IDENTIFICATION OF DEBT-CAPITAL-RELATED RISKS IN JOINT-STOCK COMPANIES

Abstract

This paper addresses the identification of risks associated with debt capital in joint-stock companies (JSCs). It outlines the principal categories of debt-related risk — financial-leverage, insolvency (default), liquidity, interest-rate, and refinancing risk — and reviews the main analytical indicators used to detect them, including capital-structure and coverage ratios, the degree of financial leverage, and the Altman Z-score bankruptcy-prediction model. The relevance of these tools for JSCs in emerging markets, with particular reference to Uzbekistan, is discussed, and recommendations for improving early identification of debt-capital risks are proposed.