Risk (economy)

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Venture hot in business administration all risks of loss resulting from the operation of a company's result, and often negative externalities caused.

General

The word comes from the Middle High German "wagan" and stands for "dare" or "have the courage to do something". Risk is based on an individual, so that in contrast to risk , risk does not denote any social insecurities. Risk is “the courage to break new ground to the best of one's knowledge and belief, but with the possibility of taking unforeseen risks and being responsible for their consequences”. The risk is differentiated from the general entrepreneurial risk in that the latter also includes the chances of winning .

Business administration

Today, risk and venture are mostly used synonymously in business administration. However, business administration has also dealt with the question of differentiating between risk and venture from the start. Konrad Mellerowicz defined the risk as the “risk of loss associated with any economic activity that threatens the capital employed , be it through its destruction, failure of the expected success or the occurrence of higher than the estimated costs”. For him, risk is “the risk of loss of a company resulting from its character as a company and from its operational activities”. Risk is "the daring use of forces or resources for a business performance". However, because of its unpredictability, risk eludes any measurement and calculation. Other authors see risk and risk as synonyms.

Types of ventures

Mellerowicz differentiates between the general entrepreneurial risk , which arises “from the entrepreneurial quality in itself” and the individual character of the company, and the special individual risks that occur in production at irregular times and in varying amounts.

Entrepreneur risk

The general entrepreneurial risk includes, in particular, risks that arise from macroeconomic developments (such as economic downturns due to recessions , sudden shifts in demand or supply , devaluation of money or technical progress ). These general entrepreneurial risks do not count towards the imputed costs and are not taken into account in the cost and performance accounting. The general entrepreneurial risk is not calculable, insurable and not precisely ascertainable and is compensated through the profit .

The basic consideration is that the events arise from normal business operations and will therefore lead to costs in the accounting period. The actual costs usually deviate from this. Individual risks are therefore imputed plan values ​​that are shown in the risk costs . The deviations should be balanced out over a longer period of time. Individual risks that are covered by insurance are represented by the insurance premium in the operating accounts.

“Entrepreneurial risk” and “entrepreneurial venture” are largely used as synonyms in the field of business administration. Occasionally, however, the wording “entrepreneurial risk” is also used to identify the hazardous situation, while “entrepreneurial risk” stands for the decision and action of the entrepreneur.

Single ventures

As individual ventures such loss risks relating to certain operational sections and are due to the effectively occurred in the past cases of damage in its height approximately determined accurately and cost accounting detectable is called. Special individual risks are directly and ultimately not completely avoidable associated with running a company. Unlike the general entrepreneurial risk, they have a cost character and are directly related to the operational production process ( operational functions such as procurement , warehousing , production and sales ). Since they occur irregularly and in different amounts, they are unsuitable for cost accounting and must be booked as an expense in the income statement of financial accounting .

A distinction must be made between insured and uninsured individual risks. In the case of the insured individual risks, insurance premiums are incurred which are costs equivalent to expenses; the uninsured are taken into account by imputed risk costs that represent different costs .

The following individual risks can occur:

Investment risk

is the risk in property , plant and equipment that can be caused by natural disasters or operational disruptions. This includes losses in value of property, plant and equipment e.g. B. by damage. In addition to the so-called catastrophic wear and tear, the (tangible) plant risks include, in particular, the risk of " under- depreciation ", i.e. the risk of becoming unusable, of premature economic or technical overtaking and the risk of rented equipment (the stock of rented products can no longer be used before the capitalized value is fully depreciated cost-covering rental rates or prices).

Existing risk

is a partially uninsurable imputed risk that is realized through the storage risk ( broken goods , theft , shrinkage , obsolescence ). This also includes the formation of value adjustments because of this risk of loss or because of too abundant inventory (because of incorrect dispositions in purchasing, corrections to production plans or subsequent design changes to the products). On the other hand, expenses for value adjustments, through which the valuation of unfinished and finished goods are reduced from the manufacturing costs according to the operating account to the valuation of the commercial balance sheet ("inventory reduction"), are not to be assigned to the inventory risk.

Manufacturing venture

there are in production through failure costs from defective production ( Committee ), such as material, labor or construction errors.

Research and development venture

results from unsuccessful research and development and is reflected in excessive research and development costs that arise from losses from failed research and development work, depreciation of patents and similar rights, the acquisition costs of which cannot be offset directly in the manufacturing costs of the products.

Warranty Risk

arises from reworking products that have already been sold within the framework of guarantee and warranty obligations .

Distribution ventures

arise from payment risks with customers ( debtor risk in the event of loss of receivables ), goodwill discounts , transport losses or currency losses .

Accounting

Imputed risks are risks taken that result from the operational activity. Only the individual risks are recorded as an imputed risk. Only such individual risks may be taken into account as imputed costs that are not covered by third-party insurance, because otherwise there would be a double burden in the cost accounting. The insurance premiums for insured individual vehicles are part of the basic costs . In the long term, there must be a balance between the risk actually occurred and the imputed risk costs.

Insurance

In many cases, insurance language is inconsistent and unclear, as the terms “risk”, “danger” and “risk” show. Risk and risk are mostly used synonymously in insurance . The word risk became the scientific term in insurance theory, from which it was then used in general economics. From an actuarial point of view, risks are all dangers that threaten people or property. The “underwriting risk” is the risk of loss or a disadvantageous change in the value of insurance liabilities that results from inadequate premium setting and inadequate provisions ( Section 7 No. 32 VAG ). It is divided into the risk of chance, risk of error and risk of change.

Others

The lack of differentiation of user-oriented risk action and ethically sound risk adjustment occurs - such as in the finance and banking - always in moral verfehltem Manager behavior dramatically evident. With this understanding of risk, responsibility and fairness are often disconnected and must be demanded from outside. This behavior has brought the risk into disrepute in certain areas.

Venture capital ( English venture capital ) is the name for OTC equity that provides an investor for high-risk companies.

See also

literature

Books
  • E. Fink (Hrsg.): Handbuch des Versicherungswesen . Luchterhand, Berlin 1957.
  • E. Gutenberg: Basics of business administration . Berlin 1983.
  • Mathias Schüz (Ed.): Risk and Risk. The challenge of the industrial world. Vol. 1 and 2, Pfullingen 1990.
  • Siegbert A. Warwitz : Search for meaning in risk. Life in growing rings. Explanatory models for cross-border behavior. 2., ext. Ed., Verlag Schneider, Baltmannsweiler 2016, ISBN 978-3-8340-1620-1 .
Essays
  • Otto-Peter Obermeier : A synopsis on "Risk and Dare". In: M. Schüz (Ed.): Risk and Risk. Pfullingen 1990, Vol. 1: pp. 296-333, Vol. 2: pp. 306-349.
  • Siegbert A. Warwitz : From the sense of the car. Why people face dangerous challenges. In: Berg 2006 , ed. v. DAV, Munich / Innsbruck / Bozen 2005. pp. 96–111.

Individual evidence

  1. ↑ Siegbert A. Warwitz, Searching for Meaning in Risk: Life in Growing Rings , 2001, p. 16
  2. ↑ Andreas Hebbel-Seeger / Gunnar Liedtke, Between Lust and Load - On the elements of risk and dare in nature sports , in: Norbert Gissel / Jürgen Schwier (eds.), Abenteuer, Erlebnis und Wagnis, 2003, p. 111
  3. ↑ Oliver Gassmann / Carmen Kobe / Eugen Voit (eds.), High-Risk-Projekt , 2001, p. 421
  4. ^ Joseföffelholz, Review of Business Administration , 1980, p. 44
  5. ↑ Konrad Mellerowicz, General Business Administration , Volume 2, 1954, p. 95
  6. ↑ Konrad Mellerowicz, General questions of cost accounting and operational accounting , 1958, p. 48
  7. ^ Curt Sandig , Risk , in: Heinrich Nicklisch (Ed.), Handwortbuch der Betriebswirtschaft, Volume 2, 1939, Sp. 1465
  8. ↑ Guido Fischer , Die Betriebsführung , Volume 1, 1961, p. 33
  9. ^ Karl Hax , Die Betriebsunterstoppungsversicherung , 1949, p. 15 or: Waldemar Wittmann , Entrepreneurship and imperfect information , 1959, p. 35 f.
  10. ↑ Konrad Mellerowicz, General questions of cost accounting and operational accounting , 1958, p. 48 f.
  11. ^ Peter R. Preißler, Controlling-Lexikon , 1995, p. 206
  12. ↑ Verlag Dr. Th. Gabler, Gabler's Wirtschafts-Lexikon , Volume 6, 1984, Col. 2118 f.
  13. ↑ Erich Gutenberg , Fundamentals of Business Administration , Volume 1, Berlin, 1983, p. 212 f.
  14. ^ Karl-Horst Stracke, Entrepreneurship and Venture , 1966, p. 66
  15. ↑ Peter Posluschny, cost accounting for gastronomy , 2013, p. 74
  16. ↑ Wolfgang Ossadnik, Cost and Performance Accounting , 2008, p. 112
  17. ↑ Wolfgang Ossadnik, Cost and Performance Accounting , 2008, p. 113
  18. ↑ a b c d e Wolfgang Everling: The accrual calculation: as part of the company's internal accounting. Task - content - statements . Springer-Verlag, 2013, ISBN 978-3-663-13571-5 , pp. 27 ( google.de [accessed December 1, 2018]).
  19. ↑ a b c d e Liane Buchholz, Ralf Gerhards: Internal accounting: cost and performance accounting, operating statistics and planning accounting . Springer-Verlag, 2016, ISBN 978-3-662-48405-0 , pp. 74 ( google.de [accessed December 1, 2018]).
  20. ^ Peter R. Preißler, Controlling-Lexikon , 1995, p. 207
  21. ↑ Dieter Farny, Versicherungsbetriebslehre , 2006, p. 17
  22. ^ Jörg Freiherr Frank von Fürstenwerth / Alfons Weiß, VersicherungsAlphabet (VA) , 2001, p. 534
  23. ↑ Witold Warkałło, property insurance , 1974, p 45
  24. ^ Siegbert A. Warwitz, Searching for Meaning in Risk. Life in growing rings. Explanatory models for cross-border behavior. 2., ext. Ed., Verlag Schneider, Baltmannsweiler 2016, pp. 301–308, ISBN 978-3-8340-1620-1