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Author
Del Pozzo Antonio (University of Messina, Italy), Loprevite Salvatore (University of Messina, Italy)
Title
Liquidity risk reporting in Italian companies listed in the "Star segment"
Raportowanie ryzyka płynności we włoskich spółkach notowanych w segmencie star na giełdzie w Mediolanie
Source
Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 2013, nr 60, s. 413-426, tab., bibliogr. 39 poz.
Keyword
Ryzyko finansowe, Finanse przedsiębiorstwa, Płynność finansowa
Financial risk, Enterprise finance, Financial liquidity
Note
streszcz., summ..
Company
Włoska Giełda Papierów Wartościowych, CONSOB, Banca d'Italia, ISVAP
Italian Stock Exchange, , ,
Country
Włochy
Italy
Abstract
Niedawny kryzys na rynkach finansowych zwrócił uwagę na ryzyko utraty płynności. W doktrynie, ryzyko utraty płynności dotyczy przejściowych trudności w zapewnieniu odpowiedniej płynności dla procesów operacyjnych. Badania na temat ryzyka utraty płynności zwykle przypisują mu dwie przyczyny. Jeśli chodzi o pasywa, jest ono związane z trudnościami w realizacji już podjętych zobowiązań lub odnowienia kredytu ciągłego. Odnośnie aktywów, jest ono związane z trudnością likwidacji już dokonanych inwestycji, bez przeprowadzania nieopłacalnych dezinwestycji. W międzynarodowych standardach rachunkowości widać, że pojęcie to nie jest jednorodne i może być bardziej ograniczone niż w teorii, do tego stopnia, że we Włoszech organy nadzoru (CONSOB, Banca d'Italia, ISVAP) odczuły niedawno potrzebę zapewnienia wskazówek co do minimalnej zawartości informacyjnej wymaganej w sprawozdawczości. W niniejszej pracy, po opisaniu głównych znaczeń przypisywanych ryzyku płynności według standardów rachunkowości, na podstawie empirycznego badania spółek notowanych w segmencie Star na Włoskiej Giełdzie Papierów Wartościowych, sprawdzono: a) informacje zawarte w sprawozdaniach finansowych, b) poziom zgodności i obszerności opcjonalnych informacji sprawozdawczych, c) czy istnieje związek między ich sytuacją ekonomiczno-finansową i obszernością raportów ryzyka płynności. Wyniki prowadzą do stwierdzenia, że podane informacje są niskiej jakości. (abstrakt oryginalny)

The recent crisis in the financial markets has brought liquidity risk into the spotlight. In doctrine, liquidity risk concerns a temporary difficulty in guaranteeing appropriate liquidity for the operation of corporate processes. Studies on liquidity risk tend to link this risk to two main causes. As regards the liabilities, it is linked to the difficulty of meeting contractual obligations already undertaken or renewing continuity debts; as regards the assets, it is linked to the difficulty of liquidating investments already made without having to carry out uneconomic disinvestments. In international accounting standards we find that the notion is not uniform and tends to be more restricted than the theoretical one, so much so that in Italy the supervisory authorities (CONSOB, Banca d'Italia, Isvap) have recently felt the need to provide operational indications on the minimum information content required in reporting. In this paper, after describing the principal meanings attributed to liquidity risk in accounting standards, on the basis of an empirical survey of companies listed in the "Star Segment of the Italian Stock Exchange", we verify: a) the information provided in financial reports; b) the level of compliance and depth of the optional reporting information; c) whether there is a relationship between the economic-financial situation and the depth of their liquidity risk reporting. The results lead us to conclude that the information provided is of a low quality. (original abstract)
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ISSN
1640-6818
1733-2842
Language
eng
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