外文文獻(xiàn)翻譯-中小企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)

PAGEPAGE1我國(guó)中小企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)成因及防范探析翻譯（1）題目中小企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)中小企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)第一章金融風(fēng)險(xiǎn)的意義和種類1.1財(cái)務(wù)風(fēng)險(xiǎn)的意義自從20世紀(jì)以來(lái),對(duì)財(cái)務(wù)風(fēng)險(xiǎn)的理解主要有以下幾種理念:(1)風(fēng)險(xiǎn)是一種可能的損失或傷害。這個(gè)定義深入探討了風(fēng)險(xiǎn)和傷害,強(qiáng)調(diào)內(nèi)在關(guān)系可能造成的損害;(2)風(fēng)險(xiǎn)損失的不確定性;(3)風(fēng)險(xiǎn)是實(shí)際結(jié)果和預(yù)期結(jié)果的差異。美國(guó)小亞瑟·威廉姆斯和理查德·漢斯協(xié)同書(shū)《風(fēng)險(xiǎn)管理和保險(xiǎn)》在他的書(shū)里,風(fēng)險(xiǎn)是被定義為“在給定的情況下,特定的時(shí)間內(nèi),可能出現(xiàn)的結(jié)果之間的差異?！辈町愝^大,有很大的風(fēng)險(xiǎn);反之,越小的差異,風(fēng)險(xiǎn)小。如果有一個(gè)不同的結(jié)果,然后每個(gè)結(jié)果有其相應(yīng)的概率。如果只有一個(gè)結(jié)果,萬(wàn)無(wú)一失。以上幾種觀點(diǎn),前兩種觀點(diǎn)僅僅只是圍繞風(fēng)險(xiǎn)相關(guān)的損失,而不是用在有利風(fēng)險(xiǎn)的方面。未來(lái)業(yè)績(jī)的風(fēng)險(xiǎn)在經(jīng)濟(jì)領(lǐng)域的不確定性,這種不確定性的結(jié)果可能是損失的不確定性,也可能是商業(yè)實(shí)現(xiàn)收益的不確定性,也可以獲得預(yù)期收益的可能性。因此,風(fēng)險(xiǎn)并不只意味著損失,但損失和價(jià)值息息相關(guān)。風(fēng)險(xiǎn)通常指實(shí)際情況與時(shí)間偏差預(yù)期目標(biāo)或可能性,對(duì)損失可能性的認(rèn)識(shí)度。從財(cái)務(wù)風(fēng)險(xiǎn)這個(gè)角度來(lái)看,金融風(fēng)險(xiǎn)是企業(yè)在各種財(cái)務(wù)活動(dòng)過(guò)程中,由于各種難以期待也無(wú)法控制的因素,使企業(yè)的實(shí)際利潤(rùn)和期望發(fā)生偏差,從而蒙受經(jīng)濟(jì)說(shuō)的可能性。1.2財(cái)務(wù)風(fēng)險(xiǎn)的種類1.籌資風(fēng)險(xiǎn)?；I資風(fēng)險(xiǎn)是指企業(yè)融資活動(dòng)而導(dǎo)致收入的不確定性和不能支付到期本金和利息的風(fēng)險(xiǎn)。關(guān)鍵在于是否及時(shí)償還籌資風(fēng)險(xiǎn)本金和利息基金，籌資風(fēng)險(xiǎn)的高低判別主要依據(jù)企業(yè)償債能力指標(biāo)。2.風(fēng)險(xiǎn)投資。風(fēng)險(xiǎn)投資是指企業(yè)在投資活動(dòng)中,受各種不確定因素的存在,可以收到趕上進(jìn)度和資本成本,補(bǔ)償可以達(dá)到了預(yù)期的投資回報(bào)的風(fēng)險(xiǎn)。在投資過(guò)程中,如投資決策的不科學(xué)、中小企業(yè)投資的發(fā)展速度不適合,將影響企業(yè)的利潤(rùn)和償債能力,并且產(chǎn)生財(cái)務(wù)風(fēng)險(xiǎn)。3.現(xiàn)金流的風(fēng)險(xiǎn)?，F(xiàn)金流量風(fēng)險(xiǎn)是指企業(yè)生產(chǎn)和管理過(guò)程的現(xiàn)金流出,流入存在不對(duì)稱。中小企業(yè)深受經(jīng)濟(jì)環(huán)境由于其融資能力、資金使用較弱,缺乏有效管理先進(jìn)、綁起來(lái)并和其他的一些因素,很容易形成現(xiàn)金流的風(fēng)險(xiǎn)。4.風(fēng)險(xiǎn)資本回收率。資本循環(huán)風(fēng)險(xiǎn)是指企業(yè)產(chǎn)品可以成功地銷(xiāo)售和付款及時(shí)恢復(fù)是否充滿風(fēng)險(xiǎn)的風(fēng)險(xiǎn),其主要在企業(yè)應(yīng)收賬款和存貨項(xiàng)目。由于我國(guó)計(jì)劃經(jīng)濟(jì)的會(huì)計(jì)制度原因,有些企業(yè)熱衷于信用,一方面,信譽(yù)信用反映高額利潤(rùn),另一方面應(yīng)收帳款和企業(yè)資產(chǎn)增加、但卻忽視了應(yīng)收賬款回收的周期。收入分配風(fēng)險(xiǎn)是由于收入分配會(huì)給企業(yè)未來(lái)的生產(chǎn)經(jīng)營(yíng)活動(dòng)的風(fēng)險(xiǎn)。主要表現(xiàn)在中小企業(yè)償債能力的變化,對(duì)中小企業(yè)再生產(chǎn)規(guī)模效應(yīng)等。5.外匯風(fēng)險(xiǎn)。外匯風(fēng)險(xiǎn)是指企業(yè)在進(jìn)出口貿(mào)易或其他外匯經(jīng)營(yíng)活動(dòng)由于匯率波動(dòng)預(yù)期收益的風(fēng)險(xiǎn)。原因企業(yè)外匯風(fēng)險(xiǎn)邊界縣以下幾個(gè)方面入手:由于截止日期和實(shí)際業(yè)務(wù)外匯結(jié)算支付匯率變動(dòng)是企業(yè)虧損,外匯應(yīng)收賬款由于缺乏有效的控制,渴望交易造成部分或全部外匯帳戶后來(lái)外匯的風(fēng)險(xiǎn)不能被發(fā)現(xiàn),這其中有政治上的原因,例如其他外匯管理,在戰(zhàn)爭(zhēng)的因素。在加入WTO(世界貿(mào)易組織)。企業(yè)逐漸走出國(guó)門(mén),在當(dāng)前的企業(yè)中胡那個(gè)匯率風(fēng)險(xiǎn)的因素也越來(lái)越多。第二章財(cái)務(wù)風(fēng)險(xiǎn)成因及分析2.1財(cái)務(wù)風(fēng)險(xiǎn)的外部原因中小企業(yè)財(cái)務(wù)活動(dòng)環(huán)境包括政治環(huán)境、經(jīng)濟(jì)環(huán)境和金融市場(chǎng)因素,他們存在的企業(yè)財(cái)務(wù)活動(dòng)外產(chǎn)生重大的沖擊。一方面,它為企業(yè)的順利發(fā)展,提供機(jī)會(huì)和可能需要從外部鏈接提供有效的融資渠道,如融資渠道和優(yōu)惠的投資項(xiàng)目,等。另一方面,外部因素又提出了企業(yè)管理和財(cái)務(wù)限制活動(dòng)和挑戰(zhàn)。面對(duì)外部多變的金融環(huán)境、企業(yè)戰(zhàn)略管理中實(shí)施風(fēng)險(xiǎn)、經(jīng)濟(jì)環(huán)境的改變應(yīng)該為先導(dǎo),使企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)的戰(zhàn)略管理和不斷變化的經(jīng)濟(jì)環(huán)境。但應(yīng)該注意使企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)的策略,確定財(cái)務(wù)預(yù)警指標(biāo),企業(yè)的高級(jí)財(cái)務(wù)管理人員,不能簡(jiǎn)單和被動(dòng)適應(yīng)環(huán)境,外部環(huán)境的變化,以發(fā)揮主觀能動(dòng)作用。如積極預(yù)測(cè)各種宏觀調(diào)控政策和經(jīng)濟(jì)發(fā)展的態(tài)勢(shì),匯率和利率的變動(dòng)分析、產(chǎn)業(yè)特性、市場(chǎng)競(jìng)爭(zhēng)現(xiàn)狀,指出各種未來(lái)發(fā)展的趨勢(shì),在一定范圍內(nèi),企業(yè)的經(jīng)濟(jì)環(huán)境的發(fā)展變化是完整的把握,在各種復(fù)雜因素在決定企業(yè)發(fā)展的有利條件和不利因素,適時(shí)調(diào)整企業(yè)的財(cái)務(wù)戰(zhàn)略和相關(guān)財(cái)務(wù)預(yù)警指標(biāo)。各種環(huán)境的變化對(duì)企業(yè)是很難準(zhǔn)確的預(yù)測(cè)和信心,和不確定性等,這必然給企業(yè)帶來(lái)的金融風(fēng)險(xiǎn)。2.2財(cái)務(wù)風(fēng)險(xiǎn)的內(nèi)在原因1.財(cái)務(wù)人員素質(zhì)不高。財(cái)務(wù)人員質(zhì)量是企業(yè)內(nèi)部財(cái)務(wù)因素最重要的影響因素。財(cái)務(wù)人員電纜質(zhì)量包括文化、業(yè)務(wù)技術(shù),主要領(lǐng)導(dǎo)、人際關(guān)系、和公司職務(wù)程度等。如果企業(yè)管理人員的素質(zhì)較差,缺乏道德和風(fēng)險(xiǎn)意識(shí)淡漠、控制偏差和處理突發(fā)危機(jī)經(jīng)驗(yàn)不足、企業(yè)風(fēng)險(xiǎn)控制與防范能力弱,容易招致財(cái)務(wù)風(fēng)險(xiǎn)或者風(fēng)險(xiǎn)發(fā)生在一個(gè)損失。有些道德失蹤企業(yè)管理者或員工會(huì)因?yàn)槠淙狈ψ月珊途駝?dòng)力和摧毀企業(yè)的可持續(xù)發(fā)展,導(dǎo)致企業(yè)失敗。管理者缺乏敬業(yè)精神和市場(chǎng)化的管理制度,思考是中小企業(yè)風(fēng)險(xiǎn)加劇失敗的重要原因。2.企業(yè)內(nèi)部財(cái)務(wù)制度的不完善。中小企業(yè)內(nèi)部財(cái)務(wù)制度是企業(yè)財(cái)務(wù)工作的內(nèi)部規(guī)章制度,是國(guó)家統(tǒng)一的財(cái)務(wù)會(huì)計(jì)制度,根據(jù)企業(yè)自身的特點(diǎn),使金融寫(xiě)在大小和遵循的財(cái)政基礎(chǔ)。表現(xiàn)為企業(yè)內(nèi)部控制制度建立不全、系統(tǒng)實(shí)現(xiàn)部門(mén)之間是無(wú)效的,資金管理和使用,利益分配是金片未知,管理混亂,沒(méi)有嚴(yán)格的資本預(yù)算、控制系統(tǒng)、資金使用效率不高、腐蝕、資金安全、誠(chéng)信不能保證。3.企業(yè)融資資本結(jié)構(gòu)是合理的。資本結(jié)構(gòu)主要是指企業(yè)全部資金來(lái)源資本產(chǎn)權(quán)和債務(wù)比例關(guān)系。由于籌資決策失誤等原因,我國(guó)企業(yè)資本結(jié)構(gòu)不合理的現(xiàn)象普遍存在,主要表現(xiàn)在資本總額債務(wù)資本,許多高比例的中小企業(yè)資產(chǎn)達(dá)到70%以上。資本結(jié)構(gòu)不合理導(dǎo)致企業(yè)財(cái)政負(fù)擔(dān)沉重、償債能力,從而導(dǎo)致嚴(yán)重短缺的財(cái)務(wù)風(fēng)險(xiǎn)。4.企業(yè)投資增長(zhǎng)不正常。一些中小企業(yè)為了迅速做大了,“高負(fù)債、高成長(zhǎng)”戰(zhàn)略,經(jīng)常不遺余力地?cái)U(kuò)大,籌資是有限的,投資差距很大,造成資金收支不平衡。更重要的是,為了彌補(bǔ)貨幣缺口,中小企業(yè)融資的高利率,成為中小企業(yè)未來(lái)業(yè)務(wù)的潛在風(fēng)險(xiǎn),一旦中小企業(yè)不足,未來(lái)的盈利將不可避免地產(chǎn)生巨大的支付壓力,導(dǎo)致金融危機(jī)。5.企業(yè)應(yīng)收賬款缺乏控制。中小企業(yè)產(chǎn)品滯銷(xiāo)的普遍的一種現(xiàn)象,一些中小企業(yè)為了增加銷(xiāo)售額,擴(kuò)大市場(chǎng)占有率,所銷(xiāo)售的產(chǎn)品的信用額度,導(dǎo)致企業(yè)應(yīng)收賬款膨脹。與此同時(shí),在這個(gè)過(guò)程中,信用客戶不知道的信用評(píng)級(jí),盲目賒銷(xiāo),導(dǎo)致失控的應(yīng)收帳款,相當(dāng)比例的長(zhǎng)期應(yīng)收帳款無(wú)法收回,直到成為壞帳、資產(chǎn)由債務(wù)人免費(fèi)占領(lǐng),長(zhǎng)期嚴(yán)重影響中小企業(yè)資產(chǎn)流動(dòng)性和安全,產(chǎn)生的財(cái)務(wù)風(fēng)險(xiǎn)。6.企業(yè)的庫(kù)存水平結(jié)構(gòu)不合理。不但是債務(wù)資產(chǎn)庫(kù)存,但大多數(shù)中小企業(yè)提交;庫(kù)存是企業(yè)最昂貴的資產(chǎn)之一。在流動(dòng)資產(chǎn),存貨比例相對(duì)較大,而且很多的表現(xiàn)為超出庫(kù)存。庫(kù)存流動(dòng),一方面占領(lǐng)了企業(yè)大量資金;另一方面企業(yè)必須支付儲(chǔ)存這些庫(kù)存,導(dǎo)致大量的存儲(chǔ)成本不斷上升的成本,利潤(rùn)下降的企業(yè)。長(zhǎng)期的庫(kù)存、企業(yè)稅收下降的股票產(chǎn)生損失和保持折舊貧窮而造成的損失,從而導(dǎo)致企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)。第三章財(cái)務(wù)風(fēng)險(xiǎn)的防范措施3.1風(fēng)險(xiǎn)概念的設(shè)立加強(qiáng)中小企業(yè)管理、加強(qiáng)基礎(chǔ)設(shè)施建設(shè)的企業(yè)管理人員的業(yè)務(wù)培訓(xùn),提高他們的風(fēng)險(xiǎn),在知識(shí)分析風(fēng)險(xiǎn)和風(fēng)險(xiǎn)防范能力,提高管理決策水平?；谪?cái)務(wù)人員在企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)的重要地位,企業(yè)的財(cái)務(wù)人員培訓(xùn)不應(yīng)局限于會(huì)計(jì)繼續(xù)教育、財(cái)務(wù)人員不拘泥于企業(yè)”張方先生”定位,提高企業(yè)財(cái)務(wù)人員的素質(zhì),掌握企業(yè)風(fēng)險(xiǎn)管理理論,以適應(yīng)現(xiàn)代企業(yè)外部環(huán)境的開(kāi)放的生存和發(fā)展。加強(qiáng)企業(yè)風(fēng)險(xiǎn)教育,可以增強(qiáng)企業(yè)管理者和員工意識(shí),從根本上防范和化解道德風(fēng)險(xiǎn),使健康發(fā)展的中小企業(yè)管理中的狀態(tài)。3.2加強(qiáng)投資風(fēng)險(xiǎn)的控制主要從外部金融風(fēng)險(xiǎn)投資,因此應(yīng)該加強(qiáng)投資風(fēng)險(xiǎn)控制。風(fēng)險(xiǎn)投資是企業(yè)的國(guó)外業(yè)務(wù)發(fā)生的財(cái)務(wù)風(fēng)險(xiǎn)。很多企業(yè)的虧損,失敗源于此。永恒的風(fēng)險(xiǎn)是經(jīng)濟(jì)互動(dòng),因此應(yīng)該最風(fēng)險(xiǎn)控制、風(fēng)險(xiǎn)最低有效治療前,作為第一步是防守提前進(jìn)行防御改進(jìn)商業(yè)投資風(fēng)險(xiǎn)分析和調(diào)查可以減少投資失明,減少風(fēng)險(xiǎn),避免決策失誤,使企業(yè)在日益激烈的市場(chǎng)競(jìng)爭(zhēng)中中性及立于不敗之地。建立和完善外商投資集體決策和授權(quán)的系統(tǒng)。清晰的投資決策程序和控制措施,規(guī)定審批人權(quán)限、責(zé)任與義務(wù)范圍和工作的機(jī)構(gòu)的要求。根據(jù)不同的外國(guó)投資,制定相應(yīng)的投資建議的業(yè)務(wù)流程制備、投資計(jì)劃起草,投資可行性研究、投資項(xiàng)目評(píng)估、投資決策的作出了明確規(guī)定,合理確定投資規(guī)模、投資結(jié)構(gòu),選擇投資的方式,防范投資風(fēng)險(xiǎn)。3.3加強(qiáng)籌資風(fēng)險(xiǎn)的控制籌資風(fēng)險(xiǎn)是企業(yè)融資活動(dòng)而導(dǎo)致收入的不確定性和不能支付到期本金和利息的風(fēng)險(xiǎn)。關(guān)鍵在于是否及時(shí)償還籌資風(fēng)險(xiǎn)本金和利息基金籌資風(fēng)險(xiǎn)的高低判別主要依據(jù)企業(yè)償債能力指標(biāo)具體控制方法是:1、完美的融資體系。授權(quán)審批人權(quán)限明確、責(zé)任和經(jīng)紀(jì)人的職責(zé),制定相應(yīng)的業(yè)務(wù)流程,明確籌資決策、執(zhí)行、工資等環(huán)節(jié)的內(nèi)部控制的要求,并建立了相應(yīng)的記錄和憑證,如實(shí)記錄每一個(gè)環(huán)節(jié)的業(yè)務(wù)開(kāi)展情況。2、完美的融資決策系統(tǒng)。建立并嚴(yán)格執(zhí)行資金預(yù)算的編制審批、融資計(jì)劃,如授權(quán)準(zhǔn)備和決策系統(tǒng),合理確定籌資規(guī)模和融資結(jié)構(gòu),提高融資方式,降低選擇成本的資金投入,防范金融風(fēng)險(xiǎn)。融資方案應(yīng)當(dāng)符合國(guó)家有關(guān)法律、法規(guī)和金融、證券融資預(yù)算要求企業(yè)融資的時(shí)間、方式選擇,估計(jì)費(fèi)用,潛在的風(fēng)險(xiǎn)及應(yīng)對(duì)措施等做出合理的安排。3、嚴(yán)格執(zhí)行融資計(jì)劃。嚴(yán)格按照批準(zhǔn)的融資和融資方案和規(guī)定程序?qū)ο?、中介機(jī)構(gòu),按照合同或協(xié)議約定的合同或協(xié)議相關(guān)資產(chǎn)籌資已同意支付。加強(qiáng)金融業(yè)務(wù)鏈接到內(nèi)部會(huì)計(jì)控制、利息、租金、負(fù)責(zé)人、計(jì)算、復(fù)核,支付做出明確規(guī)定,確保付款的工資按合同規(guī)定的條款或協(xié)議。3.4加強(qiáng)控制財(cái)務(wù)擔(dān)保風(fēng)險(xiǎn)1、保證前期控制?？尚行浴?dān)保風(fēng)險(xiǎn)應(yīng)嚴(yán)格調(diào)查、分析、評(píng)估、風(fēng)險(xiǎn)規(guī)避、轉(zhuǎn)讓和采取措施落實(shí)到位。擔(dān)保機(jī)構(gòu)可以借助相關(guān)專業(yè)機(jī)構(gòu)的人才、技術(shù)和經(jīng)驗(yàn),提高他們的信用調(diào)查和分析能力及有效的識(shí)別和控制能力擔(dān)保風(fēng)險(xiǎn)。如勘探和專職信用服務(wù)機(jī)構(gòu)聯(lián)合建立具有高級(jí)專業(yè)技術(shù)水平的企業(yè)信用評(píng)級(jí)機(jī)構(gòu),通過(guò)信用評(píng)級(jí)建立企業(yè)信用檔案管理,使項(xiàng)目報(bào)批,使一個(gè)公平、透明的由于信息不對(duì)稱導(dǎo)致?lián)p失降到最低水平。2、建立和完善風(fēng)險(xiǎn)評(píng)估體系。一些企業(yè)加強(qiáng)對(duì)擔(dān)保風(fēng)險(xiǎn)控制的,比如指定下列政策:八一煤礦,有必要提供擔(dān)保的企業(yè)應(yīng)用擔(dān)保人資產(chǎn)質(zhì)量、清償力、金融信貸、合法性問(wèn)題的評(píng)估申請(qǐng)擔(dān)保,并形成一個(gè)書(shū)面評(píng)估報(bào)告。我要求保證人提供反擔(dān)保和反擔(dān)保相關(guān)資產(chǎn)評(píng)估、預(yù)防擔(dān)保業(yè)務(wù)的風(fēng)險(xiǎn)。提供擔(dān)保的,關(guān)聯(lián)方與經(jīng)濟(jì)利益或者近親屬在審批有關(guān)人際關(guān)系應(yīng)當(dāng)公布。3、加強(qiáng)監(jiān)督管理。被保證人的金融風(fēng)險(xiǎn)和安全問(wèn)題,實(shí)施監(jiān)督,依照規(guī)定的程序訂立抵押合同,要求被擔(dān)保人定期提供財(cái)務(wù)會(huì)計(jì)報(bào)告,并保證實(shí)施事項(xiàng)。加強(qiáng)金融風(fēng)險(xiǎn),由擔(dān)保人的實(shí)施安全方面的監(jiān)測(cè),發(fā)現(xiàn)異常應(yīng)及時(shí)采取措施的風(fēng)險(xiǎn)。擔(dān)保合同到期,必須完全清楚實(shí)行抵押財(cái)產(chǎn),權(quán)利憑證,保證按照合同終止的關(guān)系。3.5加強(qiáng)控制利潤(rùn)分配收入分配是企業(yè)財(cái)務(wù)周期的最后一個(gè)環(huán)節(jié)。包括留存收益和收入分配股利分配兩個(gè)方面,是擴(kuò)大規(guī)模留存收益的來(lái)源、股東的股利分配是兩個(gè)相互接觸的財(cái)產(chǎn)是擴(kuò)大需求矛盾。企業(yè)如延伸速度、銷(xiāo)售和生產(chǎn)規(guī)模的快速發(fā)展,需要掌握的資產(chǎn),稅后利潤(rùn)的最保留。但是,如果當(dāng)利潤(rùn)高的股利分配在相當(dāng)?shù)乃?可能會(huì)影響企業(yè)的股票價(jià)值,形成了企業(yè)收入分配的風(fēng)險(xiǎn)。因此,為了保證國(guó)家、集體和職工利益的基礎(chǔ)上在三個(gè)收入分配。在年底利潤(rùn)分配,精確的會(huì)計(jì)年度收入和支出之前,清理干凈的性質(zhì)及債權(quán)、債務(wù),搞好結(jié)算和現(xiàn)金。準(zhǔn)備分配方案。企業(yè)所得堅(jiān)持最求發(fā)展的原則,一個(gè)集體福利,韌性,并堅(jiān)持以理性的,因地制宜,風(fēng)險(xiǎn)的原則?？偸杖氲姆植?可以在納稅后,經(jīng)依法批準(zhǔn),按下列順序配置:提取公積金,基金發(fā)展生產(chǎn),可轉(zhuǎn)增資本和損失;例如集體福利的建設(shè);福利費(fèi)的提取;福利方面的集體福利開(kāi)支。Thefinancialriskofsmallandmedium-sizedenterprisesRobertJ.KaufFmanChapter1Themeaningoffinancialrisksandspecies1.1ThemeaningoffinancialriskSincethe20thcentury,theunderstandingofrisksincebasicallyhasthefollowingkindsofideas:(1)theriskisakindofthepossibilityoflossordamage.Thisdefinitiondeeplydiscusstherisksanddamage,emphasizetheinnerrelationbetweenthepossibilityofdamage;(2)theriskisthelossofuncertainty;(3)riskisactualresultsandexpectedresultsdifferences.IntheUnitedStatessmallArthurWilliamsandRichardHanscollaborativebook,riskmanagementandinsurance,inhisbook,theriskisdefinedas"inanygivencaseandgivenperiodoftime,thatmighthappenthedifferencebetweentheresults."Differenceisbigger,thegreatertherisk;Conversely,thesmallerthedifference,theriskissmall.Ifthereisavarietyofresults,theneachresultshaveitscorrespondingprobability.Ifonlyaresult,noriskatall.Theaboveseveralviews,theformertwoideasarejustwillriskassociatedwithloss,notwithfavorableaspectswillriskassociated.Theriskforfutureperformanceintheeconomicfield,theuncertaintyoftheresultthisuncertaintymaybethelossofuncertainty,alsomaybebussinessrealizestheincomeuncertainty,mightalsobeobtainedthepossibilityofstronger-than-expectedearnings.Therefore,theriskisnotonlymeansloss,butlossesandvaluecommunity.Riskusuallyreferstotheactualsituationdeviationanticipatedgoalagainsttimeorpossibility,learnthepossibilityofloss.Fromtheperspectiveoffinancialrisk,theriskisenterpriseinvariousfinancialactivities,becauseallsortsofdifficulttoexpectorcan'tcontrolfactors,makeenterprise'sactualprofitandexpectationshadhappeneddeviation,thussufferingfromeconomicsaypossibility.1.2Thekindsoffinancialrisk1.Raisefundrisk.Fundraisingriskistoshowenterpriseforfinancingactivitiesandcauseincomeuncertaintyandexpirationcannotpayprincipalandinterestrisk.Thekeyliesinwhetherthefundraisingrisktimelytorepaytheprincipalandinterestsoffundraisingriskfundshigh-lowdiscriminantmainbasisenterprisesolvencyindex.2.Investmentrisk.Investmentriskreferstoenterprisesintheinvestmentactivities,affectedbyvariousuncertainfactors,canreceivebackonscheduleandcostofcapital,andcompensationcanachievetheexpectedinvestmentrewardrisk.Intheinvestmentprocess,ifinvestmentdecisionsnotscience,smallandmedium-sizedenterprisesinvestmentdevelopmentspeedisnotsuitablefor,willaffecttheenterpriseprofitandsolvency,andproducethefinancialrisk.3.Cashflowrisk.Cashflowriskistoshowenterpriseproductionandmanagementprocesscashoutflowsandshedintimeofasymmetry.Smallandmedium-sizedenterprisesgreatlyinfluencedbytheeconomicenvironmentduetoitsfinancingability,theuseoffundisweak,thelackofadvancedandtiedandeffectivemanagementandotherfactors,itiseasytocreatecashflowrisk.4.Capitalrecoveryatrisk.Capitalrecyclingriskreferstoenterpriseproductscanbesuccessfullysoldandpaymentinfullofrecoverintimewhethertheriskofrisk,itsmaininenterprisereceivablesandinventoryproject.Becauseourcountryplannedeconomicsystemofaccountingreasons,someenterprisekeenoncredit,ononehand,highcreditcreditreflectedhighprofits,ontheotherhandaccountsreceivableandincreasedenterpriseassets,andreceivablesback,whencanrecover,butnoattention.Incomedistributionriskisduetoincomedistributionmaygiveenterprisefutureproductionandoperatingactivitiesoftherisks.Mainlydisplaysinsmallandmedium-sizedenterprisesolvencychange,smereproductionscaleeffect,etc.5.Foreignexchangerisk.Foreigncurrencyriskistoshowenterpriseintheimportandexporttradeorotherforeignexchangebusinessactivitiesduetoexchangeratefluctuationreasonsexpectedbenefitstherisks.Enterpriseexchangeriskboundarycountythefollowingseveralaspects:duetotheclosingdateandtheactualbusinesspaymentsonforeignexchangesettlementexchangeratefluctuationistheenterpriseloss;Intheforeignexchangeaccountsreceivableduetolackofeffectivecontrol,eagertotradecausedpartorallofforeignexchangeaccountsafterwardstheriskofforeignexchangecannotberecovered,includingarepoliticalreasons,suchastheotherforeignexchangecontrol,wherewarfactors.BeforejoiningtheWTO.Enterpriseincreasinglyoutofthecountryandtheexchangerateriskfactorsalsomoreandmorebeforepresentedinenterprise.Chapter2Smesfinancialriskthecauseanalysis2.1TheexternalcausesoffinancialriskSmesfinancialactivityenvironmentincludingthepoliticalenvironment,economicenvironmentandfinancialmarketfactors,theyexistoutsideofbusinessenterprisefinancialactivitieshaveasignificantimpact.Ontheonehand,itforenterprise'ssmoothdevelopment,provideopportunitiesandmaybenecessarytoformtheexternallinksprovideeffectivefinancialchannel,suchasthefinancingchannelsandfavorableinvestmentprojects,etc.Ontheotherhand,externalfactorsofenterprisemanagementandagainproposedfinancialactivityrestrictionandchallenges.Facingtheexternalchangefulfinancialenvironment,theenterprisestrategicmanagementinimplementingtherisk,andthechangesineconomicenvironmentshouldbefortheforerunner,makethefinancialriskoftheenterprisestrategicmanagementandthechangingeconomicenvironment.Butshouldpayattentiontoinmakingthefinancialriskoftheenterprisestrategyanddeterminethefinancialearly-warningindex,enterprise'sseniorfinancialmanagementpersonnel,notsimpleandpassiveadapttotheenvironment,andexternalenvironmentchangesshouldplayanactivesubjectivedynamicrole.Suchaspositivepredictvariousmacro-controlpolicyandeconomicdevelopmentmomentum,exchangerateandinterestratemovementsanalysis,industrycharacteristicsandcompetitionsituation,allkindsoffuturedevelopmenttrendsandwithinacertainrange,theenterpriseeconomicenvironmentforthedevelopmentandchangesarefullygrasp,andinvariouscomplicatedfactorsofenterprisedevelopmentindeterminingfavorableandunfavorablefactors,timelyadjusttheenterprise'sfinancialstrategyandrelatedfinancialearly-warningindex.Variousenvironmentalchangesontheenterprisethatisdifficulttoaccuratelypredictedandconfidence,withuncertainty,thiswillinevitablybringstotheenterprisefinancialrisk.2.2Theinternalcausesoffinancialrisk1.Financialpersonnelqualityisnothigh.Financialpersonnelqualityisenterpriseinternalfinancialfactorsofthemostimportantinfluencefactors.Financialpersonnelcablequalityincludesculture,businesstechnology,leadingintoleadership,interpersonalrelationship,andthecompanytheirdutiesdegree,etc.Iftheenterprisemanagementpersonnel'squalityispoorer,lackofmoralandriskawarenessindifference,controldeviationanddealingwiththeunexpectedcrisisexperiencelack,enterpriseriskcontrolandpreventioncapacityisweak,easyincurfinancialriskorriskoccursataloss.Therearemoralmissingenterprisemanagersoremployeeswouldbecauseitslackofself-disciplineandspiritualmotivationanddestroythesustainabledevelopmentoftheenterprises,leadingcompaniesfail.Administratorslackofprofessionalismandmarketizationsystemofmanagementthinkingissmallandmedium-sizedenterpriseriskaggravatefailureimportantreasons.2.Internalfinancialsystemisimperfect.Smallandmedium-sizedenterpriseinternalfinancialsystemisenterprisefinancialworkofinternalregulations,isintheunifiedstatefinancialandaccountingsystems,basedonenterprise'sowncharacteristics,madefinancialwritingduringthemagnitudeandfollowthefinancialfoundation.Performanceforinternalcontrolsystemofenterpriseestablishnotwhole,systemimplementationbetweendepartmentsisinvalid,themoneymanagementanduse,distributionofinterestsareSequinunknown,managementconfusion,nostrictcapitalbudget,controlsystem,theserviceefficiencyoffundsisnothigh,erosion,capitalofsecurity,integritycannotguaranteed.3.Enterprisefinancingcapitalstructureisreasonable.Capitalstructureismainlyreferstothecompanyallcapitalsourcesofcapitalequityanddebtratiorelations.Duetothereasonssuchasfund-raisingdecision-makingerrors,ourcountryenterprisecapitalstructureunreasonablephenomenonexistsgenerally,ismanifestedinthetotalcapitalofdebtcapital,manyhighproportionofsmallandmedium-sizedenterprisesassetsreachedmorethan70percent.Capitalstructureunreasonablecauseenterprisefinancialburdenisheavy,solvency,thusresultinginseriousshortageoffinancialrisk.4.Enterpriseinvestmentgrowthnotproperly.Somesmallandmedium-sizedenterpriseinordertoquicklydobig,the"highdebt,low-growthfirms"strategy,oftensparenoefforttoexpand,fundraisingislimited,investmentgapisverybig,causecapitalpaymentsimbalances.What'smore,inordertomakeupthemoneygap,manysmallandmedium-sizedenterpriseathigherratesforfinancing,becomesmallandmedium-sizedenterprisesthepotentialriskoffuturebusiness,oncethesmallandmedium-sizedenterprisesinsufficient,futureearningswillinevitablycreatehugepaystress,leadingtothefinancialcrisis.5.Enterprisereceivableslackofcontrol.Thesmallandmedium-sizedenterpriseswidespreadphenomenonofunmarketableproducts,somesmallandmedium-sizedenterprisesinordertoincreasesales,enlargetheshareofmarket,thesalesofproductsbywayofcredit,resultinginenterprisereceivablesswell.Meanwhile,intheprocess,thecreditcustomersdidn'tknowthecreditrating,blindcreditsales,causingrunawayaccountreceivable,andasignificantproportionofaccountsreceivablelong-termunabletorecoveruntilbecomebaddebt,assetsbytheobligorfreeoccupied,long-termseriousinfluencesmallandmedium-sizedenterpriseassetliquidityandsafety,theresultingfinancialrisk.6.Enterpriseinventorylevelstructureisnotreasonable.Inventorynotassetsbutdebt,butmostofthesmallandmedium-sizedenterprisestopresentit;inventoryistheenterprisemostexpensiveoneoftheassets.Incurrentassets,inventoryproportionisoppositebigger,andmanyoftheperformanceforChaoChubackloginventories.Inventoryilliquid,ontheonehand,occupiedtheenterpriselotsofcapital;Ontheotherhandenterprisesmustpayforstoringtheseinventory,leadingtolargeamountsofstoragecostsrisingcost,profitdecreaseenterprise.Long-termstockinventory,enterprisetaxingsaggingstockgenerateddepreciationlossesandkeepingthelosscausedbypoor,thusresultinginfinancialrisk.Chapter3Avoidfinancialrisksmeasures3.1EstablishriskconceptStrengthensmallandmedium-sizedenterprisemanagement,strengthentheinfrastructureconstructionofenterprisemanagementpersonnel'sservicetraining,increasetheirrisk,intheknowledgeofanalyzingriskandriskpreventionabilities,improvemanagementdecision-makinglevel.Basedonfinancialpersonnelintheenterprisefinancialrisktotheimportantposition,theenterprise'sfinancialpersonneltrainingshouldnotbeconfinedtotheaccountantcontinueseducation,financialpersonneldon'tgetboggeddownintheenterprise"ZhangFangsir"positioning,toimproveenterprisefinancialpersonnel'squality,graspstheenterpriseriskmanagementtheory,toadapttothemodernenterpriseintheexternalenvironmentoftheopenthesurvivalanddevelopment.Tostrengthenenterpriseriskeducation,canstrengthenenterprisemanagersandstaffawareness,fundamentallyguardagainstanddissolvemoralhazard,makethehealthydevelopmentofsmallandmedium-sizedenterprisemanagementinthestate.3.2StrengthentheinvestmentriskcontrolExternalfinancialriskmainlyfrominvestmentandshould,therefore,tostrengthentheinvestmentriskcontrol.Investmentriskoftheenterpriseisforeignoperationshappenfinancialrisk.Alotofenterprise'slosses,failurecomesfromthis.Theriskiseconomicinteractionever-presentandshould,therefore,themostriskcontrol,theriskstothelowesteffectiveremedialinadvance,and,asthedefensefirststepinadvanceiscarriesondefenceadvancecommercialinvestmentriskanalysisandinvestigationcanreduceinvestmentblindness,reduceriskandavoiddecisionerror,makeenterpriseintheincreasinglyfiercecompetitioninthemarketneutralandinvincibleposition.Establishandperfecttheforeigninvestmentcollectivedecisionandauthorizedsystem.Clearinvestmentdecision-makingproceduresandcontrolmeasures,regulationShenPiRenpermissions,responsibilityanddutylimitsandworktheagencyrequirements.Accordingtothedifferentforeigninvestment,formulatethecorrespondingbusinessprocessofinvestmentproposalpreparation,investmentschemetodraft,investmentfeasibilitystudies,investmentprojectevaluation,investmentdecisionsmadespecificprovision,reasonablydeterminethescaleofinvestmentandinvestmentstructure,chooseinvestmentway,preventinginvestmentrisk.3.3StrengthenthecontroloffundraisingriskFundraisingriskisenterpriseforfinancingactivitiesandcauseincomeuncertaintyandexpirationcannotpayprincipalandinterestrisk.Thekeyliesinwhetherthefundraisingrisktimelytorepaytheprincipalandinterestsoffundraisingriskfundshigh-lowdiscriminantmainbasisenterprisesolvencyindexspecificcontrolmethodare:1.Perfectfinancingauthorizedsystem.ClearShenPiRenpermissions,responsibilityandagentresponsibilities,formulatecorrespondingbusinessprocess,clearfundraisingdecision-making,execution,paytheinternalcontrolrequirementssuchlinks,setupcorrespondingrecordorvoucher,truthfullyrecordedeverylinkbusinesscarryingcase.2.Perfectfinancingdecisionsystem.Establishandstrictlyenforcefinancingbudgetpreparationandapproval,financingschemessuchastheauthorizedpreparedanddecision-makingsystem,reasonablydeterminethefund-raisingsizeandfinancingstructure,raisefinancingmode,reducechoicecostoffunds,preventingfinancialrisks.Financingschemeshallcomplywiththerelevantstatelawsandregulationsandfinance,securitiesfinancingbudgetrequirementsofenterprisefinancingtiming,waystoselect,estimatedcost,potentialrisksandcopingmeasuresetcmakereasonablearrangement.3.Strictlyenforcefinancingplan.Strictlyinaccordancewithapprovedfinancingschemesandprescribedprocedureandfinancingobject,intermediaryinstitutionsand,inaccordancewiththecontractoragreementcontractoragreementtofund-raisinghasagreedrelatedassetsin.Strengthenfinancingbusinesspaylinktotheinternalaccountingcontrol,interest,rents,andtheprincipalofcalculation,check,paytomakeclearrulestoensurethepaymentwiththepayraisetheprovisionsofthecontractoragreement.3.4Strengthenthecontroloffinancialguaranteerisk1.Guaranteeprophasecontrol.Feasibility,guaranteeriskshouldbestrictinvestigationandanalysis,evaluation,riskaversion,transferandtakemeasurestoputinplace.Guaranteeagenciesmayhavetheaidofrelevantprofessionalorganizationstalents,technologyandexperience,improvetheircreditinvestigationandanalysisabilityandtheeffectiverecognitiontoguaranteeriskwithcontrolability.Suchasexplorationandprofessionalcreditserviceagenciesjointlyestablishwithseniorprofessionallevelofenterprisecreditratingagencies,throughthecreditratingbuildenterprisecreditfiles,maketheprojectapproval,tomakeafairandtransparentbecauseofinformationasymmetrycauselosstoaminimumlevel.2.Establishandperfecttheriskassessmentsystem.Someenterprisestostrengthentoguaranteeriskcontrol,suchasthedesignatedthefollowingpolicy:bayicoalmine,itisnecessarytoprovideguaranteeenterpriseapplicationguarantorqualityassets,solvency,financialcreditandthelegalityofapplicationassuremattersassessment,andformingawrittenassessmentreport.Irequesttheguarantorcountersecuritytoandcounterguaranteerelatedassetsevaluation,preventingguaranteebusinessrisk.Toprovideguarantee,associatedpartyandeconomicinterestsorcloserelativesthereintheexaminationandapprovaloftherelevantpersonnelrelationshipshallbeavoided.3.Strengthensupervision.Tobetheguarantoroffinancialrisksandsecuritymatters,theimplementationofthesupervisioninaccordancewiththeprescribedprocedurestoconcl