Risk, the Limits of Financial Risk Management, and Corporate Resilience
本文综述了非金融企业总风险影响预期现金流和股东财富的理论，指出金融风险管理主要局限于短期风险，并呼吁企业关注韧性，同时需要更多研究韧性的成本与收益。
Existing evidence shows convincingly that expected cash flows of nonfinancial firms can be negatively affected by their total risk, so that nonfinancial firms can create shareholder wealth by managing their total risk. After reviewing theories that demonstrate links between firm value and total risk, I examine how financial risk management is used to manage firm total risk. I conclude from the evidence that the use of financial risk management is mostly limited to near-term risk in nonfinancial firms. I offer explanations for this limited role of financial risk management. I argue that the limitations of financial risk management make it important for firms to also focus on resilience and call for more research on the costs and benefits of resilience.