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Risks acceptance (acceptance of the minimum risk, acceptance of the increased
risk, if any it is compensated at the expense of profits and the reserve economic fund
of the innovator enterprise);
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Risks prevention (refusal to participate in projects with critical and unacceptable
risk levels for the enterprise);
-
Risks optimization (reducing risks through additional measures/costs);
-
Risks distribution (risks are shared among all process participants in such a way
that the potential losses for each of them are relatively small, for example, financial-
industrial groups are not afraid to take risks by financing large projects or new R&D
directions);
-
Risks diversification (reducing risks by dividing them between several risky
projects in such a way that raising one’s risk means reducing the risk of another);
-
Risks insurance (turning of accidental losses into relatively small permanent
expenses).
Taking into account that risk minimization is important for implementation of
venture projects, hedging is to be considered.
This is a strategy for minimizing price risk, which is used by portfolio investors,
private investors and corporations to reduce the impact of price variation on assets or
investments, which reduces the risk of money loss.
By types of hedging it is possible to divide (according to the types of derivatives)
derivative financial instrument, a contract, the price of which is determined by the
value of the underlying asset; the derivative certifies the right/obligation to buy/sell the
underlying asset in the future (securities, products, services) on the terms specified by
it at the indicated price and within the specified period [6].
According to Article 14.1.45 of the Tax Code of Ukraine, derivatives include
[8]: swap; option; forward contract; futures contract.
Hoffe V. [9, с. 11] has systematized the main types of derivatives used for risk
management of financial institutions. For hedging the interest rate risk, numerous
instruments of the market of derivatives can be used: forwards, futures, swaps (interest,
corridor, amortizing, cumulative), swaptions, options (cap, floor, collar), etc. To hedge
other types of risks, there is also a certain set of instruments for the market of
derivatives. For example, credit risk can be hedged using credit swaps (credit default
swap and total income).
Thus, depending on hedging instruments, the following strategic decisions can
be generalized [7]:
1.
Forward.
2.
Futures: commodity futures and currency futures.
3.
Option: put option and call option.
4.
Swap: interest swap and credit default swap.
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