Methodology of financial risks management at the enterprises of forest industrial complex

Abstract

The essence of financial risk is considered, the sources of uncertainty are singled out, and the definition of financial risk is established. The theoretical aspects of the financial risk management system and the mechanism of their implementation are characterized. The types of financial risks are defined. The main goal of the financial risk system is highlighted; it is the maintenance of the stability of the enterprise in the process of its development, the minimization of losses in economic operations. Therefore, it should solve the following tasks: identifying the most significant threats and identifying weaknesses in the company’s activities. It is outlined that the monitoring of financial risks is a set of information-analytical and control measures for managing financial risks, the content of which is to collect and process the necessary information about changes in relevant indicators, as well as providing results for the analysis of deviations and the assessment of their impact on the FIC. A number of methods and mathematical models for diagnosing the probability of bankruptcy of commercial organizations was considered. It is summarized that the simplest bankruptcy diagnostic method is a two-factor mathematical model, during the construction of which only two indicators are taken into account: the ratio of current liquidity and the specific weight of these funds in liabilities. Different ways of adapting ‘imported’ models (‘five-factor model’ by E. Altman, two-factor mathematical model) to domestic economic conditions are considered, and later Altman developed a similar, but more accurate model, which makes it possible to predict bankruptcy for the next five years with accuracy up to 70%. W. Beaver proposed a five-factor system for assessing the financial condition of an enterprise in order to diagnose bankruptcy. It consists of the following indicators: profitability of assets, specific weight of borrowed funds in liabilities, current liquidity ratio, share of net working capital in assets, Beaver ratio = (net profit + depreciation) / borrowed funds. It was determined that on the basis of statistical data processing, it is possible to apply a system of anti-crisis diagnostics techniques. Scientists equate diagnostics with a tool of anti-crisis policy. Keywords: risks, financial risks, bankruptcy, anti-crisis management, industry, forest industry, forest industry complex (FIC).