Research On Financing Risk Management In The Context Of Industrial Policy

Since the reform and opening up,the strength of China’s construction industry has obviously increased,and its contribution to improving people’s livelihood is obvious to all.The construction industry is also characterized by capital-intensive real estate industry.Under the situation of rapid economic development and fierce market competition,borrowing heavily is the main measure for construction enterprises to alleviate the problem of capital shortage.Enterprises are increasingly dependent on debt financing,which directly leads to a high asset-liability ratio,a sharp increase in the pressure to repay funds due,and the consequent financing risks are also increasing.The macroeconomic policies implemented by the government will affect the behavior decision of micro-enterprises,and this "tangible hand" plays an increasingly important role in the market.Industrial policy,as a common macroeconomic policy,is also widely used in economic development.The implementation of industrial policies will lead to changes in the degree of financing constraints of enterprises,which will eventually have a positive or negative impact on the financing behavior of enterprises.For the construction enterprises that rely heavily on debt financing,the urgent problem to be solved is how to do a good job in financing risk management under the current industrial policy background,which is also the focus of this paper.In this paper,CL Company is taken as the analysis object.Firstly,the industrial policy and financing risk and their related research status at home and abroad are briefly analyzed.Secondly,on the basis of market failure theory,government intervention theory and financing related theory,combined with the background of construction industry and its industrial policy,this paper analyzes the financing situation of CL Company,and finds that there are some problems such as tightened financing environment,single financing mode,high proportion of long-term liabilities and insufficient financing supervision.The internal and external influencing factors of financing risk are analyzed by using financial statement analysis method.It is found that the external factors such as bank credit,government subsidy and tax evasion and the internal factors such as solvency,capital structure,operating efficiency,development ability,profitability and cash flow will significantly affect its financing risk.Then,with the help of Z-value analysis,the financing risk level of the company is identified as a whole,and the result that CL has risks as a whole is obtained.On the basis of identification,the financing risk evaluation model for CL company is constructed by AHP,and the weight of each risk factor is obtained.Then the financing risk evaluation result of CL company is obtained by combining fuzzy comprehensive evaluation method,and it is found that its financing risk is high;Finally,the following targeted suggestions are put forward: make good use of industrial policies and strengthen the awareness of risk control.