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论文编号：	7557
作者编号：	2220120322
上传时间：	2015/6/15 11:16:12
中文题目：	亚通公司财务风险控制研究
英文题目：	On the Financial Risk Control about the
指导老师：	李莉
中文关键字：	财务风险；财务风险控制；节能服务公司；亚通公司
英文关键字：	Financial risk; Financial risk control; Energy service company；Yatong Company
中文摘要：	国家十二五规划中提出要大力支持节能产业发展，节能服务公司是这一新兴产业的主体，近年来规模发展迅速，在发改委备案的数量已从2009年的461家增至2013年底的4852家。但在迅猛的发展态势中也潜藏着一定的隐患，主要在于节能服务公司需要先期投入大量资源对客户进行节能设备改造和长期投资，后续逐渐从设备节能产生的收益中回收投资。这一运作机制使得企业经常面临多方面的财务风险，如不加以重视并采取有效方式进行风险控制则必将使节能服务公司乃至节能产业的长期发展面临更大危机。 财务风险控制通过对企业的财务风险进行识别和评价，并采取有效措施进行防范和规避，能够有效保障企业财务状况平稳运行和经营管理的健康发展，因而成为财务管理领域的一项重要研究课题，并已形成较为完善的风险控制框架和理论基础。节能服务公司所具有的项目运作、金融合作、长期投资和业务开展形式多样等特点不同于传统企业的业务模式，而目前对此新兴企业的财务风险控制还缺乏充分的理论探讨和有针对性的控制方案，因而需要考虑将财务风险控制的一般理论与节能服务公司的具体业务相结合，探索有效适用的财务风险控制措施。 本文选取亚通公司这一首家在发改委备案的中型节能服务公司为案例，分析其面临的财务风险及风险控制现状，指出企业在财务控制上缺乏完善的财务制度、相关部门职能不健全、财务风险预警体系不完善、应收账款周转率低、融资手段不合理等问题。针对企业存在的问题，本文提出财务风险控制的改进方案，包括加强财务管理制度建设、健全财务部门职能、优化财务风险预警体系、拓宽融资渠道、加强应收账款控制等，并针对方案展开具体应用，对效果进行评价。 财务风险控制是一项系统工程，需要有一套完备的方案。本文首先从财务风险控制角度，识别了企业的财务风险，主要是狭义角度的财务风险，详细分析了企业的风险控制现状以及存在的问题，结合企业的实际情况，提出了优化企业财务风险控制的措施和方案，并在此基础上阐述了财务控制方案的实施以及保障措施，在一定程度上丰富了财务风险控制理论。 其次，本文通过建立财务风险改进方案，帮助企业树立正确的风险意识，健全内部控制制度，保证企业的长期持续发展。节能服务行业发展趋势是企业向着规模化的方向发展，通过注重节能服务公司财务风险控制，完善企业制度建设能力，有效规范企业业务运作流程，提升管理水平，吸引专门型的人才，树立企业的形象，提高竞争力。 再次，建立财务风险改进方案有利于亚通公司调整优化资本结构，提高资本流动性。不合理的资本结构和资本流动性较差，容易导致企业发生财务危机。一方面，企业的各个业务环节和财务活动有密切联系，在业务开展的主要环节采取合理的财务风险控制手段对于提高企业项目盈利能力，降低成本，及时防范可能的风险有重要作用。另一方面，通过财务风险的评价和控制，有助于企业依据自身发展所处的不同发展阶段，充分考虑销售额及其增长、盈利状况、经营杠杆、财务杠杆及金融市场状况等因素，确定最佳资本结构，降低企业财务风险。 为了使亚通公司的财务风险控制方案具有针对性和有效性，在制定方案时遵循了以下原则：全面性原则、重点性原则、协同性原则、成本效益原则。通过分析亚通公司现有的财务风险控制方案，发现存在的问题主要在于企业财务管理制度、财务部相关部门架构设置、内部预警体系、应收账款管理等方面控制手段和目标模糊。 亚通公司的财务管理制度要求公司管理层革新财务管理观念，改变原有思维惯性，把企业日常的业务规范管理，管理流程、预算管理、风险管理、对往来款管理、存货等具体业务操作规范与财务管理结合起来，以提高资金使用效率，并降低财务风险统一考虑，从而对企业决策提供有效帮助。 企业财务风险控制活动离不开运行组织体系的支撑，财务风险控制建立在内部环境规范有效的前提下。现有内部环境运营中存在的主要问题是，亚通公司目前财务部门，组织架构不清晰，对于组织架构与业务执行交叉环节职能模糊，分工不清，具体开展中协作配合效率较低。为避免职责混淆，有必要按层级确立组织架构。 亚通公司应通过多种手段开展其预警体系，包括全面预算管理办法、企业战略规划务虚会、财务预警系统、强化管理授权审批责任制、开展项目可行性分析、进行项目为单元定期管理分析机制。通过多种方式，加强各职能部门间连接，有效将各项工作有序开展起来。 为应对亚通公司业务规模逐渐扩大，需要尽快提高应对筹资风险能力建设水平。按照投资所需的规模和企业自身实力，合理确定融资规模，多了解融资渠道和分析测算融资成本，从而能够建立正确的融资风险控制观念。 宁波业务是亚通公司开展主营业务的代表之一，也是亚通公司财务风险控制优化方案实施的一个缩影。通过在具体业务中运用亚通公司所制定的财务风险控制优化方案，切实减小了公司财务风险，提高了企业管理效率，总体上取得了良好的效果。 本文研究内容不仅对于亚通公司全面提高企业财务风险控制水平具有重要参考价值，同时对于众多节能服务公司开展财务风险控制工作，也提供了有益借鉴。
英文摘要：	It is stated in China’s Twelfth Five-year Plan that the government will strongly support the development of energy-saving industry. As the mainstay of the emerging industry, energy service companies have developed fast in size in recent years from the initial 461 registering with the National Development and Reform Commission in 2009 to 4852 by the end of 2013. However, there are some hidden troubles in the rapid development which are mainly due to the mechanism that energy service companies are supposed to invest beforehand a large amount of resources to help their customers fix energy-saving equipment and make long-term investments before they gradually recoup investment by profiting from energy-saving-induced revenue. Such mechanism may often put energy-saving companies at risk, and if not taken seriously and without effective measures being taken to tackle such risk, energy-saving companies, even the whole industry, will undoubtedly face greater risks in the long run. Financial risk control can effectively ensure the steady operation and healthy management of a company by identifying and assessing its financial risk and consequently preventing and avoiding it, thus becoming a key research subject in the field of financial management and establishing a comparatively risk-control theory and frame. The characteristics that energy services companies have in their project operation, financial cooperation, long-term investment and various businesses differ from that of traditional companies. However, the present emerging companies still lack sufficient theoretical exploration and specific risk-controlling countermeasure with regard to their financial risk control. Therefore, it is essential to take into account the integration of general theory on financial risk control into the specific business of energy-saving companies in the hope of exploring efficient and feasible measures against financial risk. This thesis takes Yatong, a medium-sized energy company first registered in National Development and Reform Commission, as an example to analyze the financial risk it is facing and its risk control status quo and thus point out such problems as lacking sound financial risk controlling system, defect on section functions and financial alarming system, low accounts receivable turnover and imperfect financing means. To address the above problems, the thesis presents the framework of establishing financial risk control scheme, concerning the strengthening of the construction of financial management system, improving the function of financial sections, optimizing financial alarming system, widening financing channel and tightening control of account receivables to help companies better control financial risk,put the scheme into use and evaluate its effect. Financial risk control is a systematic project, requiring a complete set of solutions. The text has firstly identifiedYatong’s financial risks in a narrow sense from the perspective of financial risk control, specified the company’s present financial risk control and its problems,preparedtargeted solutions and elaborated its implementationand supporting measures, enriching the theory of financial risk control. Secondly, the thesis is aimed at framing up solutions tofinancial risk control to help the company build up appropriatesense of risk and perfect the inside control systemin order to ensure the company’s long-termsustainable development. The trend of development for energy-saving industry is that energy-saving companies developwith the direction of scale, improve the company’sabilityfor institutional construction, standardize the company’s business operation process, promote management level, attractspecialized talents, set up a good image and boost competitiveness for this company. Lastly, to come up with solutions to financial risk control does good to the adjustment and optimizationof the company’s capitals and facilitatesits mobility. Unreasonable capital structure and poor capital mobility are likely to give rise to the occurrenceof financial crisis. On the one hand, each business process is closely related to finance. Therefore, it is essential to adopt reasonable financial counter-risk measures so as to improvethe company’s profitability, lower itscostand avoid possible risks timely.On the other hand, the assessment and control of financial risksare conducive to the company’s capital structure. To make the solutions to the company’s financial risk control targeted and efficient, the thesis follows the following principles: all-roundedness, emphasis, coordination and cost-effectiveness. The thesis has analyzedYatong’s present policies about financial risk control and spotted its major problems that arises from poor management of finance, incomplete finance-related framework, lack of internal alarming system and accounts receivable management and nebulous goals. Yatong’sfinancial management requires that management team should refresh its financial management concepts, change its stereotype and combine its daily management of business, process, budget, risk and intercourse fundswith financial control to enhance capital usage efficiency and reduce financial risks and therefore offer effectiveassistants for the company’s decision-making. The company’s finance management cannot be without the support of organizing systems, because it is based on normative and effective internal business environment. The chief problems aboutYatong’scurrentinternal business environmentare thatits present financial department lacks clear structure and its organizational structure and service execution are mixed in terms of their functions and assignment of responsibilities and inefficient cooperation. In order toavoid duty confusion, it is necessary to establish its organizational structure. Yatongshould launch itsalarming system by various measures, including overall budget management, strategic planning retreat, financial alarming system, strengthened system of personal responsibility authorized to examine and approve, carrying out the project feasibility analysis and the establishment of management analysis system based on individual projects. The company should strengthen the bonds between different departments and carry out all work in an orderly way. In response to the company’s business scale expanding gradually,ability to cope with funding risks should be enhanced as soon as possible. The company should determine the financing scale in a sensible way according to the size of the investment requiredand the company’s own strength and learn more about financing channels and analysis and estimation of the cost of financing for the sake of forming proper financing risk control concept. Ningbo-based business is one of Yatong’s chief business and also a microcosm of the implementation of financial risk control optimization scheme in Yatong. By implementing Yatong’s financial risk-control policy in daily operation, the company has reducing its financial risks and improved its management efficiency, obtaining desirable effects in general. The research thesis is not only a great reference value to Yatong in terms of the overall improvement of its financial risk control level, but also a good guide to numerous energy-saving counterparts hoping to control financial risk properly.
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