河南财经政法大学成功学院本科生毕业论文(设计)
企业融资风险分析
院系名称 姓 名 学 号 专 业 指导教师
2011年3月26日
摘 要
在日益激烈的市场竞争环境下，为了增强自身的竞争实力并获取更多的利润，企业面临着不断增加资金的要求，融资活动变得非常重要。只有筹集到足够的资金，企业的生产经营活动才能正常开展，并给企业带来巨大的收益。然而，融资活动在给企业带来巨大收益的同时也给企业带来了一些风险，如果对融入资金的管理和使用不当，也会产生很大的融资风险，有可能使企业陷入财务危机甚至破产。从风险理论的角度考察，企业融资过程中存在大量复杂多变的风险因素。因此，研究企业融资风险问题具有非常重要的现实意义。
本文首先介绍了与融资风险有关的一些基础知识，如融资的基本概念，融资的渠道和方式，融资风险的内涵、分类和特点等；其次，本文从我国中小企业融资风险的角度出发，从企业内部的经营管理、外部的经营环境、企业融资行为的主要参与者等方面分析了融资风险产生的主要原因；最后，针对中小企业融资风险产生的主要原因，从融资结构、负债规模、融资时机和融资方式等方面，提出了防范和控制中小企业融资风险的对策。
关键词：融资风险；融资成本；资本结构；防范与控制
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Abstract
In the increasingly fierce market competition environment,In order to enhance their competitive strength and obtain more profits, enterprises are faced with increasing capital requirements, financing activities become very important. Only to raise enough money, the production and operation of enterprises, and the normal business activity can bring great benefits to the enterprise. However, financing activities in brings to the enterprise huge gains of also brings to the enterprise, if some risk in capital management and use undeserved, also can produce big financing risk, there may make the enterprise into a financial crisis even bankruptcy. From the perspective of the risk theory, enterprises financing process there are lots of complex risk factors. Therefore, the enterprise financing risk problem has very important practical significance.
This paper firstly introduces the financing risks associated with some basic knowledge of the basic concepts, such as financing, financing channels and ways, financing and content of risk classification and characteristics, etc.; Secondly, from the enterprise internal management and external business environment, enterprises financing behavior of the main participants in the financing risk are analyzed; the main causes of the Finally, in view of the main causes of the financing risk from financing structure and liabilities scale, financing tint and financing pattern, etc, and puts forward some measures to prevent and control countermeasures of financing risk.
Key Words: Financing risk;Financing cost;Capital structure;Prevention and control
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目 录
一、前 言 ................................................................. 3 （一）研究的背景和意义 ................................................... 3 （二）文献综述 ........................................................... 3
1.国外研究方面: ..................................................... 4 2.国内研究方面 ...................................................... 4 （三）研究的主要内容和方法 ............................................... 4 二、融资风险相关概述 ....................................................... 6 （一）融资的基本概念 ..................................................... 6
1.融资的含义 ......................................................... 6 2.融资的渠道和方式 ................................................... 6 （二）融资风险的内涵、分类和特点 ......................................... 6
1．融资风险的内涵 .................................................... 6 2．融资风险的分类 .................................................... 6 3．融资风险的特点 .................................................... 7 三、我国中小企业融资的现状分析 ............................................. 8 （一）我国中小企业融资的现状 ............................................. 8
1.中小企业面临内源融资不足的现状 ..................................... 8 2.中小企业融资依然是间接融资为主的现状 ............................... 8 3.国内金融机构对中小企业贷款差别很大的现状 ........................... 8 4.中小企业贷款需求不能得到全部满足的现状 ............................. 8 （二）我国中小企业融资风险现状原因分析 ................................... 9
1.融资结构不合理及偿还期限不当 ....................................... 9 2.负债规模不合理及资本结构不当 ....................................... 9 3.负债融资的时机和方式选择不当 ....................................... 9 4.对融入资金的管理和使用缺乏效率 ..................................... 9 5.经营风险及金融市场波动风险 ......................................... 9 6.来自中小企业融资参加者的风险 ...................................... 10 7.政府方面的风险 .................................................... 10 8.银行方面的风险 .................................................... 10 9.担保公司方面的风险 ................................................ 10
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10.社会中介机构方面的风险 ............................................ 11 四、蒙牛集团上市前融资案例实证分析 ........................................ 12 （一）蒙牛情况相关介绍 .................................................. 12 关于蒙牛集团简介 ..................................................... 12 （二）蒙牛中小企业融资历程 .............................................. 12 （三） 蒙牛中小企业融资策略 ............................................. 13
1.投资者选择 ........................................................ 13 2.对赌协议 .......................................................... 13 （四）蒙牛融资意义 ...................................................... 13
1.高速发展 .......................................................... 13 2.管理规范 .......................................................... 13 3.双赢合作 .......................................................... 14 （五）案例分析点评 ...................................................... 14 五、中小企业融资风险的防范与控制 .......................................... 15 （一）树立正确的风险观念 ................................................ 15 （二）把握好融资临界点 .................................................. 15 （三）保持和提高资产流动性 .............................................. 15 （四）合理安排融资期限的组合方式 ........................................ 15 （五）实行先内后外的融资策略 ............................................ 15 参考文献 .................................................................. 17 致谢
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