I, the classification of enterprise financial risk
Enterprise financial risk in different environments and stages have different forms of expression and categories, for this goal, we will be divided into the following types of risk: First, according to the main aspects of its financial activities are divided into: financing risk, investment risk, capital recovery risk and risk of income distribution. Second, according to its controllable degree is divided into: controllable risk and uncontrollable risk. Third, according to whether it can be diversified through the polygonal way is divided into: non-diversifiable risk and diversifiable risk. Fourth, according to the possible results of the risk is divided into: static risk and dynamic risk. Fifth, according to the level and scope of the risk is divided into: micro risk and macro risk. Sixth, according to the object involved in the risk is divided into: property risk, personal risk and liability risk. Seventh, the other classification is natural risk and social risk.
Two, corporate financial risk prevention and resolution methods
1. Financial risk exists in all aspects of financial management work, different financial risks arising from different specific reasons. Thus, how to prevent corporate financial risk, financial risk resolution, in order to achieve financial management objectives, is the focus of corporate financial management. Therefore, to prevent corporate financial risk, the main work should be done as follows:
(1) By carefully analyzing the macro-environment of financial management and its changes, to improve the ability of enterprises to adapt to the financial management environment and resilience. Establish and improve the financial management system to adapt to the changing financial management environment.
(2) Continuously improve the risk awareness of financial management personnel. Accounting policies and accounting strategies should be used to address the current and future financial risks of the enterprise. The financial risk exists in all aspects of financial management work, any link of work errors will bring financial risk to the enterprise, financial management personnel must be risk prevention throughout the financial management work.
(3) appropriate treatment of financial risk. Treatment of financial risk is the risk of control after the event, the specific methods are: ① adhere to the principle of prudence, the establishment of risk funds. That is, before the loss occurs in the form of withholding or other forms to establish a fund dedicated to the prevention of risk loss. ② In the event of loss, or from the projects that have established a risk fund to be charged, or batches into the operating costs, to minimize the financial risk of interference in the normal activities of the enterprise. ③ Establish a system for monitoring the effectiveness of the use of enterprise funds. The relevant departments should regularly assess the asset management ratio. At the same time, strengthen the investment and management of liquidity, improve the turnover rate of current assets, and thus improve the liquidity of the enterprise, increase the short-term solvency of the enterprise. In addition, it is also necessary to revitalize the stock of assets, accelerate the disposal of idle equipment, and repay the debt with the recovered funds. ④ Focus on investment decision-making issues. Investment decision-making is one of the major business decisions, directly affecting the capital structure of the enterprise. Enterprise decision-makers must do a good job of analyzing the feasibility of investment projects.
(4) to improve the scientific level of financial decision-making, to prevent financial risks arising from decision-making errors. The correctness of financial decision-making is directly related to the success or failure of financial management work, empirical decision-making and subjective decision-making will make the possibility of decision-making errors greatly increased. In order to prevent financial risk, enterprises must use scientific decision-making methods. In the decision-making process, should fully consider the various factors affecting decision-making, as far as possible to use quantitative calculation and analysis methods, and the use of scientific decision-making model for decision-making. A variety of feasible options for decision-making, avoid subjective judgment.
(5) rationalize the internal financial relationship, to achieve the unity of responsibility, rights and benefits. In order to prevent financial risks, enterprises must rationalize the internal relationship. To clarify the status, role and responsibilities of various departments in the financial management of enterprises, and give the corresponding power to truly achieve a clear division of powers and responsibilities, each responsible for their own. And in the distribution of benefits, should take into account the interests of all parties in order to mobilize all departments to participate in the enthusiasm of the enterprise financial management, so as to truly achieve the unity of responsibilities, rights and benefits, so that the enterprise internal financial relationship is clear and unambiguous.
(6) the establishment of financial "prevention" mechanism, correctly grasp the "degree" of debt management. Enterprises to carry out debt management decision-making, should first consider the scale of the enterprise debt and solvency. Establishment of enterprise financial early warning "diagnosis" mechanism, to analyze the enterprise's liabilities, from three perspectives: ① debt management is conducive to improving the performance of the operator, so that the enterprise to obtain the effect of indebtedness, reduce the cost of funds, increase the level of return on equity capital. ② Debt management can quickly raise funds to make up for the lack of internal funds of the enterprise, and enhance economic strength. ③ Debt management brings more risks and bankruptcy crisis to the enterprise. First of all, in the capital structure, if the proportion of debt is too large, i.e., over-indebtedness, then rely on too many external factors, which also increases the business risk and financial risk of the enterprise, the production and operation of the link a little bit out of touch, the capital recovery is not timely, the cost of capital has increased dramatically, reducing the operating profit of the enterprise weakened the vitality of the enterprise. Secondly, due to higher debt ratio, financial risk increases, in the financial leverage of own funds under the action of the rate of return decline, the enterprise capacity to reduce the repayment ability to weaken. Once the enterprise has bad debts, product backlog, then it will certainly bring crisis to the enterprise. Therefore, in the establishment of the enterprise financial early warning system, should grasp the "degree" of debt management.
2. Technical methods to prevent financial risk. Do a good job of preventing financial risk of technical methods are mainly the following:
(1) distribution method. That is, through the joint venture between enterprises, a variety of business and foreign investment diversification and other ways to disperse financial risks. For risky investment projects, enterprises can finance with other enterprises *** with the same financing, in order to realize the benefits *** enjoy, risk *** share, so as to diversify the investment risk, to avoid the financial risk arising from the enterprise's exclusive commitment to the investment risk; due to the market demand is uncertain and volatile, the enterprise to diversify the risk can be used in a variety of business mode, i.e., at the same time operating a variety of products.
(2) Avoidance method. That is, enterprises in the selection of financial management program, should be a comprehensive evaluation of the various programs may produce financial risk, under the premise of ensuring the realization of the financial management objectives, select the program with less risk, in order to achieve the purpose of avoiding financial risk. Of course, adopting the avoidance method does not mean that enterprises cannot make risky investments. Enterprises can use equity investment in order to achieve the purpose of influencing or even controlling the invested enterprise, in which case it is necessary to bear appropriate investment risks.
(3) Transfer method. That is, the enterprise through certain means to transfer part or all of the financial risk to others to bear the method. It includes insurance transfer and non-insurance transfer. The use of risk transfer method to transfer part or all of the financial risk to others to bear, can greatly reduce the financial risk of the enterprise.
Lowering method. That is, enterprises face the objective existence of financial risk, efforts to take measures to reduce the financial risk of the way. For example, enterprises can ensure that the premise of capital needs, appropriate to reduce the proportion of debt funds accounted for all funds, in order to achieve the purpose of reducing debt risk. In production and operation activities, enterprises can improve the competitiveness of their products by means of improving the quality of their products, improving product design, striving to develop new products and exploring new markets, etc., so as to reduce the financial risk of failing to realize the expected returns due to stagnation of product sales and decline in market share. In addition, enterprises can also reduce the possibility of incurring risky losses by paying a certain price. □ (Editor/Yongan)