Research On Financial Risk Management Of Growing Technological Enterprise

At present,practice and theories from abroad and home all demonstrate that technological enterprises' healthy development plays an important role to the promotion of a country's comprehensive national strength.However,only finance's effective support can make science and technology play its real role.Many theories show that technological enterprises have distinctive characteristics in every growth stage,especially technological enterprises at growing stage demand huge fund,so the financial risk at growing stage is most prominent.Hence,how to analyze comprehensively,evaluate scientifically,warn timely,and control financial risk effectively in financing,investment,fund recycling,and income distribution have important significance for growing technological enterprises in investing fund effectively to promote research and production,maintain rapid growth,enhance comprehensive competitiveness.Firstly,on the base of research and review on literatures of technological enterprise'financial risk,the study defines category of technological enterprise and division standard for growth stages,and analyzes technological enterprise's characteristics of high-technology,high-growth,high-investment,high-risk,which are different from traditional enterprise's.Then,a financial risk management framework for growing technological enterprise is built,which includes risk analysis,risk identification,risk assessment,risk warning and risk control.Secondly,according to the dynamics and interaction of growing technological enterprise's financial risk,on the basis of dissipative structure and coupling phenomenon,the study elaborates the research framework of financial risk source,risk threshold,and financial risk consequence,and reveals the financial risk generation mechanism of growing technological enterprise.Thirdly,through sorting the interview with growing technological enterprises and related literatures,theoretical assumptions of underlying financial risk factors are proposed.On the base of assumptions,the study makes questionnaire survey to 129 growing technological enterprises.Then,the key financial risk factors and variables are found out through factor analysis and regression analysis method.Fourth,according to the financial risk factors and variables founded,indexes of financial risk assessment are constructed.Moreover,with the combination of Fuzzy Comprehensive Evaluation and weighting method based on rough set,the weights of every risk factor,all variables included,likelihood of risk factors occurrence,and levels of risk consequence are calculated and evaluated.Lastly,in the light of financial risk generation mechanism,key financial risk factors identification,and evaluation for financial risk,aiming at growing technological enterprise,the study proposes financial risk early warning construction,financial risk control method,financial risk control actions,and perfecting security system of financial risk early warning and control.