公司的財務風險控制問題的因素分析
12-15, 2012
The company financial risk control problem: the factor
analysis
Frizpatrick. A
在整個的生產和經營公司的財務活動
操作的全過程中，財務風險是企業財務管理
過程中必須面對的一個現實問題，財務風險是一種信號，通過它來
整體上反映了公司的業績。由于公司的財務風險
是多種因素形成的，因此該公司不能減少
財務風險來減少公司的經濟利益損失。
Of the company's financial activities throughout the production and business
operation of the whole process, financial risk is company financial management
process must face a real problem, also financial risk is a kind of signal, through it to
overall the reflect of the company's performance. Because the company financial risk
is by a variety of factors of formation, so the company can't fully expected in advance
the financial risk, and caused the company to financial benefits loss. Financial risk is
objective existence in the financial management in every link of the work of, so, the
company's financial risk managers have to take effective measures to reduce the risks,
but not completely eliminate risk. The financial risk of evasion principle is to show
the agreed to a minimum loss of the management process, in order to achieve the
company benefit maximization. The company financial management is the business
center, good financial operation is the foundation of the development of the financial
risk of the existence of the moment threat survival and development. Therefore, the
company will set up the firm financial risk consciousness, strengthen the construction
of internal control system and perfect. The financial risk is the embodiment of
financial activity is also companies face a real problem.
1 Financial Risk Types and Characteristics
1.1 The Basic Types of Financial Risk
Often companies face a variety of specific financial risk: foreign exchange risk,
it is to point to exchange rate changes and produce profits and wealth in risk: the
interest rate risk, it is to point to the company lent or borrowed funds, faces a risk, and
face a risk that the interest rate risk; Credit risk, it is to point to exceed the time limit
not paying debts or produce risk. Credit the whole social economy can provide the
normal operation, but also increase the credit risk; Liability risks, the most
outstanding performance is financial leverage, the role of financial leverage is like a
double-edged sword, the enterprise ShouYi alive losses large; Cash flow risk, it is to
point to the company cash flow enough to meet the place of the risk of major projects;
Investment dedication, it is to point to the company for investment decisions, and face
a investment projects and deviation between the previously expected.
1.2 The Characteristics of Financial Risk
Only a thorough understanding of the basic characteristics of the financial risk,
can promptly take effective measures to prevent and control. The enemy is the
so-called can ever victorious. In financial management work also is such, want to
reduce financial risk must be fully understanding of the financial risk of various
characteristics, in terms of features on the base of the various financial risk effective
prevention and control. The company financial risk basically has the following
characteristics: objectivity, namely the financial risk is not to man's will chair and
objective existence. Overall, namely the financial risk exists in the whole process of
enterprise financial management and is reflected in a variety of financial relationships.
GongCunXing, namely the risks and benefits is proportional to the relationship and, in
general, the greater the risk that the financial many, the higher the income. Incentive,
namely of the financial risk of objective existence will promote the enterprise take
measures to guard against financial risk, and strengthen financial management and
improve the economic benefits.
2 Analysis to the Influence Factor of the Financial Risk
Because of the company business activities of facing their own conditions and
social environment is very complex, therefore, the influence of the financial risk of
company there are many factors, both the external reason gasoline, also have the
cause of the internal gasoline. But the different reasons of the formation of financial
risk is not the same. Specifically for the following several aspects:
2.1 The Macro Environment is Complicated
It is well known that continuous financial crisis, it will make the company money
supply shortages occur, capital chain rupture, and to a large bank loan company to
bring the attached great risk, and even bankruptcy. The company in the business
environment, legal environment, market environment, social cultural environment, the
macro environment, it is inevitable to gasoline itself the enormous influence. Macro
environment change on enterprise that is difficult to accurately predicted and cannot
be changed, macro environment adverse change will bring to the company financial
risk.
2.2 The Lack of Personnel Swareness of Financial Risk
Financial risk is objective existence, as long as there's a financial activities, there
must be a financial risk, however, in real work, many companies financial
management personnel risk consciousness, as we are in the process of the selling on
credit, to the customer credit rating lack understanding, lack of control, blind to sell
on credit, cause accounts receivable is out of control. A large number of accounts
receivable unable to long-term recovery until become bad loans. The serious influence
the liquidity of enterprise assets and security, the resulting financial risk.
2.3 Not to Establish and Perfect the Internal Control System
It is the company of the financial risk of produce another important reason,
between different departments within the company, in fund management and use,
distribution of interests are unknown, management responsibilities of the poor
phenomenon, cause the low efficiency of the capital, capital loss serious, capital of
security, integrity could not be guaranteed to bring risk.
3 The Present Situation of Our Country Company Financial Risk
Analysis
In a long period of time, the financial risk of national economy in China is facing
an important kind of risk. The risk exists in financial management work in various
links, different financial risk the specific reason for the same. Our financial
management for decision error, poor management and risk awareness causes such as
financial risk, and will give the company management bring major threat. The specific
performance in the following aspects:
3.1 Capital Structure is not Reasonable
Capital structure is mainly refers to all capital source of gasoline equity funds
and liabilities of the proportion of the relationship between capital. The capita
structure of the irrational will make rights financial burden is heavy, and solvency
severity shortage, lead to the generation of financial risk. Most of our country
company cattle operation fund sources for their own funds and borrowing money.
3.2 The Lack of Scientific Investment in Error
The company investment including inward investment and foreign investment. In
foreign investment, many companies decision maker to understanding of the risk is
insufficient, blind investment and thus increasing financial risk, leading to a huge
investment losses rights. Rights inward investment is mainly the fixed assets
investment. In the fixed assets investment decision-making process, a lot of the
feasibility of the project investment company lack of careful analysis and study of the
system, in addition to the decision based on the economic information is not
comprehensive, not true and decision makers ability and other reasons, makes the
investment decision-making errors occur frequently, investment project cannot
achieve the expected earnings, money can't recycle on schedule.
3.3 Income Distribution Policy is not Standard
Dividend distribution policy to the survival and development of the company has
very big effect. The choice of allocation methods of the profile of the company to
influence investors judgment niv the reputation of the company, which affect the
company a source of capital, that may affect our potential investors investment
decision. If the company's profit distribution lack of control system, combined with
the reality of the company, not the distribution of scientific decision, will affect the
company's financial structure, thus produce financial risk.
3.4 Accounts ReceivableLack of Control
Our country enterprise widespread phenomenon unmarketable products. Some
companies in order to increase sales, and expand the market share, a lot of the way the
selling on credit sales, the company to a large increase in the accounts receivable. At
the same time, because of the company in the credit sales process, to the customer
credit rating know enough, blind credit sales, cause accounts receivable long-term
unable to recover until become bad loans. The long term capital of free use, serious
some enterprise liquidity and security, the resulting financial risk.
3.5 Inventory Level Structure is not Reasonable
目前我國企業流動資產與庫存的比例
相對較大，表現出了積壓庫存的表現。 “
一方面，流動性差，企業公司占據了大量的資金;
另一方面，公司必須支付保管的庫存存儲成本較高，
該公司成本上升，利潤就下降。
At present our country enterprise liquid assets, the proportion of the inventory is
opposite bigger, and many of the performance for ChaoChu backlog inventories. The
poor liquidity, on the one hand, the enterprise company occupy a lot of money; On the
other hand, the company must pay for the custody the inventory of the storage costs,
the company to rising cost, profit decline. Long-term stock inventory, company will
also need to take down the stock market generated unrealized loss and improper
safekeeping loss, the resulting financial risk.
4 Control Countermeasures of the Financial Risk
Now that we have found the cause of the risk, so, how to dissolve the risk is also
prevent and control the company of the financial risk of an important one. Risks we
should be in according to the actual situation of risk assessment, and can't blind form,
so it can be more effective treatment of the crisis of the risks. The company avoid
financial risks technology also has a lot of, among them the following is relatively
effective:
4.1 Using Effective Means to Reduce Risk Method
Enterprise raising money, should according to enterprise in the industry
characteristics and development of different period, already fully consider business
scale, profitability and financial market conditions, and to consider the enterprise
existing capital and the future financial receipts and expenditures, choose the lowest
cost of capital comprehensive combination, make sure the bank financing scale and
structure, dynamic balance short-term, medium-term and long-term leverage, realize
the gasoline value maximization, make the financial risk reduce to lowest level.
4.2 The Way Diversification Spread Risk
Enterprise in running the main business and development competitive core
product basis, according to their own strength and market conditions, the development
diversified management, a variety of industrial products in time, space, and profit on
mutual complement offset, reduce the risk of enterprise profit and risk management.
Diversified investment is according to the securities investment ZuGeLun, consider
the correlation between the securities, risk and reward sex, through a variety of
different investment securities held the mode can be scattered in individual
investment project implicit concentration risk, it can improve the level of risk under
the conditions of the return to the highest. So, choose reasonable combination
investment optimization, can yet be regarded as a modern enterprise of the effective
way to hedge investment.
4.3 Careful Investment Risk Aversion Method
That company in the choice of financial management program should be
comprehensive evaluation solutions possible financial risk, and ensure the financial
management in http://www.400190.com/dissertation_writing/Finance realizing the goal of the premise, choose less risky plan, up to avoid
the purpose of financial risk. Of course, the law does not avoid said enterprise can't
smaller risk investment, enterprise to influence or even be control investment
enterprise purpose, can use equity investment way, in this case, the bear of appropriate
investment risk is necessary.
4.4 Use Effective Way of the Transfer of Risk
The enterprise to all kinds of existing potential financial risk by some effective
methods for the transfer of risk, such as through the pay insurance premium is a risk
to the insurance company for, will risk transfer to insurance DianGongShi; Will the
risk is bigger business activities entrusts special agencies complete; Through the
contract form will be transferred to others risk loss; Through the various forms of
economic association will risk lateral transfer; Can also through the accounts
receivable transfer and mortgage of the transfer of accounts receivable in the way of
cash bad debt risk transfer to professional institutions or agents in the assignment of a
right at the same time also the risk transfer, and financing the funds needed for the
enterprise operation, can make the enterprise from passive to active attack, the
unfavorable factors for favorable factors, can yet be regarded as a kind of kill two
birds with one stone hedge method.
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