中国民营企业的财务风险实证研究  

The Empirical Study of the Financial Risk of China's Private Enterprises

作　　者：周春生[1] 赵端端[1] 

机构地区：[1]北京大学光华管理学院,北京100871

出　　处：《中国软科学》2006年第4期130-135,共6页China Soft Science

基　　金：国家自然科学基金(70325001/G0206)

摘　　要：本文对民营企业的风险现状进行了简要分析,并利用相关统计资料对已经上市的民营控股企业的财务风险进行了实证研究,发现民营上市公司的财务风险的平均水平要显著高于国有控股上市公司。从时间趋势上来看,2000年至2004年,体现民营控股上市公司财务稳定性的Z值指标逐年下降,说明在市场竞争日趋激烈的情况下,民营企业所面临的财务风险有逐年上升的趋势。在此基础上,文章对民营企业的风险管理,尤其是财务风险的防范提出了若干建议。This paper analyzes the risk profile of China＇s private enterprises, and makes an empirical study of the financial risk of the listed private enterprises, We find that the average financial risk level of China＇s listed private enterprises is significantly higher than that of the listed state - owned enterprises. From the aspect of the trend, the Z - index representing the financial stability of the listed private enterprises is decreasing from 2000 to 2004, which implies that their financial risk is increasing every year in face of the fierce competition. This paper also gives suggestions on the risk management of China＇s private enterprises, especially on the prevention of financial risks.

关 键 词：民营企业 财务风险 风险管理 

分 类 号：F275.5[经济管理—企业管理]