随着经济全球化程度日益加深以及中国经济地快速发展，电力行业的火电 类企业面临着供给侧改革的持续深化，全国电力供需总体宽松，火电机组利用 小时数持续下降以及电力市场化改革的步伐加快、融资变难等压力，不可避免 地面临更多潜在的财务风险，且我国大部分企业对财务风险管理不够重视，普 遍存在风险意识不强的问题，而财务风险管理是企业风险管理的重要组成部分。 因此对财务风险的良好管理对企业生存发展至关重要。 本文以广东宝丽华新能源股份有限公司为研究对象，首先在梳理选题背景 和研究意义的基础上，通过对国内外相关的主要文献进行归纳和总结，确定了 具体的研究方法和研究思路。其次，结合企业财务风险管理的相关理论，从宝 新能源财务风险内部管理环境、财务风险防范与应对、财务风险监督三个维度 展现公司财务风险管理的现状，并运用财务报表分析等方法对宝新能源面临的 财务风险进行全面系统地分析，以及采用F分值模型对财务风险状况进行评估。 进而，再结合问卷调查进一步发现宝新能源财务风险管理存在的问题，包括财 务风险治理结构不健全、内部审计独立性不足、尚未建立有效的财务风险预警 机制、筹资成本较高、投资风险管理不规范、预算执行及成本费用管理不到位、 现金流量监控体系及预算管理不完善的问题，并对上述存在的问题进行分析。 最后，针对存在的问题提出了相应的财务风险管理改进方案，并对改进方案提 出了保障措施。 通过对宝新能源财务风险管理改进方案的研究，有助于改进宝新能源财务 风险管理，降低财务风险发生的概率，不仅对宝新能源财务风险管理有实践指 导意义，而且可以为同类型的企业提供一定意义的借鉴。 关键词：财务风险，财务风险管理，改进 MBA学位论文 作者：管晓冰 宝新能源财务风险管理改进方案 II THE IMPROVEMENT PROGRAM ON FINANCIAL RISK MANAGEMENT OF BAOXIN ENERGY Abstract With such pressures as the deepening of economic globalization, the rapid development of China's economy, continuous deepening of supply-side reforms by thermal power companies in the power industry, the overall easing of power supply and demand across the country, continuous decline in utilization hours of thermal power units, the speeding pace of power market reform, difficulty in financing and the like, companies inevitably face more potential financial risks. Most of China's enterprises, however, pay less attention to financial risk management, resulting in a general problem of poor awareness of risks. Whereas financial risk management is an indispensable part of enterprise risk management, thus, good management of financial risks is vital to the survival and development of an enterprise. This article takes Guangdong Baolihua New Energy Stock Company as the research object. Firstly, based on the background of the topic and the significance of the research, to determine specific research methods and research ideas by categorizing and summarizing relevant domestic and foreign related literature. Secondly, combined with the relevant theories of corporate financial risk management, to demonstrate the current situation of the company's financial risk management from such three dimensions as Baoxin Energy's internal management environment of financial risk, financial risk prevention and response, and financial risk supervision. At the meantime, using financial statement analysis and other methods to conduct a comprehensive and systematic analysis of the financial risks faced by Baoxin Energy, and the F-score model to assess the financial risk situation. Furthermore, combined with the questionnaire survey to further discover the problems of its financial risk management, including incomplete structure of financial risk governance, the lack of independent internal auditing, non-establishment of an effective warning mechanism for financial risks, high financing costs, irregular management on investment risks, inadequate budget MBA学位论文 作者：管晓冰 宝新能源财务风险管理改进方案 III execution and cost management, imperfect cash flow monitoring system and budget management. By doing so, to analyze the mentioned problems. Finally, in regard of the existing problems, to propose the corresponding improvement plan for financial risk management, and to provide the relative safeguard measures. The research on Baoxin Energy's improvement plan for financial risk management will help to improve its financial risk management and reduce the probability of financial risks. This will not only have practical guidance for its financial risk management, but also provide a certain reference for the companies in the same situation. Key words: financial risk, financial risk management, improvement MBA学位论文 作者：管晓冰 宝新能源财务风险管理改进方案 IV 目 录 中文摘要 ................................................. I Abstract ................................................ II 第一章 绪论 .............................................. 1 1.1 研究背景与意义 .............................................. 1 1.1.1 研究背景 ................................................ 1 1.1.2 研究意义 ................................................ 2 1.2 国内外文献综述 .............................................. 3 1.2.1 国外文献综述 ............................................ 3 1.2.2 国内文献综述 ............................................ 3 1.3 研究内容与方法 .............................................. 4 1.3.1 研究内容 ................................................ 4 1.3.2 研究方法 ................................................ 5 1.4 研究思路与框架 .............................................. 6 1.4.1 研究思路 ................................................ 6 1.4.2 研究框架 ................................................ 6 第二章 财务风险管理相关理论概述 .......................... 8 2.1 财务风险管理的相关概念 ...................................... 8 2.1.1 财务风险特征 ............................................ 8 2.1.2 财务风险分类 ............................................ 8 2.1.3 财务风险管理定义 ........................................ 9 2.1.4 财务风险管理目标 ........................................ 9 2.1.5 财务风险管理流程 ........................................ 9 2.2 财务风险管理理论 ........................................... 10 2.2.1 内部控制理论 ........................................... 10 2.2.2 全面风险管理理论 ....................................... 11 MBA学位论文 作者：管晓冰 宝新能源财务风险管理改进方案 V 2.3 工具与方法 ................................................. 12 2.3.1 F分值模型 .............................................. 12 2.3.2 财务报表分析法 ......................................... 13 第三章 宝新能源面临的财务风险及存在的问题分析 ........... 14 3.1 宝新能源概况 ............................................... 14 3.1.1 公司简介 ............................................... 14 3.1.2 公司组织架构 ........................................... 15 3.1.3 公司财务状况 ........................................... 17 3.2 宝新能源财务风险管理现状 ................................... 18 3.2.1 财务风险内部管理环境 ................................... 18 3.2.2 财务风险防范与应对 ..................................... 19 3.2.3 财务风险监督 ........................................... 19 3.3 宝新能源面临的财务风险分析与评估 ........................... 20 3.3.1 筹资风险分析 ........................................... 20 3.3.2 投资风险分析 ........................................... 25 3.3.3 运营风险分析 ........................................... 27 3.3.4 现金流量风险分析 ....................................... 29 3.3.5 财务风险评估 ........................................... 31 3.4 宝新能源财务风险管理存在的问题分析 ......................... 33 3.4.1 财务风险管理存在的问题调查 ............................. 33 3.4.2 财务风险管理存在的问题分析 ............................. 40 第四章 宝新能源财务风险管理改进方案 ..................... 46 4.1 宝新能源财务风险管理改进的目标与原则 ....................... 46 4.1.1 宝新能源财务风险管理改进的目标 ......................... 46 4.1.2 宝新能源财务风险管理改进的原则 ......................... 46 4.2 宝新能源财务风险管理改进的思路 ............................. 47 4.3 宝新能源财务风险管理改进方案 ............................... 48 4.3.1 改进宝新能源财务风险内部管理环境 ....................... 48 4.3.2 提升宝