【作者】 张华；

【导师】 陈共荣；

【作者基本信息】 湖南大学 ， 会计学， 2012， 硕士

【摘要】 财务风险在公司经营过程中客观存在,对公司财务风险实行有针对性地防范与控制对于实现公司价值的保值与增值,确保公司发展的稳定具有重要作用。由于行业特征以及公司经营方式与策略不同,从而导致微观公司主体面临的财务风险存在差异。本文以风电叶片行业时代新材公司为研究对象,对公司当前财务状况、存在的财务风险隐患、产生的原因进行了系统分析,并在此基础上有针对性地提出了财务风险防范与控制的具体措施。通过对其财务管理状况的分析发现,时代新材公司存在的财务风险主要表现在四个方面,即公司投资风险、偿债风险、再融资风险以及商业信用风险。具体原因在于在风电行业的发展出现下行风险的的情况下,由于对行业投资风险评估的不足,导致公司在涉足于风电叶片行业的时候存在过度投资现象,随着风电行业由成长期向成熟期过度以及市场竞争的日趋激烈的,企业投资风险逐渐显现。同时,由于时代新材公司实行的是与公司投资战略相匹配的融资战略,公司激进的投资策略推高了公司融资规模,并且导致公司融资存在“短贷长投现象”；而随着行业竞争的加剧,公司盈利能力下降,以及融资成本的增加,导致时代新材公司面临着较为严重的偿贷压力和再融资风险。在具体资本的运营上,主要受行业竞争的影响,应收款项信用期限太长,从而拉长了企业回款期限,导致资金占用。本文在此基础上提出了防范与控制企业财务风险的具体措施,包括健全公司投资决策管理制度,合理调节公司现有投资结构,降低公司投资风险；合理选用筹资方式,以优化公司现有债务结构和资本结构；完善公司应收账款管理政策,以对应收款项进行全方位管理,降低资金回收风险等防控对策,以期在时代新材公司的财务风险管理中发挥指导性作用。更多还原

【Abstract】 There is no doubt that financial risks are existed objectively in the process of enterprise operation.To achieve the aim of firms’sustainable growth, that give the financial crisis of the firm direct management seems to be very essential and unavoidable.However, due to the discrepancy among different industries and businesses, a given enterprise should have its special financial crises,which maybe different from other firms’.Because of this and based on the firm named Times New Material Technology, the article primarily analyse the financial status of the firm, existing problems and the causes of financial crises.Furtherly, this article give some concrete suggests about how to avoid the financial crises as soon as possible.Based on the analysis of the company’s financial management conditions, it’s not difficult find that the financial risks of the firm named Times New Material Technology mainly exist in four aspects, that is, the company investment risk, credit risk, financing risk and business credit risk. Due to lack of necessary consciousness of the developing orientation of wind and electric industry, the firm of Times New Material Technology exists a problem of investment inefficiency initially, which brings a investment crisis to the firm unexpectedly. And because of firm’s matching financing policies with corporate investment, now Times New Material Tech. Co., Ltd. is facing severely repayment pressure of bank debts and financing risk; In the aspect of operating capital management, under the impact of product market competition, the credit spread of accounts receivables is a little long compared with other corporate, which elongates the terms of accounts receivable collocation. Based on the analysis results, the article puts forwad to some specific measurements. Firstly, to decrease the investment crises, strengthing the firm’s investment management system is very necessary. Secondly, to reduce investment risk, adjusting the company’s existing investment structure is also very urgent. Thirdly, to the business named Times New Material Technology, bulding up a rational debt structure and capital structure is essential. What’s more, to decrease the risk of accounts receivable collection, the firm should strengthen the management of accounts receivables, and so on.更多还原