论文部分内容阅读
一、出资人财务风险的基本概念、特征和内涵财务风险是企业财务活动受各种不确定因素的影响,使企业财务收益与预期收益发生偏离而蒙受损失的机会和可能。企业财务活动的组织和管理过程中的某一方面或某个环节出问题,都可能促使这种风险转变为损失,导致企业盈利能力和偿债能力降低。企业财务划分为出资者财务和经营者财务,与之相对应,企业的财务风险也划分为出资者财务风险和经营者财务风险。出资者财务包括及时筹集资金、合理安排资本投向、确定收益分配策略等,其目标是实现资本最大限度的增值。与出资者财务目标相对应,出资者财务风险就是企业出资者面临的资本投资风险、资本减值风险和资本经营财务风险。出资者财务风险是企业最基本的财务风险,且是一种静态风险。在两权分离条件下,企业生产经营活动交由经营者决策和执行,出资者对企业风险的管理主要通过一系列监督机制来实现。出资者重视的是企业经营的结果而非过程,所以,出资者所面临的风险是一种静态风险。另外,出资者财务风险也是一种制度性财务风险。所谓制度性财务风险是指由制度引发、受制度影响的风险。由于出资者对企业日常经营的参与程度低,其对企业的管理主要通过一些制度性手段来实现。
I. Fundamental Concepts, Characteristics and Connotations of Financial Risks of Investors Financial risks are the chances and possibilities that financial activities of enterprises are affected by various uncertainties and the financial returns of enterprises deviate from the expected profits. Organizational and financial activities in the organization and management of a particular aspect or a problem, may contribute to the loss of such risks, resulting in reduced corporate profitability and solvency. Corporate finance is divided into financiers financial and business finance, and corresponding, corporate financial risk is also divided into financial investor and financial risk manager. Investors’ finances include raising funds promptly, rationally arranging capital investment and determining profit distribution strategies, with the goal of maximizing the value added of capital. Corresponding to the financial goals of the funders, the financial risk of the funders is the capital investment risk, the capital impairment risk and the capital management financial risk facing the funders. Funders financial risk is the most basic financial risk of the enterprise, and is a kind of static risk. Under the condition of separating the two rights, the production and business activities of the enterprise shall be decided and executed by the operators. The investors’ management of the enterprise risks shall mainly be realized through a series of supervision mechanisms. Funders pay attention to the results rather than the process of business, so the funder is facing a risk is a static risk. In addition, the investor’s financial risk is also an institutional financial risk. The so-called institutional financial risk refers to the risk caused by the system, affected by the system. Since the funders have a low level of participation in the daily operation of the enterprise, their management of the enterprise is mainly achieved through some institutional measures.