota l
risk ,
risk
of
bankruptcy
( other
risk
categ ories)
each
influencing
the
business
activity
on
a
g reater
or
lesser
extent.
Financial
risk
analy s i s,
realized
w i th
the
use
of
specific
indicators
such
as:
financial
leverag
e
,
financial
breakeven
and
leverag
e
ra
tio
(
C
LF)
accompany
ing
call
to
debt,
presents a major interest to optim ize the financial s tructure and viability of any com pany operating under a g enuine
m
arket econom y .
Key w ords:
risk
analy sis
fina ncial
risk
,
financial
leverag e
,
breakeven
point.
Introduction
R i sk and return a re tw o interdependent aspects
in the activity
of a com pany
, so the question i s assuming
a certain
level
of risk to achieve
the profitability
that
it a l low
s. R eturn
can
only be assessed
but
on the basis
of supported
risk .
This
risk
a ffects
econom ic
asset
returns
first,
and
secondly
of
capital
invested.
Therefore
it
can
be
addressed
both
in
terms
of
business,
as
the
org anizer
of
the
production
process
driven
by
intention
to
increase
property
ow
ners
and
adequate
remuneration
of
production
factors
and
the
position
of
outside
financial
investors,
interested
in
carry ing
the
best investm ent, in financial market conditions w i th several areas of return and different risk
levels.
R isk
assessm ent should consider manag ing
chang e :
people
chang e ,
methods chang e ,
the
risks chang e
[ 1 ,
36 ] .
C onsequently , profitability i s subject
to the g eneral
condition
of
risk
w here
the org anization
operates.
R i sk takes
m any
forms,
each
a ffecting
the
ag
ents'
econom
ic
activity
on
a lesser
or
g reater
ex
tent.
For
econom
ic
and financial
analy
sis
a
t
the
micro
level
presents
a
particular
interest
those
form
s
of
risk
that
ca
n
be
influenced,
in
the
sense
of
reduction,
throug h
the
actions
and
measures
the
economic
ag ents
can
underg
o.
1
.
. Financial R i sk in Economic Theory and
Practice
Financial
activity
,
in
i
ts
m
any
seg
m
ents
is
influenced
by
unex
pectedly
restrictive
e
lem
ents
as
evolution,
often
unexpected, not depending directly on economic ag ents. Impact of various factors ( m a rket, competition, tim e factor,