The Establishment Of The Financial Risk Measurement System And The Empirical Analysis Based On VaR In China's Listed Company

With the development of the society, the financial risk has become more and more complex. The risk has made a great impact to the operational decision-making of the enterprise, and a direct impact on the entire country's economic development and social stability. How to measure the financial risks is the core of the problem of financial risk management, dealing with financial risk decisions must be founded on the financial risk on the basis of scientific measurement. Only correctly through the financial risk measurement and analysis can provide a scientific basis for the implementation of the financial risk management. The measurement of the financial risk is an course that a series of financial indicators are used to analyze, understand and judge the financial risk. As public enterprises, the listed company's business performance relates to the strategic arrangement and growth of the macroeconomic and microeconomic development. Since that, we analyze and measure the listed companies for study.In this paper, firstly, we review the financial risk measurement and VaR risk management model theory about listed companies, and then analyze the shortcoming of the existing listed company's measurement system, and discuss how to improve the measurement system. Considering the increased volatility in financial market over the last decades and a strong growth of derivative products as tools to manage financial risk, companies willingly assume business risk in order to create a competitive advantage and to provide value to its shareholders. So a scientific measurement system should correctly diagnose the risk of a company. Secondly, by selecting a sample of A-shares in Shanghai and Shenzhen Stock Exchanges to manufacture samples, based on the existing financial measurement system of the listed company, the paper introduces VaR-the risk information, indicator of the enterprise to measure the financial risk caused by the other factors. At the same time, choose a number of financial indicators, according to financial risk factors affecting the listed company and calculate its discrete coefficient, and design a system for listed companies financial risk management. Then make a comparison of the the models which introduce the VaR or not using the logical regression, and draw the conclusion. In a word, the establishment of the financial risk measurement system based on VaR can measure the financial risks more entirely and objectively. This measurement system can resolve to guard against the financial risks of listed companies and can be valuable, but also for the investment decision-makers to avoid risks, formulate investment plans to provide a relatively simple and effective basis for decision-making.