对金融衍生工具的风险评估与管理.pdfVIP

Investment Management and Financial Innovations, Volume 4, Issue 1, 2007 31 RISK ASSESSMENT AND MANAGEMENT IN FDIs. A CASE STUDY IN THE BALKANS Nicos Sykianakis Abstract The Foreign Direct Investment (FDI) decision-making process tends to emphasise strate- gic analysis over financial analysis. The priority given to strategic analysis is a major theme to emerge from the case study reported in this paper. Specifically, the foreign direct investment deci- sion-making process of a Greek company in the Balkans is examined. The focus of interest lies in how risk was assessed and managed during the FDI decision process. Executives found political risk to be an important element to the decision, but were unable to express it numerically. The rea- son for this is that the financial expression of risk was not seen to offer an adequate understanding of the concept. Previous findings, which suggest that risk is an important element of FDIs and is considered separately from the financial analysis, were endorsed. In practice, risk was considered during the first steps of the process and is expressed mainly qualitatively. The case study organisa- tion reported here tried to reduce risk through gradual expansion strategies and by enrolling the participation of local partners and venture capital investors. Risk assessment and management are not studied separately, but as two inter-related tasks. These findings suggest that the focus for companies undertaking FDIs may be more on managing risk than attempting to make a sophisti- cated calculation of risk for inclusion in financial appraisals of FDI projects. Key words: Foreign Direct Investments, Risk, Case Study, Balkans. JEL Classification: F21, G31. I. Introduction Capital investments in the real w