发布时间：
一、企业财务风险分析 1、企业财务风险的基本特征 :企业财务风险是指企业在整个财务活动过程中，由于各种不确定性所导致企业蒙受损失的机会和可能。企业的财务风险贯穿于生产经营的整个过程中，可将其划分为：筹资风险、投资风险、资金回收风险和收益分配风险四个方面。主要特征表现在：一是客观性。即风险处处存在，时时存在。也就是说，财务风险不以人的意志为转移，人们无法回避它，也无法消除它，只能通过各种技术手段来应对风险，进而避免风险。二是全面性。即财务风险存在于企业财务管理工作的各个环节，在资金筹集、资金运用、资金积累、分配等财务活动中均会产生财务风险。三是不确定性。即财务风险在一定条件下、一定时期内有可能发生,也有可能不发生。四是收益与损失共存性。即风险与收益成正比，风险越大收益越高，反之收益就越低。 2、从资产负债状况分析财务风险 从资产负债分析，主要分为三种类型：一是流动资产的购置大部分由流动负债筹集，小部分由长期负债筹集；固定资产由长期自有资金和大部分长期负债筹集，也就是流动负债全部用来筹集流动资产，自有资本全部用来筹措固定资产，这是正常的资本结构型，财务风险很小；二是资产负债表中累计结余是红字，表明一部分自有资本被亏损侵蚀，从而总资本中自有资本比重下降，说明出现财务危机，必须引起警惕；三是亏损侵蚀了全部自有资本，而且还占据了负债一部分，这种情况属于资不抵债，属于高度风险，必须采取强制措施。 3、从企业收益状况分析财务风险从企业收益分析，分为三个层次：一是经营收入扣除经营成本、管理费用、销售费用、销售税金及附加等经营费用后的经营收益。二是在其一基础上扣除财务费用后为经常收益。三是在经常收益基础上与营业外收支净额的合计，也就是期间收益。对这三个层次的收益进行认真分析，就可以发现其中隐藏的财务风险。这其中分三种情况：一是如果经营收益为盈利，而经常收益为亏损，说明企业的资本结构不合理，举债规模大，利息负担重，存在一定风险；二是如果经营收益、经常收益均为盈利，而期间收益为亏损，可能出现了灾害及出售资产损失等，若问题严重可能引发财务危机，必须十分警惕；三是如果从经营收益开始就已经亏损，说明企业财务危机已显现。反之，如果三个层次收益均为盈利，则是正常经营状况。 二、企业财务风险的防范 在市场经济条件下，财务风险是客观存在的，要完全消除风险及其影响是不现实的。所以，企业在确定财务风险控制目标时不能一味追求低风险甚至零风险，而应本着成本效益原则把财务风险控制在一个合理的、可接受的范围之内。因此，要加强企业财务风险防范，如何防范企业财务风险，化解财务风险，以实现财务管理目标，是企业财务管理工作的重点。现着重从以下几点来谈谈如何防范企业财务风险。 1、树立风险意识，建立有效的风险防范处理机制 具体方法主要有:一是坚持谨慎性原则,建立风险基金。即在损失发生以前以预提方式建立用于防范风险损失的专项准备金。如产品制造业可按一定规定和标准计提坏账准备金、商业流通企业计提商品削价准备金,用以弥补风险损失。二是建立企业资金使用效益监督制度加强企业财务风险控制，应从以下几方面入手： （1）筹资风险控制 在市场经济条件下，筹资活动是一个企业生产经营活动的起点，管理措施失当会使筹集资金的使用效益具有很大的不确定性，由此产生筹资风险。企业筹集资金渠道有两大类：一是所有者投资，如增资扩股，税后利润分配的再投资。二是借入资金。对于借入资金而言，企业在取得财务杠杆利益时，实行负债经营而借入资金，从而给企业带来丧失偿债能力的可能和收益不确定性。筹资风险产生的具体原因有几方面：由于利率波动而导致企业筹资成本加大的风险，或筹集了高于平利息水平的资金，此外，还有资金组织和调度风险，经营风险，外汇风险。因此，必须严格控制负债经营规模。 （2）投资风险控制 企业通过筹资活动取得资金后，进行投资的类型有三种：一是投资生产项目上，二是投资证券市场，三是投资商贸活动。然而，投资项目并不都能产生预期收益，从而引起企业盈利能力和偿债能力降低的不确定性。如出现投资项目不能按期投产，无法取得收益，或虽投产不能盈利，反而出现亏损，导致企业整体盈利能力和偿债能力下降，虽没有出现亏损，但盈利水平很低，利润率低于银行同期存款利率；或利润率虽高于银行存款利息率，但低于企业目前的资金利润率水平。在进行投资风险决策时，其重要原则是既要敢于进行风险投资，以获取超额利润，又要克服盲目乐观和冒险主义，尽可能避免或降低投资风险。在决策中要追求的是一种收益性、风险性、稳健性的最佳组合，或在收益和风险中间，让稳健性原则起一种平衡器的作用。
随着中国经济入世程度的加深,公允价值计量的位置越来越显要。近日,财政部制定并发布了新企业会计准则,新增了《企业会计准则第39号——公允价值计量》,从而引发了人们对公允价值计量的新一轮思考。本文首先比较了新旧准则的差异,进一步分析了公允价值计量的影响,最后提出了对公允价值计量的一些建议。 关键词：新会计准则； 公允价值； 计量；
先找一个切入点，然后再网上搜吧，类似文章非常多！
Market Risk and Model Risk for a Financial Institution Writing OptionsThe Journal of FinanceVolume 54, Issue 4, Date: August 1999, Pages: 1465-1499T Clifton Green, Stephen FiglewskiAbstract | Full Text: PDF (153K) select this item for viewing How Theories of Financial Intermediation and Corporate Risk-Management Influence Bank Risk-Taking BehaviorFinancial Markets, Institutions & InstrumentsVolume 10, Issue 5, Date: December 2001, Pages: 277-323Michael S PaganoAbstract | Full Text: PDF (204K) select this item for viewing The Importance of Financial Leverage and Risk Aversion in Risk–Management Strategy SelectionAmerican Journal of Agricultural EconomicsVolume 84, Issue 4, Date: November 2002, Pages: 1130-1143Brent A Gloy, Timothy G BakerAbstract | Full Text: PDF (130K) select this item for viewing Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates by B Porteous and P TapadarJournal of the Royal Statistical Society: Series A (Statistics in Society)Volume 170, Issue 2, Date: March 2007, Pages: 510-510N H BinghamAbstract | References | Full Text: HTML, PDF (45K) select this item for viewing Handling Weather Related Risks Through the Financial Markets: Considerations of Credit Risk, Basis Risk, and HedgingJournal of Risk & InsuranceVolume 74, Issue 2, Date: June 2007, Pages: 319-346Linda L Golden, Mulong Wang, Chuanhou YangAbstract | References | Full Text: HTML, PDF (717K) select this item for viewing Evaluation of Production and Financial Risk: A Stochastic Dominance ApproachCanadian Journal of Agricultural Economics/Revue canadienne d'agroeconomieVolume 35, Issue 1, Date: March 1987, Pages: 109-126John G Lee, John R Ellis, Ronald D LacewellAbstract | References | Full Text: PDF (645K) select this item for viewing Does Financial Distress Risk Drive the Momentum Anomaly?Financial ManagementVolume 37, Issue 3, Date: Autumn 2008, Pages: 461-484Vineet Agarwal, Richard TafflerAbstract | References | Full Text: HTML, PDF (183K) select this item for viewing Does Difference Make a Difference in Financial Planning for Risk?Social Policy & AdministrationVolume 42, Issue 6, Date: December 2008, Pages: 576-592Deborah Quilgars, Anwen Jones, David AbbottAbstract | References | Full Text: HTML, PDF (125K) select this item for viewing Two Classroom Simulations in Financial Risk Management and InsuranceRisk Management and Insurance ReviewVolume 3, Issue 1, Date: March 2000, Pages: 115-124David T RussellAbstract | References | Full Text: PDF (572K) select this item for viewing Financial Globalization, International Business Cycles and Consumption Risk Sharing*Scandinavian Journal of EconomicsVolume 110, Issue 3, Date: September 2008, Pages: 447-471Michael J Artis, Mathias HoffmannAbstract | References | Full Text: HTML, PDF (225K) select this item for viewing Interest Rate Risk Rewards in Stock Returns of Financial Corporations: Evidence from GermanyEuropean Financial ManagementEarly View, Date: July 2008Marc-Gregor Czaja, Hendrik Scholz, Marco WilkensAbstract | References | Full Text: HTML, PDF (195K) select this item for viewing A Unified Approach to Hedging Interest Rate Risk with Financial Futures*Decision SciencesVolume 19, Issue 3, Date: September 1988, Pages: 654-671Jimmy E HilliardAbstract | References | Full Text: PDF (880K)
1 the meaning of financial risk Ye at "small and medium-sized financial risk assessment and control of research" that the financial risk is the possibility of corporate insolvency and shareholders, the proceeds of uncertainty, it is difficult because of enterprise funds, to adopt a different mode of financing brought about by Starting from the analysis of financial risk on its meaning, characteristics and types of content; at this based on the causes of the financial risk to conduct in-depth analysis and detailed research, analysis concludes that the financial risks arising from internal factors and external aspects; in turn, establish a risk awareness, the establishment of an effective risk prevention mechanism; set up and improve the financial management system to meet the financial management of environmental change; set up the financial risk early warning mechanism, strengthen the financial crisis management; improve the scientific level of financial decision-making to prevent due to poor decisions arising from the financial risk; through internal systems to prevent the establishment of binding mechanisms to control and guard against financial risk in five areas of financial risk prevention measures as well as self-insurance, diversification of risk control, risk transfer, risk averse, risk reducing the five Only controlled enterprises to guard against and defuse financial risks, in order to ensure that enterprises in the fierce competition in the market in an invincible 2 The causes of the financial risks(A) external causes 1, the national policy changes brought about by the financing Generally speaking, small and medium-sized production and operation because of A country's economy or monetary policy changes, there may be small and medium-sized production and management, market conditions and financing forms have a certain Beginning in 2007, our country has increased the intensity of macroeconomic regulation and control, the central bank to raise the fourth time the deposit reserve ratio, in particular, are ready to implement the difference between a direct deposit system to make small and medium-sized service-oriented small and medium-sized commercial banks to tighten credit, SMEs First of all, the capital supply disruption, the risk of inviting a lot of financing, SMEs also in urgent need of funds can not be forced to stop production or the scale of 2, bank financing channels for non-financial risks caused by Corporate sources of funds are nothing more than its own funds and external financing in two In various modes of financing, the bank credit is also an important source of funds, but banks in the country's financial policies as well as their own sound system is not under the influence of such circumstances, the general enthusiasm for SME lending is not high, their loans more difficult to increase the the enterprise's financial (B) internal factors one, blind expansion of investment There is a considerable number of conditions are not ripe for the SMEs in the circumstances, only the experience of one-sided pursuit of companies to determine the expansion of the extension, ignore the company's content and core competitiveness, resulting in a major capital investment 2, the investment decision-making For business, the correct selection of industries are the starting point for the survival and development However, some industrial enterprises in the selection process, the often overlooked "industry is a dynamic selection process" concept, should not a keen grasp of industry trends and direction of 3, improper selection of investment Enterprises to make investment decisions, we must give full consideration to qualified partners, reputation, and should have to bear the corresponding 4, less than Lack of SME credit is a common Therefore, small and medium-sized banks to provide loans or investments to small and medium-sized people had to step up investment on human resources in order to improve the quality of information collection and This respect has increased the investment bank or person lending and investment On the other hand also give small and medium enterprises financing Ability to finance capital, to finance the number of funds, the financing of SMEs exist great 2 国内研究现状1财务风险的含义叶华在《中小企业财务风险评价与控制研究》中指出财务风险是企业丧失偿债能力的可能性和股东收益的不确定性, 它是由于企业资金困难, 采取不同的筹资方式而带来的风险。从分析财务风险入手，阐述其含义、特征以及种类等内容；在此基础上对财务风险产生的原因进行深入细致的分析研究，分析总结出财务风险产生的内因和外因诸方面；从而提出树立风险意识，建立有效的风险防范机制；建立和完善财务管理系统，以适应财务管理环境变化；建立财务风险预警机制，加强财务危机管理；提高财务决策的科学化水平，防止因决策失误而产生的财务风险；通过防范内部制度，建立约束机制来控制和防范财务风险五个方面的财务风险防范措施以及自我保险、多元化风险控制、风险转移、风险回避、风险降低五种技术方法。只有控制防范和化解企业财务风险，才能确保企业在激烈的市场竞争中立于不败之地。 2 财务风险的成因（一）外部原因1、国家政策的变化带来的融资风险。一般而言，由于中小企业生产经营不稳定。一国经济或金融政策的变化，都有可能对中小企业生产经营、市场环境和融资形式产生一定的影响。从2007 年开始，我国加大了对宏观经济的调控力度，央行第四次提高存款准备金率，尤其是实行差额准备金制度使直接面向中小企业服务的中小商业银行信贷收紧，中小企业的资金供给首先受阻，融资风险徒增不少，中小企业也因无法得到急需资金而被迫停产或收缩经营规模。2、银行融资渠道不流畅造成的融资风险。企业资金来源无非是自有资金和对外融资两种方式。在各种融资方式中，银行信贷又是重要的资金来源，但是银行在国家金融政策以及自身体制不健全等情况的影响下，普遍对中小企业贷款积极性不高，使其贷款难度加大，增加了企业的财务风险。（二）内部原因1、盲目扩张投资规模。有相当一部分的中小企业在条件不成熟的情况下，仅凭经验判断片面追求公司外延的扩大，忽略了公司内涵和核心竞争力，造成投资时资金的重大浪费。2、投资决策失误。对企业来说，正确的产业选择是生存发展的战略起点。但一些企业在选择产业过程中，往往忽视了“产业选择是一个动态过程”的观念，不能敏锐地把握产业演变的趋势和方向。3、投资合作伙伴选择不当。企业在做出投资决策时，一定要充分考虑合作伙伴的资质、信誉，并应具备承担相应风险能力。4、诚信不足。中小企业信用不足是一个普遍现象。因此，银行要向中小企业提供贷款或投资人要向中小企业进行投资就不得不加大人力资源的投入以提高信息的收集和质量分析。这一方面加大了银行或投资人的贷款和投资成本。另一方面也给中小企业的融资带来困难。能否融通到资金，能融通到多少资金，中小企业的融资存在很大的不确性。
Market Risk and Model Risk for a Financial Institution Writing OptionsThe Journal of FinanceVolume 54, Issue 4, Date: August 1999, Pages: 1465-1499T Clifton Green, Stephen FiglewskiAbstract | Full Text: PDF (153K) select this item for viewing How Theories of Financial Intermediation and Corporate Risk-Management Influence Bank Risk-Taking BehaviorFinancial Markets, Institutions & InstrumentsVolume 10, Issue 5, Date: December 2001, Pages: 277-323Michael S PaganoAbstract | Full Text: PDF (204K) select this item for viewing The Importance of Financial Leverage and Risk Aversion in Risk–Management Strategy SelectionAmerican Journal of Agricultural EconomicsVolume 84, Issue 4, Date: November 2002, Pages: 1130-1143Brent A Gloy, Timothy G BakerAbstract | Full Text: PDF (130K) select this item for viewing Economic Capital and Financial Risk Management for Financial Services Firms and Conglomerates by B Porteous and P TapadarJournal of the Royal Statistical Society: Series A (Statistics in Society)Volume 170, Issue 2, Date: March 2007, Pages: 510-510N H BinghamAbstract | References | Full Text: HTML, PDF (45K) select this item for viewing Handling Weather Related Risks Through the Financial Markets: Considerations of Credit Risk, Basis Risk, and HedgingJournal of Risk & InsuranceVolume 74, Issue 2, Date: June 2007, Pages: 319-346Linda L Golden, Mulong Wang, Chuanhou YangAbstract | References | Full Text: HTML, PDF (717K) select this item for viewing Evaluation of Production and Financial Risk: A Stochastic Dominance ApproachCanadian Journal of Agricultural Economics/Revue canadienne d'agroeconomieVolume 35, Issue 1, Date: March 1987, Pages: 109-126John G Lee, John R Ellis, Ronald D LacewellAbstract | References | Full Text: PDF (645K) select this item for viewing Does Financial Distress Risk Drive the Momentum Anomaly?Financial ManagementVolume 37, Issue 3, Date: Autumn 2008, Pages: 461-484Vineet Agarwal, Richard TafflerAbstract | References | Full Text: HTML, PDF (183K) select this item for viewing Does Difference Make a Difference in Financial Planning for Risk?Social Policy & AdministrationVolume 42, Issue 6, Date: December 2008, Pages: 576-592Deborah Quilgars, Anwen Jones, David AbbottAbstract | References | Full Text: HTML, PDF (125K) select this item for viewing Two Classroom Simulations in Financial Risk Management and InsuranceRisk Management and Insurance ReviewVolume 3, Issue 1, Date: March 2000, Pages: 115-124David T RussellAbstract | References | Full Text: PDF (572K) select this item for viewing Financial Globalization, International Business Cycles and Consumption Risk Sharing*Scandinavian Journal of EconomicsVolume 110, Issue 3, Date: September 2008, Pages: 447-471Michael J Artis, Mathias HoffmannAbstract | References | Full Text: HTML, PDF (225K) select this item for viewing Interest Rate Risk Rewards in Stock Returns of Financial Corporations: Evidence from GermanyEuropean Financial ManagementEarly View, Date: July 2008Marc-Gregor Czaja, Hendrik Scholz, Marco WilkensAbstract | References | Full Text: HTML, PDF (195K) select this item for viewing A Unified Approach to Hedging Interest Rate Risk with Financial Futures*Decision SciencesVolume 19, Issue 3, Date: September 1988, Pages: 654-671Jimmy E HilliardAbstract | References | Full Text: PDF (880K)
1024*768 JPG 100K 显示比例：100%查看原图 | 来源页面 | 收藏图片