Operational risk and capital structure relevance issues 20

Adjusting the capital structure can reduce the financial risk of the enterprise, but it does not necessarily reduce the operational risk.

Operational risk is the possibility of declining earnings or losses due to unstable sales, unfavorable cost control, and decision-making errors. It is primarily related to the business activities, market environment, and internal operations of the business, rather than just the capital structure or financial leverage.

Capital structure refers to the proportional relationship of various funds of an enterprise, such as liabilities, shareholders' equity, etc. By adjusting the capital structure, a company can change its financial leverage and financial risk, but it cannot directly change the company's operating risk.

The main ways to reduce business risks include:

1.Develop the right business strategy and management plan to cope with market changes and competitive pressures.

2.Strengthen internal management, improve production efficiency, cost control and product quality.

3.Continue to pay attention to market demand and trends, and adjust products and services in a timely manner to meet customer needs.

4.Establish a good corporate culture and staff training mechanism to improve the quality and work efficiency of employees.

5.Seek partners and establish strategic alliances to increase sales and expand market share.

To sum up, adjusting the capital structure can reduce the financial risk of the enterprise, but to reduce the operational risk, the enterprise needs to carry out comprehensive management from the aspects of business activities, market environment and internal operations.

Adjusting the capital structure does not reduce the operational risk because the operational risk is a risk that may be triggered by the high fixed costs of the enterprise. Operational risk is a risk that can arise due to the high fixed costs of a business. What can be reduced by adjusting the capital structure is the financial risk that may arise from excessive debt.

Enterprises should reduce business risks, the main ways are: expanding the market share of enterprises, increasing the output and sales of Wangwei plus bridge products, and reducing the fixed costs in unit products.

Summary. Hello, it's a pleasure to meet you, in fact, this is mainly about how to do a good job in risk control management within the enterprise, the risk control of an enterprise is mainly focused on cash flow, product costs, material management, fixed assets and other capital costs. The other is the risk of labor costs in functional departments, personnel structure and talent pool.

The operation requirements are reasonable, the production is made according to the order, and there is no problem without a large number of production raw materials accumulation and large-scale personnel changes.

Hello, it's nice to meet you, in fact, this is mainly about how to do a good job in the risk control management of the enterprise, the risk control of an enterprise is mainly focused on cash flow, product costs, material management, fixed assets and other capital costs. The other is the risk of labor costs in functional departments, personnel structure and talent reserves. The operation requirements are reasonable, the production is made according to the order, and there is no problem without a large number of production raw materials accumulation and large-scale personnel changes.

An example can be taken.

Li Ning Xun Song Pei Wei Sakura Reputation Machine: Mu Wei.

The topic is: According to the relationship between the three leverage coefficients, how can the enterprise determine the source and capital structure according to the empirical risk profile, so as to control the total risk within a certain range? Illustrate.

I really don't understand, I have to trouble you.

First of all, you need to understand what are the three major leverage coefficients of the type stove and the relationship between them: the relationship between the three leverage coefficients: , marginal contribution = sales revenue - variable cost , EBIT = marginal contribution - fixed cost , profit before tax = EBIT - interest operating leverage coefficient = marginal contribution of the base period EBIT financial leverage coefficient = EBIT in the base period Total leverage coefficient = marginal contribution of the base period Marginal contribution of the base period - fixed costs in the base period - interest in the base period, The rest is a digital substitution according to the case.

In the case of a change in one value, the bridge rent is cracked, and the other values are also changing.

Okay, thank you.

First of all, we need to understand what are the factors that cause internal risks, one is about capital, which is cash flow, raw material inventory, fixed assets, production auxiliary raw materials and spare parts inventory, semi-finished products, and finished products in stock.

The other is about management technology, which includes functional department structure, cost control, operation process, financial risk control, etc.

Capital structure optimization is a very complex concept, which simply refers to the optimal combination of various working capital and production requirements and product properties.

From the perspective of internal risk management, the optimization of capital structure, 1, is to consider the reasonable stock of cash flow to ensure that the enterprise can operate normally without being stranded in inventory.

2. The rationality of raw material inventory, strictly control raw material inventory according to the production cycle to avoid occupying a lot of capital.

3. Production accessories and auxiliary materials should be combined with production needs for proportional inventory.

4. Semi-finished products and finished products should take into account the sales capacity of the enterprise and the operational requirements of the financial account in the current account, and carry out reasonable production according to the order.

5. The structure of functional departments should be combined with the production principle of the enterprise, the implementation of efficiency maximization, and product-oriented.

6. The cost control of production disturbance products should be planned, and the key points of cost control should be found out and continuously developed and improved.

7. The operation process is required to be reasonable and smooth to reduce the operation cost.

8. Do a good job in financial risk control, determine a reasonable debt ratio, and set up a financial risk early warning.

From the perspective of internal risk management, the optimization of capital structure is a common problem, and it has existed for a long time, and enterprises should formulate a strict risk early warning system, especially do a good job in financial and cost control.

1. The international economic situation.

To judge China's economic situation in 2016, it is first necessary to analyze and examine the current international economic pattern from the perspective of an open economy. In 2015, the world economy maintained modest growth, but the economic conditions of the world's major economies continued to diverge. The U.S. economy has generally recovered steadily, continuing its modest growth, with GDP growth slowing slightly lower than market expectations in the third quarter from the second quarter.

The growth expectations of the world's major economies in 2016 are generally higher than those in 2015.

2. Domestic economic conditions and development trends.

China's economy has entered a new normal, and the so-called new normal of China's economy is mainly a new state of economic development slowing down, but structural improvement and quality improvement.

There are two main considerations for this, the first is employment pressure, China's annual urbanization rate is 1%, and more than 10 million urban population will be added every year, more jobs are needed, and if the economic growth rate suddenly falls back to 5-6%, it will produce great social problems, so it is necessary to stabilize the short-term economic growth rate to ensure employment.

The second is to stabilize market expectations, if the economic development declines too fast in the short term, it will cause market expectations to reverse, and the collapse of market confidence will cause serious consequences. These two aspects are the basis for policy considerations for short-term stable growth. In addition, these years are also the peak period of debt maturity, at present, more than 30% of corporate loans are borrowed to repay the old, if the economy declines too fast, the debt risk of enterprises and ** expands, and the world economic demand is sluggish, China's deflationary pressure is very large, China's economy also has the need for short-term stability.

3. Inflation.

Inflation, generally defined as: under the credit money system, the amount of money in circulation exceeds the actual needs of the economy caused by the depreciation of the currency and the price level is comprehensive and continuous**. When the amount of money in circulation in the market increases, the people's monetary income increases, and the purchasing power decreases, which affects the price of goods and causes inflation.

Generally, only professional investors and institutional investors are subject to regulation. The various regulations and regulations that are regulated will change over time, and the changes and impacts of various market and regulatory factors must be fully considered when making asset allocation.

1。Risk-averse. First, when making decisions, the possibility of risk occurrence and its impact should be advanced in advance, and a set of options with less or no risk should be made as much as possible, and financial activities that exceed the risk tolerance capacity of the enterprise and are difficult to control should be avoided as much as possible; Second, in the process of implementing the plan, the plan should be terminated or adjusted in a timely manner when unfavorable circumstances are found.

For example, if an enterprise invests in another enterprise only to obtain a certain return, not to achieve the purpose of controlling the invested enterprise, and the debt investment can achieve the expected investment returns, then even if the equity investment will bring more investment returns, the enterprise should also use debt investment, because its investment risk is much lower than that of equity investment. 2。Risk prevention.

When financial risks objectively exist and cannot be avoided, enterprises can improve their ability to resist risks in terms of system, decision-making, organization and control in advance. For example, when the accounts receivable formed by the sales of hungry products accounts for a high proportion of current assets, the customer should be rated with credit and its credit term and credit limit determined, so as to reduce the incidence of bad debts. Once the risk breaks out, the enterprise will suffer a large loss, should conduct a good analysis, formulate a set of self-insurance risk plans in advance, and usually withdraw more special risk compensation, such as risk and bad debt reserves, to compensate for possible losses in the future.

3。Diversify risk. Financial diversification means that enterprises diversify the corresponding risks through diversified operations, multi-party investment, multi-party financing, diversification of foreign exchange assets, attracting multi-party businessmen, and striving for multi-party customers.

Take diversification as an example, which is a long-term approach to risk diversification. That is, a company is involved in multiple unrelated industrial sectors, product markets, etc. at the same time. The reason why diversification can diversify risks is that the market environment of different industries and products is independent and completely irrelevant, and from the perspective of the principle of probability and repentance, operating a variety of industries or a variety of products, which complement each other in time, space, profit and other factors can reduce the profit risk of enterprises.

Therefore, on the premise of highlighting the main business, enterprises can combine their own human, financial and technological research and development capabilities, and moderately get involved in diversified operations to diversify financial risks. 4。Transfer of risk.

Some or all of the financial risks can be transferred to other units through insurance, signing contracts, subcontracting, etc., but at the same time, they often have to pay a certain price, such as insurance premiums, performance bonds, handling fees, revenue sharing, etc. It is also possible; (1) Purchase insurance; (2) Sign a forward contract; (3) Carry out ** transactions; (4) Subcontracting, transferring risky business to other interested units or individuals in the form of contracting or leasing operation, and the enterprise regularly collects contracting fees or rents; Wait a minute. Enterprises should be able to identify and evaluate the financial risks faced by different financial activities through an appropriate financial risk management system, and on this basis, adopt appropriate risk management strategies for possible financial risks, so as to control the possibility of risks and the impact of financial risks, so as to achieve a balance between risks and returns.

In this way, we can ensure the steady growth of the enterprise.