新常态下，国有企业要做强做优做大，必须提高抵御风险的能力。财务风险管理是抵御风 险能力的重要组成部分。财务风险贯穿于企业经营的各个环节，实施有效的财务风险管理是企 业能否实现经营目标的重要前提。如何进行有效的财务风险管理，为企业经营保驾护航是摆在 众多国有企业面前的一道难题。 本文介绍了选题背景、研究意义以及财务风险管理的相关理论，以NZ公司为研究对象， 介绍了NZ公司简况、财务风险管理现状及存在的问题，确定了财务风险成因分析、风险识别 与评价的研究路线。通过选取电力设备制造行业普遍存在的筹资风险、运营风险、盈利风险和 发展成长风险对NZ公司财务风险成因进行分析，并采用财务指标分析法和对比分析法进行了 单项风险识别与评价，综合运用了Z-score、修正的Z-score和F分数模型构建了NZ公司综合 财务风险评价模型，然后对评价结果进行分析，最后针对性地做出财务风险控制防范的建议。 通过财务风险识别与评价过程，文章最终得出NZ公司在整体上面临很大的财务风险，在 单项风险方面也存在不少问题，这对NZ公司长远发展造成了不利影响。文章从整体上构建NZ 公司财务风险管理体系，并从筹资风险的控制防范、运营风险的控制防范、盈利风险的控制防 范到发展成长风险的控制防范提出切实可行的建议，希望能通过这些措施提高NZ公司财务风 险管理水平，降低财务风险。同时，也为国有电力设备制造业财务风险管理提供了一些借鉴， 借此来促进该行业财务风险管理水平整体提高。 关键词：财务风险，财务风险管理，财务风险识别，风险评价模型 NZ公司财务风险管理研究 ii ABSTRACT Under the new normal, if state-owned enterprises want to be stronger, better and bigger, they must improve their ability to resist risks. Financial risk management is an important part of risk resistance. Financial risk runs through all aspects of business operation. The implementation of effective financial risk management is an important prerequisite for an enterprise to achieve its business objectives. How to carry out effective financial risk management to protect the operation of enterprises is a difficult problem in front of many state-owned enterprises. This paper introduces the background of the topic, the significance of the research and the related theory of financial risk management. Taking NZ company as the research object, it introduces the brief situation, the current situation and the existing problems of financial risk management of NZ company, and determines the research route of financial risk cause analysis, risk identification and evaluation. By selecting the financing risk, operation risk, profit risk and development and growth risk, this paper analyzes the causes of financial risk of NZ company, and uses the financial index analysis method and comparative analysis method to identify and evaluate the single risk, and uses Z-score, modified Z-score and F-score model to build the comprehensive financial risk evaluation model of NZ company And then analyze the evaluation results, and finally make targeted financial risk control and prevention suggestions. Through the process of financial risk identification and evaluation, the paper finally concludes that NZ company faces great financial risks as a whole, and there are many problems in terms of individual risks, which has a negative impact on the long-term development of NZ company. This paper constructs the financial risk management system of NZ company as a whole, and puts forward practical suggestions from the control and prevention of financing risk, operation risk, profit risk to development and growth risk, hoping to improve the financial risk management level of NZ company and reduce financial risk through these measures. At the same time, it also provides some reference for the financial risk management of the state-owned power equipment manufacturing industry, so as to promote the overall improvement of the financial risk management level of the industry. Keywords: Financial risk, financial risk management, financial risk identification, risk assessment model. 南京航空航天大学硕士学位论文 iii 目 录 第一章 绪论 ............................................................................................................................................ 1 1.1 选题背景及研究意义 ............................................................................................................... 1 1.1.1 选题背景 ................................................................................................................................ 1 1.1.2 研究意义 ................................................................................................................................ 1 1.2 国内外文献综述....................................................................................................................... 2 1.2.1 国内外相关研究 ..................................................................................................................... 2 1.2.2 文献述评 ................................................................................................................................ 5 1.3 研究思路方法与研究内容 ....................................................................................................... 5 1.3.1 研究思路........................................................................................................................... 5 1.3.2 研究方法........................................................................................................................... 5 1.3.3 基本框架........................................................................................................................... 6 第二章 财务风险管理理论概述 ............................................................................................................. 8 2.1 财务风险理论概述 ................................................................................................................... 8 2.1.1 财务风险的定义、分类及特征 ............................................................................................. 8 2.1.2 财务风险成因......................................................................................................................... 9 2.2 财务风险管理理论概述 ......................................................................................................... 10 2.2.1 财务风险管理定义及演进 ................................................................................................... 10 2.2.2 财务风险识别....................................................................................................................... 11 2.2.3 财务风险评价....................................................................................................................... 11 2.2.4 财务风险控制与防范 ........................................................................................................... 11 第三章 NZ公司发展及财务风险管理现状 ........................................................................................ 12 3.1 NZ公司概况 .......................................................................................................................... 12 3.1.1 NZ公司简介 ......................................................................................................................... 12 3.1.2 NZ公司管理组织架构 ......................................................................................................... 12 NZ公司财务风险管理研究 iv 3.2 NZ公司财务现状 .................................................................................................................. 13 3.2.1 NZ公司基本财务管理概况 ................................................................................................. 13 3.2.2 NZ公司基本财务指标情况 ................................................................................................. 14 3.3 NZ公司财务风险管理现状 .................................................................................................. 15 3.3.1 NZ公司财务风险管理情况 ................................................................................................. 15 3.3.2 NZ公司在财务风险管理体系建设中存在的问题 ............................................................. 16 第四章 NZ公司财务风险识别与评价 .........