The Impact of Risk Management Decisions on Firm Value: Gordon's Growth Model Approach
使用戈登无限增长模型，在精算公平保费和指数损失控制函数假设下，衡量不同风险管理工具的现金流，并考虑现金流波动后评估资本成本，通过折现现金流确定企业价值。
This article examines the possible impact of risk management decisions of a firm on its value by using Gordon's infinite growth model. Expected earnings and expected losses of the firm are allowed to grow at a constant rate. Cash flows for different risk management tools are measured under the assumptions of an actuarially fair insurance premium and an exponential loss control function. Cost of capital is evaluated after considering fluctuations of cash flows. Firm value is determined by discounting appropriate cash flows at cost of capital in excess of the earnings growth rate.