Having placed one fund, the firm usually offers a subscription to the second. As a rule, firms operate several funds which are at different stages of development. It serves, first, as means of accumulation of financial resources, secondly, an implementer of the basic principle of risk investment - permissions and distributions of risk.
The finishing, most important stage of process of management of risks - prevention (the prevention of emergence of risks or their minimization. The corresponding ways together with ways of compensation of risks make the content of so-called REGULATION of RISKS.
The probability of approach of losses can be defined by two. The objective method of definition of probability is based on calculation of frequency to which there is this event, and subjective - on assumptions (personal experience and judgments estimating, opinion of experts and financial consultants, etc.). At subjective determination of value of probability for the same event get different sizes and thus the different choice is made.
This classification which author is B. Putnam, differs in harmonous approach. Its basis was formed by four sources of emergence of risks which are presented by different concrete types of risks. Treat advantages of classification:
The risk for the borrower has the dual nature. Obtaining a loan at the fixed rate, it is exposed to risk because of falling of rates, and in case of a loan at freely fluctuating rate it is exposed to risk because of their increase. The risk can be reduced if to foresee, in what direction interest rates during loan term will begin to change, but to make it rather difficult.
Specializing on financing of projects with high degree of uncertainty of result, firms of the venture capital provide investments not in the form of the loan, and in exchange for the most part of the share capital created by a venture. It predetermined also the main form of the income on the venture capital - the constituent profit realized by founders of the starting companies and the funds financing them - partners only in 5 years when actions of a venture start being quoted in stock market. Since the determined period (usually 10 years) the fund is dismissed. Shares of the company which entered stock market, are distributed between partners.
The venture capital combines various appendix forms of the capital: loan, joint-stock, enterprise. He mediates in an uchreditelstvo of starting knowledge-intensive firms, so-called ventures.
Selective risks (Latin Selektio-a choice, selection) is a risk of the wrong choice of types of capital investments, a type of securities for investment in comparison with other types of securities when forming an investment portfolio.
The financial risk, as well as any other, is defined mathematically by the expressed probability of approach of loss which is guided by statistical data and can be calculated with rather high precision. Quantitatively to determine the size of financial risk, it is necessary to know all possible consequences of any separate action (operation) and probability of consequences. In relation to economic tasks methods of probability theory are reduced to determination of values of probability of approach of events and to a choice from possible events of the most preferable, proceeding from the greatest size of a population mean. In other words, a population mean of any event to equally absolute value of this event increased by probability of its approach.
Abroad the independent companies of the risk capital which raise funds of other investors are usually created and create fund of the venture capital. This fund has a partnership form in which firm - the organizer of fund acts as the main partner, brings usually 1% of the capital, but bears full responsibility for management of fund.
Pure risks mean possibility of receiving negative or zero result. Speculative risks are expressed in possibility of receiving both positive, and negative result. The financial risks which are part of commercial risks belong to these risks.
The percentage risk is born by the issuer releasing medium-term and long-term securities with the fixed percent at the current decrease of average market percent in comparison with the fixed level. In other words, the issuer could raise funds from the market under lower interest.
The risk of the missed benefit is a risk of occurrence of indirect (collateral) financial damage (uncollected profit) as a result of failure of any action (for example, insurance, hedging, investment, etc.).