5. Financial flexibility
Financial flexibility means the capacity that corporate has to take effective measures to change the flow and time of cash flow for the purpose of adapting to unanticipated needs and opportunities, which is mainly related to the net cash flow generated by companies operating activities. Indicators reflecting financial flexibility include: working capital used to test the liquidity level of corporate total assets, ratio of total assets, redemption rate for due debt capital, ratio of actual net assets to tangible long-term assets, accounts receivable and inventory turnover rate, etc.
3. THE CONSTRUCTION OF EARLY WARNING MODEL IN FINANCIAL RISK
Financial managers can use computer technology (such as Excel financial analysis software) to integrate the financial risk indicators which need to be analyzed to design a \connection) and calculation analysis region, then create formulas and data connectivity relations for each analytical indicators in the cell of calculation analysis area in order to automatically figure out the value of each indicator, finally compare the value of each indicator with industry-standard value or reference value, consequently get the early warning data at any time. For example,the values in the table are automatically generated after the establishment of analytical formulas-\solvency ratio\and \solvency ratio\while the data used in formulas are connected to the accounting statement of each period. Thus, when the data in the accounting statements of each period are updated, the analytical values which need to be calculated in the model are generated automatically to help financial executives analyze the situation of financial risks of each period timely .Other financial risk analysis models are also designed like this and analyzed integrated together.
4.STRENGTHEN THE FINANCIAL BUDGET MANAGEMENT OF ENTERPRISES (TO GROUP COMPANY AS THE EXAMPLE)
1.Build up the organization organization of finance budget management
Then the Legal Representative's management to the group finance budget work of group company is negative total responsibility, establish from relevant the working talent section constitute of finance budget management committee, mainly draw up the target, policy of finance budget, draw up the concrete measure and way of finance budget management, review, equilibrium finance budget project, the organization bottom reaches finance budget and moderates to solve finance budget to draw up with the problem in the performance, performance circumstance organize audit and investigate finance budget, speed up business enterprise completion finance budget target.
2.The norm finance budget draws up procedure and method
According to the whole development strategy of the group company, according to the procedure of \of foundation up, put forward the business enterprise group finance budget target.Each budget carries out the finance budget that the section reaches under the budget committee according to the business enterprise finance target and policy and combines oneself characteristics and the performance condition of estimate and puts forward detailed this section finance budget project, the finance budget committee should carry on full moderate, put forward the opinion of first step adjustment to the problem of detection, and the feedback give to carry out a section to give correction concerning the budget, again from finance budget committee pursue class the bottom reach each budget performance section performance.
3.Work well to control to control with after the event in the budgetary before the event control, matter
Each budget carries out a section to periodically report the performance circumstance of finance budget, to new circumstance, new problem and appear deviation bigger and important item, specially pay attention to check to seek reason to put forward the measure suggestion of improvement management management.Well make use of solid the information system carry on finance supervision
4.Well make use of solid the information system carry on finance supervision
The establishment, sound and internal finance supervises and controls a mechanism, is the effective measure that guards against and dissolves financial risk.Supervision in the inner part includes accountancy's control and management to control 2 types.The group finance supervises and controls a work establishment on the foundation of each finance budget and
promise the capital structure of subsidiary is good, finance operation whole benefits according to business enterprise group, thus and more better guard against and control financial risk, promote business enterprise group of can keep on sex development.Is general to come to speak, can station a finance director general to the subsidiary, be responsible for the finance behavior that inspects a subsidiary;Canning also pass board of directors and supervisor will carry on supervision to the subsidiary.To the supervision result of subsidiary, mainly pass to investigate related index sign to carry on, like the cash ratio, liquidity ratio, bad property ratio and property loss ratio and clean property rate of return etc..
Finance information for business enterprise group to makes the most of solid to follow direct and control funds to flow to take up by getting rid of invalid funds, raise a funds use efficiency, ensure the realization of group finance target.
5. THE CONTROL ON FINANCIAL RISK
It will play a positive role for corporate development, if they have a good control on financial risk. Reducing financial risk will be beneficial for corporate to create a relatively secure and stable operating environment. After establishing the system of financial risk analysis indicators, corporate should take timely monitoring on the situation of financial risk. Corporate should take measures to control them after finding risk signals. They can control financial risk from the following aspects.
1.Strong sense of risk. Corporate cannot constantly pursue high profits without considering the aftermath, and wantonly raise money to increase the financial burden. The amount of profit is not the sole criterion for the power of a company. Excessive debt can not only let corporate bear a heavy burden of interest, and once the process of reproduction is interrupted and obstructed, cash flow problems occur, and corporate cannot pay back debt on time, they will face the risk of loss in reputation, responsibility for compensation, which will even lead to bankruptcy. Corporate cannot run the risk of life threatening, and must foster a strong sense to control risk.
2. Establish the most favorable capital structure. Corporate consider their risk to tolerance acquire to choose the most on advantageous capital structure. Use the lowest capital cost and minimum risk maximum return investment, seeking the best match between risk and
profit.
3.Choose the right financing way. On the basis of comprehensive consideration on funding cost, financial risk and other various factors, corporate should pick the following order of financing to control financial risk, which can reduce their financial risk to minimum degree. First, financing should start from internal accumulation. This way has small difficulty and little risk, which can preserve more loaning capacity for corporate. Second, if corporate raise money from outside, their first choice should be stock issue, then the last choice goes to bank loans, which can reduce the financial pressure of paying back principal and debt to the lowest limits.
4 Take the appropriate borrowing strategies. Although sometimes borrowing can increase the profit of corporate and improve cash however, however no matter under any circumstances, we should clear the expected return of borrowing in the changing corporate environment. If the expected return cannot be determined, corporate does not have the sufficient reason to borrow. Therefore, corporate must know when to borrow and when not to borrow. Only in this way, the financial risk can be controlled to prevent the financial failure caused by blind borrowing.
5, Maintain the high mobility of assets. A high degree of asset liquidity is an important guarantee for corporate to control financial risk and reduce financial burden. The capital is achieved more easily, liquidity is stronger, and the ability to withstand the financial risk is also stronger.
6. Maintain profitability. If the profit cannot meet the financial needs, corporate must rely on cash balances, sell short-term financial assets, or borrow more debt to make up funding gaps and increase the corporate financial risk.
Therefore, maintaining profitability, increasing capital, and reducing debt can effectively control financial risk.
REFERENCES
[1] Leading Group Office of national professional accounting qualification examination. Intermediate Financial Management [M]. Beijing: China Financial and Economic Publishing, 2008.
[2] Wei Yaping, Yin junhui. Financial Management test tutorial[M]. Beijing: Economic
Science Press, 2005
[3] Finance Department and corporate division. Corporate Finance General [M]. Beijing: China Financial and Economic Publishing House, 2007
[4] Fan ling. Excel and financial management[M]. Beijing: Higher Education Press, 2007. [5] Wang Lihua. On the Management of Financial Risk [J]. Forestry projects, 2004.
[6] P H Werhane,R E Freedman. Study on Control of Financial Risk. USA:Black well Business,1998,17—18
对企业财务风险的预警和控制
刘敬忠 经济与贸易系 商丘工艺学院 商丘,河南省,中国 sqzyljz@sina.com
摘要:财务风险是企业不得不面对的财政义务,这种风险主要是该公司金融资产
相关的债务量函数。在某些时候公司无法支付所需的本金和利息,将使公司债务比例增加的可能性大大提高。金融风险的早期预警和控制,可以有效的提供一个安全稳定的金融环境。本文认为,通过分析财务状况,编制现金流量预算,建立财务风险指标体系和计算模型,可以早期预报财务风险。另一方面,通过建立有效的资本结构,选择正确的筹资方法,保持资产的高流动性可以有效地控制金融风险。
关键词:指数条款—金融风险;预警指标;有效控制。
一、总论
什么是财务风险?
财务风险是财务成果和财务状况的风险。财务风险有狭义和广义之分。狭义财务风险是由企业负债引起的,具体的说是指企业因为借入资金而增加的丧失偿债能力的可能