代写职称论文-职称论文发表,简论铁路企业财务风险
Discussion on railway enterprise financial risk
Abstract: with the deepening development of railway construction, railway enterprise in the production process there must be a certain degree of financial risk, the objective of production and operation caused by a threat. Exploration on railway enterprise to enhance the ability of avoid risk, to enhance overall competitive ability, realize sustainable development plays an important role in.
Keywords: railway enterprises; financial risk
摘要：随着铁路建设的不断深化发展，铁路企业在生产经营过程中必定存在一定程度的财务风险，客观上对生产经营造成一种威胁。探讨铁路企业增强规避风险的能力，对提高整体竞争能力，实现可持续发展等具有重要作用。
关键词：铁路企业；财务风险
随着铁路改革发展的不断深化，铁路企业在现代市场经济条件下面临的竞争越来越激烈，影响企业的各种风险因素也在增强，其中财务风险越来越受到关注。因为管理者和经营者对财务风险的防范水平直接影响到企业的财务成果，所以在现实的经济发展中，铁路企业应树立财务风险意识，有效防范财务风险，积极促进企业财务系统的健康发展和经济效益的提高。
一、财务风险的含义及主要内容
财务风险是指企业在进行财务管理活动的过程中，由于各种不确定因素的影响导致企业的预期收益偏离实际收益而使企业蒙受损失的可能性。企业财务风险的主要内容包括：
（一）利率风险。企业通过贷款借入的资金必须按规定到期还本付息，因此利率的变动使企业面临着因利率上升无法按期偿付本金和利息的风险，严重时会导致企业因资不抵债而进行破产清算。
（二）流动性风险。企业的流动性资产应当保持一定的比例，以保证资产的变现能力和债务偿付能力。存在大量固定资产和不能变现的有价证券的企业，很容易产生流动性风险，因为资金周转速度直接影响企业的生产销售循环，进而影响企业的获利能力和偿债能力。
（三）信用风险。信用风险主要是在资金的收回过程中产生的，当交易的对方不愿意或没有能力履行合约时就会产生信用风险。由于市场经济中一部分企业履行债务的意识较弱，付款方到期不能偿还商品款，造成赊销方的损失。类似的是银行贷款业务，当贷款企业因生产经营不善不能到期还本付息，破产清算又不能归还全部贷款额时，银行就会产生巨额损失。
（四）投资风险。投资风险是企业以货币资金、实物资产以及无形资产等方式进行投资，由于被投资企业经营管理不善而不能收到预期投资收益而遭受经济损失的可能性。随着企业投资品种的多样化和投资项目的扩大，投资风险也在增加。投资风险主要表现在有价证券的变现风险、购买力风险和收益风险。
（五）汇率风险。汇率风险是企业在参与国际经济活动中形成的，随着资本全球化的发展和发展中国家的崛起，汇率的变动幅度也越来越大。在某一会计期间内，企业的收益可能随着汇率的变动产生损失，尤其是外汇交易额较大的业务。同时，投资者所参与的外国投资额也会受到汇率变动的影响。
（六）收益分配风险。收益分配风险是指由于管理者制定了不合理的收益分配方案而给企业的生产经营活动带来不利影响的可能性，其中最重要的是股利分配政策。股利政策制定不当会影响企业的变现能力和偿债能力。
二、铁路财务风险产生的原因
财务风险存在于企业生产活动中的每一个环节：
（一）财务管理体制不合理。目前，铁路企业财务管理的性质和内涵与发展的市场经济和企业管理体制存在着不适应。铁路多年的计划经济体制，导致铁道部政企不分，铁路局为出资者代表，而站段为实际资产的使用者和管理者，这种模式给财务风险控制带来的影响很大。
（二）资本结构不合理。在铁路建设筹资过程中，为降低资本成本，更多的采用债务融资方式，从而导致债务资本在总资本中的比例过高，一旦资金链断裂，企业无法及时偿还到期债务，就会陷入财务困境。从现实情况来看，目前铁路资产负债率过高的问题逐渐显现，因为在生产规模扩张以及流动资金不足时，首先会向银行借款。
（三）财务人员的风险意识淡薄。传统的财务管理中，财务人员认为只要合理利用企业的各项资金就不会产生财务风险，没有意识到财务风险是客观存在的，这是导致财务风险产生的重要原因。
（四）财务决策缺乏科学性。目前，铁路企业的财务决策普遍存在着经验决策和主观决策的现象，尤其表现在固定资产投资中，在分析投资项目的可行性过程中，未能科学判断投资的内外部环境以及对未来现金流量产生的影响，从而造成投资失误，项目预期收益无法实现，产生巨大的财务风险。
三、财务风险的防范措施
（一）加强财务管理的适应能力。虽然体制不受企业管理人员的控制，但是企业应当制定相应的财务战略和风险调控机制，提高财务人员综合判断环境变化的能力，以充分研究应对环境变化的策略，将影响企业财务风险的各种环境因素降到最低水平。
（二）加强内部控制制度建设。提高财务人员的风险意识关键是使其意识到财务风险存在于每一个生产经营环节，风险意识应贯穿于整个财务管理过程。建立专门的财务风险管理机构，设专人对企业财务风险管理过程进行总体协调与具体规划，集中管理和处理企业的财务风险。在财务部门中，也要进一步明确管理过程中的权责，理顺关系，充分发挥内部控制的监督管理作用。在利益分配方面，也要起到促进公平、兼顾各方利益的作用。
（三）合理优化企业资本结构。片面追求财务杠杆效应而增加负债筹资是不科学的。在现实中，企业应当通过各种财务指标分析确定负债融资与权益融资的最佳比例，以达到资本结构最优，并实现财务杠杆效应的最大化。此外，在个别多经企业从事的行业发展不景气时，应降低负债额度，以避免收益减少而负债压力增大的风险；在行业经济持续发展阶段，企业应增加债务促进生产，实现利润最大化的目标。
（四）提高财务决策水平。为防范财务风险，企业在进行决策的过程中，应当充分考虑影响决策的各种因素，运用经济模型进行科学决策，坚决杜绝主观决策所产生的财务风险。根据模型分析，选择风险较少而收益较大的财务决策方案来规避风险。
四、结论
财务风险产生的原因是多方面的，财务风险的加剧会对企业的发展产生重要影响。因此，我们在进行财务管理时，应当充分分析和认识财务风险产生的原因，并积极采取各种防范措施来预防风险的发生。在当前铁路改革发展建设的关键时期，财务管理人员尤其要重视财务风险管理，保证企业经营管理的持续健康发展。
主要参考文献：
[1]孙运珍。企业财务风险成因及防范浅析[J].中国农业会计，2010.1。
[2]苏文成。论企业财务风险管理[J].现代审计与经济，2009.6。
[3]卡伦。A.霍契。财务风险管理最佳实务[M].经济科学出版社，2006.11。
Discussion on railway enterprise financial risk
Abstract: with the deepening development of railway construction, railway enterprise in the production process there must be a certain degree of financial risk, the objective of production and operation caused by a threat. Exploration on railway enterprise to enhance the ability of avoid risk, to enhance overall competitive ability, realize sustainable development plays an important role in.
Keywords: railway enterprises; financial risk
With the continuous deepening of reform of development of railway, railway enterprise under the condition of modern market economy is facing more and more intense competition, enterprises of various risk factors in the enhancement of financial risk, which has been paid more and more attention. Because the managers and operators to guard against financial risks level directly affect the enterprise's financial results, so in the actual economic development, railway enterprises should establish financial risk consciousness, effectively guard against financial risks, promoting the healthy development of enterprise financial system and economic benefits rise.
One, the meaning of financial risk and main content
Financial risk is refers to the enterprise in the financial management activities in the process, the influence of various uncertain factors lead to the expected return from actual income and make enterprise incur losing possibility. Enterprise financial risk mainly includes:
( a ) the interest rate risk. Enterprises through loans borrowed funds must be in accordance with the provisions of the repayment of principal and interest due to changes in the interest rate, thus causes the enterprise to face the rise in interest rates unable to repay the principal and interest of the risk, will lead to serious business due to insolvency and bankruptcy liquidation.
( two) the liquidity risk. Enterprise mobility assets shall maintain a certain proportion, to ensure that the asset liquidity and solvency. The presence of a large number of fixed assets and illiquid securities business, easily generate liquidity risk, because the capital turnover rate directly affect the production and sales cycle, thereby affecting the profitability and solvency.
( three) the credit risk. Credit risk is mainly in the capital recovery process, when trading with each other are unwilling or unable to perform the contract will have a credit risk. As a result of the market economy of one part enterprise debt obligations, the consciousness is weak, the payment party due to the repayment of commodity money, causing credit loss. Similar is the bank loan business loan business, when production due to mismanagement cannot expire debt servicing, bankruptcy liquidation cannot return all the amount of loans, banks will result in huge losses.
( four) the investment risk. Risk investment is the enterprise with monetary fund, tangible assets and intangible assets such as investment, due to poor management by the invested enterprise does not receive the expected return on investment suffered economic losses. Along with the enterprise investment diversification, investment projects and the expansion, investment risk also increases. Investment risk is mainly manifested in the securities liquidity risk, purchasing power risk and revenue risk.
( five) exchange rate risk. The exchange rate risk is the enterprise participates in the international economic activities in the formation, with the capital globalization and the rise of the developing country, exchange rate is more and more big. In a certain accounting period, the enterprise may yield as the exchange rate change to produce loss, especially foreign exchange trading volume of business. At the same time, investors in foreign investment will be the impact of exchange rate changes.
( six) risk of distribution of income. Distribution of income risk is that the managers to make a reasonable profit distribution scheme for the production and operating activities of enterprises to bring the likelihood of adverse effects, the most important of which is the dividend distribution policy. Dividend policy may influence a firm's liquidity and solvency.
In two, the railway financial risk reasons
Financial risk exists in the enterprise production activities in every aspect:
( a ) financial management system is not reasonable. Current, railroad company financial management of the nature and connotation with the development of market economy and enterprise management system has not adapted to the. Railway old planned economy system, led to the railway ministry politics look forward to is not divided, Railway Bureau as contributive person delegate, and stations for real assets of users and managers, this model to control financial risks brought great influence.
( two) the unreasonable capital structure. In the railway construction fund raising process, to reduce the cost of capital, use more debt financing debt capital, resulting in total capital ratio is too high, once the fund chain break, enterprises can not timely repayment of debts, will fall into the financial predicament. From a realistic point of view, the current railway asset is indebted rate is exorbitant problem appears gradually, because of the expansion of production scale and liquidity, first to bank loan.
( three) the risk of a weak consciousness of financial staff. The traditional financial management, financial personnel that as long as the rational use of the funds will not produce financial risk, not aware of the financial risk is an objective existence, this is the important reason of leading to financial risk.
( four) the lack of scientific financial decision making. At present, the railway enterprise financial decision making widespread experience decision-making and subjective decision-making phenomenon, particularly in the performance of investment in fixed assets, in the analysis of investment project feasibility process, not scientific judgment of investment and the internal and external environment of the future cash flow impact, thereby causing the misplay of investment, project expected revenue can not be achieved, produce the huge financial risk.
Three, the financial risk prevention measures
( a ) to strengthen financial management ability. Although the system is not affected by the business management personnel's control, but the enterprise should formulate the corresponding financial strategy and risk control mechanism, improve financial personnel comprehensive judgement to the changes of environment, in order to fully study the response to environmental change strategy, will affect the enterprise's financial risk to various environmental factors to a minimum level.
( two) strengthens the construction of internal control system. Improve the financial risk consciousness of the staff is the key to making them aware of the financial risks exist in every link of production management, the risk consciousness should be run through the whole process of financial management. The establishment of specialized financial risk management mechanism, set up special financial to the enterprise risk management process for the overall coordination and planning, centralized management and treatment of enterprise's financial risk. In the financial sector, but also to further clarify the responsibilities of the management process, straighten a relation, give full play to the regulatory role of internal control. On interest allocation, also want to promote fair, balanced function.
( three) optimizing the capital structure of enterprises. One-sided pursuit of financial leverage effect and increase the debt financing is not scientific. In reality, the enterprise shall, through various financial indexes analysis of debt financing and equity financing to determine the best proportion, in order to achieve the optimal capital structure, and realize the maximization of financial leverage effect. In addition, in the individual the enterprise engaged in the development of the industry is stagnant, should reduce the debt, in order to avoid income to reduce debt pressure increases the risk in industry; sustainable economic development stage, enterprises should increase the debt to promote production, achieve the goal of profit maximization.
( four) to improve the financial decision-making level. To guard against financial risks, enterprises in the process of decision making, should fully consider the impact of decision factors, the use of economic model for scientific decision-making, and resolutely put an end to the subjective decision arising from financial risk. Based on the model analysis, choose the less risk and gains greater financial decision scheme to avoid risks.
Four, conclusion
Financial risk reasons are in many aspects, the financial risk will aggravate the development of enterprises have an important influence on. Therefore, we in the financial management, should be fully analysis and understanding of the causes of financial risk, and take various measures to prevent the occurrence of risk. In the current railway reform and development, the key period of construction, financial management should take seriously especially the financial risk management, to ensure the sustainable and healthy development of the enterprise management.
Main references:
[1 ] Sun Yunzhen. Enterprise financial risk analysis [J ]. Accounting of agriculture of China, 2010.1.
[2 ] Su Wencheng. On the enterprise financial risk management [J ]. Modern auditing and economy, 2009.6.
[3 ] karen. A." Lease. Financial risk management best practices [ M]. Economic Science Press, 2006.11.
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