企业财务风险管理及防范

财务风险是企业在进行各种财务活动时，由于各种不可控的复杂因素的影响，使企业的实际收益与预期收益有差异的不确定性。由于财务风险是伴随着企业各种活动的进行而产生的，并受到各种宏观因素和微观因素的影响，所以不可能将财务风险降低为零，最好的应对措施是提高管理者和财会人员的风险意识和专业能力，并建立完善的财务风险管理系统，对风险进行识别、评估、并采取有效的应对措施，在考虑企业价值最大化的目标的同时，将风险降低至一定程度可接受的低水平。1企业财务风险的种类及形成原因11筹资活动产生的财务风险企业筹资有债权融资和股权融资两种主要方式，在进行债权融资时，由于负债占总资产比例过高或者企业过度依赖短期负债，会导致资本结构不合理，企业需偿付的利息过多，不仅会影响企业的正常经营，甚至会产生偿付危机；同时在融资时采取的不同的债权融资方式，市场利率及融资规模在瞬息即变的市场中都会对企业的财务风险产生不同程度的影响；企业在进行股权融资时，也会受经济整体大环境、行业周期、资本市场情绪等多方面因素的影响，如不对这些因素进行评估应对，很可能会导致融资失败。12投资活动产生的财务风险企业的投资活动分为两种，一种是对外投资，另一种是对内投资。在进行对外投资时，如果决策者主观上没有风险意识或者客观上没有足够能力评估项目的风险，或者是在没有充分的对项目了解和调研，以及日后被投资方的经营状况的变化和市场环境的变化，都可能使实际收益与预期收益偏离过大，甚至没有收益或亏损；在进行对内投资时，企业购买固定资产扩大生产规模或是投资研发新产品，如果不对整个项目的可行性进行研究，利用数据进行分析预期收益的期望和标准差，都会使预期收益有较大的不确定性。13经营活动产生的财务危机从原材料的购买到商品的生产再到产品的销售及资金的回笼，经营活动是企业每天都必须面对的活动。部门之间不协调，没有高效的信息沟通途径，导致了生产部门虽制造了大量的商品，但是市场无法消化，销售部门也无能为力，产品的积压产生了储存成本，资金也没法回笼，或者销售部门采取宽松的赊销政策，导致了大量的应收账款，纸面上的可观利润却不能给企业带来实际的现金流，这些都加大了企业的财务风险。2企业财务风险产生的原因21产生财务风险的宏观原因这些宏观因素都是难以预测的，而且企业无法避免，只能时刻关注和企业相关的信息，及时做出正确的反应去适应环境从而保证企业的生存和发展。政治原因：国家政治环境对企业的影响是巨大的，当不同政治力量引发战争时或者国家遭受经济制裁时，对企业的打击可能是毁灭性的。经济原因：经济周期的转变，行业的生命周期，货币政策及经济政策的改变，利率、汇率的变化都会加大财务风险。社会原因：法律法规的改变，尤其是和企业密切相关的税法，微小的变动对企业产生的影响是巨大的，同时人口结构的调整也会影响劳动力市场，加大人力资本的成本。自然原因：自然灾害的发生，一些非人为因素导致的损失，债权人和债务人的破产或死亡，都会对企业财务造成不同的影响。22产生财务风险的微观原因这些原因也是复杂多样的，但是与宏观因素不同的是，这些原因是可以被识别并且可控的，企业也应该重点针对微观因素进行改革调整，从而使宏观财务风险管理和微观财务风险管理组成一个高效有机的系统。企业的财务风险管理机制不健全。尤其是中小企业，内部控制制度缺位，监督管理机制没有有效运行，母子公司资金管理混乱，企业整体资金使用效率低下，财务风险管理机制根本没有可以生存的土壤。在大中企业中，尽管规章制度健全，但也不乏制度如同虚设的现象。企业整体缺乏风险管理意识。由于管理者和会计人员风险意识能力薄弱，专业能力不强，决策靠主观经验，这样就导致了公司管理水平低下，现金流紧张，资源没有高效利用，经营效率不高的局面。企业管理者的决策失误。在公司普遍多元化的今天，有些管理者盲目追求多元化经营，不同子公司协调不到位，资源分配不合理，反而影响了公司的主营业务，适得其反；当企业取得成绩时，管理者往往会自我膨胀，因此要制订合理的决策制度，分散权力，相互制衡。法律制度的缺失和企业管理者的道德风险。由于法律和制度上存在缺陷，一些管理者往往会为了谋取巨大利益铤而走险，这种财务风险造成的结果往往比其他风险更严重，对企业来说更具有毁灭性，安然事件中世界五百强的安然公司和当时五大国际会计师事务所之一的安达信一起轰然倒下了，但也催生了萨班斯法案的出台，对保护投资者起到了巨大的作用，在一定程度上抑制了管理者造假的想法。3企业财务风险管理的本质和目标企业财务风险管理的本质上是一个全系统多环节的管理过程，贯穿于企业的所有活动之中。因此一个良好的风险管理系统是企业生存和发展的保障，真正高效的管理系统应该集识别风险、评估风险、应对风险于一体的。从融资到投资到资金回笼到收益分配，每一个过程都存在着不确定性，而且在经济全球化的今天，竞争日益激烈，企业不进行财务风险管理，就无法在竞争中存活下来。企业的终极目标是企业价值最大化，股东利润最大化，因此财务风险管理也必然是为这个目标服务的。在企业进行风险管理时有消极和积极的管理方式，消极管理是面对风险采取回避，从而降低不确定性，显然这不符合企业的终极目标，因此企业需要也必须进行积极的风险管理，建立健全完善高效的财务风险管理系统，主动去识别和评估财务风险，在此基础上运用各种方法和工具降低企业的风险，在一定风险程度下充分利用杠杆，整合资源，扩大生产规模和市场占有率，保证高的资金利用率和收益率。 4企业财务风险的防范措施41建立财务风险预警机制和风险管理机制对于定性的风险因素，尤其是在面对宏观因素的影响时，要在风险管理制度下依靠风险意识较强经验丰富的管理者或者专家去做评估和应对，采取相应的金融工具去对冲风险；对于可以定量分析的风险因素，要将一些财务上的指标，例如现金周转率、存货周转率、流动比率、利息保障倍数等相关指标赋予权重，建立适合自身企业的预警体系，并编制现金流量预测表，在接近预警值时及时对风险进行识别并做出应对。对于评估出来的风险，可以采用风险转移或者风险自担的方式。42加强管理者和财会人员的风险管理意识和专业能力无论多么完善的风险管理机制，都需要人去操作，因此加强管理者和财会人员的风险意识是管理财务风险的基石，对于有条件的企业，可以单独成立一个财务风险管理部门，时刻关注企业潜在的风险并对已发现重大风险进行评估并上报管理层共同应对。管理层也要优化企业的资本结构，合理安排长短期融资项目，在投资时充分调研，并对多个项目采取组合投资，降低整体风险水平，并保持一定的流动性，对存货等流动性资产做出及时的调整，合理安排生产计划，协调好各个部门的工作，保证企业各部门高效一致的运行。43企业财务风险的应对还需要多部门和监管部门的共同努力目前法律和制度还不是十分健全，对于财务舞弊的处罚也过轻，导致了一些管理者为自己谋求利益铤而走险，由于他们在企业权力很大，财务风险管理机制、内控机制、监管机制都无法发挥应有的作用，导致企业出现危机。如果能完善法律制度、加强对企业的监管、加大对违法者的处罚力度，制衡管理者的权力，或许会在一定程度上减少财务危机的发生。5结论财务风险是普遍存在的，对于企业来说它是无法避免的，且贯穿于企业的所有活动中，如何建立一套健全高效的财务风险管理系统是现代企业生存的基石，也是企业发展壮大的利器，这个问题值得每个管理者去深入研究。Financial risk is the enterprise in the various financial activities, due to the complexity of a variety of uncontrollable factors, make the enterprises actual income and expected income difference of uncertainty. Due to the financial risk is accompanied by enterprises of various activities, and influenced by all kinds of macro and micro factors, so it is not possible to reduce financial risk to achieve zero, the best response is to improve the management and accounting personnels risk consciousness and the professional ability, and establish and improve financial risk management system, for risk identification, assessment, and take effective measures to cope with the situation, at the same time of the enterprise value maximization goal, will be reduced to a certain degree of acceptable risk low.1 enterprise financial risk types and reasons11 financial risk generated by financing activitiesEnterprise financing has two main creditors rights financing and equity financing way, in the creditors rights financing, due to the debt to total assets ratio is too high or excessive reliance on short-term debt of enterprises will lead to unreasonable capital structure, enterprise need to pay the interest too much, will not only affect the normal operation of the enterprise, and even creates a solvency crisis. In financing at the same time take the different way of creditors rights financing, market interest rates and financing scale in unaccompanied variable market will be different degrees of influence on the financial risk of the enterprise; Enterprises for equity financing, also by the whole environment, industry economic cycle, the influence of various factors such as capital market mood, such as wrong to evaluate these factors, financing is likely to lead to failure.12 investment activities of financial riskEnterprises investment activities are divided into two kinds, one kind is foreign investment, the other is a inward investment. When making foreign investment, if the decision maker subjectively no risk awareness or dont have enough ability to objectively assess the risk of project, or in the absence of full understanding and research of the project, and in the future by investors in the change of operating conditions and the change of market environment, can make the actual income and expected return deviation is too big, even no gains or losses; When making inward investment, the enterprise purchases fixed assets to expand the scale of production or invest in research and development of new products, if not the entire project feasibility study, using data analysis forecast earnings expectations and standard deviation, will make the expected return has greater uncertainty.13 business activities of the financial crisisFrom the purchase of raw materials to production to sales of commodity and money drained, business activity is the activity of enterprises have to face every day. No coordination between departments, no efficient information communication way, leads to the production department is making a lot of goods, but the market could not digest, the sales department are powerless, the backlog of storage cost, the money cant collecting or sales department take the loose credit policy, causing a large amount of accounts receivable, substantial profits, not on paper cant brings to the enterprise actual cash flow, which increased the financial risk of the enterprise.2 the causes of enterprise financial risk21 cause of macro financial riskThese macroeconomic factors are difficult to predict, and enterprise is inevitable, only paying attention to and enterprise information, in a timely manner to make the right response to adapt to the environment to ensure the survival and development of the enterprise. : (1) political reasons the countrys political environments influence on enterprises is huge, when different political power led to war or countries suffer from economic sanctions, the enterprise can be devastating. (2) economic reasons: the transition of the economic cycle, the life cycle of the industry, the change of the monetary policy and economic policy, interest rate, exchange rate changes will increase the financial risk. (3) social reasons: the change of laws and regulations, and the enterprise is closely related to the tax law, in particular, small change on the impact of enterprise is huge, at the same time, the adjustment of population structure will affect the Labour market, increase the cost of human capital. (4) natural causes: the occurrence of natural disasters, some of the damage caused by non-artificial factors, creditor and the debtors bankruptcy or death, had different effects on enterprise financial.22 micro reasons for financial riskThese reasons are complicated, but unlike the macro factors, these reasons can be identified and controlled, the enterprise should be reformed to microcosmic factors adjustment, so that the macro financial risk management and the micro financial risk management to form an effective organic system. (1) the financial risk of the enterprise management mechanism is not sound. Especially small and medium-sized enterprises, the internal control system, the supervision and management mechanism is not effective, parent-subsidiary money management chaos, enterprise overall low service efficiency of funds, financial risk management mechanism can no survival of the soil. In large and medium-sized enterprises, although the rules and regulations, but also is not lack of the phenomenon of the system as a dummy. (2) lack of risk management consciousness of whole enterprise. Due to the managers and accounting personnel weak risk consciousness, the professional ability is not strong, the decision by subjective experience, thus lead to the companys management level is low, cash flow nervous, there is no efficient utilization of resources, business efficiency is not high. (3) enterprise managers decision-making errors. Widely diversified today in the company, some managers blindly pursue diversification, different subsidiary coordination does not reach the designated position, unreasonable resource allocation, instead affects the companys main business, the opposite; When the enterprise achievements, managers often inflated, so to make reasonable decision system, disperse powers, checks and balances. (4) the lack of legal system and enterprise managers moral hazard. Due to legal and institutional defects, some managers tend to seek huge interest risks, the result of the financial risk is often more serious than other risks, for the enterprise more devastating, enron event, the worlds top five enron and Arthur Andersen, one of the five major international accounting firm fall together, but also led to the creation of sarbanes-oxley, to protect investors played a huge role, to a certain extent, inhibit the idea of management fraud.3 the nature and goal of enterprise financial risk managementEnterprise financial risk management is essentially a more link in the system of the management process, through all the activities of enterprises. So a good risk management system is the guarantee of enterprise survival and development, really efficient risk management system should be set to identify and assess risk, risk response. From funding to invest the money up to income distribution, there is uncertainty, every process and in the economic globalization today, increasingly fierce competition, enterprises are not for financial risk management, cannot survive in the competition. The ultimate goal of enterprise is the enterprise value maximization, the shareholder profit maximization, so the financial risk management must also is a target for this service. In enterprise risk management has negative and positive way of management, passive management is facing to avoid risk, to reduce uncertainty, obviously it is not the ultimate goal of enterprise, so enterprises must also be positive risk management, establish a perfect and effective financial risk management system, actively to identify and assess the financial risk, and on this basis, using various methods and tools to reduce the risk of enterprises, make full use of leverage under a certain degree of risk, integration of resources, expand production scale and market share, ensure high capital utilization rate and yield. 4 the enterprise financial risk prevention measures41 to establish a financial risk early warning mechanism and risk management mechanisms for qualitative risk factors, especially in the face of macro factors, to under the risk management system, relying on strong risk awareness of experienced managers or expert assessment and response to do, take appropriate financial instruments to hedge risk; For quantitative analysis of risk factors, to some of the financial indicators, such as cash turnover, inventory turnover, liquidity ratio, the multiple of interest safeguard gives weights are related, to establish a suitable for their own enterprise early warning system, and prepare a list of the cash flow forecast, near the warning value of risk identification and response in a timely manner. For the assessment of risk, risk transfer can be used, or the way risk since the bear.42 strengthen the risk management consciousness of managers and accounting personnel and professional skillsNo matter how perfect the risk management mechanism, are needed to operate, thus strengthen the risk consciousness of managers and accounting staff is the cornerstone of financial risk management, for conditional enterprises, can be individually to set up a financial risk management, attention to enterprise potential risks and evaluate the major risks have been found and jointly cope with and report to management. Management is to optimize the capital structure of the enterprise, reasonable arrangement of short - and long-term fin