A Study Of Measures On Financial Risk In Hi-tech Small And Medium-sized Enterprises

With the rapid development of the economic globalization nowadays, hi-tech Small and Medium-sized Enterprises'(herein after refer to as hi-tech SMEs).This problem has become more and more important. Its existence in a large amount appears much more commonly regardless of different areas and development stages. It has turned into the intrinsic demand and inevitable result of the economy development. The hi-tech SMEs have played a more important role and grown to one of the critical criteria on a nation's integrative force. With the entry of WTO and the gradual formation of socialistic market system, the hi-tech SMEs are faced with much more austere competition, its internal and external surroundings have got more sophisticated. In China, the 3rd year has turned out to be a peak of the hi-tech SMEs'bankruptcy. After one to three years competition in the market, nearly half of the newly-open hi-tech SMEs go bankrupt. How to adapt to the change of environment, enhancing the capability of withstanding financial risk is becoming a critical problem to the managers of hi-tech SMEs.This paper starts with the basic theories of hi-tech SMEs. From the point of life cycle in hi-tech SMEs, it analyses the reasons of financial risk. Refer to the research work of financial evaluation of hi-tech SMEs in western country; this paper constructs the management system of financial risk of hi-tech SMEs on the basis of growth stage. It brings forward the establishment of financial risk evaluation system, forecasting system in the hi-tech SMEs. In the end, it gives out some advice on how to put these measures into practice.In the first chapter, this paper puts forward the connotation and extension of the SMEs from the analysis of criteria on hi-tech SMEs at home and abroad. On the theory of life cycle and its research, this paper defines the growth stage. Taking the research of financial risk as basis, it gives profile of the research object and meaning of this paper.In the second chapter, it analyses the relative theories of financial risks. On basis of different characteristics of financial management, this paper analyses the appearance and characteristics of hi-tech SMEs and gives out the way to measure the financial risks.In the third chapter, it mainly researches on the theory, function and realization of the forecasting system. This paper analyses theoretical basis of the financial risk management system. It mainly includes: risk evaluation theory, risk management theory, control theory and game theory. And try to bring forth the index for the forecasting system.In the forth chapter, it gives further researches on cutting off the controlling cost of management risk, i.e. to achieve the goal of risk controlling object with minimizing of the cost. On one hand, we shall cut down the apparent cost and meanwhile we have to minus the opportunity cost of the financial risk control.In the fifth chapter, this paper gives the example of measures of the financial risk by means of the QINGDAO MESNAC Co., Ltd. In the sixth chapter, it draws a conclusion of this paper and gives out questions for further research in the future.