2014 ACCA考试（P4 高级财务管理）考前辅导18

　　以下是高顿网校小编为ACCA学员整理的：P4高级财务管理，供大家参考。
 

　　Risk management can help a corporation obtain an optimal capital structure of debt and equity to maximise its value. Since risk management stabilises the variability of cash inflows, this would enable a corporation to take more debt finance in its capital structure. Stable cash flows indicate less risk and therefore debt holders would become more willing to lend to the corporation. Since debt is cheaper to finance than equity because of lower required rates of return and the tax shield, taking on more debt should increase the value of the corporation. Risk management can help achieve this.

　　Academics have observed that managers would prefer to use internally generated funds rather than going to the external markets for funds because it is cheaper and less intrusive on the corporation. They suggest that borrowing money from the external markets, whether equity or debt, would involve parties who do not have the complete information about the corporation. This information asymmetry would make the external sources of funds more expensive. If risk management stabilises the cash flows that the corporation receives from year to year, then this would enable managers to plan when the necessary internal funds will become available for future investments with greater accuracy. They will then be able to align their investment policies with the availability of funding.
 

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