CQ公司财务风险分析与控制研究

发布时间：2018-07-04 11:18

本文选题：财务风险 + 风险分析　；参考：《西安石油大学》2015年硕士论文

【摘要】：市场经济下财务风险的客观存在是任何企业都无法回避的。我国正处在经济下行与深化经济体制改革的重要阶段,企业面临的不确定性因素越来越多,财务风险管理涉及的内容愈加复杂和重要。CQ公司是主营石油化工工程施工的上市公司,面对行业周期性波动、区域市场进入壁垒以及过度依赖股东P集团等问题,公司于2014年提出了“一元为主、多元发展”的总体发展战略,希望通过开拓市场和业务范围谋求更好发展。公司现处于快速成长期,开拓意识很强,但风险管理意识不足。针对公司财务风险管理的缺失,作者希望通过本文的研究为CQ公司的财务风险管理提供思路与方法上的借鉴。本文先运用zeta模型和自由现金流量法对CQ公司的财务风险状况进行了综合评价。再采用财务比率法,从筹资风险、投资风险、现金流风险、资金占用风险与担保风险五个维度进行分类分析,通过横向与纵向对比衡量其不同维度下的财务风险水平,寻找各类风险产生的内在原因。最后,根据分析的结果提出了控制CQ公司财务风险水平的建议措施。分析结果表明CQ公司总体财务风险水平较高,具体表现为短期偿债风险、盈利不足导致的投资风险和现金流风险、已完工未结算资产导致的资金占用风险以及高风险担保问题。本文首先建议CQ公司将财务风险管理纳入企业文化并建立全过程管理机制为后续风险控制措施的开展提供良好的软环境。其次通过加强对已完工未结算资产的管理提升资产运营效率;通过加强全流程成本控制、调整多元化投资业务组合提高整体盈利水平;通过实施现金流监控加强现金流管理,通过寻求多元化筹资方式、充分利用商业信用、鼓励现金销售等措施增加现金净流入;通过降低对控股股东的依赖性和加强对外担保的内部控制降低不合理的高风险担保水平。从而将CQ公司的财务风险控制在合理水平,为公司总体战略的实施保驾护航。为同样遭受国际油价下跌和国内经济下行等不利因素冲击的同类型企业提供财务风险管理思路上的参考。
[Abstract]:Under the market economy, the objective existence of financial risk is unavoidable to any enterprise. China is in an important stage of economic downturn and deepening the reform of the economic system. Enterprises are facing more and more uncertain factors. The content of financial risk management is becoming more complex and important. CQ Company is a listed company which mainly deals with petrochemical engineering construction. Facing the periodic fluctuation of the industry, regional market entry barriers and over-reliance on P Group of shareholders, etc. In 2014, the company put forward the overall development strategy of "one dollar, multiple development", hoping to seek better development through the development of market and business scope. The company is in a rapid growth period, a strong sense of development, but lack of awareness of risk management. In view of the lack of financial risk management, the author hopes to provide some ideas and methods for CQ company's financial risk management through the research of this paper. In this paper, zeta model and free cash flow method are used to evaluate the financial risk of CQ Company. Then using the financial ratio method, from the financing risk, the investment risk, the cash flow risk, the capital occupation risk and the guarantee risk five dimensions to carry on the classification analysis, through horizontal and vertical contrast measures its financial risk level under the different dimension. Look for the internal causes of all kinds of risks. Finally, according to the results of the analysis, some measures to control the financial risk level of CQ Company are put forward. The results show that the overall financial risk level of CQ company is high, including short-term debt repayment risk, investment risk and cash flow risk caused by insufficient profit, capital occupation risk caused by completed unsettled assets and high risk guarantee. Firstly, this paper suggests that CQ should bring financial risk management into the corporate culture and establish a whole process management mechanism to provide a good soft environment for the subsequent risk control measures. Secondly, by strengthening the management of completed unsettled assets to enhance the efficiency of assets operation; by strengthening the cost control of the whole process, adjusting the portfolio of diversified investment to improve the overall profitability level; through the implementation of cash flow monitoring to strengthen cash flow management, By seeking diversified ways of financing, making full use of commercial credit, encouraging cash sales and other measures to increase the net cash inflow, reducing the dependence on controlling shareholders and strengthening the internal control of external guarantee to reduce the unreasonable level of high risk guarantee. Thus, the financial risk of CQ Company is controlled at a reasonable level, which guarantees the implementation of the company's overall strategy. This paper provides a reference for the financial risk management of the same type of enterprises which are also affected by the international oil price decline and the domestic economic downturn and other adverse factors.
【学位授予单位】：西安石油大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F406.7;F426.92

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