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首页> 外文期刊>European Journal of Business and Management >Effects of Financial Risks on Profitability of Sugar Firms in Kenya
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Effects of Financial Risks on Profitability of Sugar Firms in Kenya

机译：金融风险对肯尼亚糖公司盈利能力的影响

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The sugar industry plays a significant role in socio-economic development of the Kenyan economy and by the nature of its operations, faces a myriad of challenges as a result of financial risk exposure. With the liberalization of trade and free movement of financial assets, risk management through the use of derivatives has become a necessity and despite enormous benefits that can be derived from using derivatives to manage financial risks, Kenyan sugar firms have not embraced their use to full potential and there is lack of a thriving derivative market locally due to limited number of derivative instrument and lack of knowledge of existence of the instrument. This research examined the effects of financial risks on profitability of sugar firms in Kenya. Financial risks examined included credit risks, interest rate risks and liquidity risks. Census research design was used where all the 48 finance officers of the 8 sugar firms registered by the Kenya sugar board were studied. Questionnaires were used to solicit data. Descriptive data was analyzed using frequency counts, percentages, and mean while inferential analysis was done using Pearson correlation analysis. The study established that, a significant, negative correlation existed between firms level of liquidity risk and firms profitability, r = -0.777, P< 0.01. A significant, strong, negative correlation between firms risk rating and profitability r= - 0.689, P<0.01 and a strong, positive correlation also existed between firms efficiency of risk management and profitability r = 0.714, P< 0.01. This indicates that as the firm manages its risks more efficiently, the chances of loss are minimized hence higher profitability is realized. Financial risk management practices are therefore useful to sugar industry that operates in dynamic and competitive environments like Kenya. Liquidity risks have an effect on the profitability of sugar firms in Kenya and therefore the firms should ensure that they are financially stable so that there is smooth running of all operations. Since sugar firms extend credit to farmers in the form of seed cane, fertilizers, and other farm inputs, the firms should ensure constant monitoring of the credit through stringent internal credit control mechanisms. Firms should also try to reduce the sources of funding from loans by diversifying their activities like production of ethanol and being listed in the Nairobi securities exchange to supplement their capital to minimize the effects of fluctuations in interest rates on their profitability. Key Words: Kenya Sugar firms, Financial Risks, Profitability
机译：糖业在肯尼亚经济的社会经济发展中起着重要作用，并通过其运营的性质，面临金融风险敞口的挑战。随着贸易自由化和金融资产的自由流动，通过使用衍生品的风险管理已经成为必需品，尽管可以使用衍生品来管理金融风险的巨大益处，但肯尼亚糖公司并没有将其用来充分利用由于有限数量的衍生工具和缺乏对仪器存在的知识，缺乏蓬勃发展的衍生市场。本研究检测了金融风险对肯尼亚糖公司盈利能力的影响。审查的金融风险包括信用风险，利率风险和流动性风险。研究了人口普查研究设计，在肯尼亚糖委员会注册的8次糖公司的所有48家融资官员中使用。调查问卷用于征求数据。使用Pearson相关分析使用频率计数，百分比和均值进行分析描述性数据，而平衡分析。该研究成立了，在流动性风险和公司盈利能力水平之间存在显着，负相关性，r = -0.777，p <0.01。公司风险评级和盈利能力之间的重要性强，负相关性r = - 0.689，P <0.01和强劲，正相关性也存在于企业风险管理和盈利能力r = 0.714，P <0.01之间。这表明，随着公司更有效地管理其风险，损失的机会最小化，因此实现了更高的盈利能力。因此，金融风险管理实践对于在像肯尼亚这样的动态和竞争环境中运行的糖业有用。流动性风险对肯尼亚的糖公司的盈利能力产生了影响，因此该公司应确保他们在经济上稳定，以便在所有操作中顺利运行。由于糖公司以种子甘蔗，肥料和其他农场投入的形式向农民延长信贷，因此该公司应通过严格的内部信贷控制机制确保不断监测信贷。公司还应试图通过多样化乙醇的生产，并在内罗毕证券交易所所列的活动中弥补贷款的资金来源，以补充其资本，以尽量减少利率波动对其盈利的影响。关键词：肯尼亚糖公司，金融风险，盈利能力

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