First, the causes of corporate financial risks
1, the lag of enterprise financial management system to adapt to the macro environment
At present, due to unreasonable institutional setup, low quality of managers, imperfect financial management rules and regulations, imperfect basic management and other reasons, the financial management system established by many enterprises in China lacks adaptability and adaptability to changes in the external environment. Specifically, the adverse changes in the external environment cannot be predicted scientifically, and the response is lagging behind, and the measures are ineffective, resulting in financial risks.
2. Enterprise financial managers have insufficient understanding of the objectivity of financial risks.
Financial risks exist objectively. As long as there is financial activity, there must be financial risks. In practical work, the financial managers of many enterprises in China lack risk awareness, thinking that financial risks will not occur as long as funds are well managed. Weak risk awareness is one of the important reasons for financial risks.
3. Lack of scientific financial decision-making leads to decision-making mistakes.
Financial decision-making mistakes are another important reason for financial risks. The premise of avoiding financial decision mistakes is scientific financial decision. At present, the phenomenon of empirical decision-making and subjective decision-making generally exists in the financial decision-making of Chinese enterprises, which leads to frequent decision-making mistakes, thus generating financial risks.
4. Some enterprises have chaotic internal financial relations.
The confusion of internal financial relations is another important reason for the financial risks of enterprises in China. There are some problems, such as unclear rights and responsibilities, chaotic management and so on, in the management and use of funds and the distribution of benefits between various departments within the enterprise and between the enterprise and the superior enterprise. , resulting in inefficient use of funds, serious capital loss, can not guarantee the safety and integrity of funds.
Second, corporate financial management at different stages of financial risk
1. The capital structure of the enterprise is unreasonable, and the proportion of debt funds is too high.
In China, capital structure mainly refers to the proportional relationship between equity funds and debt funds in all sources of funds of enterprises. Due to the mistakes in financing decision-making, unreasonable capital structure generally exists in Chinese enterprises, which is manifested in the high proportion of debt funds to all funds. The asset-liability ratio of many enterprises exceeds 70%. Unreasonable capital structure leads to a heavy financial burden and a serious lack of solvency, which leads to financial risks.
2. The investment decision of fixed assets is unscientific, which leads to investment mistakes.
In the process of fixed assets investment decision-making, due to the lack of serious and systematic analysis and research on the feasibility of investment projects, and the incomplete and untrue economic information on which decision-making is based, the decision-making ability of decision-makers is low, and investment decision-making mistakes occur frequently. Decision-making mistakes make the investment project unable to obtain the expected income, and the investment cannot be recovered on time, which brings huge financial risks to the enterprise.
3, foreign investment decision-making mistakes, resulting in a large number of investment losses.
Foreign investment of enterprises includes securities investment and joint venture investment. The risk of securities investment includes systematic risk and non-systematic risk. Due to the lack of understanding of investment risks by investment decision makers, decision-making mistakes and blind investment lead to huge investment losses of some enterprises, resulting in financial risks.
4. The proportion of enterprises selling on credit is significant, and the accounts receivable are lack of control.
With the China market becoming a buyer's market, there is a widespread phenomenon of unsalable products in enterprises. In order to increase sales and expand market share, some enterprises sell products on credit, resulting in a large increase in accounts receivable. At the same time, due to the lack of understanding of customers' credit rating and blind credit sales, accounts receivable are out of control, and a considerable proportion of accounts receivable cannot be recovered for a long time until they become bad debts. Assets are occupied by debtors for a long time without compensation, which seriously affects the liquidity and security of enterprise assets and produces financial risks.
5. The enterprise inventory structure is unreasonable and the inventory turnover rate is not high.
At present, among the current assets of enterprises in China, inventory accounts for a relatively large proportion, and many of them are overstocked. Poor inventory liquidity, on the one hand, takes up a lot of funds of enterprises, on the other hand, enterprises have to pay a lot of storage costs for keeping these inventories, which leads to an increase in enterprise expenses and a decrease in profits. Long-term inventory, enterprises have to bear the losses caused by falling market prices and improper storage, which leads to financial risks.
Third, the avoidance of corporate financial risks.
1, the main measures to avoid financial risks of enterprises
Avoiding financial risks and achieving financial management objectives are the focus of enterprise financial management. In my opinion, to avoid financial risks of enterprises, we should mainly do the following work.
(1) Carefully analyze the macro environment of financial management and its changes, and improve the adaptability and adaptability of enterprises to changes in the financial management environment. In order to prevent financial risks, enterprises should carefully analyze and study the ever-changing macro-environment of financial management, grasp its changing trends and laws, formulate various emergency measures, adjust financial management policies in time, and change management methods; Establish and improve the financial management system, set up efficient financial management institutions, equip high-quality financial management personnel, improve financial management rules and regulations, strengthen the basic work of financial management, make the financial management system of enterprises operate effectively, and prevent financial risks caused by the financial management system not adapting to environmental changes.
(2) Continuously improve the risk awareness of financial managers. It is necessary for financial managers to understand that financial risks exist in all aspects of financial management, and mistakes in any link may bring financial risks to enterprises. Financial managers must prevent risks throughout financial management.
(3) Improve the scientific level of financial decision-making and prevent financial risks caused by decision-making mistakes. The correctness of financial decision-making is directly related to the success or failure of financial management. Empirical decision-making and subjective decision-making will greatly increase the possibility of decision-making mistakes. In order to prevent financial risks, enterprises must adopt scientific decision-making methods. In the process of decision-making, we should fully consider all kinds of factors that affect decision-making, try our best to adopt quantitative calculation and analysis methods, and use scientific decision-making models to make decisions. We should carefully analyze and evaluate various feasible schemes, choose the best decision-making scheme from them, and avoid subjective assumptions.
(4) Straighten out the internal financial relations of the enterprise and realize the unity of responsibility, right and benefit. In order to guard against financial risks, enterprises must straighten out various internal financial relations. First of all, it is necessary to clarify the position, role and responsibility of various departments in enterprise financial management, and give them corresponding powers to truly clarify the rights and responsibilities. In addition, in the distribution of benefits, we should give consideration to the interests of all parties in the enterprise, so as to mobilize the enthusiasm of all parties to participate in the financial management of the enterprise, truly unify the responsibilities, rights and interests, and make all kinds of financial relations within the enterprise clear.
2. Technical methods for enterprises to guard against financial risks
(1) dispersion method. That is, financial risks are dispersed through joint ventures, diversified operations and diversification of foreign investment among enterprises. For high-risk investment projects, enterprises can jointly invest with other enterprises, share profits and take risks, thus dispersing investment risks and avoiding financial risks arising from exclusive investment risks of enterprises. Due to the uncertainty and variability of market demand, enterprises should adopt various management methods to spread risks, that is, operate multiple products at the same time. In a variety of business models, the losses caused by the slow sales of some products may be offset by the gains brought by other products, thus avoiding the risk that the expected gains cannot be realized due to a single operation. Diversification of foreign investment means that when enterprises invest abroad, they should invest their funds in different investment varieties to spread investment risks.
(2) avoidance method. In other words, when choosing a financial plan, enterprises should comprehensively evaluate the possible financial risks of various plans, and choose a plan with less risks to avoid financial risks on the premise of ensuring the realization of financial management objectives.
(3) Transfer method. That is, the method by which an enterprise transfers part or all of its financial risks to others by some means. There are many ways to transfer risks, and enterprises should adopt different ways to transfer risks according to different risks.
(4) Reduction method. In other words, in the face of objective financial risks, enterprises try to take measures to reduce financial risks. For example, enterprises can appropriately reduce the proportion of debt funds to total funds on the premise of ensuring capital demand. In production and business activities, enterprises can improve the competitiveness of products by improving product quality, improving product design, striving to develop new products and opening up new markets, and reduce the financial risk of failing to realize the expected income due to unsalable products and declining market share. In addition, enterprises can also reduce the possibility of risk loss by paying a certain price. For example, establish a risk control system, equip special personnel to predict, analyze and monitor financial risks, and find and resolve risks in time. Enterprises can also establish risk funds, such as special sinking funds for long-term liabilities, to reduce the impact of risk losses on the normal production and business activities of enterprises.
3, different stages of financial activities, technical methods to avoid financial risks.
(1) Technical methods to avoid fund-raising risks. First of all, make full use of self-owned funds, strengthen the control of self-owned funds, strictly examine and approve all kinds of borrowed funds and recover them in time. Secondly, choose a reasonable capital structure, that is, the ratio of debt capital to self-owned capital should be appropriate, make full use of the financial leverage of debt capital, and choose the best financing portfolio with low total risk. Third, pay attention to the collocation of long-term and short-term debt capital to avoid excessive concentration of repayment period of principal and interest of debt capital. Fourth, choose a variety of financing channels. Fifth, improve the efficiency of capital use. Whether it is self-owned funds or debt funds, only by improving the efficiency of the use of funds can we ensure the solvency and profitability of enterprises.
(2) Technical methods to avoid investment risks. First of all, we should invest carefully, and only when the funds are running well or there are surplus funds will we consider foreign investment with extra remuneration. Second, if investment is a necessary part of production and operation or risky investment, we must draw up a rigorous investment plan, conduct scientific investment recovery evaluation and demonstration, choose the best investment opportunity, and avoid capital shortage or ineffective operation. Third, make a reasonable investment portfolio. Portfolio includes different investment product portfolios, investment project portfolios of different industries or departments, and investment portfolios of different durations, in order to pursue the optimal combination of profitability, risk and robustness. Fourth, strengthen the research on the systematic risk and non-systematic risk of securities investment, so as to reduce and offset the impact on securities investment income.
(3) Technical methods to avoid the risk of capital recovery. The risk of capital recovery refers to the risk that funds cannot be turned over or recovered in time after outflow. In order to avoid the risk of fund recovery, the source, occupation, distribution and recovery of funds must be calculated and balanced to ensure the safety, effectiveness and liquidity of funds. The control risk of accounts receivable recovery can be avoided by the following methods: first, using the "five C" system to scientifically evaluate customers, giving different customers different credit periods, credit limits and different cash discounts, and formulating reasonable credit grades and credit policies; Second, the balance between cash sales and credit sales, when the increased profit of credit sales exceeds the increased cost, accounts receivable should be sold on credit; Third, prepare an aging analysis table regularly, determine the reasonable proportion of accounts receivable, supervise the recovery of accounts receivable, and prepare for bad debt losses in advance; Fourth, different collection policies should be adopted for different customers and different stages, which should not only ensure the effective collection of accounts, but also pay attention to avoid hurting customer relations. At the same time, when formulating collection policies, we should consider the collection fees and bad debt losses.
(4) Technical methods of income distribution risk avoidance. The risk of income distribution should be avoided from both cash inflow and cash outflow. On the one hand, we should control the cash inflow, on the other hand, we should consider the income distribution policy. According to the needs of enterprise development, formulate reasonable income retention and profit distribution policies and adopt appropriate profit and cash distribution methods to ensure the mutual cooperation and coordination of cash inflow and outflow and reduce risks.
refer to
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