【作者】 赵刚；

【导师】 姜福洋；

【作者基本信息】 天津大学 ， 工商管理， 2012， 硕士

【摘要】 自2011年第三季度开始，在我国货币政策松紧交替，政府扩大投资后青黄不接，经济政策、监管相对市场发展需求配套不足，中小企业银行信贷困难，实体经济利润下滑、集中跟风投资等诸多因素的合力下，中小企业集中、民间资本充裕的温州率先爆发了民间借贷危机。在“黑天鹅”事件频频发生温州包装行业，温州大东纸业有限公司（以下简称：大东纸业）率先引入3+1信用风险管理模式最早走出了资金和信用风险的困境，为同行和其他行业企业抗击信用风险提供了很好范本。从企业管理的微观角度看，温州信贷危机的问题本质是什么？作为民营企业典型缩影的大东纸业，如何建立信用风险的防火墙才能独善其身、规避风险？笔者在温州大东纸业有限公司服务近7年，对此感触良多，本文不多评论宏观的政府金融政策导向和资本市场管理的问题，力求从现代企业管理的角度深入探究温州大东纸业在企业商业活动中信贷问题的本源并找寻出回避信用风险的解决之道、帮助企业建立自己的有效的信用防火墙……如何更好地与时俱进地利用好先进的信用风险管理工具，降低应收账款风险？如何加速企业资金周转，提高资金使用效率，特别是如何将信用风险管理模式嵌入到企业战略和日常管理中，及如何加强对应收账款风险的防范与控制以获得良好的使用效果？这些不仅在金融寒冬下是亟待解决的问题，更是温州包装企业如何健康发展、基业长青的关键所在。本文以我国商务部提出的3+1信用风险管理模式为基础，结合资本投资风险理论和风险管理等相关理论，把风险理论的理念应用到日常销售业务管理的实践活动中，提出了有温州和自身企业特色的对客户信用风险管理的内容，覆盖了信用风险识别、信用风险估测、信用风险评价和信用风险防范等四个方面。本文在理论分析的基础上，以温州大东纸业有限公司在实施企业信用风险管理的实例，根据客户信用风险识别的原理，经过数据分析，设计了基于DSO分析和多变量分析理论的企业信用评价模型，为企业进行信用风险评价提供了依据。在具体实施中，并进一步构建了具有大东纸业企业自身特点的3+1客户信用风险管理模式。从转变经营理念、强化风险意识、规范风险管理流程、建立约束机制、建立优秀的企业信用文化、合理利用法律手段等五个方面提出了有效的风险防范体系，通过对应收账款加强控制，调整业绩考核指标，加强客户的信用调查和监控，实行有效的资信管理与控制严格考核销售部门，采取灵活有效的清欠措施，达到信用风险受控和企业良性发展的目的，并最终实现企业的战略目标。本文主要有以下几个方面的创新：1、首先在识别该企业在经营中关于客户管理的主要信用风险因素中剔除了一些传统因素，并引入了一些温州特色的参照因素；2、基于DSO分析方法和多种变量分析方法构建了独创的大东纸业企业信用评价模型，为信用风险估测奠定了基础；3、设计了为企业量身打造的3+1信用风险管理模式，使大东纸业进行客户信用风险管理有自己的特色和实际参考依据。在以前的文献中，除了讨论企业信用风险管理的理论之外，更多的学者和企业管理者将目光投在金融等其他领域，很少有在包装行业实际应用方面的案例或者文献。本文开辟了包装行业的企业研究信用风险的新视角，也拓宽了风险管理的实际应用的领域；除了能更清晰地了解在信用风险管理的引入、制度建立及动态控制中应该注意的问题，更主要是关注如何在实施过程中企业战略的实现及竞争能力的提高。这既为温州的包装企业客户风险管理提供了有效的建议和结论，也开辟了其他行业的客户信用风险管理的新思路。本论文希望通过笔者本人亲身经历的如何建立、如何防范和控制的实例，再次论证信用风险管理对于实现企业战略的重要性和有效性。同时，通过记录这个过程，使得其他企业能够借鉴经验，避免错误，使温州乃至中国的包装企业管理水平尽快赶上国际先进水平的步伐。更多还原

【Abstract】 Since The third quarter of2011, the monetary policy in China tightnessalternating. After government to expand the investment, SME credit difficulties, theWenzhou broke out in the first private lending crisis. Wenzhou Dadong Paper Co.,Ltd.（Hereinafter referred to as Dadong Paper）first to introduce3+1credit riskmanagement models, provides a good template for the fight against credit risk.From the microscopic point of view of business management, what is the natureof the problem of Wenzhou credit crisis? The Dadong Paper，as a typical microcosmof private enterprise，how the credit risk of the firewall can be spared, to avoid risks?Few in this article Commenting on the macro-oriented government financial policiesand capital market management， strive to Wenzhou Dadong Paper probe into theorigin of the credit problems in the enterprise business activities and to find a solutionto avoid credit risk from the perspective of modern business management, helpenterprises to establish a valid credit Firewall. These are not problems to be solved inthe financial winter, packaging enterprises in Wenzhou and healthy development ofEverlasting.China’s Ministry of Commerce of the3+1credit management based on themodel, combined with the capital investment risk theory and risk management theory,the concept of risk theory to practice activities of daily sales management, andproposed Wenzhou and their ownenterprise characteristics of customer credit riskmanagement, covering the recognition of credit risk, credit risk estimation, the fouraspects of the evaluation of credit risk and credit risk prevention.On the basis of theoretical analysis to Wenzhou Dadong Paper Co., Ltd. in theinstance of the implementation of corporate credit management, according to theprinciple of customer credit risk identification, data analysis, DSO analysis andmultivariate analysis of the theory of corporate credit ratingmodel, provide a basis forenterprise credit risk evaluation. In the specific implementation, and further buildDadong Paper with their own characteristics,3+1customer credit risk managementmodels. Changes in business philosophy, and strengthen risk awareness, standardizethe risk management process, establishment of binding mechanisms, the establishment of good corporate credit culture, rational use of legal means of effective riskprevention system, and strengthen control by accounts receivable, adjust indicators ofperformance evaluation to strengthen the investigation and monitoring of thecustomer’s credit, the implementation of effective credit management and controlstrictly evaluate the sales department, adopt a flexible and effective debt settlementmeasures to achieve the purpose of credit risk controlled and sound development ofenterprises and, ultimately, the firm’s strategic goals.In this paper, the following aspects of innovation:1、First in the identification of the enterprise customer management of credit riskin the business removed some of the traditional factors and the introduction of someWenzhou characteristics with reference to factors;2、DSO-based analytical methods and a variety of multivariate analysis methodsto build the original the Dadong Paper enterprise credit evaluation model, and laid thefoundation for credit risk estimation;3、Design3+1credit risk management models tailored for the enterprise, toDadong Paper Customer Credit Management has its own characteristics and the actualreference.Opened up a new perspective on the packaging industry, enterprise credit risk,and also widened the field of practical application of risk management; in addition toa clearer understanding of the problem should be noted in the introduction of creditrisk management system is established and dynamic control, moremainly concernedabout how the implementation process of corporate strategy implementation andimprovement of competitiveness. Both packaging enterprises in Wenzhou customerrisk management recommendations and conclusions, but also opened up new ideas ofcustomer credit risk management in other industries.In this thesis, I personally experienced by the author how to create, how toprevent and control instance, once again demonstrated the importance andeffectiveness of credit risk management for the achievement of corporate strategy.The same time, by recording this process, the other companies to learn fromexperience to avoid mistakes, Wenzhou and packaging enterprise management levelto catch up with the pace of international advanced level.更多还原