Introduction to Chapter 1 of the Outline of Financial Risk Management Thesis 9- 18
1. 1 research background 9- 10
1.2 Purpose and significance of the study 10- 12
1.2. 1 research purpose10-1/
1.2.2 research significance 1 1- 12
1.3 research status at home and abroad 12- 14
1.3. 1 foreign research status 12
1.3.2 domestic research status 12- 14
1.4 research emphases, difficulties and innovations 14- 15
1.5 research contents and methods 15- 18
Research ideas1.5.115-16
1.5.2 research content 16- 17
1.5.3 research methods 17- 18
Chapter II Financial Risk Characteristics and Basic Theories of Chemical Enterprises 18-33
2. 1 financial risk characteristics of chemical enterprises 18-2 1
2. 1. 1 definition of risk concept 18- 19
Management and outline of management papers
2. 1.2 risk characteristics 19-20
2. 1.3 definition of financial risk 20
2. 1.4 characteristics of financial risks 20-2 1
2.2 Theoretical Basis of Financial Risks in Chemical Enterprises 2 1-33
2.2. 1 internal control theory of financial risk 2 1-26
2.2.2 Principal-agent theory of financial risk 26-30
2.2.3 Theoretical basis of financial risk game 30-33
Chapter III Analysis of Forming Factors of Financial Risks in Chemical Enterprises 33-38
3. 1 Internal factors of financial risk formation in chemical enterprises 33-36
3. 1. 1 Financial risks caused by enterprise organizational structure 33-34
3. 1.2 financial risks caused by corporate debt structure and corporate growth capacity 34
3. 1.3 Financial risks caused by poor risk awareness of managers 34-35
3. 1.4 Financial risks caused by the lack of internal financial control system 35-36
3.2 External factors for the formation of financial risks in chemical enterprises 36-38
The outline of management thesis comes from the influence of macroeconomic environment on the financial risk of chemical enterprises.
3.2.2 Influence of market environment on financial risks of chemical enterprises 36-38
Chapter IV Identification and Evaluation of Financial Risks of Chemical Enterprises 38-49
4. 1 Connotation of financial risk identification of chemical enterprises 38-40
4. 1. 1 The meaning of financial risk identification 38
4. 1.2 Contents and principles of financial risk identification 38-39
4. 1.3 Characteristics and methods of financial risk identification 39-40
4.2 Significance and purpose of financial risk assessment of chemical enterprises 40-42
4.2. 1 The meaning of financial risk assessment 40
4.2.2 Purpose of financial risk assessment
4.3 Index System for Financial Risk Assessment of Chemical Enterprises 42-49
4.3. 1 Main indicators for financial risk assessment of chemical enterprises 42-43
4.3.2 Main calculation methods of enterprise financial risk assessment 43-49
Chapter V Financial Risk Control System of Chemical Enterprises 49-59
5. 1 Contents of Financial Risk Control of Chemical Enterprises 49-54
5. 1. 1 Contents of external control of enterprise financial risks 49-52
5. 1.2 Internal control content of enterprise financial risk 52-54
5.2 Principles of Financial Risk Control in Chemical Enterprises 54-55
5.3 Construction of Financial Risk Control System for Chemical Enterprises 55-59
5.3. 1 standardize corporate governance structure 55
5.3.2 Improve the financial operation mechanism of enterprises.
5.3.3 Establishment of financial risk early warning system 56-57
5.3.4 Establishment of enterprise external guarantee management system 57-59
Management and outline of management papers
Chapter VI Case Analysis 59-68
6. 1 Company and Project Overview 59-60
6.2 Company Financial Risk Analysis 60-65
6.3 Sinopec's financial risk control problem presents 65-66.
6.4 Strategic Countermeasures for Financial Risk Control of Chemical Enterprises 66-68
Conclusion and prospect 68-70
References 70-74
Financial Risk Management Papers Financial Risk Management
The financial activities of an enterprise run through the whole process of its production and operation, and the financial risk is a signal, which can comprehensively reflect the operating conditions of the enterprise. Therefore, enterprise managers are required to establish risk awareness and establish effective risk prevention and treatment mechanisms. This paper analyzes the present situation and causes of financial risks of Chinese enterprises, and puts forward reasonable and feasible preventive measures.
Keywords: financial status; Financial risk; risk control
China Library Classification Number: F275 Document Identification Number: A Document Number:1001-828x (2012) 04-0-02.
In China, the development of market economy is still in an immature period, and with the intensification of market competition, the social and economic environment faced by enterprises is becoming increasingly complex, which inevitably leads to financial risks in all financial activities of enterprises. Therefore, for enterprises, good financial risk management is conducive to creating a relatively stable production economic environment, stabilizing the financial activities of enterprises, accelerating the capital turnover of enterprises, and realizing the integrity and security of enterprise funds. We need to have a clear understanding of financial risk and risk crisis, and also understand the characteristics of enterprise financial risk, and analyze the causes of enterprise financial risk, so as to use various means and measures in time, manage and control them, prevent risks, spread risks, reduce risks, and reduce financial losses of enterprises to a minimum, so as to ensure that the financial situation of enterprises is in a stable state and invincible, and successfully complete the financial objectives of enterprises.
First, the status of financial risks of enterprises in China
Financing risk. It refers to the uncertainty of financial results brought by enterprise financing due to the changes of capital supply and demand market and macroeconomic environment. Financing risks mainly include interest rate risk, refinancing risk, financial leverage effect, exchange rate risk and purchasing power risk. Interest rate risk refers to the change of financing cost caused by the fluctuation of financial assets in the financial market; Refinancing risk refers to the uncertainty caused by the changes of financial instruments and financing methods in the financial market, or the difficulties caused by the unreasonable financing structure of enterprises themselves; Financial leverage effect refers to the uncertainty that enterprises bring to the interests of stakeholders by leveraging financing; Exchange rate risk refers to the uncertainty of foreign exchange business results caused by exchange rate changes; Purchasing power risk refers to the influence of currency changes on financing.
Investment risk. It refers to the risk that the final income deviates from the expected income due to the change of market demand after the enterprise has invested a certain amount of money. Foreign investment of enterprises mainly includes direct investment and securities investment. In China, according to the provisions of the company law, shareholders holding more than 25% of the company's equity should be regarded as direct investment. Securities investment mainly includes stock investment and bond investment. Stock investment is a form of investment that takes risks and enjoys benefits. Bond investment is not directly related to the financial activities of the invested enterprise, but only charges fixed interest on a regular basis, and faces the risk that the invested enterprise will not be able to repay its debts. Investment risks mainly include interest rate risk, reinvestment risk, exchange rate risk, inflation risk, financial derivatives risk, moral hazard and default risk.
Cash flow risk. Refers to the risk caused by the inconsistency between cash outflow and cash inflow in time. When there is a problem with the net cash flow of an enterprise, it can't meet the needs of daily production, operation and investment activities, or it can't repay the due debts in time, it may lead to the enterprise's production and operation in trouble, the income will drop, and it may also bring a credit crisis to the enterprise, seriously damage the image and reputation of the enterprise, and eventually lead to financial difficulties and even bankruptcy.
Second, the financial risk management problems
(A) the complex and changeable environment
The macro environment of enterprise financial management is complex and changeable, and the financial management system can't adapt to the complex and changeable macro environment, which is the external cause of financial risk. As we all know, sustained inflation will cause the continuous shortage of enterprise funds, the continuous depreciation of monetary funds, the relative appreciation of physical funds and the continuous increase of capital costs. For example, the rise in world crude oil prices leads to the rise in refined oil prices, which increases the operating costs of enterprises and reduces profits, and cannot achieve the expected benefits. The change of interest rate will inevitably lead to interest rate risks, including the risk of paying too much interest, the risk of investment losses that generate interest, and the risk of not being able to fulfill debt repayment obligations. Market risk factors will also have a great impact on financial risks. The environment of financial management is complex and changeable, and the change of external environment may bring some opportunities or threats to enterprises. If the financial management system can not adapt to the complex and changeable external environment, it will inevitably bring difficulties to enterprises. Specifically, enterprises can't scientifically predict the changes in the external environment, reflect the lag, and take ineffective measures, resulting in financial risks.
(B) the consciousness of managers is weak
Financial risks exist objectively. As long as there are financial activities, there must be financial risks in its financial management. People are a very important condition for the operation of any system, and high-quality financial personnel are even more valuable to enterprises. As far as the present situation is concerned, the managers of Chinese enterprises are influenced by the traditional planned economy and limited by the degree of professional education, and their comprehensive ability and professional quality need to be improved. Financial managers lack risk awareness and believe that as long as funds are well managed and used, there will be no financial risks. Lack of risk awareness is one of the important reasons for financial risks.
(C) financial decision-making mistakes
Lack of scientificity in financial decision-making leads to decision-making mistakes. Financial decision-making mistakes are another important reason for financial risks. The premise of avoiding financial decision mistakes is scientific financial decision. At present, empirical decision-making and subjective decision-making generally exist in financial decision-making of Chinese enterprises, which leads to frequent decision-making mistakes and financial risks. For example, in the process of fixed assets investment decision-making, due to the lack of serious and systematic analysis and research on the feasibility of investment projects, and the incomplete and untrue economic information on which decision-making is based, the decision-making ability of decision-makers is low, and investment decision-making mistakes frequently occur. Decision-making mistakes make the investment project unable to obtain the expected income, and the investment cannot be recovered on time, which brings huge financial risks to the enterprise. Foreign investment of enterprises includes securities investment and joint venture investment. The risk of securities investment includes systematic risk and non-systematic risk. Due to the lack of understanding of investment risks by investment decision makers, decision-making mistakes and blind investment have led to huge investment losses in some enterprises, which will inevitably affect the investment benefits and long-term solvency of enterprises, thus bringing greater financial risks to enterprises.
(D) the impact of internal relations of enterprises