种业企业财务风险及其防范研究

Seed Enterprise Financial Risk and Prevention Study

作者: 专业:农业推广 导师:周衍平 年度:2009 学位:硕士  院校: 山东农业大学

Keywords

Seed industry, Financial Risk, Prevention

        《中华人民共和国种子法》出台后,种业格局发生了较大变化,随着我国加入WTO,种子市场的不确定因素逐渐增多,种业企业逐渐失去体制和行业垄断这两个规避风险的屏障,步入市场经济的轨道,其面对的资本市场和所处的税收环境、风险环境等都发生了很大的变化。企业财务环境的变化使生产经营面临更大的市场风险,因此,如何规避企业财务风险就成了这些企业急需解决的问题。本文采用调查法、实证研究法、定量和定性分析法、数学方法等研究方法,对调查搜集到的大量资料进行分析、综合、比较、归纳,然后整理、统计和研究。从资金筹措、资金使用、应收账款管理及收益分配等方面对企业进行财务风险成因及防范策略进行分析。全文分为六个部分,第一章引言部分主要阐述种业企业财务风险的研究目的、意义;阐述国内外对财务风险及种业企业财务风险的研究现状;阐述本文研究的内容及方法。第二章主要阐述企业财务风险及其防范的基本理论,包括财务风险的含义、特征、分类,财务风险防范的目标、原则及方法。第三章主要阐述种业及种业企业财务状况。第四章主要论述种业企业财务风险及其成因。第五章阐述种业企业财务风险预警评的价指标及预警方法(以登海种业、丰乐种业、敦煌种业为例)。第六章主要阐述种业企业财务风险防范策略,从企业筹资风险、投资风险、应收账款风险、收益分配风险、风险的制度防范等五各方面分别论述。对种业企业财务风险的制度防范,从企业的治理结构、财务运行、内部控制及企业文化等四各方面论述。本文利用“Z分数模型”对登海、丰乐、敦煌种业等上市公司进行分析。登海种业2006-2008年的Z值远远大于3.0,财务状况良好,无破产可能。丰乐种业2008年Z值下降为2.947,处于2.8<Z≤3.0区间,存在某些财务隐患,公司需加强风险管理。敦煌种业三年Z值分别小于1.8,财务风险发生的可能性很大,存在严重财务危机,破产机率很高。公司将会面临ST处理,更严重将会破产退市。财务风险防范策略从一下五各方面论述:(1)筹资风险防范策略:确定合适的筹资规模,安排最佳的筹资结构,选择合理的筹资期限,把握有利的筹资时机,制定有效的筹资方案,提高资金的使用效率;(2)投资风险防范策略:提高投资项目的决策水平,加强风险意识,加强对投资资金的管理。(3)应收帐款风险控制策略:从源头控制应收账款的发生,建立健全客户资信调查评估制度,实行应收账款的责任管理,充分发挥财务部门的监督作用,强调动态跟踪管理理念,采取灵活的催收政策。(4)收益分配风险防范策略:积极面对利润分配政策因素的影响,控制企业利润分配风险,确定企业股利政策,降低利润分配风险。(5)财务风险的制度防范:建立规范的企业的治理结构、建立有效的财务运行机制、建立全面的内部财务控制制度、切实加强企业文化建设。
    "The People’s Republic of China Seed Law" after the introduction of the basic pattern of species of the industry’s major changes have taken place in the new situation, seeds of uncertainty in the market gradually increased, a gradual loss of seed industry structure and trade monopolies to avoid the risk of these two barriers get onto the track of the market economy, it faces the capital markets and tax environment in which the risk environment, have undergone great changes. Corporate Finance changes in the environment so that production and operations to greater market risk, therefore, how to avoid the risk of corporate finance has become an urgent need to solve the problem of these enterprises.In this paper, survey method, empirical research methods, quantitative and qualitative analysis, mathematical methods, research methods, the survey collected extensive information analysis, synthesis, comparison, induction, and then organize, statistics and research. From the financing, the use of funds, accounts receivable management and income distribution of enterprises with regard to financial risk analysis of the causes and prevention strategies. Full-text is divided into seven parts, the first introductory chapter described some of the major financial risks seed industries research purposes, meaning; elaborate on the financial risks and the kinds of domestic and international corporate finance industry, the risks of the status quo; described the content and methods of this study. Chapter II mainly expounds the Enterprise Financial Risk and Prevention of the basic theory, including the meaning of financial risk, characteristics, classification, financial risk prevention objectives, principles and methods. Chapter III described the main types of industry and the seed industry financial position. Chapter IV discusses the main types of industry, enterprise financial risks and their causes. Fifth chapter concentrates on the kinds of industry, enterprise financial risk assessment of the value of early warning indicators and early warning methods (in order to Denghai kinds of industry, Fengle kinds of industry, Dunhuang Seed Co., for example). Chapter VI described the main kinds of business enterprise financial risk prevention strategies, ranging from corporate finance risk, investment risk, the risk of accounts receivable, revenue distribution of risks and so on four aspects separately. Chapter VII of the kinds of industries mainly expounds the system of enterprise’s financial risk-prevention, from the corporate governance structure, financial operations, internal controls and corporate culture of the four aspects discussed.In this paper, "Z Score model" right Denghai, Fengle, Dunhuang Seed Co. and other companies for analysis. Denghai kinds of industry, 2006-2008 Z-value is far greater than 3.0, financially sound, non-bankruptcy may be. Fengle Z value of seed industry in 2008 decreased to 2.947, at 2.8 <Z≤3.0 range, there are certain financial risks, companies need to enhance risk management. Dunhuang Seed three Z values were less than 1.8, the likelihood of significant financial risk, there is a serious financial crisis, bankruptcy is very high. ST processing companies will face more serious delisting will be bankrupt. Financial risk prevention strategies from about 4 discusses various aspects: (1) Funding risk prevention strategies: determine the appropriate size of the financing to arrange the best financing structure, choose a reasonable period of financing, favorable financing grasp the opportunity to develop an effective fund-raising programs, to improve efficiency in the use of funds; (2) Investment risk prevention strategies: to improve decision-making levels of investment projects, strengthen risk awareness, strengthen the management of investment funds. (3) Accounts receivable risk control strategies: source control of accounts receivable from occurring, to establish and improve customer credit investigation and assessment system with responsibility for accounts receivable management, and give full play to the supervisory role of the financial sector, emphasizing dynamic follow-up management concept, a flexible collection policy. (4) The distribution of income risk prevention strategies: to face the impact of policy factors, the distribution of profits, control the allocation of the risk of corporate profits, define the dividend policy to reduce the risk of profit distribution.
        

种业企业财务风险及其防范研究

摘要3-5
Abstract5-7
1 引言10-21
    1.1 研究的目的和意义10-12
    1.2 国内外研究综述12-19
    1.3 本文研究的内容及方法19-21
2 企业财务风险及其防范的基本理论21-35
    2.1 财务风险的含义及特征21-24
    2.2 财务风险的分类24-27
    2.3 财务风险防范的目标及原则27-31
    2.4 财务风险防范的主要方法31-35
3 种业及种业企业财务状况35-45
    3.1 种业发展现状35-38
    3.2 种业企业状况38-41
    3.3 种业企业财务状况41-45
4 种业企业财务风险及其成因45-51
    4.1 种业企业财务风险45-47
    4.2 种业企业财务风险成因47-51
5 种业企业财务风险预警51-68
    5.1 种业企业财务风险预警评价指标51-53
    5.2 种业企业财务预警方法53-68
6 种业企业财务风险防范策略68-80
    6.1 筹资风险防范策略68-69
    6.2 投资风险防范策略69-71
    6.3 应收帐款风险控制策略71-73
    6.4 收益分配风险防范策略73-76
    6.5 种业企业财务风险的制度防范76-80
        6.5.1 建立规范的企业治理结构76-77
        6.5.2 建立有效的财务运行机制77
        6.5.3 建立全面的内部财务控制制度77-78
        6.5.4 切实加强企业文化建设78-80
参考文献80-83
致谢83-84
攻读学位期间发表的学术论文目录84
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