企业集团财务风险管理研究
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摘要
日益复杂的社会环境和经济环境使企业面对的内外部不确定性因素迅速增多,加之人类认识的局限性,更使得企业的生存和发展面临着各种各样的风险。长虹、德隆、中航油等大型企业集团风险管理失控事件,暴露了我国企业集团在财务风险管理方面的诸多问题,如财务风险意识淡薄、盲目投资扩张、缺乏有效的风险防控措施等等,企业集团财务风险管理水平亟需提升。财务风险管理能够使企业集团有效地应对集团面临的财务风险和机会,增强其创造价值的能力,能够从根本上提高企业集团财务管理的水平,.是国内企业集团实现与国际接轨的必要条件。因此,对于企业集团财务风险管理的研究具有重要的现实指导意义。
本文主要运用文献研究、理论研究同例证研究相结合的方法进行研究,并积极将系统论及控制论等理论应用到财务风险管理系统的建设中。文章分为五部分,第一部分为绪论,包括研究的背景和意义、文献综述、研究内容与方法、论文的创新之处和不足；第二部分对企业集团的内涵进行了科学界定,对企业集团财务风险的特征和企业集团财务风险管理的基本涵义加以明确,为研究工作的开展奠定了良好的基础；第三部分明晰我国企业集团财务风险管理的现状,如：财务风险意识薄弱、财务风险管理人才匮乏、财务决策机制虚化等,并细致剖析其深层次的原因；通过相关基础理论借鉴,第四部分对我国企业集团财务风险管理系统的构成进行理论上的分析、研究和总结,从风险识别、评估、应对、控制四个方面指出了提升我国企业集团财务风险管理水平的若干对策；第五部分对全文进行了总结。
笔者在构建集团财务风险管理系统的基础上强调系统的运行,主张通过培育良好的风险管理文化、强调对集团特殊风险的识别、构建财务风险预警系统增强集团风险识别能力,通过财务风险信息系统的建设和评估技术的应用提高集团风险评估的及时性和准确性,指出采用风险回避、降低、分担、承受等应对方法的具体措施,建议建立科学的公司治理机制、全面预算管理制度、实施统一结算加强对财务风险的控制。
Increasingly complex social and economic environment makes internal and external uncertainties enterprises facing rapidly increase, coupled with the limitations of human knowledge, the survival and development of enterprises are faced with various risks. Changhong, Delong, China Aviation Oil, such risk management out-of-control cases of large enterprise groups, expose the problems in the financial risk management of enterprise groups in China, such as poor awareness of financial risk, slightless investment and dilation, lack of effective risk prevention and control measures and so on, financial risk management level of enterprise groups need to upgrade urgently. Group Financial Risk Management can effectively deal with the financial risks and the opportunity to enhance its ability to create value, be able to fundamentally improve the enterprise group financial management level, are the necessary conditions for the implementation of the domestic enterprise groups with international practice. Therefore, Enterprise Group financial risk management research has important practical significance.
In this paper, the author uses literature study, combines theoretical research study with the example of method to study and actively makes the system and control theory apply to financial risk management system construction. Article is divided into five sections, the first for Preface, including research background and significance, literature review, research contents and methods, the thesis innovations and shortcomings;The second part includes the definition of the enterprise groups, the characteristics of the enterprise groups financial risk, and Enterprise Group Financial Risk Management's basic meaning, making a good foundation for research; the third part clarifies the status of Enterprise Group Financial Risk Management in our country, such as:a poor sense of financial risk, financial risk management lack of personnel, financial decision-making mechanisms ect, and makes virtual and detailed analysis of its deep-rooted reasons;through drawing on interrelated theories, the fourth part analyzes, researches and summarizes Enterprise Group financial risk management systems in theory, then in risk identification, assessment, response, control four aspects points out of a number of responses to enhance the level of financial risk management of enterprise groups in our country; the fifth part is a summary of the full text.
The author emphasizes system operation on the basic of financial risk management system, through fostering good risk management culture, emphasizing on special risk identify of groups, building a financial risk warning system to enhance the ability to identify risk of groups, through financial risk information system construction and using risk assessment technology to improve the the timeliness and accuracy of group risk assessment, points out such specific measures of risk aversion, reducing, sharing and enduring, recommends setting up scientific corporate governance mechanisms, a comprehensive budget management system, the clearing implementation to strengthen the financial risk control.
本文主要运用文献研究、理论研究同例证研究相结合的方法进行研究,并积极将系统论及控制论等理论应用到财务风险管理系统的建设中。文章分为五部分,第一部分为绪论,包括研究的背景和意义、文献综述、研究内容与方法、论文的创新之处和不足；第二部分对企业集团的内涵进行了科学界定,对企业集团财务风险的特征和企业集团财务风险管理的基本涵义加以明确,为研究工作的开展奠定了良好的基础；第三部分明晰我国企业集团财务风险管理的现状,如：财务风险意识薄弱、财务风险管理人才匮乏、财务决策机制虚化等,并细致剖析其深层次的原因；通过相关基础理论借鉴,第四部分对我国企业集团财务风险管理系统的构成进行理论上的分析、研究和总结,从风险识别、评估、应对、控制四个方面指出了提升我国企业集团财务风险管理水平的若干对策；第五部分对全文进行了总结。
笔者在构建集团财务风险管理系统的基础上强调系统的运行,主张通过培育良好的风险管理文化、强调对集团特殊风险的识别、构建财务风险预警系统增强集团风险识别能力,通过财务风险信息系统的建设和评估技术的应用提高集团风险评估的及时性和准确性,指出采用风险回避、降低、分担、承受等应对方法的具体措施,建议建立科学的公司治理机制、全面预算管理制度、实施统一结算加强对财务风险的控制。
Increasingly complex social and economic environment makes internal and external uncertainties enterprises facing rapidly increase, coupled with the limitations of human knowledge, the survival and development of enterprises are faced with various risks. Changhong, Delong, China Aviation Oil, such risk management out-of-control cases of large enterprise groups, expose the problems in the financial risk management of enterprise groups in China, such as poor awareness of financial risk, slightless investment and dilation, lack of effective risk prevention and control measures and so on, financial risk management level of enterprise groups need to upgrade urgently. Group Financial Risk Management can effectively deal with the financial risks and the opportunity to enhance its ability to create value, be able to fundamentally improve the enterprise group financial management level, are the necessary conditions for the implementation of the domestic enterprise groups with international practice. Therefore, Enterprise Group financial risk management research has important practical significance.
In this paper, the author uses literature study, combines theoretical research study with the example of method to study and actively makes the system and control theory apply to financial risk management system construction. Article is divided into five sections, the first for Preface, including research background and significance, literature review, research contents and methods, the thesis innovations and shortcomings;The second part includes the definition of the enterprise groups, the characteristics of the enterprise groups financial risk, and Enterprise Group Financial Risk Management's basic meaning, making a good foundation for research; the third part clarifies the status of Enterprise Group Financial Risk Management in our country, such as:a poor sense of financial risk, financial risk management lack of personnel, financial decision-making mechanisms ect, and makes virtual and detailed analysis of its deep-rooted reasons;through drawing on interrelated theories, the fourth part analyzes, researches and summarizes Enterprise Group financial risk management systems in theory, then in risk identification, assessment, response, control four aspects points out of a number of responses to enhance the level of financial risk management of enterprise groups in our country; the fifth part is a summary of the full text.
The author emphasizes system operation on the basic of financial risk management system, through fostering good risk management culture, emphasizing on special risk identify of groups, building a financial risk warning system to enhance the ability to identify risk of groups, through financial risk information system construction and using risk assessment technology to improve the the timeliness and accuracy of group risk assessment, points out such specific measures of risk aversion, reducing, sharing and enduring, recommends setting up scientific corporate governance mechanisms, a comprehensive budget management system, the clearing implementation to strengthen the financial risk control.
引文
[1]刘新立.风险管理[M].北京：北京大学出版社,2006.3.
[2]顾孟迪,雷鹏.风险管理[M].北京：清华大学出版社,2005.1.
[3]张继德.集团企业财务风险管理[M].北京：经济科学出版社,2008.12.
[4]李连华.内部控制理论结构[M].福建：厦门大学出版社,2007.9.
[5]张双才,于增彪,刘强.企业集团财务控制系统研究[M].北京：中国财政经济出版社,2006.8.
[6]叶建木等.企业风险传导机理研究[J].理论月刊,2005,(3).
[7]李维安等.公司治理[M].天津：南开大学出版社,2001.2第一版,2006.1第四次印刷.
[8](美)COSO制定发布；张宜霞译.企业风险管理——应用技术[M].大连：东北财经大学出版社,2006.6.
[9]http://www.jingdianhr.com.cn/directory/guanlidongtai.
[10]http://baike.baidu.com/view/671761.htm#4.
[11]http://baike.baidu. com/view/1964334.htm.
[12]Scott E. Harrington,Gregory R.Niehaus著；陈秉正,王珺,周伏平译.风险管理与保险[M].北京：清华大学出版社,2001.10.
[13]George E. Rejda著；申曙光主译.风险管理与保险原理(第8版)[M].北京：中国人民大学出版社,2006.4.
[14]石友蓉,唐玉莲等.企业集团财务管理[M].武汉：武汉理工大学出版社,2003.7.
[15]朱元午等.企业集团财务理论探讨[M].大连：东北财经大学出版社,1999.8.
[16]朱元午等.企业集团财务实证研究[M].大连：东北财经大学出版社,1999.8.
[17]卢勃,李学伟.企业集团效益型组织理论[M].北京：清华大学出版社；北京交通大学出版社,2006.10.
[18]胡宗良,藏维.集团公司战略：分析、制定、实施与评价[M].北京：清华大学出版社,2005.3.
[19]崔新健,王巾英.集团公司战略组织与管理[M].北京：清华大学出版社,2005.3.
[20]张庆亮,杨莲娜.产融型企业集团：国外的实践与中国的发展[M].北京：中国金融出版社,2005.7.
[21]邓明然,夏喆.企业风险传导及其载体研究[J].财会通讯,2006.
[22]夏喆,邓明然.企业风险传导过程中的规律研究[J].当代经济管理,2006.10.
[23](美)COSO制定发布；方红星,王宏译.企业风险管理——整合框架[M].大连：东北财经大学出版社,2005.9(2007.4重印)
[24]欧阳华.我国企业集团财务风险管理系统研究[D].西南大学政治经济学专业,2006.4.
[25]田妍.我国企业集团财务风险管理研究[D].山东大学企业管理专业,2007.9.
[26]赵帅.基于群落环境的企业集团财务风险研究—以天津滨海新区“泰达系”企业集团为例[D].天津工业大学企业管理专业,2007.1.
[27]张广柱.中国上市公司财务风险预警模型研究[D].东北林业大学会计学专业,2006.6.
[28]刘雪强.基于企业价值最大化目标的企业财务风险评价研究[D].武汉理工大学技术经济及管理专业,2007.4.
[29]张龙勇.企业集团财务控制体系探讨[D].四川大学工商管理硕士,2007.4.
[30]吴聪玉.企业集团的财务监控问题[D].西南交通大学工商管理硕士,2007.4.
[31]杨玉菊.资本联结型企业集团财务控制研究[D].东南大学工商管理硕士,2006.5.
[32]汪建康.基于子公司主导行为的企业集团母子公司治理研究[D].哈尔滨工程大学管理科学与工程,2007.6.
[33]修玉锋.企业集团全面预算管理研究[D].山东大学工商管理专业,2006.4.
[34]易矛.我国企业集团资金管理探讨[D].华中师范大学行政管理专业,2004.5.
[35]陈国琴.企业集团资金集中管理的新方式—现金池研究[D].西南财经大学会计学专业,2007.4.
[36]Brian W. Nocco and Rene M. Stulz. Enterprise Risk Management:Theory and Practice. July 2006.
[37]Anne M. Marchetti.BEYOND SARBANES-OXLEY COMPLIANCE:Effective Enterprise Risk Management[M].John Wiley & Sons, Inc.,Hoboken, New Jersey.2005.
[38]Anthony Tarantino.Manager's Guide to Compliance[M].John Wiley & Sons,Inc.,Hoboken, New Jersey.2006.
[39]Ng,Artie.Enterprise Risk Management[J].Financial Management,May2008,p44-45.
[40]Wood, Richard R..Risk Managers On Shaky Ground Without ERM Safety Net In Place[J]. National Underwriter/Property & Casualty Risk & Benefits Management, 4/28/2008,p25-28.
[41]Hall,R. Dale.5 ERM Rules[J].Best's Review, Apr2008,p97.
[42]Leadbetter, Darrell;Harries,Jim;Kovacs,Paul.Making ERM Work for You[J].Canadian Underwriter, Apr2008,p68-69.
[43]Walker, Paul L.;Shenkir, William G.. Implementing Enterprise Risk Management[J]. Journal of Accountancy, Mar2008,p31.
[44]Whitfield, Bruce.The changing role of the CFO[J].Finweek,2/14/2008,p60.
[45]Raymond,Craig. Guiding Principles Spell Success For ERM[J].National Underwriter/ Property & Casualty Risk & Benefits Management,1/21/2008,p30-31.
①澳大利亚-新西兰AS/NZS 4360,1995、加拿大的风险管理：决策指南——加拿大国家标准,2002、英国AIRMIC/ALARM/IRM标准,2003
②Chinese Complete Control的第一个英文字母
[2]顾孟迪,雷鹏.风险管理[M].北京：清华大学出版社,2005.1.
[3]张继德.集团企业财务风险管理[M].北京：经济科学出版社,2008.12.
[4]李连华.内部控制理论结构[M].福建：厦门大学出版社,2007.9.
[5]张双才,于增彪,刘强.企业集团财务控制系统研究[M].北京：中国财政经济出版社,2006.8.
[6]叶建木等.企业风险传导机理研究[J].理论月刊,2005,(3).
[7]李维安等.公司治理[M].天津：南开大学出版社,2001.2第一版,2006.1第四次印刷.
[8](美)COSO制定发布；张宜霞译.企业风险管理——应用技术[M].大连：东北财经大学出版社,2006.6.
[9]http://www.jingdianhr.com.cn/directory/guanlidongtai.
[10]http://baike.baidu.com/view/671761.htm#4.
[11]http://baike.baidu. com/view/1964334.htm.
[12]Scott E. Harrington,Gregory R.Niehaus著；陈秉正,王珺,周伏平译.风险管理与保险[M].北京：清华大学出版社,2001.10.
[13]George E. Rejda著；申曙光主译.风险管理与保险原理(第8版)[M].北京：中国人民大学出版社,2006.4.
[14]石友蓉,唐玉莲等.企业集团财务管理[M].武汉：武汉理工大学出版社,2003.7.
[15]朱元午等.企业集团财务理论探讨[M].大连：东北财经大学出版社,1999.8.
[16]朱元午等.企业集团财务实证研究[M].大连：东北财经大学出版社,1999.8.
[17]卢勃,李学伟.企业集团效益型组织理论[M].北京：清华大学出版社；北京交通大学出版社,2006.10.
[18]胡宗良,藏维.集团公司战略：分析、制定、实施与评价[M].北京：清华大学出版社,2005.3.
[19]崔新健,王巾英.集团公司战略组织与管理[M].北京：清华大学出版社,2005.3.
[20]张庆亮,杨莲娜.产融型企业集团：国外的实践与中国的发展[M].北京：中国金融出版社,2005.7.
[21]邓明然,夏喆.企业风险传导及其载体研究[J].财会通讯,2006.
[22]夏喆,邓明然.企业风险传导过程中的规律研究[J].当代经济管理,2006.10.
[23](美)COSO制定发布；方红星,王宏译.企业风险管理——整合框架[M].大连：东北财经大学出版社,2005.9(2007.4重印)
[24]欧阳华.我国企业集团财务风险管理系统研究[D].西南大学政治经济学专业,2006.4.
[25]田妍.我国企业集团财务风险管理研究[D].山东大学企业管理专业,2007.9.
[26]赵帅.基于群落环境的企业集团财务风险研究—以天津滨海新区“泰达系”企业集团为例[D].天津工业大学企业管理专业,2007.1.
[27]张广柱.中国上市公司财务风险预警模型研究[D].东北林业大学会计学专业,2006.6.
[28]刘雪强.基于企业价值最大化目标的企业财务风险评价研究[D].武汉理工大学技术经济及管理专业,2007.4.
[29]张龙勇.企业集团财务控制体系探讨[D].四川大学工商管理硕士,2007.4.
[30]吴聪玉.企业集团的财务监控问题[D].西南交通大学工商管理硕士,2007.4.
[31]杨玉菊.资本联结型企业集团财务控制研究[D].东南大学工商管理硕士,2006.5.
[32]汪建康.基于子公司主导行为的企业集团母子公司治理研究[D].哈尔滨工程大学管理科学与工程,2007.6.
[33]修玉锋.企业集团全面预算管理研究[D].山东大学工商管理专业,2006.4.
[34]易矛.我国企业集团资金管理探讨[D].华中师范大学行政管理专业,2004.5.
[35]陈国琴.企业集团资金集中管理的新方式—现金池研究[D].西南财经大学会计学专业,2007.4.
[36]Brian W. Nocco and Rene M. Stulz. Enterprise Risk Management:Theory and Practice. July 2006.
[37]Anne M. Marchetti.BEYOND SARBANES-OXLEY COMPLIANCE:Effective Enterprise Risk Management[M].John Wiley & Sons, Inc.,Hoboken, New Jersey.2005.
[38]Anthony Tarantino.Manager's Guide to Compliance[M].John Wiley & Sons,Inc.,Hoboken, New Jersey.2006.
[39]Ng,Artie.Enterprise Risk Management[J].Financial Management,May2008,p44-45.
[40]Wood, Richard R..Risk Managers On Shaky Ground Without ERM Safety Net In Place[J]. National Underwriter/Property & Casualty Risk & Benefits Management, 4/28/2008,p25-28.
[41]Hall,R. Dale.5 ERM Rules[J].Best's Review, Apr2008,p97.
[42]Leadbetter, Darrell;Harries,Jim;Kovacs,Paul.Making ERM Work for You[J].Canadian Underwriter, Apr2008,p68-69.
[43]Walker, Paul L.;Shenkir, William G.. Implementing Enterprise Risk Management[J]. Journal of Accountancy, Mar2008,p31.
[44]Whitfield, Bruce.The changing role of the CFO[J].Finweek,2/14/2008,p60.
[45]Raymond,Craig. Guiding Principles Spell Success For ERM[J].National Underwriter/ Property & Casualty Risk & Benefits Management,1/21/2008,p30-31.
①澳大利亚-新西兰AS/NZS 4360,1995、加拿大的风险管理：决策指南——加拿大国家标准,2002、英国AIRMIC/ALARM/IRM标准,2003
②Chinese Complete Control的第一个英文字母