两类融资风险的成因及规避

企业融资决策不当容易造成两类风险:现金性风险和收支性风险。现金性风险形成的原因是资金的期限结构与资产结构不匹配,融资决策是现金性风险形成的本源因素。在融资决策时运用匹配原则和对冲原则可以有效规避现金性风险。收支性风险形成的主要原因是经营不善,若财务结构中负债与权益的比例不合适,就会造成此类风险。融资决策是收支性风险形成的从属因素,在融资决策时运用杠杆原理根据经营前景决定负债比例可以有效规避收支性风险。

The Cause and Avoidance of Two Types of Financing Risk

The improper decision-making of corporate financing can easily cause two types of risk: cash risk and income and expense risk.If capital term structure and asset structure do not match,cash risk will appear.Financing decision is the original factor that causes cash risk.When making financing decisions,managers can effectively avoid cash risk by keeping to matching principle and hedging principle.The original factor causing income and expanse risk is poor in operating management;if the proportion of liabilities and equity in financial structure is inappropriate,it will cause a further risk;financing decision is a subordinate factor that causes income and expense risk.When making financing decisions, on the basis of business prospect,managers can effectively avoid income and expense risk by using leverage principal to decide the proportion of liabilities.