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论文编号：	2263
作者编号：	2220080619
上传时间：	2010/6/8 15:52:36
中文题目：	高科技企业财务风险管理研究—以G公司为例
英文题目：	The Research on Risk of Financial Management in High-Tech Cooperation—A Case Study in G Company
指导老师：	张晓农
中文关键字：	高科技企业 财务风险 风险预警 财务风险管理
英文关键字：	high-tech enterprise financial risk risk warning financial risk management
中文摘要：	在当今世界经济大潮中，高科技企业是各国重点发展和扶持的对象，它不仅带动了各个国家经济的快速增长，也带动了世界科技的快速发展。高科技企业所具有的高附加值、高收益性吸引了大量的资本投入，同时人们对高科技企业的投资报酬的期望值也随着一些高科技企业创业的成功而不断升高。近20年里世界企业界约一半的支出投向了科技产品，高科技企业如雨后春笋般建立起来。随着我国中关村第一家高科技企业的建立，高科技企业已经在我国得到发展和普及。但是尽管各个国家为了保护高科技企业的发展制定了一系列的扶持性的经济政策，一些高科技企业还是没能抵制住世界经济危机的冲击和激烈的市场竞争，被市场经济所淘汰。隐藏在高科技企业的高收益性背后的高风险性也逐渐为人们所重视。一些已经成功地跨入美国纳斯达克行列的高科技企业，也无法摆脱破产的风险。就在不久前加拿大最负盛名的高科技企业、北美最大电信设备制造商北电网络也没能抵制住经济危机的侵袭，最终向美国特利华州威明顿一家法院提交了破产保护申请。人们意识到高科技企业比一般企业更加脆弱，面临更高、更多的风险。针对高科技企业经营管理的特点及其特殊性和对社会生产力发展的重要性，在高科技企业中构建和实施高效实用的财务管理战略和财务风险控制机制已经成为现代高科技企业的重要课题。 企业的财务管理活动是处于激烈的市场竞争中的，是一种与企业价值运动相关的微观经济活动。企业的各种经济活动都是在某种程度的不确定的经济环境和经营状态下进行的，各种风险因素最终都会集中的体现到企业的财务上来，表现为企业的财务风险，使得企业的财务管理在各方面呈现出可变性和不稳定性。早在19世纪初，西方国家就开始了有关风险的研究，建立了风险的概念，从风险的辨识到风险防范再到风险预警和全面风险管理，西方已经形成了一套完整的风险管理理论。相对西方，我国对风险的认识比较晚，风险理论的认识和相关研究虽然从19世纪八十年代才刚刚开始。但是至今为止，查阅了国内外各种有关风险的文献，不仅对风险没有明确的概念定义，而且中西方学术界对风险目前也尚未达成统一的、权威性的认识。本文首先对国内外关于风险的认识进行归纳总结，引出财务风险的定义，然后按照不同的依据将财务风险进行了分类，列示了目前国内外通用的财务分析方法。并概述国内外财务风险管理理论的研究现状，对中西方关于财务风险管理的重要文献和发展趋势进行了回顾，介绍了中西方有关财务风险预警模型的研究成果。最后通过分析控制与管理的联系和区别，重点阐述了内部控制理论及其与企业风险管理的关系。 高科技企业的财务风险是客观存在的，高科技企业的财务风险不同于传统企业的财务风险，即使同一种财务风险发生在高科技企业和传统企业，其财务风险产生的来源和财务风险的表现形式也不完全相同。高科技企业的财务风险与经营风险密不可分，包括企业各个经营环节产生的经营风险，是企业经营风险的集中体现，是一个综合性的风险。高科技企业的经营环境比传统企业的经营环境更加复杂多变。受企业内外部诸多不确定因素相互的影响，因此其形成原因也较为复杂，与传统的企业相比，高科技企业的财务风险不确定性因素更加复杂，更加多样化，风险的特征与高科技企业的研发周期同步并呈现阶段性，风险的损失随研发项目的失败的时间错后而递增，财务风险的变化更加难以预测。进行风险识别和分析是实施有效的风险管理和风险控制的前提和基础。但是高科技企业的创新一旦成功将给企业带来超预期的收益。根据高科技企业的财务风险特点和主要的形成原因，本文从技术风险、管理风险和资金风险三方面提出了相应的风险的防范策略。 本文在以上理论研究的基础上，选取G公司为例，使用定性与定量的分析方法，从企业经营的静态和动态两方面选取财务指标对企业的财务风险进行了综合评价。分析了G公司财务风险的现状，通过Z计分预警模型对G公司进行了财务危机的测试。运用国内外关于财务危机理论、财务预警理论、内部控制理论、风险管理理论、管理学等研究成果，通过比较分析，归纳分析和案例分析对G公司财务风险管理问题进行梳理，发现G公司面临的和潜在的财务风险，并从企业的各个经营环节和公司的整个管理流程查找企业的风险来源及其财务风险的主要形成原因，分析了企业财务管理和内部控制存在的问题，从风险防范的角度出发，运用财务风险预警理论和财务风险管理理论，为G公司设计财务风险管理框架，规范了财务管理流程，设计财务风险警指标体系，同时根据企业内部控制理论，为企业构建了完整的财务风险管理信息系统。使G公司能够及时准确的识别风险、评估风险，有效地控制和应对风险， 从而提高企业抵御财务风险的能力，从源头对财务风险进行防范和规避潜在的财务风险。同时针对已经形成的财务风险逐个分析原因，提出了有针对性地改善公司内部控制环境，调整公司经营战略，加强应收账款和存货的管理，通过全面预算和科学的资金预测和分析，加强现金流量管理，控制好公司筹资和投资的规模，规范筹资和投资环节的管控，优化配置企业的资本结构等财务风险管理和控制措施，为G公司降低风险损失，化解财务危机。使G公司在激烈的市场竞争和变化莫测的世界经济环境中能够持续、健康地成长和发展。
英文摘要：	In today's world economy, the high-tech enterprises are the national focus on the development and support of the object, which not only led to rapid economic growth in various countries, also contributed to the rapid development of world science and technology. High-tech enterprises with high added value, high profitability to attract a lot of capital investment, while investment in people on high-tech enterprises with the expectation of reward is also the success of some high-tech entrepreneurship and rising. The past 20 years about half of the world's business community to invest in the technology products of expenditure, the establishment of high-tech enterprises is springing up. As China's first high-tech enterprises in Zhongguancun establishment of high-tech enterprises have been developed and spread in China. But while each country in order to protect the development of high-tech companies to develop a series of supportive economic policies, some high-tech companies still could not resisted the world economic crisis and the fierce market competition, was eliminated by the market economy. Hidden in the high-tech companies behind the high yield of high-risk sexual attention by people gradually. Some have successfully entered the ranks of the NASDAQ high-tech enterprises; can not get rid of the risk of bankruptcy. Just recently, Canada's most prestigious high-tech companies in North America's largest telecommunications equipment maker Nortel Networks did not live to resist the invasion of the economic crisis, the end of China to the United States, Wilmington, and Terry filed a court for bankruptcy protection. People aware of the high-tech enterprises more vulnerable than the average, face higher, more risk. For high-tech business management of the characteristics and specificity and the importance of the social productive forces, in the high-tech enterprises in the construction and implementation of effective financial management strategies and practical financial risk control mechanism has become an important topic of modern high technology enterprises. Financial management activities of enterprises in the fierce market competition are a sport associated with the enterprise value of micro-economic activities. Enterprises of various economic activities are in some degree of uncertain economic environment and business carried out under various risk factors will eventually be concentrated reflected in the financial up, the performance of the financial risks for the enterprise, making enterprise in all aspects of financial management shows the variability and instability. Back in the early 19th century, western countries began the risks of research, established the concept of risk, from risk identification to risk prevention and then to risk early warning and comprehensive risk management, the West has formed a complete set of risk management theory. Compared to the West, China's relatively late awareness of risk, risk awareness and theory from the 19th century, although related research is just beginning eighties. Until now, however, reviewed the literature home and abroad, the risks, not only the concept of risk is no clear definition of, and risk in Western academia has not reached the current unified, authoritative knowledge. This article first awareness of the risks at home and abroad is summarized, leads to the definition of financial risk, and then follows a different basis for the classification of financial risks, lists the current domestic and foreign general financial analysis. And outlines the domestic and international financial risk management theory Research on the West on financial risk management and trends of important documents were reviewed, introduced the Western model of the financial risk early warning research. Finally, analysis of control and management of connection and difference, focusing on the internal control theory and its relationship with the enterprise risk management. High-tech enterprise's financial risk is an objective, high-tech enterprises in the financial risk is different from the traditional business of financial risk, financial risk even if the same occurred in the high-tech companies and traditional companies, the financial risks and financial risks arising from the performance forms are not identical. High-tech enterprises of financial risks and operational risks are inseparable, including business generated by the various business sectors operating risk, business risk is a concentrated expression, is a comprehensive risk. High-tech companies than the traditional business environment is more complex operating environment of enterprises. Subject to many uncertainties and external corporate influence each other, so its causes are more complex than traditional enterprise, high-tech enterprise's financial risk uncertainties more complex, more diverse, risk characteristics and high-tech corporate R & D cycle synchronization and presentation stage, the risk of loss of R & D projects with the wrong time after the failure of the increment, the change is more difficult to predict financial risk. Risk identification and analysis of the implementation of effective risk management and risk control of the premise and foundation. However, once the success of innovative high-tech enterprises will bring-than-expected corporate earnings. According to the financial risk characteristics of high-tech enterprises and the formation of the main reasons for this from a technical risk, management risk and financial risk three areas corresponding risk prevention strategies. In this paper, based on the above theoretical research, select G's case, the use of qualitative and quantitative methods of analysis, from the business both static and dynamic selection of financial indicators for enterprises to conduct a comprehensive evaluation of financial risk. G Company's financial risk analysis of current situation, by Z score prediction model of the G companies in the financial crisis of the test. Use at home and abroad on the theory of financial crisis, financial early warning theory, internal control theory, risk management theory, management and other research results, through a comparative analysis, inductive analysis and case studies on the G company's financial risk management issues to sort out and found that the company faces G and the potential financial risks and the various business sectors from the business and the company's entire enterprise risk management process to find the sources and causes of the financial risk of the main formation, analysis of enterprise financial management and internal control problems from the perspective of risk prevention departure, the use of financial risk early warning of financial risk management theory and the theory of G designed for the financial risk management framework, standardized financial management processes, design of financial risk warning indicator systems, according to internal control theory, to build a complete enterprise financial risk management information systems. So that G companies to timely and accurate identification of risk, risk assessment and effective risk control and response, thereby enhancing the business against financial risks, financial risks from the source to prevent and avoid the potential financial risk. The same time address the financial risk has been formed to analyze the reasons one by one, put forward within the company targeted to improve the control environment, to adjust the company business strategy, strengthen the management accounts receivable and inventory, through the full budget and the science of financial forecasting and analysis, to strengthen cash flow management, control, financing and investment good company size, financing and investment links normative control, optimal allocation of capital structure and other financial risk management and control measures to reduce the risk of loss of G Company, to resolve the financial crisis. To G in the fierce market competition and uncertain world economic environment can be sustained, healthy growth and development.
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