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财务风险是指因企业资本结构不同而影响企业支付利息和股息,到期支付能力的风险。在资本结构中,债务相对股东权益的比重越大,企业支付能力就越差。西方企业的财务风险具体体现在三个方面:1.随着企业运用债务的比例上升,财务风险增大,企业必须支付更高的资金成本才能卖出其发行的债券。2.随着投资者的债权排列顺序靠后,无法收回本息的可能性越大,投资者必然要求更高的收益率。3.随着债务比例的增大,企业的现金流量与债务本金和利息的支付不匹配的可能性就越大,财务风险也就越大。目前,我国企业资金来源已走向多元化,企业举债也会面临财务风险。由于企
Financial risk refers to the risk of companies’ payment of interest and dividends due to the different capital structure of the company, and the ability to pay at maturity. In the capital structure, the greater the proportion of debt relative to shareholders’ equity, the worse the company’s ability to pay. The financial risks of Western companies are embodied in three aspects: 1. As companies use more debt, the financial risks increase, and companies must pay higher capital costs to sell their bonds. 2. As the investor’s claims are ranked in order, the greater the possibility of failing to recover principal and interest, investors must demand higher returns. 3. As the proportion of debt increases, the greater the likelihood that the company’s cash flow does not match the payment of debt principal and interest, the greater the financial risk. At present, the source of funds for enterprises in our country has become diversified, and corporate debt will also face financial risks. Due to the enterprise