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THE EFFECT OF USING FINANCIAL ENGINEERING ON THE MANAGEMENT OF RISK IN SMALL AND MEDIUM ENTERPRISES
(THE EFFECT OF USING FINANCIAL ENGINEERING ON THE MANAGEMENT OF RISK IN SMALL AND MEDIUM ENTERPRISES )

Yazar : Amine Hassan BERRI  & Yehya ZALZALI  
Türü :
Baskı Yılı : 2020
Sayı : 54
Sayfa : 244-275
69    34


Özet
Financial engineering is a developmental process through the role it plays in revitalizing global financial exchanges, as it works on creating new financial instruments for the purposes of hedging, speculating, and investing, which all revolve around risk management, that is, the possibility of an adverse deviation from the desired or expected outcome, Whereas the presence of these deviations may lead to limiting the endeavor of financial institutions to survive, grow and stabilize their activities, and risks may arise either by changes that occur in the markets through fluctuations in exchange rates and interest rates,. . . or through business and operations with external parties, Or through internal business. Some researchers have tried to develop methods and tools that may help reduce, or eliminate these risks, which are represented in financial engineering tools, which highlight their importance by finding innovative solutions and new financial tools in line with considerations of economic efficiency, and financial engineering may seem necessary with the tremendous changes, Which is represented in the change in the method of managing economic resources to a free economic, in addition to the interconnectedness of international financial markets due to the revolution in communications and information technology. Small and medium enterprises are considered one of the most important sources of economic development, because they constitute a source of creativity and innovation and their ability to contribute and to increasing productive capacities and employing the workforce, and achieving balance. The lack of guarantees provided to banks on the one hand, and their inability to access financial markets due to their limited resources. The issue of financing has always witnessed many developments and the creation of multiple and varied financing tools, in line with the development and diversity of financing needs. She highlighted the importance of venture capital (risk) as an innovative mechanism in financing small and medium enterprises. Which is a method or technique for financing investment projects by companies called venture capital companies, and this technique is not based on providing cash only, as is the case in bank financing, but is based on participation, where the participant funds the project without guaranteeing the return or its amount. Thus, he is risking his money, and that is why the researchers believe that this financing helps most new small and medium enterprises to expand and face the difficulties they face in this field due to the banks ’refusal to grant those loans due to the lack of guarantees. Under these circumstances, and in view of the transformations in the financial and banking work environment and the integration movement taking place in the various financial markets and the increasing use of information and communication technologies, many innovations and new financing methods have emerged in the field of financial dealings called "financial innovations", especially with regard to financial engineering and capital. The risks that have become the hallmark of financial renewal and overwhelmed its features on the global financial markets, and witnessed an unparalleled demand for its instruments in the traditional money markets (stocks and bonds) from the same year, which gives it a generally deep impact on the financial markets. Hence the effective role of "engineering" in creating new financial investment contracts and instruments that meet the evolving desires and endless goals of various investors. The efforts of financial engineers led to the creation of derivative contracts of various kinds in addition to financial operations and strategies that allowed in most of the time the management of financial risks, but at other times it complicated them (in light of integration, mergers and financial globalization, abolishing intermediation, restrictions, barriers, and the difficulty of controlling them, which leads to breach of Economic balance, which requires analyzing the extent of the impact of financial engineering techniques in avoiding financial and financing challenges by studying the various aspects and results of this financial industry that has been criticized in its operations. Financial engineering is one of the most prominent and recent approaches used in the financial science, as it focuses on providing financial products to address financing problems and risk on the one hand, which we can call qualitative, or qualitative financial engineering, in addition to providing quantitative models to measure the risks that may be encountered in the financial activity, banking and product, pricing on the other hand.

Anahtar Kelimeler


Abstract
Financial engineering is a developmental process through the role it plays in revitalizing global financial exchanges, as it works on creating new financial instruments for the purposes of hedging, speculating, and investing, which all revolve around risk management, that is, the possibility of an adverse deviation from the desired or expected outcome, Whereas the presence of these deviations may lead to limiting the endeavor of financial institutions to survive, grow and stabilize their activities, and risks may arise either by changes that occur in the markets through fluctuations in exchange rates and interest rates,. . . or through business and operations with external parties, Or through internal business. Some researchers have tried to develop methods and tools that may help reduce, or eliminate these risks, which are represented in financial engineering tools, which highlight their importance by finding innovative solutions and new financial tools in line with considerations of economic efficiency, and financial engineering may seem necessary with the tremendous changes, Which is represented in the change in the method of managing economic resources to a free economic, in addition to the interconnectedness of international financial markets due to the revolution in communications and information technology. Small and medium enterprises are considered one of the most important sources of economic development, because they constitute a source of creativity and innovation and their ability to contribute and to increasing productive capacities and employing the workforce, and achieving balance. The lack of guarantees provided to banks on the one hand, and their inability to access financial markets due to their limited resources. The issue of financing has always witnessed many developments and the creation of multiple and varied financing tools, in line with the development and diversity of financing needs. She highlighted the importance of venture capital (risk) as an innovative mechanism in financing small and medium enterprises. Which is a method or technique for financing investment projects by companies called venture capital companies, and this technique is not based on providing cash only, as is the case in bank financing, but is based on participation, where the participant funds the project without guaranteeing the return or its amount. Thus, he is risking his money, and that is why the researchers believe that this financing helps most new small and medium enterprises to expand and face the difficulties they face in this field due to the banks ’refusal to grant those loans due to the lack of guarantees. Under these circumstances, and in view of the transformations in the financial and banking work environment and the integration movement taking place in the various financial markets and the increasing use of information and communication technologies, many innovations and new financing methods have emerged in the field of financial dealings called "financial innovations", especially with regard to financial engineering and capital. The risks that have become the hallmark of financial renewal and overwhelmed its features on the global financial markets, and witnessed an unparalleled demand for its instruments in the traditional money markets (stocks and bonds) from the same year, which gives it a generally deep impact on the financial markets. Hence the effective role of "engineering" in creating new financial investment contracts and instruments that meet the evolving desires and endless goals of various investors. The efforts of financial engineers led to the creation of derivative contracts of various kinds in addition to financial operations and strategies that allowed in most of the time the management of financial risks, but at other times it complicated them (in light of integration, mergers and financial globalization, abolishing intermediation, restrictions, barriers, and the difficulty of controlling them, which leads to breach of Economic balance, which requires analyzing the extent of the impact of financial engineering techniques in avoiding financial and financing challenges by studying the various aspects and results of this financial industry that has been criticized in its operations. Financial engineering is one of the most prominent and recent approaches used in the financial science, as it focuses on providing financial products to address financing problems and risk on the one hand, which we can call qualitative, or qualitative financial engineering, in addition to providing quantitative models to measure the risks that may be encountered in the financial activity, banking and product, pricing on the other hand.

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