Study On The Internal Factors Of Financial Risk Of Small And Micro Enterprises In Zhejiang

With the arrival of the new normal economy,China's economy has entered a new period of transition.At present,small and micro enterprises have become the old and new momentum conversion accelerator,the development of new engine traction new format.For the economic development of the province of Zhejiang is even more so,small and micro enterprises to promote economic development in Zhejiang Province,enhance economic activity,enhance employment and other aspects of the role of highlighting.With the rapid development of small and micro enterprises synchronization is the financial risk of small and micro enterprises have become increasingly prominent,recalling the global corporate financial risk management practice,financial risk management is a global problem.Especially in the current economic downturn,the scale,financing,etc.do not have the advantage of small and micro enterprises,the financial risk problem is more significant,to solve this problem is imminent.The method of literature review,empirical research method and practice survey expert interviews,this paper introduces the theory of internal control,financial risk is selected as the dependent variable,the five elements of internal control is selected,environmental factors,risk assessment factors,internal control activities information and communication elements,elements and internal oversight elements as independent variables and construction of Zhejiang province micro enterprise financial risk influence factors empirical model,conclusions are as follows;First,descriptive analysis,financial leverage coefficient of the selected sample of Zhejiang province Small and micro businesses(CWFX)the average is 1.884,on the whole,the sample enterprise financial risk in the region,but is close to the critical value of 2.The selected samples of Zhejiang province Small and micro businesses to control environmental index(CWFX)value was 78.261,the risk assessment index(FXPG)value was 4.482,and the communication information index(XXGT)of the average of 21.073,the three internal factors in the overall low level;the internal control activity index(KZHD)mean 5.685,the internal supervision index(XXGT)of the average of 9.140,factor level in the slightly better state.Second,Pearson correlation test,test results,financial leverage coefficient(CWFX)and the five internal factors,namely the control environment index(KZHJ),the risk assessment index(FXPG),internal control activity index(KZHD),information and communication and internal supervision index(XXGT)index(NBJD)Pearson correlation coefficient between are-0.165,-0.256,-0.125,-0.035,-0.562,through the 5% level of significance test,and five variables and the dependent variable are negatively related,this is to validate the basic hypothesis.The Pearson coefficient of financial leverage coefficient(CWFX)and the control variable asset liability ratio(ZCFZ)is 0.002,which is a positive correlation between the two.Third,multiple regression estimate,control environment index(LNKZHJ)of the estimated coefficient is-0.053,the risk assessment index(LNFXPG)of the estimated coefficient is-0.073,control activity index(LNKZHD)of the estimated coefficient is-0.243,the control environment index(LNXXGT)of the estimated coefficient is-0.654,monitoring index(LNNBJD)of the estimated coefficient-0.175,and through a significant test of 5% level,the five elements of internal control through the 5%level of significance test,Zhejiang province Small and micro businesses internal control environment index(LNKZHJ),the risk assessment index(LNFXPG),the control index(LNKZHD),control index(LNXXGT),environmental monitoring index(LNNBJD)each increased 1%,Small and micro businesses financial risk level will be decreased by 0.053%,0.073%,0.243%,0.654%,0.175%.The five internal control elements are negatively correlated with the financial risk,and the 5 research hypotheses of this paper have been tested effectively.This paper studies the innovation of research perspective,research methods and research content.In the innovation of research perspective,the author of the domestic and foreign related theories that literature of domestic and external factors of internal financial risk,the lack of a theoretical basis,this paper innovatively introduced the theory of empirical research on the elements of internal control system,is the innovation of internal control system of financial risk.In addition,the current research on the influencing factors of the financial risk of the main internal and external factors based on the unified level of analysis,due to internal and external factors itself belong to different systems,it will be mixed together,the research has some limitations;in the innovation of research method,when the inside and outside country before are based on the research on financial risk management from the perspective of broad,and according to the theory of foreign enterprise internal control perspective is limited to qualitative research,there is no domestic literature from the quantitative research to combine the internal factors affecting the internal control and the enterprise financial risk,this paper estimated by regression method of quantitative models and assumptions of internal control factors in the establishment of financial Small and micro businesses an empirical study on the risk framework,realize the innovation of the research methods;the research content innovation,this paper selects the financial risk As the dependent variable,the five elements of internal control is selected,environmental factors,risk assessment factors,internal control activities information and communication elements,and elements of internal oversight elements as independent variables and the construction of Zhejiang province small microenterprise internal financial risk influence factors empirical model,verify that the Zhejiang province Small and micro businesses internal control environment,risk assessment index index control,activity index,environment index control and supervision index were negatively correlated with the level of financial risk of enterprise,micro provides a theoretical guidance for the innovation perspective of small business finance management.