| With the increasing competition of the market, the problem of the financial risk of the enterprise is becoming more and more serious, it is threatening the survival and development of the enterprise all the time. To effectively control the financial risk of the enterprise, and academia do a lot of research on the factors which influence financial risk, but the research focused on the specific financial indicators, macroeconomic factors, industry factors, corporate governance, etc., few scholars study the effect of financial efficiency on financial risk. In view of this, this paper studies the effect of financial efficiency on the financial risk.The paper studies domestic and foreign research on financial efficiency and financial risk in different angle of view, and expounds the own views. The author, on the basis of previous scholars’ research, puts forward the index system and method of measuring financial efficiency. The author selects 19 financial ratios in the debt paying ability, operation ability, profitability and growth ability as the index system of enterprise financial efficiency, and puts forward using factor analysis method to measure the financial efficiency of the enterprise. The paper compares the methods of measuring financial risk, and chooses DFL as the method of measuring financial risk, and then discussing the function mechanism of enterprise financial efficiency to the enterprise financial risk and puts forward the hypothesis of this article. This article explores the relationship between financial efficiency and financial risk.And then the author uses empirical analysis to research the result about financial efficiency of growth enterprise market’s listed companies, the financial efficiency how to impact on the financial risk. Finally, on the basis of summarizing the paper’s conclusion, this paper puts forward the advices to improve financial efficiency and reduce financial risk, and points out the direction of research in the future. |
PDF Full Text Request