文档介绍：山西财经大学
硕士学位论文
上市公司财务风险的衡量及其影响因素的分析
姓名:邵华
申请学位级别:硕士
专业:数量经济学
指导教师:@
2011
摘要
企业财务风险的研究一直是企业财务领域中的重要内容。在过去的几十年
中,许多国家都因企业财务风险,使企业的正常经营、金融市场的健康发展、
甚至整个国家的经济繁荣都受到了冲击。在我国,企业在财务风险方面的意识
普遍比较淡薄,在财务风险的防范和控制方面比较薄弱,许多手段和分析方法
还不成熟,与发达国家相比还有很大的差距。在这样的背景下,本文对上市公
司的财务风险进行了研究,同时为了尽可能的消除行业差异,只对制造业中的
机械设备仪表行业进行分析。
本文认为企业财务风险不光指损失方面的不确定性,也包括收益方面的不
确定性。在这种思路下,使用财务杠杆法对企业财务风险进行了衡量。接下来,
主要从企业管理者的角度出发,对影响财务风险的因素进行分析,并通过面板
数据模型进一步研究各因素对财务风险影响的大小。目的是尽可能地帮助企业
实现既定目标下,财务风险最小。结果发现企业偿债能力和营运能力的提高可
以降低企业的财务风险,而盈利能力高的企业往往为了获得更高的收益,更加
偏向于筹资资金、扩大生产等,结果使得企业的财务风险比较高。

【关键词】财务风险,财务杠杆,面板数据,制造业
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Abstract
The financial risk of enterprise is always the important research topics in finance. In the past
few decades, the financial risks of enterprise influences many countries’ the normal operation of
enterprises, the healthy development of the financial markets, and even the economic boom of
countries have suffered lots of impact. In our country, the things of the weakness in financial risk
awareness, the weakness in financial risk’s prevention and control, and immaturity of many means
and analysis methods, make our country have very big pared with the developed
countries. Under this background, this paper studies the financial risks of panies, and for
the sake of the maximal elimination of industry differences this paper only study the manufacturing
of machinery and equipment instrument industry.
This paper argues that the financial risk of enterprise not only means the uncertainties of loss, also including
the uncertainty of e. In this kind of idea, this paper measures the financial risk of enterprise by using of
financial leverage method. Next, mainly from the enterprise managers' perspective, the factors that influence the
financial risk are analyzed, and the size of the factors is further studied by using panel data model. Purpose is that
as far as possible helping enterprises to achieve the smallest financial risk under goals. The st