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一、筹资风险(financial risk)的概念及种类筹资风险是指企业因借入资金而增加的丧失偿债能力的可能和企业利润(股东收益)的可变性。企业国际经营的筹资风险主要来源于经营、资金组织和外汇汇率的变动。 (一)来源于经营的筹资风险企业经营风险不同于筹资风险,但又影响筹资风险。企业经营风险是指企业息、税(所得税)前净收益发生负数的可能性。当企业资金全部为自有资金时,经营风险就是财务风险,即经营亏损导致股东收益成为负数。当企业资金有一部分是借入资金时,如果企业发生
I. Concepts and types of financing risk The financing risk refers to the possibility of an enterprise losing its solvency due to borrowing money and the variability of corporate profits (shareholders’ returns). The financing risks of enterprises’ international operations mainly come from changes in operations, funding organizations, and foreign exchange rates. (I) Funding Risk from Operations The business risk is different from the financing risk, but it also affects the financing risk. Corporate business risk refers to the possibility of negative net income before interest and tax (income tax) of the company. When the corporate funds are all self-owned funds, the operating risk is financial risk, that is, the operating loss causes the shareholders’ income to become negative. When part of the corporate funds is borrowed, if the company