Significance: Financing is the prerequisite for the survival and development of enterprises. Enterprise managers must expand financing channels, weigh the reliability, sustainability and cost of different sources of funds and the impact on the company's operating risks, and obtain a stable supply of funds at the lowest possible cost, so as to seize fleeting investment opportunities and improve the development potential of enterprises, thus being in a favorable position in the market competition. Therefore, financing risk management has become the primary link and content of enterprise financial risk management. With the continuous growth of enterprises, fund-raising activities become more and more important. At present, the shortage of funds is a common problem faced by enterprises. Whether an enterprise can develop healthily or not, financing will be a very important decisive factor. The fundamental purpose of enterprise financing is to obtain certain income through the reasonable raising and use of funds. In the process of production and operation, enterprises should raise funds needed for enterprise development through various channels to facilitate the development of enterprises. However, financing is accompanied by various degrees of risks, and enterprises can effectively predict and control financing risks to avoid the adverse impact of financing mistakes on enterprises. The research on financing risk in China is not perfect, especially in quantitative analysis. Therefore, it is of great practical significance to correctly analyze the financing risks and control strategies of enterprises to improve their economic benefits and scale. Second, the research status at home and abroad This topic combines the research status at home and abroad to explore the causes and control strategies of corporate financing risks. (I) Status quo of foreign research Due to the industrial revolution, the western capitalist economy has developed rapidly and the overall economic level has improved, which has expanded the demand for funds by enterprises. Many former private and partnership enterprises, because the financing channels are relatively narrow, can not meet the needs of large-scale modern production, resulting in joint-stock companies. By issuing stocks to gather idle social funds, joint-stock companies have broadened financing channels and brought many new research contents to the theory of enterprise financial risk management. Markowitz, Sharp and Miller, three famous American economists, have made in-depth research on financial risk theory. 1952, Markowitz published a paper on rational investment behavior. He pointed out that investors guide themselves to make wise decisions. This decision-making method first reflects investors' aversion to risk, that is, they are unwilling to bear additional risks without corresponding expected return compensation. Later, he put forward the concept of portfolio efficiency boundary. In the early 1960s, Sharp inherited and developed markowitz's theory and put forward a capital asset pricing model. 1958, while studying the planning of the company's capital structure, Miller put forward MM theory with modigliani. MM theory proves that under different capital structures, the company's capital cost remains unchanged. From the perspective of capital cost, it is proved that the company value is not affected by the capital structure because of the synchronous fluctuation of financial leverage income and financial leverage risk. Later, Stiglitz and other scholars introduced market equilibrium theory, agency cost, financing constraint cost and other factors to further improve MM theory. The theory of capital structure provides a valuable reference for enterprise financing decision-making and can guide decision-making behavior. 1976, Zhan Sen and McLean put forward the "Zhan Sen-McLean principal-agent model", which became the financial rule for economists to study enterprise value, shareholders' risk preference and managers' risk ethics. Myers and Majluf proposed in 1984 that when financing new projects, companies should first consider internal financing, followed by debt, and finally issue new shares. At the same time, Breier Lee and Myers pointed out that from 1965 to 1982, the average internal accumulation financing accounted for 6 1%, bond financing accounted for 23%, and IPO financing accounted for 2.7%. Obviously, Myers and Majluf's financing sequence theory is consistent with the empirical statistics of American enterprises. 1987 Karl. M Sandberg put the focus of financial strategy research on the degree of financial leverage in financing decision. He pointed out that leverage decision-making is not only the target ratio of a company's debt to total capital, but also the key point of combining finance with strategy. 1990 James e. Walter studied the debt policy, the influence of inflation, the limit of financial leverage and its determinants in the formulation of financing strategy, and also incorporated leasing decision into the decision-making content of financing strategy. 1998 Stephen pointed out that the study of risk management and insurance should shift from pure risk to investment risk, and from personal and property risk management to financial risk management. In the Selected Works of Financial Strategies edited by Janette Rutterford in 2000, the content of financing strategy mainly consists of a research document on optimal capital structure and three case studies on capital structure, project financing and dividend distribution respectively. As an important part of financial risk theory, financing risk also develops with the development of financial risk theory. From the development of financial risk theory, the initial research on financial risk management abroad mainly focused on the risk management of insurance and financial industry. The main research direction to deal with and get rid of the financial crisis is that after the financial crisis, there is little pre-control and research on financial risks. Now the theory of financial risk gradually turns to the study of enterprise risk management, and involves the possible value of financial risk management. (II) Current research situation in China At present, the financial circles in China have reached a consensus on the theory of financing risk, which holds that financing risk is the possibility that an enterprise will get into trouble or even go bankrupt because of its debt management. The main causes of financing risk are the uncertainty of investment income, that is, investment risk, interest rate change and unreasonable capital structure. From 65438 to 0987, Guo Zhongwei wrote the book Risk Analysis and Decision-making, in which the methods of risk analysis and decision-making were comprehensively and systematically studied. From 65438 to 0989, Liu Hetang comprehensively discussed the definition, characteristics, steps and methods of financial risk management for the first time. Xiang Dewei published the article "On Financial Risks" in 1994, and comprehensively and carefully analyzed the causes and existing basis of financial risks. He believes that financial risk is a kind of micro-risk and a concentrated expression of commercial risk, and clearly points out the importance of financial risk, laying a foundation for the further promotion of financial risk theory. During the period of 1995, Hou also published articles on establishing financial risk concept and strengthening financial risk management. The Introduction to Risk Economics, written by Yu Chuan and others from 65438 to 0999, made a comprehensive and profound analysis of economic risks, especially those unique to China. In 2000, Zhuang Renmin discussed the classification and measurement methods of financing risk, and made a case study in combination with the current situation of aviation industry enterprises. Finally, he put forward the prevention principles and specific measures of domestic enterprises' financing risks. Sheng also pointed out in 2000 that the qualitative analysis of financing risk is mainly considered from five angles: profitability, solvency, capital structure, capital distribution and growth ability, and the quantitative analysis methods mainly include leverage coefficient method and probability analysis method. On this basis, the decision-making model of enterprise loan financing is constructed, and simple optimization strategies are given according to the present situation and reasons of capital structure of state-owned enterprises. In 2002, Wu Changyu took the relationship between risk and income as the theoretical cornerstone, and around the core of enterprise risk and risk management, studied enterprise financial decision-making as the selection process of risk decision-making. By analyzing the risk situation of enterprises at different stages, he scientifically formulated enterprise financial strategy, which broadened and deepened the theoretical research of enterprise financial strategic management. In 2007, Ma Jianwei and Lu Qiushi divided financing risk into payment risk and financial leverage risk, and put forward the comprehensive influencing factor of financing risk: debt ratio. Because payment risk is a function of debt ratio and financial leverage risk is also a function of debt ratio, they come to the conclusion that corporate financing risk is a function of debt ratio. Expressed as a functional relationship, σ=C*f(D/V), where σ represents financing risk; D/V stands for debt ratio; C is a constant, reflecting the influence of enterprise management level on financing risk. In 2008, Wang Zhizhong and Wu Junmin believed that the identification, evaluation and response of fund-raising risks were three important links that could not be ignored in fund-raising risk control. It is an effective way to improve the scientificity and rationality of fund-raising control strategy to establish a fund-raising risk control model based on these three links. In 2009, Li Xinggang classified the financing risks of enterprises into three types, namely debt capital risk, equity capital risk and profit distribution risk. In view of these three types of financing risks, he proposed interest rate risk avoidance measures and foreign exchange risk avoidance; Analyze the capital demand of enterprises, reasonably determine the financing scale, analyze the financing cost and determine the best capital structure; Correct income distribution policy is the key to reduce the risk of income distribution. On the one hand, the dividend policy of enterprises should maximize the wealth of owners, on the other hand, it should provide sufficient financing for enterprises. The research on risk theory and risk management in China has only a history of more than 30 years. The traditional financial theory defines the financing risk of an enterprise as "the uncertainty brought by debt to the financial results of an enterprise", and holds that financing risk is debt risk, but there are misunderstandings in this understanding. In fact, the financing risk of enterprises includes both debt financing risk and equity financing risk. Ignoring the risk of equity financing will lead to the artificial reduction of the cost of equity funds, the legitimate rights and interests of owners to get dividends will not be guaranteed, and enterprise managers do not have to bear any economic and legal responsibilities for this. Therefore, they can use these funds freely and free of charge, but the risks are ultimately borne by investors.