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英语字典在线查询外文翻译---对企业财务风险的预警和控制

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2021-01-26 13:13
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英语字典在线查询-田夫野老

2021年1月26日发(作者:笑眯眯)

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On the corporate financial risk early warning
and control

对企业财务风险的预警和控制


2010 International Conference on Future Information Technology
and Management Engineering




















On the corporate financial risk early warning and control







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

UCTION




What is financial risk?





The financial risk is finance achievement and the risk of financial financial
risk separates the narrow sense and the broad 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

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
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.




ate 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

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-
solvency
ratio
and

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.

THEN THE FINANCIAL BUDGET MANAGEMENT OF ENTERPRISES
(TO GROUP COMPANY AS THE EXAMPLE)




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.

norm finance budget draws up procedure and method
According
to
the
whole
development
strategy
of
the
group
company,
according
to
the
procedure of
of foundation up, put forward the business enterprise group finance budget 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.




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 make use of solid the information system carry
on finance supervision
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 ision in the inner part
includes
accountancy's
control
and
management
to
control
2

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

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 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

英语字典在线查询-田夫野老


英语字典在线查询-田夫野老


英语字典在线查询-田夫野老


英语字典在线查询-田夫野老


英语字典在线查询-田夫野老


英语字典在线查询-田夫野老


英语字典在线查询-田夫野老


英语字典在线查询-田夫野老



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