magistrsko delo
Darij Krt (Author), Žan Oplotnik (Mentor), Zlatko Nedelko (Co-mentor)

Abstract

Tako posamezna podjetja kot skupine podjetij v finančnem in realnem sektorju so vsakodnevno preko svojih poslovnih aktivnosti izpostavljena različnim poslovnim tveganjem. Le te predstavljajo nevarnost zmanjšanja gospodarskih koristi podjetja in s tem grožnjo resne motnje v kontinuiteti poslovanja, ki lahko v najslabšem primeru privede tudi do stečaja in s tem prenehanja delovanja. Ena izmed pomembnejših poslovnih tveganj, ki so jim podjetja izpostavljena so finančna tveganja. Tako valutno in obrestno tveganje, ki sodita v skupino cenovnih finančnih tveganj, kot kreditno tveganje, predstavljajo nevarnost zmanjšanja gospodarskih koristi podjetja v obliki nepredvidenih neugodnih sprememb denarnih tokov, ki v prvi vrsti pomenijo za podjetje likvidnostno tveganje in ne nazadnje tveganje zmanjšanja načrtovanega poslovnega rezultata. V zadnjih nekaj letih, ki so sledila izbruhu globalne finančno gospodarske krize konec leta 2008, ko se je finančno in splošno poslovno okolje podjetij izjemno poslabšalo in postalo izjemno nepredvidljivo se je predvsem v podjetjih, ki poslujejo v mednarodnem okolju, na trgih z različnimi lokalnimi valutami, pokazala potreba po optimizaciji in s tem spremembi pristopa k obvladovanju valutnega tveganja. Optimizacija obvladovanja valutnega tveganja je še toliko bolj pomembna v multinacionalnih podjetjih, ki predstavljajo skupino kapitalsko povezanih podjetij v različnih valutnih območjih. V tem primeru je potrebno vzpostaviti takšno sistemsko rešitev obvladovanja valutnega tveganja tako na nivoju posameznega povezanega podjetja kot na nivoju celotne skupine, ki omogoča dosledno izvajanje predhodno sprejete krovne politike o obvladovanju valutnega tveganja in visoko odzivnost na konstatno se spreminjajoče poslovne okoliščine, kot rezultat sprememb na finančnih trgih, posebno valutnih. Takšen sistem obvladovanja valutnega tveganja je možno uvesti skozi spremembo organizacijske oblike obvladovanja valutnega tveganja, od decentralizirane k bolj centralizirani obliki. Krovno politiko obvladovanja valutnega tveganja, v kateri so opredeljene usmeritve, postopki, pravila in odgovorni posamezni zaposleni, morajo multinacionalna podjetja oblikovati in izvajati ne glede na organiziranost obvladovanja valutnega tveganja, vendar so doslednost sprejemanja odločitev v skladu s sprejeto politiko, nadzor nad izvajanjem, kontrola učinkovitosti in visoka odzivnost na spremenjene poslovne okoliščine lažje izvedljivi v primeru centralizirane oblike. V ta namen smo v nalogi na primeru slovenskega multinacionalnega podjetja predstavili potrebne spremembe za prehod od decentralizirane k centralizirani obliki organiziranosti obvladovanja valutnega tveganja. Ker predstavlja optimizacija organiziranosti obvladovanja valutnega tveganja v multinacionalnem podjetju zgolj prvi korak k učinkovitejšemu obvladovanju valutnega tveganja smo v zadnjem delu nalogu predstavili možnosti optimizacije obvladovanja valutnega tveganja na primeru posameznega podjetja, ki je preko svojih poslovnih aktivnosti različnih oddelkov in programov izpostavljeno določenemu valutnemu tveganju tako na nabavni kot prodajni strani. Parcialno obvladovanje valutnega tveganja po posameznih oddelkih/programih z notranjimi in zunanjimi metodami obvladovanja valutnega tveganja je možno optimizirat z enotnim obvladovanjem valutnega tveganja. Pri tem je ključna pravilna izbira in uporaba valutnih izvedenih finančnih instrumentov, ki so prav tako v nalogi teoretično predstavljeni in v praktičnem delu med seboj primerjani.

Keywords

valuta;obvladovanje;tveganje;poslovno tveganje;finančno tveganje;obrestno tveganje;kreditno tveganje;devizni trg;optimizacija;

Data

Language: Slovenian
Year of publishing:
Typology: 2.09 - Master's Thesis
Organization: UM EPF - Faculty of Economics and Business
Publisher: D. Krt
UDC: 336.74:005.334
COBISS: 11686172 Link will open in a new window
Views: 1358
Downloads: 213
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Other data

Secondary language: English
Secondary title: Currency risk management optimization in multinational corporation
Secondary abstract: Individual companies and multinational corporations in financial and real sector are exposed on a daily basis to various business risks through their business operations. This business risks represents a risk of diminishing economic benefits of a company and so a real threat of interruption in conducting business operations. In worst case scenario this can even lead to bankruptcy and final termination of business conduct. One of the most important business risks are financial risks. Currency risk and interest rate risk, which are both considered as price risks, in line with credit risk represents a risk of unbeneficial changes of cash flows, which in first place represents liquidity risk and at the and risk of business underperformance comparing to planned business result. In last few years, following the beginning of global financial and economic crisis in year 2008, when financial and general business environment had considerably deteriorated and became very unpredictable, especially enterprises with business operations in different currency areas found out a need to reconsider their way of currency risk management and try to optimize it. Currency risk management optimization is even more important in multinational corporations (MNC) conducting business in several various currency areas. In their case it is important to develop such systematic solution on individual company and group level, which enables general currency risk management policy to be thoroughly followed and enables a high responsiveness to constantly changing business circumstances as a result of changes in financial markets especially foreign exchange markets. This kind of system of currency risk management it is possible to execute through a change of currency risk management organizational form, from decentralized one to more centralized form. General currency risk management policy in which guidance, procedures, rules and responsible individuals are determent should be prepared and followed on daily basis by MNC regardless of their currency risk management organizational form, but making decisions in compliance with excepted policy, execution control, effectiveness control and high responsiveness to constantly changing business circumstances are easier to reach in case of centralized form. For this purpose we have presented changes needed to be executed for transformation from decentralized to centralized currency risk management organizational form on a case of Slovenian MNC. Because optimization of currency risk management organizational form in MNC is only first step closer to more effective currency risk management we have presented in last part of this thesis possibilities of currency risk management optimization in case of one individual company, which is exposed to currency risk, both on purchasing and sales side, through business operations of its various departments and programs. Partial currency risk management conducted separately by different departments/programs with internal and external methods of currency risk management can be optimized by applying unified currency risk management. Here is a crucial thing to use in a right way right currency derivative financial instrument, which are theoretically presented at the beginning and compared between each other in applicable part of this master thesis.
Secondary keywords: Currency risk;Currency risk management;organizational structure of currency risk management;currency derivative financial instruments;
URN: URN:SI:UM:
Type (COBISS): Master's thesis
Thesis comment: Univ. v Mariboru, Ekonomsko-poslovna fak.
Pages: 118 str.
ID: 8728399