Modern enterprise system requires enterprise managers not only to understand risks, but also to deepen their understanding of risks in every job they do. The following is the financial risk analysis paper I compiled for you, hoping to help you.
Abstract: In the business practice of enterprises, financial risk is a particularly important risk. As a kind of signal transmission, it can objectively and comprehensively reflect the quality of enterprise management in a certain sense. Financial risk management has increasingly become the core management problem of enterprises. Taking Hefei Thermal Power Group as an example, this paper analyzes the causes and preventive measures of financial risks from the perspective of financial risks.
Keywords: financial risk; Risk analysis; risk prevention
Modern enterprise system requires enterprise managers not only to understand risks, but also to deepen their understanding of risks in every job they do. There are advantages and risks. We can neither choose not to face risks because we are afraid of them, nor ignore the lethality of risks because of high returns. As direct operators, enterprise financial personnel should give full play to their risk management ability and provide good services for enterprises. Financial risks exist objectively for every enterprise, especially in the context that China's economic system needs further reform and improvement. The financial risk of enterprises presents diversity and complexity, and the ability of enterprise risk prevention is closely related to the development of enterprises. Therefore, it is of great practical significance for enterprises to conduct comprehensive and in-depth research on financial risk analysis and prevention and take active measures.
First, the meaning and characteristics of financial risk
(A) the meaning of risk
There are broad and narrow risks. Theoretically, the narrow definition of risk is the uncertainty of loss. The concept of generalized risk not only refers to the uncertainty of loss, but also includes the uncertainty of income. Financial risk in a broad sense refers to the uncertainty of financial situation caused by various financial activities in the financial management of production and operation, which makes enterprises have the possibility of suffering losses. It is a realistic problem that enterprises must face in the process of financial management, and it exists objectively. Enterprises can take effective measures to reduce risks, but it is impossible to completely eliminate risks. Financial risk is an inevitable product that enterprise management cannot eliminate.
(B) the characteristics of financial risks
First, the uncertainty of risk. Risk is characterized by uncertainty, one is the uncertainty of income, and the other is the uncertainty of cost or expense. The occurrence of risks is inevitable in the long run and accidental in the short term. As long as you are engaged in production activities, there will be the possibility of gains and losses, but this is uncertain, and its size can be predicted but not determined.
Second, the objectivity of risk. Financial risks exist objectively, regardless of people's will. As long as you are engaged in production activities, ever-changing economic activities will inevitably produce results, profits and losses. No matter how enterprises strengthen management, financial risks always exist in all aspects of enterprise production and operation.
Third, the incentive of risk. Risks and benefits are often in direct proportion. Generally speaking, the greater the risk of financial activities, the higher the income may be.
Second, Hefei Thermal Power Group financial risk analysis
(A) the external environment is complex and changeable, which brings difficulties to the survival and development of enterprises.
The change of economic cycle, the guidance of national economic policy and the change of financial market conditions exist outside the enterprise, but they have great influence on the financial management of the enterprise. The change of external environment may not only bring development opportunities to enterprises, but also make enterprises face certain threats. If the financial management of an enterprise does not adapt to the changing environment, financial risks will arise. The operating performance of Hefei Thermal Power Group is greatly affected by the change of coal price. The main raw material of the enterprise is coal, and the cost of coal accounts for about 95% of the product price. From 2007 to 20 12, the cost of coal procurement remained high year after year, during which the profit level of enterprises was extremely low and they suffered losses all the year round. Enterprise equipment aging, high energy consumption and low efficiency, high production cost, environmental pollution can not be underestimated.
(2) Capital mainly comes from borrowing, and the source of funds is too narrow.
The unreasonable capital structure of enterprises is the root of financial risks. In the rising period of enterprise development, lending has promoted the rapid development of enterprises. However, if the macroeconomic situation changes adversely or credit is tight, enterprises will face greater financial pressure and generate great risks. Hefei Thermal Power Group's initial source of funds is mainly bank loans. The business nature of an enterprise determines that the proportion of fixed assets is large, the construction period is long, and the liquidity of assets is not strong. Perennial losses lead to a serious shortage of funds, and the net cash flow of production and operation is often negative, which leads to great financial risks.
(3) The internal management responsibilities are unclear and the product structure is single.
Inefficient enterprise management responsibility is unclear, and failure to maximize production profit is another important reason for enterprise financial risk. The consequences of various problems will eventually lead to financial risks. Hefei Thermal Power Group is a public utility enterprise under the State-owned Assets Supervision and Administration Commission (SASAC). In the early days of its establishment, enterprises did not correctly position themselves, did not analyze their competitive advantages, and only organized production to achieve the goals and tasks of public services, but did not maximize productivity. Although diversified production has been emphasized to improve efficiency, its main business is still heating service, with small power supply and strong seasonality. The equipment utilization rate is 80% in busy hours and only 10 ~ 20% in idle hours. The single product structure reduces the company's ability to resist market risks.
(D) unclear powers and responsibilities, low management level
High-level enterprise management can effectively reduce the cost of enterprises, improve the market competitiveness of products, and thus reduce the financial risks of enterprises. Although Hefei Thermal Power Group has always attached importance to accounting, it has not paid enough attention to financial management, especially the pre-and post-cost management, and the use and development of management system is a mere formality.
Three, Hefei Thermal Power Group financial risk prevention measures
(A) the introduction of advanced equipment industry, to carry out diversified operations.
Manage and transform existing equipment, reduce energy consumption, save raw materials, reduce costs and protect the environment. Old equipment, old technology, high energy consumption and large heat loss. From 2009 to 20 10, Hefei Thermal Power Group raised10 million yuan to shut down all pumping units and eliminate all chain boilers, and changed them into the back pressure unit of circulating vulcanization unit with the highest energy efficiency and the most environmental protection in thermal power industry. After the transformation, the thermal efficiency of the heating unit reached more than 79%, which is the heating mode with the highest thermal efficiency utilization rate at present. In 20 10, Hefei Thermal Power Group took the lead in starting the digital transformation of residential stations in China to realize remote automation operation. The reconstructed station building operates like a variable frequency air conditioning mode, flexibly adjusts heating according to temperature and user demand, and automatically operates in low carbon to achieve the highest energy utilization efficiency. With the automation transformation of residential stations, the average energy consumption of each residential district has decreased by 10% ~ 20%, which not only realizes energy saving and consumption reduction, but also reduces the heating cost of users. Hefei Thermal Power Group has actively expanded into the fields of energy supply, new energy development and utilization and engineering construction, and has now developed from a single public enterprise into a comprehensive energy enterprise with heating service, energy supply and engineering construction as its main business structure. The Group uses diversified operations to effectively spread risks and maximize profits, thus optimizing resource allocation.
(B) the establishment of a comprehensive risk management organization system
Hefei Thermal Power Group has established a safety production management committee, and the management of the group is a member of the committee. The Committee will hold a regular meeting on production safety once a month to carry out various risk points faced by enterprises and propose solutions. For some major decisions and key projects, an interim meeting will be held immediately to conduct a comprehensive risk analysis of major decisions and key projects. Not only that, the group also requires the whole group to pay the security risk deposit according to the size of their responsibilities, so that everyone can realize that the company's security risks are related to everyone's vital interests.
(3) Strengthen the construction of accounting system and improve the thermoelectric accounting system.
Financial accounting is of great significance to the budget management and budget execution of Hefei Thermal Power Group. Thermal power independent financial accounting can strengthen cost control, reduce resource waste and improve enterprise efficiency. The thermoelectric industry itself has strong seasonality. During the winter supply period, the production and other departments have tight tasks and busy business. Accountants take the initiative to serve, strengthen the concept of cost, and implement the cost management of all staff. Complete complex accounting tasks. Through financial information, all aspects of production are reflected in time, and the vertical ratio is compared with the horizontal ratio. Evaluate the performance of managers through cost analysis and promote improvement measures. Financial management: First, posts are set up according to events, talents are employed, and various businesses cooperate and coordinate with each other; Second, strengthen staff training and staff rotation, so that financial personnel can become generalists; Third, introduce external training institutions to regularly train personnel in key positions to improve risk awareness; Fourth, let the financial supervisor participate in the production and operation management, be familiar with the overall situation, production and operation, and development prospects of the enterprise, so as to organically combine financial accounting with production and operation management. Let financial accounting become the link of various management technologies and monitor the whole process of enterprise cash flow and logistics. Reduce financial risks and improve economic benefits.
(4) Improve enterprise management technology and optimize information resources.
Hefei Thermal Power Group has fully implemented the "5F" management project (whole process quality control, whole life cost accounting, whole process service improvement, whole system security, all-round innovation and development). Whole-process quality control closely links supply, manufacturing, sales and other related factors with the internal management and operation mechanism of the enterprise, controls and supervises each other, and realizes the purpose of all-round operation, whole-process control before and after the event, and mutual assistance inside and outside the enterprise. Life cycle cost accounting can increase income and reduce expenditure. Follow-up management of funds, strengthen the dispatch and use of funds, implement the system of "centralized management of funds", and carry out centralized management and risk control of funds through measures such as "bank account management, fund dispatch meeting, and fund revenue and expenditure management"; Increase the collection of accounts receivable and speed up the collection; Reduce the proportion of payables, reduce capital occupation, optimize capital structure, rationally allocate funds, speed up capital turnover and reduce capital cost. Improve the whole process service, train relevant personnel in the business system of standard service and standard process, establish a reward and punishment system, and relevant internal departments supervise, track and assess rewards and punishments. Improve service quality, retain customers and make services generate benefits. Using various technologies of enterprise management, through recording, collecting, sorting, calculating, analyzing, summarizing and controlling various internal and external data in enterprise operation, the management level can be improved, unnecessary risks can be avoided, and management can produce benefits.
Four. conclusion
Enterprise financial risk prevention is a series of management measures and behaviors that enterprises take in advance to deal with and change all kinds of financial risks they face. On the basis of fully understanding the financial risks faced by enterprises, enterprises adopt various scientific and effective means and methods to predict, identify, evaluate and control various risks, so as to ensure the continuity, stability and efficiency of enterprise capital movement at the lowest cost. The ability of enterprises to guard against financial risks is closely related to the rise and fall of enterprises.
References:
[1] Zhou Hong. On Financial Risk Management [J]. China Audit, 2003(04).
[2] Li Fengming. Enterprise Risk Management [J] Audit and Economic Research, 2003(0 1).
[3] Lin Liang. Analysis and Prevention of Financial Risks [J] Science and Technology Information, 20 10(34).
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