毕业论文外文翻译-财务风险管理系统的研究和讨论.doc

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1、Research on Financial Risk Management System and DiscussionAndrewchonInternational Finance Manager CenterAbstract:Enterprisefinancialriskisthefinancialactivitiesofenterprisesin thewholeprocess,duetotheuncertaintiescausedbylossofbusiness opportunities and possibilities. Financial risk management thro

2、ughout the entire processofproduction,thisarticleanalysisontheinternalandexternalfactors impact on the enterprises financial risk.Keywords:business financialrisk internalfactors externalfactors1.Internal Factors1.1Operatingdecisions.Thesuccessofbusinessstrategyusuallydependson whethertheuseofproperl

3、y.Overallbusinessdecisionforenterprise developmentandbusinessactivitiestoestablishthemaingoalisthefocusof corporatemanagement,thecoreandfundamentaltaskistoimprovethe economicefficiencyofenterprisesservices.Relationshipbetweenbusiness decisions and strategies ofenterprises and policy, operations and

4、management,market development and marketing, technical development and investment, resources developmentandutilization, product development andpricingandrisk prevention andotherissues,thefailureofpolicymakingenterprisesintofinancial difficultieswilloften.Forexample,thediversificationoftheblindisnoto

5、nly conducivetobusinessdevelopmentstrategyofexpansionintheexternalcore competenciestocultivatenew,butmayoriginallyhavelostcompetitive advantage.Ifthenewprojectoccupiedthemainadvantageofthefundscannot bringcorrespondingbenefits,itwillweardownthemainadvantage,and eventuallyleadtoalackoffundswithinthee

6、nterpriseasawholethatfallinto financialdifficulties.Anotherexampleistheblindresultoffinancingcapital structuredecisionisirrational,pronetoleadtohighfinancialleverage,negative effect,andwillputaheavydebtburdenofenterprisesarefacedwithduetotheir inabilitytorefinancematuringdebtandtheriskofdefault.Simi

7、larly,thelackof scientificproofandfullrisk assessmentoftheinvestmentdecision-makingonce thefailurewilldirectlyaffectthecashflow.Thecashflowqualitydirectlyrelated tothesurvivaloftheenterprise.Therefore,businessdecisionsshouldstrictly followtheprincipleofeffectiveness,inparticular,shouldpayattentionto

8、the allocationoffundingandcoordinationofresources,therebyprotectingthecash inflowandoutflowandthebalancebetweenthestocks,tomaintainthefinancial healthoftheenterprise.1.2CorporateGovernance.Moderntheorythatthechoiceofcorporate governanceandmanagementprocessescaneffectivelysolvetheproblemof adversesel

9、ectionandmoralhazard,toalargeextentinfluencetheultimate successorfailureofthecompany,poorcorporategovernancecontributedto corporateperformanceislow,intoanimportantreasonforthecrisis.Onthe natureandfunctionofcorporategovernance,itsinstitutionalarrangementsand powersasacheckandbalancemechanism,clearse

10、parationofownershipand managementunderthecontrolofpowerbetweenthemainconfiguration,andby rights,responsibilitiesandinterestsandincentivesdivisionconstraintmechanism oftheplay,inthegeneralmeetingofshareholders,boardofsupervisorsand managersofmutualchecksandbalancesbetweentheformationofarelationship,b

11、uttofulfilltheirmutualrestraint,inordertojointlypromotetheeffective operationofthecompany.Theownershipstructureofcorporategovernance basedonshareholderownershipstructuredeterminesthestructure,ownership concentrationandidentityofmajorshareholders,resultingintheexerciseofthe rightsofshareholdersandthe

12、effectofdifferentways,therebyaffectingthe formationofcorporategovernance,operationsandperformance.Thesoundness ofcorporategovernance,governancemechanismsareperfect,itwillaffectthe agencycostsandgovernanceefficiency,anddeterminewhetherthecorporate governanceandinternalcontroltoachieveeffectivedocking

13、,theultimateimpact onthevalueofthecompany.Whenthecorporategovernancestructureis irrational,isnotaneffectiveincentiveandrestraintmechanismstoplayarole,the managementofthemaindecision-makingpowerimbalancewillcauseconfusion andinefficiency,andtheemergenceofseriousinformationasymmetryarising fromtheinte

14、restsoftheoccupationoflargeshareholders,ormanagersdrivenby theinterestsofthemanybadaccounting.Theseissuesinthecompanysfinancial performance,usuallyfinancialsituationisdeteriorating.1.3Financialpolicy.Corporatefinancialpolicyisasetofindependent guidelinesandrulesoffinancialmanagementoperations,thegoa

15、lisinlinewith businessreform,restructuringoffinancialbehavior,improvefinancialefficiency andreducefinancialrisk.Thechoiceoffinancialpolicyandarrangementsforthe enterprisewithinthestatutoryrangeandmagnitude,accordingtotheobjective situationandselfdevelopmentneeds,theirchoiceoffinancialpolicytoachieve

16、 specificfinancialgoalsfortheservicebehavior.Modernenterprisefinancial managementoftheenvironmentleadstocomplexcorporatefinancialdecisions areoftenfacedwiththeoptimizationofdifferentoptions,andintheselection processalsoinvolvesshorttermgoalsandlongtermbusinessobjectivesofthe conflict,thecostoffinanc

17、ingthecontradictionsofcapitalassetsliquidityand profitabilityandsafetyoftheconflict,creditpoliciesandexpandingsalesof contradictions,depreciationoffixedassetsandcashflowsoftheconflict, dividendpolicyandcorporatemarketvalueofthecontradictions,theexistenceof thesefinancialconflictsinevitablyrequireman

18、agerstomakereasonablepolicy choicesandarrangements.Thisisacomparison,identificationandprioritization process,anditisthroughsuchascientificanalysis,screening,makingthe enterprisetoeasethefinancialconflicts,reducingthefinancialrisk,reducingthe financialcrisis,sothatthesurvivalofenterprisesismorestable

19、.Thereisno scientificanalysisofcorporatefinancialpolicies,orlackthenecessaryscientific analysistoolshadtousetrialanderrormethodtoanalyzethefinancialpolicyto theenterprisevulnerabletothefinancialcrisis.Thefailureofmanycompaniesis duetotheirownfinancialpolicieserror.1.4Investmentrisk.Investmentistorec

20、overthecashandgetreceiptsforthe purposeofthecashoutflowoccurs,thefundamentalinvestmentobjectiveisto increasecorporateprofitsormarketvalue,investmentactivityistheproduction andoperationactivitiesoftheimportantactivities.Enterprisesinadditiontothe coreproduct,theproductisthemainbusinessofthebusinessac

21、tivities,canuse itsownfundsaccumulatedafter-taxprofitsorfinancingbywayoffinancial leverage,investment,mergersandacquisitionsinvestment,stockinvestment, futures,differenttypesofinvestmentwithdifferentinvestmentrisk.Investment riskfactoristheinvestmentprocesswillaffecttheinvestmentincomeofthe variousf

22、actors,suchasinvestmentdecisionmakingsystemisflawedandtiming ofinvestment,theinvestmentobjectselection,marketriskinvestments, withdrawalofinvestmentrisk.Ifyoudonoteffectivelyidentifyandcontrolthe investmentriskfactors,itiseasytoleadbusinessinvestmentfails;youcannot achievetheexpectedreturnoninvestme

23、nt.Iftheinvestmentissufferedserious loss,itultimatelywillleadenterprisesintofinancialcrisis.1.5Technicalrisks.Increasinglyacceleratedpaceoftechnologicalprogress, technology,increasinglyshorterlifecycles,increasinglyfiercemarketcompetition, technologicalprogresseverythingischaracterizedbyfiercecompet

24、ition.Thus, innovationandbecomemorecompetitive,towinanimportantway tosurvivalanddevelopment.Technicalriskfactorisanenterpriseinthe implementationoftechnologicalinnovation,theimpactoftechnological innovationactivitiesinachievingthedesiredobjectivefactorssuchas uncertaintiesintheexternalenvironment,ad

25、vancetechnologicalinnovation, difficulty,technicalinnovationandprojectcomplexity,andtechnological innovationabilityandthestrengthoftheirownlimitations,etc.,mayleadto failureoftechnologicalinnovationactivities ,Tobringhuman,materialandfinancialresources are the loss of investment,leading companies in

26、 financial crisis.On theother hand , with the rapid development of modern technology and the increasing pressure of market competition, the accelerating pace of innovation, a core competence of enterprises must gradually decline,no longer support the core layer of the normal operation of enterprises

27、, thecompetitive advantage no longer continue. At this point the crisis will be generated in the inner nuclear layer,which is the essence of the reasons for the crisis generated.2.External Factors2.1Economicglobalization.ThespiritoftheWorldTradeOrganizationto establishglobalfreetraderulesofthegame,t

28、hecoreprinciplesofMFN,national treatmentandnon-discriminationprincipleofthemultilateralnegotiations. Therefore,ChinasaccessiontotheWTOboundtariffstoremovetheumbrella, whichleadstoindustrycompetition.Intheprocessofglobalization,industryand theopeningandpolymerizationofgoods,knowledgeandnetworktechnol

29、ogy innovation,diversifiedcustomerneedsmaturesocietycausedbyintenseindustry competition,enterprisesmustmakeecologicalchanges.Thenalargenumberof companiesmaybesurvivalofthefittest,notthoseoutofthephenomenon.2.2Themarketcompetition.Anyindustry,whetherdomesticor international,whetherproductsorservices,

30、competitionlawwillreflectthefive competitiveforces:theinvasionofnewcompetitors,threatofsubstitutes, customersKanjicapacity,thesuppliersabilityKanji,aswellascompetition betweenexistingcompetitors.Thesefiveindustriesarethreateningthe competitivenessofenterprisestothecrisis.Operatorsinmakingdecisionson

31、the developmentpotentialoftheindustriesinwhichbusinessandlifecycles, competitorstrengthsandweaknessesandthethreatofsubstituteproducts, changesinconsumerpreferences,rawmaterialmarketchanges,marketprice fluctuationsandsoshouldhaveafullconsiderationandunderstanding,sothatit canhelpavoidingdisadvantages

32、andenhancetheabilitytoresistrisks,therisk arises in making timely and effective adjustments to reduce losses.2.3Thegovernmentseconomicpolicythegovernmentdoesnotalwaysplay theroleoftheconsumerandthesalesman,inmanycasesthegovernmentasa memberofthemacroeconomicadjustmentinthemanagementandoperationof th

33、emarketthere.Governmentregulationisusuallyimplementedonthemarket, includinglegalmeansandeconomicmeans.First,inordertoregulatethe operationofthemarketwillbyenactingsuchlaws,rules,regulations,guidance documentsandotherformalprovisionclearlytherightsandobligationsofmarket participants;Second,thegovernm

34、entwillusemonetarypolicy,fiscalpolicy, industrialpolicy,regionaleconomicpolicy,taxandothereconomicmeasuresof economicactivityinvarioussectorssuchasproduction,circulation,distribution, consumptionandotherimplementingregulationandcontrolofeconomic activitiesinordertoensuretheintegrityandsmoothimplemen

35、tation.Rational economicpolicyisthedevelopmentofbusinesscontinuityandsmoothoperation ofthepremises,anylosswillleadtobusinessfluctuations,sothatenterprisesin crisis.Theriskoffinancialsectorismostlikelyhidingplace,themainriskisdivided into:financialpaymentsriskthatborrowedfundsincreasedduetothepossibl

36、e insolvency;investmentriskthat,duetouncertaintiescausedlessthanthe expectedrateofreturntargetstheriskincurred;financialoperationalriskthat cashoutflowsandcashinflowsoffundsatthetimeofconsistentstrandbreaks leadtotheformationofthecashflowrisk;incomedistributionthatthe distributionofincomerisktotheen

37、terpriseinthefuturemayadverselyaffect production and business activities brought about risk.3.Financial risk system 3.1Financial Payment Risk1.Excessive risk liabilityEnterprisestousefinancialleveragetoexpandthescaleofoperationfor debtmanagementisundoubtedlyabasicstrategy,butiftheoverleveraged, fina

38、ncialstructurewillbeatriskduetorefinancingrisksresultingfromthe difficulties,andtheburdenofheavycorporateborrowingcostswillalsoaffect theoveralleconomicbenefits.2.andcomparedtheriskoftheformationofhighdebt,contingentliabilities moreinvisibleformofrisk,thepotentialrisksoftheenterpriseisgreater.Typica

39、lexampleistheenterprisesecuritychaos.Someenterpriseslarge amountofexternalguarantees,longterm,evenwithouttheconsentand approval,directors,managers,nameofthecompanyofotherswithout guaranteesgreaterriskstotheenterprise.Mostoftheenterpriseslackof managementofsecurity,notinaccordancewiththerulesandnorms

40、inthe balancesheetdisclosure,ifthesecurityobjectsifnotinsolvent,theguarantee liabilitiesofenterprisestranslateintoliabilities,thedebtburdenofthesudden financialstrainislikelytoleadtoevenownedenterprisesnodebt,inducedthe financialrisk.AtthesametimefortheGroup,theGroupsmembercompanieshave separatelega

41、lpersonality,independentofthelendingrelationshipcanoccur,and toownalloftheassetsasaloanguarantee,thecompanycannotbeunified credit.Atthesametimethereisoftenbetweenmembersofeachgroupof UNPROFOR,misappropriation,thephenomenonofborrowingfunds,resultingin totalfundingovertheGroupovertheGroupsoverallriskt

42、olerance.Oncetherein affiliated enterprises debt out of control, can easily lead to the Groups overall risk linkage.3.The financing structure riskCapitalstructure,alsoknownasthecapitalstructurereferstothe compositionofvariousfinancialcompaniesandtheirproportionalrelationship. Capitalstructure,thebro

43、adandnarrowsense.Narrowlongtermcapitalstructure referstothecapitalstructure;broadercapitalstructurereferstoallfunds (including longterm capital,shortterm capital)structure. In the investment process,you should consider short-term assets and short-term liabilities, longterm investment and longterm liabilities such as matching if the lack of unified planning, the len