企业权益筹资风险评估研究

传统财务理论将企业筹资风险定义为“由于负债而给企业财务成果带来的不确定性”,认为筹资风险就是负债风险。这种理论导致企业管理者只重视负债筹资风险而忽视权益筹资风险。事实上,企业筹资风险既包括负债筹资风险,又包括权益筹资风险,同样会带来严重后果。为了加强权益筹资风险的管理,本文从权益筹资风险的特征、计量、风险预警控制区域等方面进行了探讨,试图建立企业权益筹资风险评价机制,从而弥补传统筹资风险理论的缺陷,为企业进行权益筹资风险的科学管理提供有效依据,使企业筹资风险管理更加科学化、规范化。

Appraisal Research on Enterprise''''s Rights and Interests Fund Raising Risk

Traditional finance theory defines the enterprise's fund raising risk as the uncertainty which the financal achievement brings as a result of being in debt ,and regards the fund raising risk as the debt risk. This kind of theory causes the superintendents only to put emphasis on the debt fund raising risk and neglect the rights and interests fund raising risk. In fact, the enterprise fund raising risks includes the rights and interests fund raising risk as well as the debt fund raising risk. In order to strengthen the management of the rights and interests fund raising ,this article carries on analyses from these aspects: the characteristics ,the measurement and the early warning controllable area of the rights and interests fund raising risk and attempts to establish an appraisal system and provide effective basis for the enterprise's scientific management in rights and interests fund raising risk and make the management in the fund raising risk more scientific and standardized.