【正文】 、停建或失敗的可能性和可能帶來的經(jīng)濟(jì)損失，從而加以防范。合理確定財務(wù)結(jié)構(gòu)，控制負(fù)債經(jīng)營風(fēng)險。要合理確定債務(wù)資金與自有資金之間、短期資金與長期資金之間的比例關(guān)系，并隨著企業(yè)生產(chǎn)的變化而變化，始終處于一種動態(tài)的管理過程中。在評價、控制負(fù)債經(jīng)營風(fēng)險時，必須考慮多種因素，重點(diǎn)有以下5個方面, 一是企業(yè)經(jīng)營的規(guī)模和實(shí)力；二是企業(yè)銷售收入的穩(wěn)定性和成長率；三是企業(yè)的財務(wù)狀況；四是資產(chǎn)結(jié)構(gòu)的影響；五是財務(wù)結(jié)構(gòu)的彈性分析。（二）投資風(fēng)險控制企業(yè)進(jìn)行項(xiàng)目投資行為時應(yīng)做到：（1）合理預(yù)期投資效益，加強(qiáng)投資方案的可行性研究，采用科學(xué)的決策方法，對各種可行方案科學(xué)分析評價，從中選出最優(yōu)的決策，切忌主觀臆斷。（2）運(yùn)用杠桿原理，協(xié)調(diào)經(jīng)營風(fēng)險與籌資風(fēng)險。根據(jù)總杠桿、經(jīng)營杠桿和籌資杠桿三者之間的相互關(guān)系，經(jīng)營風(fēng)險較低的企業(yè)可在一定水平上使用籌資杠桿，采用籌資杠桿程度較高的融資組合方式，但經(jīng)營風(fēng)險很高的企業(yè)則宜在較低的程度上使用籌資杠桿，采用籌資杠桿程度有限的融資組合，從而控制企業(yè)的總風(fēng)險。（3）在突出主業(yè)的情況下，也應(yīng)注意多種經(jīng)營，使多種產(chǎn)業(yè)和多種產(chǎn)品在利潤和時間相互補(bǔ)充，以最大限度地分散投資風(fēng)險。通過運(yùn)用投資組合理論防范與控制證券投資風(fēng)險。以股東財富最大化為目標(biāo)，從備選投資方案中選擇風(fēng)險相對較小、收益相對較高的投資方案，合理進(jìn)行投資組合。為達(dá)到分散投資風(fēng)險的目的，在進(jìn)行投資決策時要注意分析投資項(xiàng)目之間的相關(guān)性。企業(yè)進(jìn)行證券投資時，應(yīng)盡量避免全部購買同一家公司的證券。根據(jù)威廉F夏普教授提出的0123（資本資產(chǎn)定價模型），投資組合的關(guān)鍵則在于投資者應(yīng)根據(jù)期望的收益和所愿承擔(dān)的風(fēng)險水平，去選擇不同的投資項(xiàng)目并確定各項(xiàng)目所占的比例，這將是好的投資決策所必需解決的問題。（三）資金回收風(fēng)險控制選擇收益相對較大而風(fēng)險相對較小的資金回收方案，主要包括：信用標(biāo)準(zhǔn)、信用期限和現(xiàn)金折扣的決策方案，用5C原則來衡量客戶享受的信用標(biāo)準(zhǔn)；賒銷后企業(yè)應(yīng)盡快回收賬款；建立客戶賬齡分析體系等措施防范壞賬風(fēng)險?，F(xiàn)金折扣也是企業(yè)減少壞賬損失、降低風(fēng)險的措施，具體操作過程中企業(yè)應(yīng)該權(quán)衡提供折扣后獲得的收益與現(xiàn)金折扣的成本來決定現(xiàn)金折扣的多少。根據(jù)客戶按約付款的可能性，選擇不同銷售方式。從回避資金回收風(fēng)險的角度，采用現(xiàn)銷方式出售商品無疑是最佳選擇，為控制資金回收風(fēng)險，企業(yè)只能對信用狀況好、償債能力強(qiáng)，達(dá)到企業(yè)信用標(biāo)準(zhǔn)的客戶采取賒銷方式，并將累計賒銷金額控制在信用限額范圍之內(nèi)，但對那些信用狀況不好、償債能力差的客戶則宜盡可能采取現(xiàn)銷方式。（四）收益分配風(fēng)險控制企業(yè)應(yīng)該按照企業(yè)會計準(zhǔn)則的要求做好八項(xiàng)資產(chǎn)減值準(zhǔn)備的計提與核算工作，這樣有利于防止企業(yè)高估資產(chǎn)和虛增利潤；做好現(xiàn)金預(yù)算，使企業(yè)的收益分配和企業(yè)的籌資方案、投資方案結(jié)合起來考慮，能有效防范及其控制收益分配對企業(yè)未來發(fā)展造成的不利影響；考慮通貨膨脹的影響，有計劃地建立價格變動補(bǔ)償基金，保證收益分配不影響企業(yè)的簡單再生產(chǎn)；關(guān)注企業(yè)下一年生產(chǎn)情況和資金使用來源，滿足企業(yè)擴(kuò)大再生產(chǎn)需要，為企業(yè)未來發(fā)展打好經(jīng)濟(jì)基礎(chǔ)的同時能降低企業(yè)的收益分配風(fēng)險。淮南聯(lián)合大學(xué)的張文芹在2007年發(fā)表在《黑龍江科技信息》上的《淺析企業(yè)財務(wù)風(fēng)險的成因及防范策略》中認(rèn)為，財務(wù)風(fēng)險防范有以下幾種方法：（一）認(rèn)真分析外部變化情況,提高企業(yè)對財務(wù)管理外部環(huán)境變化的應(yīng)變能力。財務(wù)管理的宏觀環(huán)境雖然存在于企業(yè)以外, 但并不是說企業(yè)面對外部環(huán)境變化就無所作為。為防范財務(wù)風(fēng)險, 企業(yè)財務(wù)管理人員應(yīng)對不斷變化的宏觀環(huán)境進(jìn)行認(rèn)真的分析研究, 把握其變化趨勢及規(guī)律, 并制定多種應(yīng)變措施。（二）努力建立和保持最優(yōu)資本結(jié)構(gòu), 合理進(jìn)行籌資, 防范籌資風(fēng)險。我國企業(yè)應(yīng)努力形成一個合理的資金結(jié)構(gòu), 維持適當(dāng)?shù)呢?fù)債水平, 既要充分利用負(fù)債經(jīng)營這一手段獲得財務(wù)杠桿收益,同時要防止過度舉債引起較大的財務(wù)風(fēng)險。在籌資決策過程中, 應(yīng)根據(jù)生產(chǎn)經(jīng)營情況合理預(yù)測資金需要量, 通過對資金成本的計算, 對各種籌資方式的風(fēng)險分析, 權(quán)衡各種籌資方式的成本與風(fēng)險, 使企業(yè)的綜合資本成本最低, 達(dá)到最優(yōu)資本結(jié)構(gòu)。（三）科學(xué)進(jìn)行投資決策, 防止因決策失誤而產(chǎn)生的投資風(fēng)險。對于我國企業(yè), 必須明確投資是一項(xiàng)經(jīng)濟(jì)行為, 在進(jìn)行投資決策時應(yīng)克服各種人為因素的影響。同時在進(jìn)行投資決策時應(yīng)充分考慮投資項(xiàng)目所面臨的風(fēng)險, 通過定性與定量的方法對投資回收和盈利能力進(jìn)行科學(xué)的預(yù)測, 才能提高收益, 減少損失。（四）加強(qiáng)對存貨與應(yīng)收賬款的管理, 防范存貨跌價風(fēng)險和壞賬風(fēng)險。對存貨, 要在充分發(fā)揮存貨功能的同時, 盡可能降低存貨成本。例如在資金上實(shí)行ABC 控制, 在數(shù)量上執(zhí)行批量控制,在價格上采取比價采購。對應(yīng)收賬款的管理應(yīng)做到: 建立穩(wěn)定的信用政策。在日常經(jīng)營活動中注重對客戶的資信調(diào)查。確定合理的應(yīng)收賬款比例。建立銷售責(zé)任制, 配合采取各種措施加速資金回籠。（五）合理進(jìn)行利潤分配, 控制收益分配風(fēng)險。收益分配包括留存收益和分配股息兩方面。留存收益直接影響企業(yè)的再投資規(guī)模和技術(shù)更新改造能力。分配股息直接影響投資者的投資積極性。如果利潤率很高, 而股息分配較低, 就可能影響企業(yè)股票價值。因此企業(yè)應(yīng)結(jié)合自身實(shí)際,選擇適當(dāng)?shù)墓衫峙湔? 注意兩者之間的平衡并加強(qiáng)財務(wù)風(fēng)險監(jiān)測, 使企業(yè)持續(xù)、穩(wěn)步的發(fā)展。第二篇：財務(wù)風(fēng)險 外文文獻(xiàn)外文文獻(xiàn)The Important Of Financial RiskSohnke Gregory and Murat AtamerAbstract:This paper examines the determinants of equity price risk for a largesample of nonfinancial corporations in the United States from 1964 to both structural and reduced form models to examine the endogenous natureof corporate financial characteristics such as total debt debt maturity cash holdingsand dividend find that the observed levels of equity price risk areexplained primarily by operating and asset characteristics such as firm age size assettangibility as well as operating cash flow levels and contrast impliedmeasures of financial risk are generally low and more stable than debttoequity measures of financial risk have declined over the last 30 years even as measuresof equity volatility risk have tended to trends in equity price risk are more than fully accounted for by trends inthe riskiness of firms’ together the results suggest that the typical substantially reduces financial risk by carefully managing financial aresult residual financial risk now appears negligible relative to underlying economicrisk for a typical nonfinancial ：Capital structure； financial risk； risk management；corporate finance1The financial crisis of 2008 has brought significant attention to the effects offinancial is no doubt that the high levels of debt financing by financialinstitutions and households significantly contributed to the evidenceindicates that excessive leverage orchestrated by major global banks themortgage lending and collateralized debt obligations and the socalled “shadowbanking system” may be the underlying cause of the recent economic and obvious is the role of financial leverage among nonfinancial date problems in the sector have been minor pared to thedistress in the financial sector despite the seizing of capital markets during the example nonfinancial bankruptcies have been limited given that the economicdecline is the largest since the great depression of the fact bankruptcyfilings of nonfinancial firms have occurred mostly in manufacturing newspapers and real estate that faced fundamentaleconomic pressures prior to the financial surprising fact begs the question“How important is financial risk for nonfinancial firms” At the heart of this issue isthe uncertainty about the determinants of total firm risk as well as ponents of academic research in both asset pricing and corporate finance hasrekindled an interest in analyzing equity price current strand of the assetpricing literature examines the finding of Campbell et thatfirmspecificidiosyncratic risk has tended to increase over the last 40 work suggeststhat idiosyncratic risk may be a priced risk factor see Goyal and SantaClara 2003among related to these studies is work by P225。stor and Veronesi 2003showing how investor uncertainty about firm profitability is an important determinantof idiosyncratic risk and firm research has examined the role of equityvolatility in bond pricing 1998 Campbell Hilscher and much of the empirical work examining equity price risk takes the riskof assets as given or tries to explain the trend in idiosyncratic contrast thispaper takes a different tack in the investigation of equity price we seek tounderstand the determinants of