外文翻译对企业财务风险的预警和控制

译文内容On the corporate financial risk early warning and control（对企业财务风险的预警和控制）

译文出处2010 International Conference on Future Information Technology

and Management Engineering

On the corporate financial risk early warning and control

Liu Jingzhong

Economic and trade department

Shang Qiu Polyltechnic

Shangqiu, Henan Province, China

sqzyljz@https://www.360docs.net/doc/cd15393229.html,;

Abstract - Financial risk that a firm will be unable to meet its financial obligations. This risk is primarily a function of the relative amount of debt that the firm uses to finance its assets. A higher proportion of debt increases the likelihood that at some point the firm will be unable to make the required interest and principal payments. Early warning and controlling financial risks effectively can provide a safe and steady operating environment. This paper believe that through analyzing the financial situation, preparing the cash-flow budget, establishing the financial risk index system and computational model to warn early the financial risk. On the other hand, through establishing effective capital structure, selecting correct fund-raising methods and keep the assets highly liquid to control the financial risk effectively.

Key words: Index Terms -financial risk; early warning index; control effectively

1.INTRODUCTION

What is financial risk?

The financial risk is finance achievement and the risk of financial standing.The financial risk separates the narrow sense and the broad sense.The narrow sense financial risk is fallen into debt the causable by the business enterprise, concretely say to mean business enterprise because of lend funds but increment of lose the possibility of the ability of repaying debt and the variability of the business enterprise profits (shareholder income);The broad sense financial risk means the finance system of business enterprise in objective existence of because of various factor function that is hard or can not anticipate and control, make business enterprise realization of financial income and expectation financial income occurrence deviate from, as a result suffer a losing opportunity or possibility.

In this paper,financial risk refers to that because of the unreasonable structure and inappropriate financing, companies may lose solvency, which will lead to the declining in expected return and even bankruptcy of investors.

How does financial risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities.It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. In today's society, debt management is a necessary business strategy for corporate. Through debt management, corporate can make up the shortage of equity fund, and earn profit by using loan fund. The fund needed in production and management generally come from the issued shares (or other equity funds) and debt. In which, the interest burden of debt (including bank loans, issued corporate bonds, and trade credit) is definite. If debt takes up a high proportion in the total fund of the company or the company's profit rate is lower than the interest rate, then the distributable profit of shareholders is reduced, the dividend is decreased, and the risk of stock investment is increased. For example, when a company's profit rate on fund is 10% and the corresponding interest rate of company's loan or the interest rate of issued bond' face is 8%,the interest income of shareholders will be higher than 10%; if a company's profit rate on fund is lower than 8%, the company would be required to pay loans or bonds interest by

8%,the income of common shareholders will be lower than profit rate on fund. In fact, the financial leverage resulting from company's fund raising is like a double-edged sword, and when the interest rate generated by fund raising is higher than interest rate, it will bring growth effect to shareholders' income; otherwise, it is the financial risk of income reduction.

Corporate usually encounter a wide variety of financial risks in production and management process. Because of the existence of financial risks, corporate are very difficult to achieve the initial financial benefits, and some of financial risks may even threaten the normal operation and production of corporate. At present, in some corporate, financial risks are not received the attention from the management, then how could corporate predict potential finance risks and have an effective control on them after discovering financial risks?

2. EARL Y WARNING INDICATOR SYSTEM OF FINANCIAL RISK

The financial risk identifies is manage to the financial risk contents before the disadvantageous risk just appeared or appeared, identify, with accurate held various financial risk of signal and it creation reason. The financial risk early warning wants before the financial risk physically takes place and catches and keeps watch on various small evidence to change, with benefit prevention and for adopt an appropriate counterplan to fight for time.The group wants to build up a perfect information management system, once discovering financial risk signal, the ability Be accurate to spread into a main personnel in time, in order to prevent circumstances of gradually extension.

To effectively prevent financial risks, corporate should take some measures and establish early warning indicator system for financial risk analysis.

2.1 Analyze the change income levels to timely detect risk signals

Corporate earnings include 3 levels: operating income, regular income and periodic income. Operating income means the remaining net income deducting operating costs, management cost, sale cost, tax and other additional cost from the total income. Regular income is the income based on the income deducting finance charges. While periodic income is the total of regular income and net non-operating income and expenditure. If a

corporate has started to take a loss since the period of operating income, this corporate is nearly bankrupt. If the periodic income is in the black, maybe this income is due to non-core operations or accident, such as the sale of securities and real estate. If the operating income is in the black, while the regular income is in the red, then the crisis signal has appeared,which is because the corporate capital structure is irrational, borrowing scale is large, and the interest burden is heavy. At this time, some early warning measures should be taken to avoid the financial crises [1]81-82.

2.2 Develop the cash flow budget and analyze financial conditions

The development of corporate cash flow budget is one of the most important parts in financial management. Accurate cash flow budget can help financial managers analyze financial conditions and provide risk early warning signal. As the object of corporate finance is cash or cash flow, so in the short term, whether the corporate can survive is not entirely dependent on whether it is in the black, but on whether there is sufficient cash for various expenses. The premise of the precaution is that corporation should have the profit. For common stable business, its receivables, payables and inventory can hold steady, so the net amount of cash flow generated by operating activities should be greater than net profit (otherwise, the dangerous signal occurs)[2]125-126. To accurately develop cash flow budget, corporate should summarize various specific objectives, Indicate future expected income, cash flow, financial condition and invest plan in a quantized way and establish rolling cash flow budget considering ten days, month, quarter, year as the period.

2.3 Establish risk analysis indicator system and timely monitor financial risk

The following indicators are those financial indictors commonly used in the analysis of financial risk by financial managers

1, profitability

In the long run, if a corporate wants to stay away from the financial crisis, good profitability is a must, then its external financing capacity and liquidation of debts capacity will be stronger. Indicators include:

Net present value rate of total assets = (cash flow generated in operating activities+

dividends or cash obtained from interest payments+ cash interest payments+ cash to pay income tax) / average total assets

Net present value rate of sale = cash flow generated by operating activities / net amount of sale income

Profitability of stockholder interest = net profit/ average stockholder interest

2, Solvency

Basically, the risk of corporate is caused by debts and a corporate operated by its own capital will have only operating risk not financial risk. Therefore, weighing the financial risk of trading on the equity to determine the debt ratio should compare the profitability of trading on the equity and the cost rate of debt capital, only if the former is greater than the latter, the principal and interest can be paid back in time to achieve the financial leverage profit; At the same time, debt-paying ability also should be taken into account, that is, the amount of cash or the allocation of strength debt of its financial the liquidity; various whether items is capital among reasonable. Assessment indicators are as follows: indicators reflecting short-term solvency such as current ratio, quick ratio, etc; indicators reflecting long-term solvency such as asset-liability ratio, equity multiplier, long-term liabilities and working capital ratio, asset retained earnings ratio and debt equity ratio, etc.

3. Economic efficiency

Economic efficiency will directly embody the degree of corporate management. Indicators reflecting the asset management include turnover rate of accounting receivable and balance rate between production and demand, among which: balance rate between production and demand=products sales/industrial output value.

4.Corporate developmental potential

Indicators measuring corporate developmental potential include sales growth and capital maintenance and increment ratio. This paper applies improved efficiency coefficient method to conduct comprehensive evaluation and standardizes several values for each evaluation indicator---one is satisfied value, while the other is non-allowed value. Then design and calculate individual efficiency coefficient of each indicators, utilize Delphi method to determine each indicator weight, and use weighted arithmetic mean or weighted geometric mean to obtain the average, that is, comprehensive efficiency coefficient. This method can be used to quantify the financial situation of corporate.

5. Financial flexibility

Financial flexibility means the capacity that corporate has to take effective measures to change the flow and time of cash flow for the purpose of adapting to unanticipated needs and opportunities, which is mainly related to the net cash flow generated by companies operating activities. Indicators reflecting financial flexibility include: working capital used to test the liquidity level of corporate total assets, ratio of total assets, redemption rate for due debt capital, ratio of actual net assets to tangible long-term assets, accounts receivable and inventory turnover rate, etc.

3. THE CONSTRUCTION OF EARLY WARNING MODEL IN FINANCIAL RISK

Financial managers can use computer technology (such as Excel financial analysis software) to integrate the financial risk indicators which need to be analyzed to design a "financial risk analysis model." Establish fundamental region of data (or establish a data table connection) and calculation analysis region, then create formulas and data connectivity relations for each analytical indicators in the cell of calculation analysis area in order to automatically figure out the value of each indicator, finally compare the value of each indicator with industry-standard value or reference value, consequently get the early warning data at any time. For example，the values in the table are automatically generated after the establishment of analytical formulas-"short-term solvency ratio" and "long-term solvency ratio", while the data used in formulas are connected to the accounting statement of each period. Thus, when the data in the accounting statements of each period are updated, the analytical values which need to be calculated in the model are generated automatically to help financial executives analyze the situation of financial risks of each period timely .Other financial risk analysis models are also designed like this and analyzed integrated together.

4.STRENGTHEN THE FINANCIAL BUDGET MANAGEMENT OF ENTERPRISES (TO GROUP COMPANY AS THE EXAMPLE)

1.Build up the organization organization of finance budget management

Then the Legal Representative's management to the group finance budget work of group company is negative total responsibility, establish from relevant the working talent section constitute of finance budget management committee, mainly draw up the target, policy of finance budget, draw up the concrete measure and way of finance budget management, review, equilibrium finance budget project, the organization bottom reaches finance budget and moderates to solve finance budget to draw up with the problem in the performance, performance circumstance organize audit and investigate finance budget, speed up business enterprise completion finance budget target.

2.The norm finance budget draws up procedure and method

According to the whole development strategy of the group company, according to the procedure of "up and down combine, the ratings draw up, pursue the class gather", at decision of foundation up, put forward the business enterprise group finance budget target.Each budget carries out the finance budget that the section reaches under the budget committee according to the business enterprise finance target and policy and combines oneself characteristics and the performance condition of estimate and puts forward detailed this section finance budget project, the finance budget committee should carry on full moderate, put forward the opinion of first step adjustment to the problem of detection, and the feedback give to carry out a section to give correction concerning the budget, again from finance budget committee pursue class the bottom reach each budget performance section performance.

3.Work well to control to control with after the event in the budgetary before the event control, matter

Each budget carries out a section to periodically report the performance circumstance of finance budget, to new circumstance, new problem and appear deviation bigger and important item, specially pay attention to check to seek reason to put forward the measure suggestion of improvement management management.Well make use of solid the information system carry on finance supervision

4.Well make use of solid the information system carry on finance supervision

The establishment, sound and internal finance supervises and controls a mechanism, is the effective measure that guards against and dissolves financial risk.Supervision in the inner part includes accountancy's control and management to control 2 types.The group finance supervises and controls a work establishment on the foundation of each finance budget and

promise the capital structure of subsidiary is good, finance operation whole benefits according to business enterprise group, thus and more better guard against and control financial risk, promote business enterprise group of can keep on sex development.Is general to come to speak, can station a finance director general to the subsidiary, be responsible for the finance behavior that inspects a subsidiary;Canning also pass board of directors and supervisor will carry on supervision to the subsidiary.To the supervision result of subsidiary, mainly pass to investigate related index sign to carry on, like the cash ratio, liquidity ratio, bad property ratio and property loss ratio and clean property rate of return etc..

Finance information for business enterprise group to makes the most of solid to follow direct and control funds to flow to take up by getting rid of invalid funds, raise a funds use efficiency, ensure the realization of group finance target.

5. THE CONTROL ON FINANCIAL RISK

It will play a positive role for corporate development, if they have a good control on financial risk. Reducing financial risk will be beneficial for corporate to create a relatively secure and stable operating environment. After establishing the system of financial risk analysis indicators, corporate should take timely monitoring on the situation of financial risk. Corporate should take measures to control them after finding risk signals. They can control financial risk from the following aspects.

1.Strong sense of risk. Corporate cannot constantly pursue high profits without considering the aftermath, and wantonly raise money to increase the financial burden. The amount of profit is not the sole criterion for the power of a company. Excessive debt can not only let corporate bear a heavy burden of interest, and once the process of reproduction is interrupted and obstructed, cash flow problems occur, and corporate cannot pay back debt on time, they will face the risk of loss in reputation, responsibility for compensation, which will even lead to bankruptcy. Corporate cannot run the risk of life threatening, and must foster a strong sense to control risk.

2. Establish the most favorable capital structure. Corporate consider their risk to tolerance acquire to choose the most on advantageous capital structure. Use the lowest capital cost and minimum risk maximum return investment, seeking the best match between risk and

profit.

3.Choose the right financing way. On the basis of comprehensive consideration on funding cost, financial risk and other various factors, corporate should pick the following order of financing to control financial risk, which can reduce their financial risk to minimum degree. First, financing should start from internal accumulation. This way has small difficulty and little risk, which can preserve more loaning capacity for corporate. Second, if corporate raise money from outside, their first choice should be stock issue, then the last choice goes to bank loans, which can reduce the financial pressure of paying back principal and debt to the lowest limits.

4 Take the appropriate borrowing strategies. Although sometimes borrowing can increase the profit of corporate and improve cash however, however no matter under any circumstances, we should clear the expected return of borrowing in the changing corporate environment. If the expected return cannot be determined, corporate does not have the sufficient reason to borrow. Therefore, corporate must know when to borrow and when not to borrow. Only in this way, the financial risk can be controlled to prevent the financial failure caused by blind borrowing.

5, Maintain the high mobility of assets. A high degree of asset liquidity is an important guarantee for corporate to control financial risk and reduce financial burden. The capital is achieved more easily, liquidity is stronger, and the ability to withstand the financial risk is also stronger.

6. Maintain profitability. If the profit cannot meet the financial needs, corporate must rely on cash balances, sell short-term financial assets, or borrow more debt to make up funding gaps and increase the corporate financial risk.

Therefore, maintaining profitability, increasing capital, and reducing debt can effectively control financial risk.

REFERENCES

[1] Leading Group Office of national professional accounting qualification examination. Intermediate Financial Management [M]. Beijing: China Financial and Economic Publishing, 2008.

[2] Wei Yaping, Yin junhui. Financial Management test tutorial[M]. Beijing: Economic

Science Press, 2005

[3] Finance Department and corporate division. Corporate Finance General [M]. Beijing: China Financial and Economic Publishing House, 2007

[4] Fan ling. Excel and financial management[M]. Beijing: Higher Education Press, 2007.

[5] Wang Lihua. On the Management of Financial Risk [J]. Forestry projects, 2004.

[6] P H Werhane，R E Freedman. Study on Control of Financial Risk. USA ：Black well Business，1998,17—18

对企业财务风险的预警和控制

刘敬忠

经济与贸易系

商丘工艺学院

商丘，河南省，中国

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摘要：财务风险是企业不得不面对的财政义务，这种风险主要是该公司金融资产相关的债务量函数。在某些时候公司无法支付所需的本金和利息，将使公司债务比例增加的可能性大大提高。金融风险的早期预警和控制，可以有效的提供一个安全稳定的金融环境。本文认为，通过分析财务状况，编制现金流量预算，建立财务风险指标体系和计算模型，可以早期预报财务风险。另一方面，通过建立有效的资本结构，选择正确的筹资方法，保持资产的高流动性可以有效地控制金融风险。

关键词：指数条款—金融风险；预警指标；有效控制。

一、总论

什么是财务风险?

财务风险是财务成果和财务状况的风险。财务风险有狭义和广义之分。狭义财务风险是由企业负债引起的，具体的说是指企业因为借入资金而增加的丧失偿债能力的可能

和企业利润（股东收益）的可变性；广义财务风险是指企业的财务系统中客观存在的由于各种难以或无法预料和控制的因素作用，使企业实现的财务收益和预期财务收益发生背离，因而蒙受损失的机会或可能。

在本文中，财务风险是指由于结构不合理和不恰当的，公司可能会失去偿付能力的，将导致企业预期收益下降的，投资者甚至破产的融资。

财务风险是如何产生的呢?无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。它可以出现在合法的交易中，新项目中，兼并和收购中，债务融资中，能源部分的成本中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。在当今社会，负债经营是企业的一个必要的经营策略。通过债务管理，企业可以弥补股票基金的不足，利用贷款基金获利。生产和管理所需的资金一般来自发行股票（或股权基金）和债务。其中，债务的利息负担（包括银行贷款，发行公司债券，贸易信贷）是确定的。如果公司的债务占到很高的比例或者公司的资金总额利润率低于利率，那么将会使股东可分配的利润减少，股利减少，和股票投资的风险增加。例如，当一个公司的资金利润率为10%，相应的公司贷款或发行债券面临的利率为8%，股东的利息收入将高于10%；如果一个企业的资金利润率降低为8%，该公司将被要求支付8%的贷款或债券利息，普通股股东的收益将低于资金利润率。事实上，财务杠杆作用导致公司的融资是一把双刃剑，当通过筹资产生的利息率高于利率，这将给股东带来收入增长效应；否则它将成为收入减少的财务风险。

公司在生产和管理过程中通常会遇到各种各样的财务风险。由于财务风险的存在，企业要实现预期的财务收益非常困难，一些财务风险甚至可能会威胁到公司的正常运行和生产。目前，在一些企业，财务风险没有得到管理上的重视，那么如何预测潜在的财务风险，在发现企业财务风险后，怎样对它们有一个有效地控制？

二、财务风险的早期预警指标体系

财务风险识别是对财务风险管理内容在不利风险刚出现或出现之前，就予以识别，以准确把握各种财务风险信号及其产生原因。财务风险预警是要在财务风险实际发生之前，捕捉和监视各种细微的迹象变动，以利预防和为采取适当对策争取时间。集团要建立完善的信息管理系统，一旦发现财务风险信号，就能准确及时传至主要人员，以防事态的逐步扩大。

为了有效地防范财务风险，企业应采取一些措施和建立预警指标体系进行财务分

析。

2.1分析收入水平时及时发现危险信号

公司收益包括3个层次：营业收入，固定收入和周期性收入。营业收入即从剩余的总净收入中扣除经营成本，管理成本，销售成本，所得税和其他附加费用。固定收入是基于收入扣除财务费用的收入。而周期性收入是固定收入和净非营业收入和支出总额。一个公司从开始承担经营收入损失的时候开始，该公司就几乎临近破产。如果周期性收入是黑色的，这可能是由于非核心业务收入或事故产生的，如证券、房地产销售。如果经营收入是黑色的，而正常收入是红色的，那么危机信号已经出现，这是因为企业资本结构不合理，借款规模大，利息负担沉重。在这个时候，应该采取一些早期的预警措施来避免财务危机。[1]81-82

2.2 建立现金流量预算和财务状况分析体系

企业现金流量预算的编制是财务管理的一个重要组成部分。准确的现金流量预算可以帮助财务经理分析财务状况和提供风险预警信号。作为公司理财对象的现金或现金流，在短期内，企业是否能够生存并不完全取决于他是否是黑色的，而是取决于是否有足够的用于支付各种费用的现金。该措施实施的前提是，公司能够获得利润。对于普通的稳定的业务，应收账款，应付账款以及存货可以保持稳定，因此经营活动产生的现金流量净额应大于近利润（否则，将会产生危险信号）。[2]125-126为了准确地制定现金流量预算，企业应该总结各项具体的目标，指明未来的预期收入，现金流量，以量化的方式考虑财务状况及投资计划，在每十天，每一个月，每一个季度，每一年各个期间内，建立滚动的现金流量预算。

2.3建立风险分析指标体系，即时监控财务风险。

下列指标是财务经理常用的用于分析财务风险的指标

1.盈利能力指标

从长远来看，如果一个公司想远离财务危机，必须具备良好的盈利能力，这样它的外部融资能力和债务清算能力会更强。指标包括：

总资产净现值率=（经营活动产生的现金流量+从利息中获得的股利或现金+现金支

付的利息+现金交纳的所得税/ 平均资产总额

净现值率=经营活动产生的现金流量/销售收入净额

股东利益的盈利能力=净利润/ 平均股东权益

2.偿付能力

基本上，企业的风险是由债务引起的，企业所经营的自有资金只会操作风险，而不是财务风险。因此，衡量股权交易的金融风险去确定资产负债率，需要比较股票交易的盈利能力和债务资本成本率，如果前者大于后者本金和利息的可收回的时间实现了财务杠杆利益；同时，偿债能力也应该考虑到，即，现金的数额或其金融流动性强的债务的分配额；无论各种金融产品是否在合理的资本范围内。评价指标如下：反映短期偿债能力的指标，如：流动比率，速动比率等指标；反映长期偿债能力的指标，如资产负债率，权益乘数，长期负债与营运资金比率，资产收益率和资产负债率，等。

3.经济效益

经济效益的高低将直接体现在企业的管理程度上。反映资产管理的指标包括应收账款周转率和生产与需求之间的平衡率，其中：生产与需求之间的平衡率=产品销售额/工业产值

4.企业的发展潜力

衡量企业发展潜力的指标包括销售增长率和资本保值增值率。本文采用改进的功效系数法进行综合评价和规范各评价指标——一个是满意的价值，而另一个是不允许值。然后设计并计算各指标的效率系数，利用德尔菲法确定各指标的权数，并用加权算术平均或加权几何平均得到的平均值，即，综合效率系数。该方法可以用来量化企业的财务状况。

5.财务灵活性

财务灵活性意味着企业必须采取有效的措施来改变现金流和现金周转的时间，提高适应未预料到的需求和机会的能力，这主要涉及由公司经营活动产生的净现金流量这个因素。反映财务灵活性指标包括：用来检验企业总资产流动性水平的营运资金，总资产的比率，到期债务资本赎回率，实际净资产与长期有形资产的比率，应收账款周转率和存货周转率，等。

3.财务风险预警模型的构建

财务管理者能够利用计算机技术（如Excel财务分析软件）正和财务风险指标，需

要分析设计一个“财务风险分析模型”。建立数据基本区域（或建立一个数据表的链接）和计算分析区域，然后在估算分析区域中每个单元中的每一个分析指标之间创建公式和数据连接关系，以自动计算出各指标的值，最后将各个指标值与行业标准值或参考值进行比较，继而在任何时间获得预警数据。例如，表中值是建立解析公式后自动生成的“短期偿债能力比率”和“长期偿债能力比率”，而在公式中使用的数据连接到各期的会计报表。因此，当每期的会计报表的数据被更新时，模型中需要被计算的分析值自动生成，来帮助金融高管及时地分析各期的财务风险状况。其他的金融风险分析模型也像这样设计，最后分析整合在一起。

四、加强企业财务预算管理(以集团公司为例)

1.建立财务预算管理的组织机构。

即集团公司的法定代表人对集团财务预算的管理工作负总责，成立由有关职能部门组成的财务预算管理委员会，主要拟订财务预算的目标、政策，制定财务预算管理的具体措施和办法，审议、平衡财务预算方案，组织下达财务预算，协调解决财务预算编制和执行中的问题，组织审计、考核财务预算的执行情况，督促企业完成财务预算目标。

2.规范财务预算的编制程序和方法。

据集团公司的整体发展战略，按照“上下结合、分级编制、逐级汇总”的程序，在决策的基础上，提出企业集团财务预算目标。各预算执行部门按照企业财务预算委员会下达的财务预算目标和政策，结合自身特点以及预测的执行条件，提出详细的本部门财务预算方案，财务预算委员会应当进行充分协调，对发现的问题提出初步调整的意见，并反馈给有关预算执行部门予以修正，再由财务预算委员会逐级下达各预算执行部门执行。

3.做好预算的事前控制、事中控制和事后控制。

各预算执行部门定期报告财务预算的执行情况，对新情况、新问题及出现偏差较大的重大项目，要特别注重查找原因，以提出改进经营管理的措施建议。

4.充分利用实时信息系统进行财务监控

内部财务监控机制，是防范和化解财务风险的有效措施。内部监控包括会计控制和管理控制两类。集团财务监控工作建立在各项财务预算的基础上，保证子公司的资本结构良好，财务运作符合企业集团的整体利益，从而更好地防范和控制财务风险，促进企业集团的可持续性发展。一般来讲，可以向子公司派驻财务总监，负责监督子公司的财

务行为；也可以通过董事会和监事会对子公司进行监控。对子公司的监控结果，主要通过考核相关的指标进行，如现金比率、流动比率、不良资产比率、资产损失比率和净资产收益率等。

企业集团充分运用实时财务信息来跟踪监督和控制资金流，以消除无效的资金占用，提高资金使用效率，确保集团财务目标的实现。

5.对财务风险的控制

如果企业对财务风险有一个很好地控制，这将在企业的发展过程中起到积极作用。降低财务风险将有利于为企业创造一个相对安全、稳定的运行环境。建立财务风险指标体系之后，企业应及时采取措施检测企业情况和财务风险。企业应采取措施来控制他们发现的财务危险信号。他们可以从以下几个方面来控制财务风险。

1.高风险意识。不能一味追求高利润而不考虑后果，肆意筹集资金来增加财务负担。利润金额不是衡量一个公司能力的唯一标准。过度的债务不仅能让企业背负沉重的利息负担，一旦企业的再生产过程中断或受阻，现金流发生困难，公司不能准时偿还债务时，企业将面临声誉受损的风险，需要承担赔偿责任，最终将会导致破产。公司不能承担危及企业生存的风险，必须树立强的风险控制意识。

2.建立最有利的资本结构。公司应当考虑其风险容忍的限度，然后按照需求选择最有力的资本结构。用最低的成本和最小的风险获得最大的投资回报，寻求风险与收益之间的最佳匹配方案。

3.选择合适的融资方式。在综合考虑资金成本、财务风险和其他各种影响因素的基础上，企业应选择下面的融资顺序来控制财务风险，从而将财务风险减小到最小程度。首先，融资应该从内部积累开始。这种方式难度小、风险小，可以为企业保留更多的贷款能力。第二，如果公司从外部筹集资金，他们的第一选择应该是发行股票，而最后的选择应是向银行贷款，从而降低偿还本金和偿还最低限度的债务的财政压力。

4.采取适当的借款策略。虽然有时借款可以增加企业利润，提高现金总额，但是，不管在任何情况下，在企业环境不断变化中我们应该明确企业借款收益的回报额。如果预期收益回报而无法确定，企业就没有足够的理由借款。因此，企业必须知道什么时候借款，什么时候不借款。只有这样，财务风险才可以被控制，以防止盲目借贷导致的财务损失。

5.保持资产的高流动性。资产流动性高，是企业控制财务风险，减少财务负担的重

要保证。也能够让资本回收的期望更容易实现，资本流动性更强，企业抵御财务风险的能力也会更强。

6.保持盈利能力。如果利润不能满足财务需求，企业必须依靠现金余额，出售短期金融资产，或者借更多的债务来弥补资金缺口，增加企业的财务风险。

因此，保持盈利，增加资本，和减少债务能够有效地控制财务风险。

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