Research on Financial Risk Management in Business activities
Zhang Ying
School of Economics and Law Hubei University of Technology Wuhan, Hubei, China 430068
Sun Houquan
School of Economics and Law Hubei University of Technology Wuhan, Hubei, China 430068
Abstract: financial risk is essentially a capital operation risks. For the modern enterprise, working capital in business activities is to support the operation of their overall funding, and is the foundation of sustainable management and health development. In this paper, the financial risks of business activities of modern enterprises is studied, the risk forms of expression in business activities and the objective and subjective reasons of them are discussed . On this basis, a modern enterprise risk management system is constructed, and methods and strategies of risk management are proposed, for enterprises to choose reference.
Keywords: Business activities; Financial risk; Causes analysis; Risk management
- INTRODUCTION
Business activities are an enterprise to use its economic resources owned or controlled engaged in economic activities such as buying and selling of goods, products, etc. Operations as a business major business activities are the foundation to maintain the corporate life. On the one hand from the view of orderly development, the enterprises main financial activities such as investment and financing to the main business center, and through business activities to achieve their financial goals; On the other hand from the financial operation of the scale, operations is an enterprise fund in their internal operations and working capital, to build the business to maintain its balance of payments and repayment of debt due to the main carrier, the operation of the enterprise based on the overall capital.
Financial risk in management activities is the means internal and external uncertainty, leading to movement of funds in the business objectives with the expected deviation occurs, have a negative impact on the financial results and financial condition, brought about the possibility of economic loss. View from the corporate life cycle, Enterprises in the creation, growth and recession, the cash flow generated from operating activities instability, financial is often more difficult, and maturity of the enterprise may expand the size, Therefore, the overall life cycle of the enterprise, the capital operation around business activities is always important and difficult of financial management.
- FORMS OF FINANCIAL RISK
- The Risk to Income over Expenditure
In the enterprise supply, production, sales and other business activities, funds are dysfunctional, sales recover compensation for the corresponding period of the operation is difficult to advance funds, and then a tight financial needs of the business activities.
- Cash Risk
Holding cash of enterprises can not meet their daily cash operating activities expenses, resulting in loss of business disruption, or not timely seize opportunities for profit, and the other to raise funds to pay for the additional expenses.
- Liquidity Risk
Reasonable distribution of corporate assets, The one hand, accounts receivable and inventory current assets percentage is too large, monetary funds and short-term rate of investment is too small, weak business daily pay, low solvency; On the other hand, long-term assets accounted for the large proportion of the total assets of enterprises, enterprise funds overall turnover rate is slow, hampered the functioning of working capital.
- Inventory Risk
As finished products and semi-finished products for the external sales backlog, resulting in use of funds can not be realized in time; Due to the lack of orderly arrangement of raw material procurement, materials inventory stage corrupted, producing products the ratio between the number of parts required is not accurate, the lack management of semi-finished products in the production process and other reasons, caused by losses and waste, thus increasing the cost of management.
- Receivables Risk
A lot of credit, a considerable number of advances to customers of debt capital, money can not be timely recovery or recycling more than expected can not confirm the amount, the formation of bad debt risk. At the same time have the opportunity costs to claim capital and increase management fees of receivable.
- ANALYSIS ON CAUSES OF FINANCIAL RISK
-
Analysis of Objective Factors
- Objectively speaking, Inaccuracies of Proactive management of financial funds, Non-synchronous of cash inflows and cash outflows caused by business activities and can not long maintain sufficient working capital and other reasons, which will make the business activities of financial risk go hand in hand. For the modern enterprise, their own financial situation, the external financing environment, as well as changes in scale due to fluctuations in funding which are the main influence factors of financial risk business, if the enterprise equity capital, retained earnings and other endogenous financial limited, at the same time external sources of financing such as a bank credit, business credit, and so on, can offer only limited short-term liabilities, even a short-term debt should not be made, So, the financial risk in business activities will be more and more prominent.
-
Wide operating activities is quite different from investment, and financing activities. Investment and financing
剩余内容已隐藏，支付完成后下载完整资料
目 录
1 财务风险的概念 2
2 财务风险的分类 2
2.1 支出风险 2
2.2 现金风险 2
2.3 流动性风险 2
2.4 库存风险 2
2.5 应收账款风险 2
3 财务风险成因分析 2
3.1 客观因素分析 2
3.1.1 资金波动导致规模变化 2
3.1.2 广泛的经营活动与投资和融资活动截然不同 2
3.1.3 现金流量信息与业务活动中的物流信息不同步 3
3.1.4 企业经济补偿 3
3.2 管理因素分析 3
3.2.1 将经营活动形成的营业收入用于经济补偿 3
3.2.2 财务和非财务职能不相容 3
3.2.3 没有系统和科学的商业金融 3
3.2.4 缺乏有序的营运资金管理 3
4 商业活动中的财务风险管理 4
4.1 管理原则 4
4.1.1 适度风险和回报权衡原则 4
4.1.2 管理结构原则 4
4.1.2 内部和外部管理相结合原则 4
4.2 管理战略 4
4.2.1 协调业务目标与财务之间的运作 4
4.2.2 保持合理的财务结构合理 4
4.2.3 围绕资金流动实施重大项目和项目管理整合的业务活动 4
4.2.4 对企业的偿债能力和现金流量风险监测和预警进行了监督 4
4.2.5 客观评估经营活动中的资金运营状况，实施财务风险预警系统 5
5 结论 5
商业活动中的金融风险管理研究
Zhang Ying
School of Economics and Law Hubei University of Technology Wuhan, Hubei, China 430068
Sun Houquan
School of Economics and Law Hubei University of Technology Wuhan, Hubei, China 430068
摘要：财务风险本质上是一种资本运营风险。对于现代企业而言，商业活动中的营运资金是支持其整体资金的运作，是可持续管理和健康发展的基础。本文研究了现代企业经营活动的财务风险，探讨了企业活动中的表达风险形式及其客观和主观原因。在此基础上，构建了现代企业风险管理系统，提出了风险管理的方法和策略，供企业选择参考。
关键词：商业活动; 财务风险; 成因分析; 风险管理
1 财务风险的概念
经营活动是指企业利用其所拥有或控制的经济资源从事经济活动，如买卖商品、产品等。经营作为企业的主要经营活动是维持企业生命的基础。一方面从有序发展的角度看，企业的主要财务活动如投资和融资到主要业务中心，并通过业务活动来实现其财务目标;另一方面，从规模的财务运作来看，运营是企业基金在其内部运营和营运资金，建立业务以维持其国际收支和偿还债务的主要载体，企业的运作基于总资本。管理活动中的财务风险是内外不确定性的手段，导致资金在业务目标中的移动与预期的偏差发生，对财务结果和财务状况产生负面影响，带来经济损失的可能性。鉴于从企业生命周期，企业在创立，成长和经济衰退，经营活动产生的不稳定产生的现金流量，财务往往比较困难，企业的成熟度可能扩大规模，因此，企业的整体寿命周期围绕商业活动的资本运作始终是财务管理的重点和难点。
2 财务风险的分类
2.1 支出风险
对收入的影响在企业供应，生产，销售等业务活动中，资金功能失调，销售收回补偿，对于同期的经营资金难以预付，再对经营活动的财务需求紧张。
2.2 现金风险
持有现金的企业不能满足其日常现金经营活动费用，造成业务中断的损失，或者没有及时抓住获利机会，另外还要筹集资金来支付额外费用。
2.3 流动性风险
公司资产分配合理，一方面，应收账款和存货流动资产占比过大，货币资金和短期投资率过小，企业日薪较弱，偿债能力较低;另一方面，长期资产占企业总资产的比重较大，企业资金整体流动速度较慢，阻碍了流动资金的运作。
2.4 库存风险
由于成品和半成品的外部销售积压，导致资金使用无法及时实现;由于原材料采购缺乏有序安排，材料库存阶段损坏，生产产品所需零件数量比例不准确，半成品在生产过程中缺乏管理等原因造成损失和浪费，从而增加了管理成本。
2.5 应收账款风险
大量信贷，相当数量的债务资金客户预付款，资金无法及时回收或回收超过预期无法确认金额，形成坏账风险。同时有机会成本申请资金并增加应收账款管理费。
3 财务风险成因分析
3.1 客观因素分析
3.1.1 资金波动导致规模变化
客观地说，主动管理财务资金不准确，商业活动造成的现金流入和现金流出不同步，不能长期维持足够的营运资金等原因，这将使金融风险的商业活动齐头并进。对于现代企业而言，他们自己的财务状况，外部融资环境，以及由于资金波动导致的规模变化是金融风险业务的主要影响因素，如果企业股权资本，留存收益和其他内生金融有限同时，外部资金来源，如银行信贷，商业信贷等，只能提供有限的短期负债，即使是短期债务也不应该，所以，商业活动中的财务风险会越来越突出。
3.1.2 广泛的经营活动与投资和融资活动截然不同
投资和融资往往只是企业财务管理和其他相关人员的规划，而长期投资或特殊融资作为一些独立的金融活动是非常低的，然而，涉及企业部门，每个责任领域，甚至每个的业务活动帖子。供应，生产，销售和其他业务活动的每个环节都对企业资本活动产生影响;同时，企业处于买方市场环境，市场“优胜劣汰，转变”的游戏规则，使得流通体制内的企业管理变革需要根据外部市场竞争进行调整，市场竞争日益激烈，整体协调越具挑战性，因此，资金流动从经营活动的不确定性分散，复杂，并具有潜在的，累积的。
3.1.3 现金流量信息与业务活动中的物流信息不同步
在企业的组织结构中，金融部门是企业经营者的唯一附属部门，其对象是企业全球金融所涵盖的;日常工作的供应，生产，销售，库存等功能不断导致原材料，半成品和成品等有形资产的增减和订购;企业内部的责任分工不同，供应商，经销商，银行等企业的行为不确定，本身使得企业价值管理和物流管理统一不直接，这体现在短期收入支出，收入，会计盈亏与物流信息日常不一致。从风险运行规律来看，资金流和物流信息出现的时间不同步，是资产形态转换停滞的发展方向，它越来越差，最终将导致未来实际结果偏离预期。
3.1.4 企业经济补偿
企业预付资金在企业活动中的财务费用，从经济角度来看，个人经济行为是由企业决定的，然后补偿的财务成本是一个社会过程。由于个别企业的生产经营结果可以被市场接受，无论其产品还是提供服务成为社会商品，都是由市场竞争决定的，市场决定了企业的经济补偿是否可以实现。供应，生产，库存和其他部门的企业提前需要通过销售链接中的现金流入来补偿的成本。经济补偿滞后是财务管理的重点和难点，这是生存和发展增加的不确定性。
此外，在开放经济中，财务管理运作机制被置于生态环境所形成的更多不确定性，可能面临任何机遇，也可能面临危险，例如利率变化、通货膨胀、世界石油价格等等。
3.2 管理因素分析
3.2.1 将经营活动形成的营业收入用于经济补偿
具体如下：一，当期财政支出的补偿现金;第二，在其他流动资产预期恢复之前的补偿;三是部分长期资产摊销补偿。如果业务收入反过来补偿三个层次的财务支出，仍然有盈余，并保持一定的现金支付能力，所以至少在当前或短期内企业融资是安全的，否则，公司将突出金融风险。实际上，很多公司认为基金的利润率高于资本成本，特别是行业资本利润率高于社区平均投资回报率，他们往往会产生激进的，甚至是激进的经营行为，而且无论财务安全还是没有深入的财务分析，试图实现其业务目标与财务能力不匹配，这使得企业的财务风险随时可能转变为金融危机，业务不断发生。
3.2.2 财务和非财务职能不相容
在一些企业的责任分工，财务和非财务职能分离，分散管理，生产和管理部门的成本管理自己，整体监管企业财务薄弱，导致财务费用和财务补偿脱节，给金融风险管理带来制度障碍。另外，在日常经营管理中，企业急于扩大市场份额，营销部门追求订单业绩，而忽视了客户的信用管理，财务部门对支付结算的控制不严，同时企业在扩大销售的同时，往往带来资本回报风险，债务资本长期以来一直被债务人占用，严重影响资产的流动性和安全性。
3.2.3 没有系统和科学的商业金融
资本结构，资金分配的基本情况将影响财务风险管理;不同的营运资金管理策略会有不同的融资压力。债务比率过高（特别是流动负债率高），营运资
剩余内容已隐藏，支付完成后下载完整资料
资料编号：[18987]，资料为PDF文档或Word文档，PDF文档可免费转换为Word
课题毕业论文、外文翻译、任务书、文献综述、开题报告、程序设计、图纸设计等资料可联系客服协助查找。
