This conceptual paper focuses on the relationship between insolvency, capital structure, and value creation. The aim is twofold: to define risk-based capital measures able to absorb the effects of financial distress and avoid corporate default; and to verify conditions and limits of use of these measures in corporate financial policies. The capital measures based on insolvency risk will be defined by recalling the concepts of Cash Flow-at-Risk and Capital-at-Risk. A first check on the usefulness of these risk-based measures and their consistency with the principle of value maximization is carried out through a simulation model. The scenario analysis allows us to examine how financial and risk policies oriented by insolvency avoidance affect the firm value. According to evidence from the simulation model, these measures appear to be useful in lowering the default risk, but they require a continuous assessment of their impact on the firm value.

中文翻译：

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破产风险与价值最大化：财务管理与风险管理的融合

这篇概念性论文侧重于破产、资本结构和价值创造之间的关系。目标是双重的：定义能够吸收财务困境影响并避免企业违约的基于风险的资本措施；并核实在公司财务政策中使用这些措施的条件和限制。基于破产风险的资本措施将通过回顾风险现金流和风险资本的概念来定义。通过模拟模型首先检查这些基于风险的措施的有效性及其与价值最大化原则的一致性。情景分析使我们能够检查以破产规避为导向的财务和风险政策如何影响公司价值。根据仿真模型的证据，