A Research On Financial Strategic Risk Monitoring Based On Real Option

Financial strategic risk is a main type of strategic risk. It not only has influence on decision efficiency, but also has overall influence on the enterprise survival and sustainable development. How to identify, evaluate and control the occurrence and development of strategic risk becomes a core concerned problem for financial strategy management. But for the technical means of strategic risk measure is not perfect, and the main methods for financial strategy risk control is elusion and cushion, they are failed to make full use of the profitability of financial strategy risk and initiatively make use of risk to create value. The current theory of financial strategy risk management lacks of systematic study.Based on real option theory, financial strategy management theory and strategic risk management theory, this paper advances the connotation and characteristics of financial strategic risk. Firstly, starting with the host-guest environment of financial strategy, this paper analyzes influencing factors and their mutual relations and constructs formation mechanism model of financial strategic risk. It aims to resolve what to lead financial strategic risk, how to lead, and the influencing degree of each factor. The formation mechanism model provides the basis for the identification, measurement and control of financial strategic risk. Then this paper reveals the essence of financial strategy is real option, which has strategic nature and risk nature, selects capital cost index to represent financing strategic risk, return on total assets to represent investment strategic risk, and EVAR to represent whole financial strategic risk, then constructs financing strategic risk measure model, investment strategic risk measure model and whole financial strategic measure model based on real option after the sufficient demonstration of capital cost behavior pattern, and then establishes the choice mechanism of financial strategy based on the above measure models. Finally, the paper suggests that using real option method, improving financing flexibility and keeping capital strategic risk reserve are important tactics to control financing strategy risk. Creating real option according to key risk factors is proposed to enhance managerial flexibility, increase enterprise strategic value, and control investment risk. Coupling mechanism of financing and investment, controlling whole financial strategy risk and other risk control measures are aim to realize financial strategy objective.