公司治理结构对企业财务风险的影响分析

公司治理结构对企业财务风险的影响分析完成日期：学生姓名：郭岩指导教师：陈莎答辩小组成员：论文成绩：摘要企业财务风险的研究是财务领域中的重要研究课题。企业因财务风险处置不善导致经营陷入危机的例子屡见不鲜。企业产生财务风险的原因是多方面的，既有企业内部原因，也有外部原因。但是起主导作用的还是内部原因，如公司治理结构不完善，资本结构不合理等。经济危机的爆发引人深思，多家投资银行相继倒闭，这显然不再是由于单纯的金融风险处置不当所致，必须更深层次上，即公司内部治理结构上进行反思。了解公司治理结构对企业财务风险的影响，结合公司发展过程中公司治理的具体案例，从不同角度归纳总结出一定的规律，并在能力范围内提出自己的观点与建议。关键词：公司治理；资本结构；财务风险；经济危机AbstractEnterprisefinancialriskresearchistheimportantresearchtopicsinfinance.Becausetheenterprisefinancialriskdisposalwascausedbypoormanagementincrisis.Itisoftenseen.Enterprisefinancialriskarisingfromthereasonsaremanifold,bothinternalreasons,thereareexternalcauses.However,thedominantroleoftheinternalreasons,suchastheimperfectcorporategovernancestructure,capitalstructureisunreasonablewait.Theoutbreakoftheeconomiccrisisthought-provoking,manyinvestmentbankshavebeencloseddown,whichapparentlyisnotduesolelytothefinancialriskscausedbytheimproperdisposal,mustbedeeper,namelyinternalcorporategovernancestructureonreflection.Understandingofthecorporategovernancestructureofenterprisefinancialrisk,impact,combinedwiththecompany'sdevelopmentprocessofcorporategovernanceinspecificcases,fromdifferentangles,summarizessomerules,andtherangeintheabilitytoputforwardtheirviewsandsuggestions.Inthispaper,usingavarietyofdemonstrationmethods:comparisonanddemonstration;outthefacts,basedonbefore;theoryandpractice;citationanalysismethod.Mainlythroughbooks,webqueriesfordatacollection.Intendeduseoftheaccounting,financialmanagement,corporatefinanceandotherrelatedknowledgetowriteathesis.Keywords:Corporategovernance;capitalstructure;financialrisk;financialcrisis目录1绪论·········································································································11.1研究背景························································································11.2选题意义························································································11.3文献综述························································································22公司治理结构的概述················································································32.1我国公司治理结构的研究······························································32.1.1国内外研究综述············································错误!未定义书签。2.1.2我国上市公司治理现状··································错误!未定义书签。3我国企业财务风险的现状及发展趋势························································43.1我国财务风险体系制定概况·····························································73.2财务活动视角下企业财务风险分析··················································83.2.1筹资风险···············································································83.2.2投资风险················································································93.2.3资金回收风险·········································································103.3企业财务风险、经营风险与财务管理··············································113.3.1企业财务风险与经营风险的关系···········································113.3.2财务管理与企业其他专业管理的关系····································134公司治理结构对财务风险的影响研究································错误!未定义书签。4.1公司治理结构对财务危机的影响分析·······················错误!未定义书签。4.1.1借鉴国际惯例与立足国情的关系····················错误!未定义书签。4.1.2继承与发展的关系·········································错误!未定义书签。4.1.3科学规范与便于理解和操作执行的关系··········错误!未定义书签。4.2建立财务预警系统防范企业财务风险·······················错误!未定义书签。4.2.1建立财务预警系统的必要性···························错误!未定义书签。4.2.2明确企业财务预警系统的组织体系·················错误!未定义书签。4.2.3建立企业财务预警系统的运行保障机制··········错误!未定义书签。4.2.4建立财务风险分析体系··································错误!未定义书签。4.2.5提高企业对财务管理外部环境变化的应变能力错误!未定义书签。4.2.6加强引导与监管············································错误!未定义书签。4.2.7建立完善的财务失败预警机制························错误!未定义书签。5结论········································································································145.1研究结论························································································145.2政策建议·······················································································14致谢·········································································································15主要参考文献·······························································································16公司治理结构对企业财务风险的影响分析11绪论1.1研究背景1.1.1选题背景绩效和公司价值往往为学术界和实务界所重视,但是风险这一反映企业行为的经济后果以及企业质量等重要指标往往被忽视。若有这样的结果,会造成一些看似业绩很好的公司一夜之间轰然倒塌。从已有的文献看,公司治理具有改善公司业绩及公司价值的作用,同样,我们认为,公司治理应该具有风险效应,即它可能影响到公司的风险。在企业目标这一问题上,学术界倾向于认为追求价值最大化是企业的终极目标。这一点从已有的文献中可以看出,无论国内还是国外,学术界更多的是讨论企业行为对企业绩效或者企业价值的影响,而对企业行为对风险所可能产生的影响却较少探讨。现实中的企业最关心的可能是如何创造利润和价值,而忽略了随之而来的企业风险。但是必须认识到,企业风险与企业活动相伴而生，如果仅仅偏重于企业业绩或价值,而忽略了风险,将会导致严重的后果。现实中,众多业绩优异、高速成长的企业往往在一夜之间突然倒闭,国外的公司如安然等；国内的公司如德隆和巨人、格林柯尔等。尽管对它们的失败有诸多解释,但是,无疑,对经营活动及企业发展过程中风险的忽略是其中的重要原因之一。由于经济环境的复杂性和管理者主观认识的局限性，企业在经营过程中必须应对各种不同的风险。而财务风险便是企业经营风险的集中体现。1.1.2研究目的众所周知，财务管理是企业管理的中枢和基石，企业的一切经营管理工作都应该以财务管理为中心。财务管理的主要目的就是通过投资决策、筹资决策和股利决策使股东财富最大化。而任何决策都是面向未来的，都会有或多或少的风险。因此，预和化解企业财务风险，以及如何发现财务管理中出现的危机并采取必要的控制措施化解财务风险，以保证企业生产经营的正常运行，就显得尤为重要。近年来，不断变化的外部市场需求、技术革新以及日益激烈的竞争使得公司面临更多的不确定性和风险。亚洲金融危机刚结束不久，又爆发了美国金融危机，从这几次危机的严重后果可知，不仅仅是金融业受到了沉痛打击，一般的企业也受到了较大影响。1.2选题意义随着国际经济一体化步伐的加快，以及我国社会主义市场