1, external factors
The complexity of enterprise's external environment is the external cause of financial risk. The external factors that affect the financial management activities of college students' entrepreneurial enterprises include natural factors, social factors and market factors, which are the external conditions that affect the financial management activities of enterprises. The change of external factors is difficult for enterprises to accurately predict and grasp, which is uncertain and will inevitably bring financial risks to enterprises. Nature is always in a state of movement and change, and natural disasters often have a destructive impact on the normal operation of enterprises, which will eventually be reflected in the financial performance of enterprises.
The social environment in which enterprises live is constantly changing, such as changes in international and domestic political situation, social system culture, customer consumption habits and value scales, relevant national laws and regulations, fiscal and credit policies, macroeconomic conditions and other factors, which may increase the financial risks of enterprises. Changes in market supply and demand, fluctuations in price levels, changes in exchange rates of various countries, adjustment of competitors' strategies and asymmetry of market information may all lead to the enhancement of financial risks of start-ups.
2. The influence of internal factors.
(1) The macro environment of external financial management of college students' entrepreneurship is complex and changeable, and the financial management system cannot adapt to the complex and changeable macro environment. 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. 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.
(2) The financial managers of start-up enterprises have insufficient understanding of the objectivity of financial risks. In practical work, the weak risk awareness of financial managers in many enterprises in China is one of the important reasons for financial risks. With the China market becoming a buyer's market, there is a widespread phenomenon of unsalable products in enterprises. In order to increase sales and expand market share, some enterprises sell products on credit, and the accounts receivable of enterprises have increased greatly.
At the same time, due to the lack of understanding and control of customer credit rating in the process of credit sales, accounts receivable are out of control. A large proportion of accounts receivable cannot be recovered for a long time until they become bad debts. Assets are occupied by debtors for a long time without compensation, which seriously affects the liquidity and security of enterprise assets and brings huge financial risks to enterprises.
(3) The lack of scientificity in financial decision-making of start-ups leads to decision-making mistakes. Financial decision-making mistakes are another important reason for financial risks. 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.
(4) The internal relations of enterprises are chaotic. The income level of college students' entrepreneurial enterprises largely depends on the managers' attitude towards risks, and the confusion of financial relations is another important reason for the financial risks of enterprises in China. There are unclear rights and responsibilities and chaotic management between various departments within the enterprise and between the enterprise and the superior enterprise in the management and use of funds, resulting in inefficient use of funds and serious loss of funds, which can not guarantee the safety and integrity of funds. In China, capital structure mainly refers to the proportional relationship between equity capital and debt capital.
Due to the mistakes in financing decision-making, the unreasonable capital structure of enterprises is widespread. Specifically, the debt ratio in the capital structure is too high, and the asset-liability ratio of many enterprises reaches more than 30%, which leads to heavy financial burden, insufficient solvency and financial risks.