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/ 5241 - 5002

3- : . 1/3/2- : . Financial risk management : 3991,. Erik,B " ". : Identification Measurement .Management : , Retention , Reduction .(1)Transference 5991, Williams, Smith, & Young . .,)3991 ,1 - Erik, B., The credit risk of financial instruments, (London : Macmillan Business)1(.32 91 .PP

Williams, Smith, & Young Corporate risk management )2(. 6991. Finard,J.B )3(. Prevent Negative Earnings Maximize Earnings stability Minimize the Cost of Managing Financial Exposures 8991, Brigham & Houston Exposures )4( : 1- . . 2- 3- . 8991,. Hamilton,C.R . Hamilton )5(: 1- . 2- Threats . 3- Vulnerabilities .

: .2- William, C.A., Smith, M.L., & Young, P.C., Risk management and insurance, (N.Y)2(..72-42 .McGraw Hill, inc., 1995), PP :3 - Finard, J.B., " A framework for Corporate Financial Risk Management ",In The Book Derivatives risk and responsibility ; The complete guide to effective derivatives , management and decision making , Kelin, P.A., & Lederman , J., (Chicago : Irwin )1(.37.1996 ), P 4 - Brigham, E.F., & Houston, J.F., Fundamentals of Financial management, (N.Y. : The )2(.457-357.Dryden Press, 1998), PP ,5 - Hamilton, C.R., " New trends in Risk Management " ,Information Systems Security )3( .87 07.1998, Vol. 7, No.1, PP

4- . 5- . 6- . 8991,. Cummins,J.D.,et al Financial risk management simply denotes a situation in which an individual or firm .(6) Decisions to alter the risk / return profile of future cash flows 8991,. Bozzo,N.L , , )7(. 9991,. Penny,C . . Penny " ". Exposure .(8) management 9991, Borgsdorf & Pliszka Risk management . Management )9(.6 - Cummins, J.D., et al., " The Rise of Risk Management " Economic Review , Federal ,7 - Bozzo, N.L., " Enhancing Shareholder value through risk management ", TMA Journal , 6 .8 - Penny, C., " Financial risk management sources ", Encontent , 1999, Vol. 22 , No)3(.71 61 .PP )2(4.1998, Vol 18, No. 6, P )1( .13 .Reserve Bank of Atlanta, 1998, Vol. 83, No.1, P

9 - Borgsdorf, D., & Pliszka, D.," Manager your risk or risk your management " , Public)4(. 01 6 .Management (US), 1999, Vol. 81, No.11, PP

Borgsdorf & Pliszka " " )01(: 1- . 2- . 3- . 4- . 5- . 0002,. McNamee,D . : . " " . . McNamee : ) ...(. . )11( . 0002,. Stewart,T.A . )21(.)1(. 10- Idem )2(. 84 74 .11- McNamee, D., Op. Cit., PP ,3.12- Stewart, T.A., " Management risk in the 21st century ", Fortune, 2000, Vol.. 144, No)3(.202 .P

: 1- " " . 2- : : . : . : . 3991,. - Erik, B 8991 ,. Brigham, E.F., & Houston, T.F " : 1- . 2- . 3- . .

2/3/2- : . 1/2/3/2- : 6991,.Gastineau, G.L., & Kiritzman, M.P " " The dictionary of financial Risk management : )31(. "" Risk : Exposure to uncertain change 2891, .Petty, J., et al )41(. 5991, Williams, Smith, & Young )51(. 7991,. Peters,D The chance of financial loss )61(. 8991,. Watsham,T.J Quantified uncertainty )71(.

,13- Gastineau, G.L., & Kiritzman, M.P., The dictionary of financial risk management)1(. 242 142 .(N.Y. : Frank J. Fabozzi associates, 1996), PP )2(. 603 .14- Petty, J., et al., Basic financial management, (N.J. : Prentice Hall , 1982), PP )3(.5 .15- William, C.A., Smith, M.L., & Young, P.C., Op. Cit., P )4(822 .16- Peters, D., Op. Cit., P 17- Watsham,T.J., Futures and options in risk management,(London : International Thomson )5(.445-345 .Business Press, 1998), PP

0002,.McNamee,D Conceptual device )81(. )9891( . )91(. )7891( : )02(. : : . : : 1 - . 2 - : . .

. : " "81 )1( .64.- McNamee, D., Op. Cit., P ) , 44, 721, 821.)291 ) , 34 64.)302

: 1- . 2- : . . .3-

2/2/3/2- : : . . . : : )12(: : Business risks . : Operational risks ) ( . : Management risk12 : ,- Holliwell, J.," Risk : enough rope to hang the business", In The Book : Mastering finance , ) 8991 ,Dickson, T. & Bickerstaffe, G., (London : Financial times . 792 392 .PP . 05 84 .-McNamee, D., Op. Cit., PP .59 .-Hollein, M.N., " Trial by fire ", AFP Exchange, 2000, Vol. 20, No. 4., P Mark., R.M.," Innovative strategies and techniques for pricing contingent credit risk", In The )1(. 642 532.Book : ( Kelin, P.A., & Lederman , J., Op. Cit. ), PP

. : Legal risks . : Credit risks Counter party . : Price risks ( ( , Interest rate risk " " , Currency Exchange Risk , Commodity Risk . Equity Risk : Funding risk . : Concentrate risk , " " . : Hedging risk . : Political and country risk . : : - - )22(:22 : - Culp, C.L., The risk management process : Business Strategy and Tactics, (N.Y. : John . 92 62 .Witey & Sons, Inc., 2001), PP .- Ross, S.A., Westerfield, R.W., & Jaffe, J., Corporate Finance, (Boston : Irwin McGraw .492 392.Hill , 1996), PP .232.- Kolb, R.W., Future, Options, and Swaps, (U.K. : Blackwell Publishers Inc., 2000), P )1(

1 - : Systematic risks " " ... Undiversifiable risks . Market risks 6891 ,. Francis, J . . . . )32(. 2 - : Unsystematic risks " " . . Diversifiable risks Unique risks specific risk . Firm 6891,. Francis,J . )42(. : : Comparative informational advantage )52(: 1 - : Financial risks) 942..)232 ) 052 .)142 25- Schrand,C., & Unal,H., " Hedging and coordinated risk management : Evidence from.089.Thrift Conversions", The Journal of finance, 1998, Vol.53, No.3, P )2(.03-92 .- Culp, C.L., Op. Cit., PP

Comparative informational advantage . . . 2 - : business risks Core . . , . , : 1- - - - - . . : ) 73 ( ) 04 ( . 2- - ) ( . Stand alone risk - Efficient portfolio

. . : 1- . 2- . 3- : - . . " " : " " - - : 1- . 2- ) ( . 3/2/3/2- :

: .

. : )62(: )(: : Range . . : Probability distributions . . . : Standard deviation62 : .822 .- Peters. D., Op. Cit., P .142 532 .- Ross, S.A., Westerfield, R.W., & Jaffe, J., Op. Cit. , PP .- Damodaran, A., Applied Corporate Finance, (N.Y. : John Wiley & Sons,Inc., 1999), PP )1(. 95 53 Stand alone risk Portfolio risk : . The Sharp The

Value at : Options pricing models risk The Jensen performance Index performance Index )(. Hedging strategies Treynor performance Index

. : Coefficient of variation ) ( . ) ( ) ( . . Beta coefficient :

) ... ( . : : . . , : . . ) (. . . . )72(. 72 :

- - . Bankruptcy risk ) (Z .Altman, E.I 8691. : 1- ) (Z . 2- ) : ( .

4/3/2- : , )82(:- Beaver, W.H., " Alternative Accounting Measures as predictors of Failure ", The .221-311 .Accounting Review, 1968, Vol. 43, PP ," - Altman, E.I.," Financial Ratios, Discriminate Analysis and the Prediction of Bankruptcy 906-985 .The Journal of Finance , 1968, PP - Amy Hing, L.L., " A five of financial Distress prediction model ", Journal of Accounting . 731 721.research , 1987, PP . 561 241.- Watts, B., Business Finance, (London : Pitman Publishing , 1997), PP ,- McLaney, E.J., Business Finance for Decision Makers, (London : Pitman Publishing . 45 14.1997), PP ) 13 4891 ( 1 14. " ", ) : , 5991 ( 222 692. , : ) : , 4002( 97 - ) 101.)1 : 82 12 .- Erik, B., Op. Cit., P

1- : To leave the position open

Retention .Acceptance2- : To take a calculated risk

. Reduction : ) ( ) ( ) ( .3- : To cover all the risk

Transference : . Corporate Restructuring . . )92(: : : Assets restructuring- Tufano, P.," Who manage risk? An Empirical Examination of Risk Management Practice .0011- 9901 .in the gold mining industry", The Journal of finance, 1996, Vol.51, No.4, PP .457 357 .- Brigham, E.F., & Houston, J.F., Op. Cit., PP . 23 13.- Cummins, J.D., et al., Op. Cit., PP - Lisa, M.," The promise and challenge of integrated Risk management", Risk management .55 .and insurance Review , 2002, Vol. 5 , No. 1, P .202.- Stewart, T.A., Op. Cit., P .05 1 - ) : . (Cit., P 21 ,- McNamee ) 2002 . D., Op 31. ) : 92

) ( ) ( . Sell-offs out-Equity curve Split-ups , Split-offs , Spin-offs : Liquidation Business unit restructuring . : : Financial restructuring - . : 1- ) : (. 2- . 3- " " . . ) ( ) ( . - Ash, R.L.," Assets Engineering and Financial Restructuring", In The Book ; Financial management, Concepts and applications, Rao, R.K.S., (N.Y. : Macmillan Publishing . 736 436 .company, 1992), P .226 .- Stewart III, G.B., & Glassman. D.M., Op. Cit., P " : : ) 325 825.)1

. , ) ( , ) ( . - ) ( )03(: 1- .03 : ," - Nance, D.R., Smith, C. Jr., Smithson, C.W., " On the determinants of corporate hedging .172 072 .the Journal of finance, 1993, Vol. 48, No.1, PP 2111-1111 .- Tufano, P., Op. Cit., PP - Cummins, J.D. & et al., " The risk of risk management ", Economic Review (Federal .04 - 03 .Reserve Bank of Atlanta), 1998, Vol. 83, No.1, PP - Lisa, M., " The promise and challenge of integrated Risk management " , Risk management 55 .and insurance Review, 2002, Vol. 5, No.1, P - Doherty, N.A., Integrated Risk management: techniques and strategies for managing .262 .corporate risk. (N.Y. : McGraw Hill, Inc., 2000). P - Stephens, E.," Valuation tends : return-on-equity, Profitability, Asset turnover and ,3002, leverage can impact an aggregate company's value", Pet & Quarry .3-1.http://www.findarticles.com , PP - Jason,G.,et.al.," Assessing the financial condition of the major U.S .Passenger airlines over & the 1993 2003 period using the P-Score and Z-Score discriminant models ", Credit .7-1.financial management review ,2004,http://www.findarticles.com,PP " - Zheng,GU.," Predicting potential failure , taking corrective action are keys to success .2-1.Nation's Restaurant News , 1999 , http://www.findarticles.com,PP -

15-

1- 14. ) : 8891(18. " " 222- 692.

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2- 3- 4- 5- 6- 7- 8- 9-

)3/2( . )3/2(

4/2- : : , , . : : . . . , , , , ) : 4991( 201- - ) 351 .)1 1-

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1/3- : . . Stakeholders .

2/3- : :

1/2/3- : . " " . " " - - Agents - . )13(. ) (M&M 8591 1691 - Perfect capital& .31- Santomero, A.," The Revaluation in risk management ", In the Book ; ( Dickson, T)1(.892 .Bickerstaff, G., Op. Cit), P

markets . . Redundant 3691 . . 001% )33(. - 001% - Reserve borrowing capacity )43(. 3691 )53( : )63(. )73( . )83( . )93( . )04( . )14( .)23(

)1(13 .32- Cummins, J.D. , et al. , Op. Cit.., P 33- Myers, S.C., " Determinates of Corporate Borrowing ", In The Book : The modern

theory of corporate finance, Jensen, M.C. & Smith, C.W. , (N.Y.: McGraw Hill Book )2(.741-641 .company, 1984) PP )3(641 .34- Ibid, P )4(371-171 .35- Ibid, P )5(.741 .36- Ibid, P ," 37- Jaffee, D.M., & Russell, T,"Imperfect information , uncertainty and credit rationing )6(.641.from : Myers, S.C., Op. Cit., P ,.38- Donaldson, G., " Financial goals : Management VS. Stockholders " from : Myers, S.C )1(.741.Op. Cit., P 39- Leland, H.E., & Pyle, D.H., " Informational asymmetries, financial structure and )2(.741 .financial intermediation" , from ; Myers , S.C., Op. Cit., P ,"40- Robichek , AA. &, Myers, S.C.," Problems in the theory of optimal capital structure )3(.741.from: Myers, S.C., Op. Cit., P )4(.071-641.41- Myers, S.C., Op. Cit., PP

. Smith, Stulz, Mayer " " . . )24( : 1 - Strengthening incentives 2 - Achieving a better business Fit Sharpening management focus 3 - 4 - ) ( . Creating pure play that have unique investment appeal 5 .Curtailing an unproductive reinvestment of cash flows

6 - ) ( . Eliminating subsidies for underperforming businesses 7 - Achieving a higher value use for assets 8 - Increasing debt capacity Saving taxes 9 - 01- Lower agency costs : Market Imperfections Cost of financial distress debt capacity Borrowing costs

)5(.226-126 .42- Stewart III, G.B, & Glassman. D.H., Op. Cit., PP

Maintaining the optimal capital budget over time . (43) . Incentive compensation systems Intrinsic Value . . Positive theories )44(. . .

2/2/3- : : 1 - . 2 - .

34 : ,- Stulz, R.M.," Rethinking risk management ", In The Book : The new corporate finance .where the theory meets practice, chew. D.H., (Boston; Irwin / McGraw Hill, 1999), PP .405-194 - Froot, K.A., et al., "Risk management: coordinating corporate investment and financing .8561 - 9261.policies", the Journal of finance, 1993, Vol. 48, No. 5, PP - Ramu. S.T., " Risk measurement and hedging : with and without derivatives " , financial .13-1.management , 2000, from www.findarticles.com,PP 457-357.- Brigham, E.F., & Houston, J.F., Op. Cit., PP .403-892 .- Santomero, A., Op. Cit., PP )1(.111-79 .- Culp, C.L., Op. Cit. ,PP )1(892.44- Santomero, A., Op. Cit., P

- - )54( : . Corporate Income taxes . Agency costs Financial distress and related . costs :1 . 2 .

3 . )1/3( . - - Derivatives

. 824-524 .45- Ross, S.A., Westerfield, R.W., & Jaffe, J., Op. Cit., PP

& ,.- Pogue,G.A.,& Lall.K., Corporate Finance : An Overview, In The Book: Brigham, E.F )2(.34 22.Johnson, R.E., Op. Cit., PP

)64(. .

46: - Smith, C.W & Stulz, R., " The determinates of firms hedging policies" , Journal of Financial and Quantitative analysis, 1985, Vol.20, PP.391-405. - Orlin,G.J.,et al., " Derivative finance and structured risk management" , Corporate finance, 1993, PP. 37- 40. - Nance, D.R., Smith, C.Jr, & Smithson. C.W., " On the determinants of corporate hedging ", the Journal of finance, 1993, Vol. 48, PP. 267-284. - David, W., " Risk management using derivative securities" , Management finance , 1995,Vol.21, No.1, PP.43-65. - Tufano, P., Op. Cit., PP. 1097-1137. .- Graham, J.R.," Debt and the managerial tax rate" , Journal of financial economics, 1996. Vol. 41, PP. 41-73. - Geczy C., Minton, B.A, & Schrand. , C., " Why firms use currency Derivatives." The Journal of finance, 1997, Vol. 52, No. 4, PP.1323-1330. - Rahl, L., & Lee, C., " Reflection on risk management " Business Economics, 2000,Vol.35, No.2, PP.20-26.(1)

. " ". - :

" "

3/2/3- : " " . .( ) 1/3/2/3- : - Financial distress . Bankruptcy , )74(. Default

. Individuals chose among alternatives involving risk (e.g.: Securities , or lines of business )( activity ) that one for which the expected utility is largest : 3 74 ) ) : 0002( 091- 191.)1

. )84(: . . . . . . - . - - . : )94(: Securitization : . )05(. - - ) ( . : 84 "- Zheng, Gu.," Predicting potential failure, taking corrective action are keys to success .2 -1.Nation's Restaurant News, 1999, http://www.findarticles.com,PP - Kogan, M.S.," How to Detect & Solve a Company's Financial Distress" ,Commercial Law .4-1.Bulletin, 2003, http://www.findarticles.com,PP

. )5991( 862 482 -) 15 67.)2 - ) : 125 .)194 )2(.962.50- Nance, D.R., Smith, C.Jr, & Smithson. C.W., Op. Cit., P

)15(. 5891 Smith & Stulz . - (Pt(BC )2( - - (E(NCF)t - Pt(BC )2( - . - - ) (ri )2( )3( - . )25(. - :,)3991( Froot, et al ,)0002( Nance, et al (1993), Geczy, et al (1997), Graham & Smith (1999), Ramu 0002( - (Culp )35(.

15 :.9901-7901.- Tufano, P., Op. Cit., PP )3(.0331 ,7231.- Geczy C., Minton, B.A., & Schrand. , Op. Cit., PP )1(.504-193.52- Smith, C.W., & Stulz, R., Op. Cit., PP : 35 - Froot, K.A., et al, " Risk management: coordinating corporate investment and financing .8561-9261 .policies ", The Journal of finance, 1993, Vol. 48, No. 5, PP .7311-7901.- Tufano, P., Op. Cit., PP 482-762..Nance, D.R., Smith, C.Jr, & Smithson. C.W., Op. Cit., PP 0331-3231 ..Geczy C., Minton, B.A, & Schrand. , C., , Op. Cit., PP.01-4.- Bozzo, N.L., Op. Cit., PP ,45.- Graham,J.,& Smith,C., " Tax incentives to hedge ", The journal of finance , 1999 , Vol .2622 -1422.No.6, PP

," - Ramu. S.T., " Risk measurement and hedging : with and without derivatives )2(.13-1.Financial management , 2000, http://www.findarticles.com,PP

2/3/2/3- :

Claims . )45(: 1 - . Asset substitution 2 - . Underinvestment " " - - - - .

: 45 ,"- Smith, C.W., & Warner, J.B., " On financial contracting ; An analysis of bond covenants , .In The Book : The modern theory of corporate finance, Jensen, M.C., & Smith, C.W .712-571 .(N.Y.: McGraw Hill Book company, 1984) PP - Disraeli, B., " Capital Structure Theory ", In The Book ; Financial management, Concepts 604 .and applications, Rao, R.K.S., (N.Y. : Macmillan Publishing company, 1992), PP .014 - Cummins, J.D., Phillips, R.D., & Smith, S.D., " Financial risk management in the insurance industry ", In The Book ; Handbook of Insurance, Dionne, G., (London : Kluwer .585 -565.Academic Publishers, 2000), PP .112 -702 .- Doherty, N.A.,(2000), Op. Cit. , PP - Myers, S.C., & Majluf, N.S., " Corporate Financing and investment decision when firm ,31.have information that investors do not have" Journal of financial economics,1984, Vol .122 -781 .No.2, PP ,"- Mayers, D., & Smith, C. Jr.," Corporate insurance and the underinvestment problem .45 - 54.Jornal of Risk & insurance, 1987, Vol. 54, PP - Gay, G.D., & Nam, J., " The Underinvestment Problem and derivatives usage by )1(.96 -35 .corporation", Financial management, 1999,Vol.27, No.4, PP