The Research On Financial Risk Of Nonferrous Metals Listing Corporation Based On Cash Flow

With the financial crisis sweeping the world in 2008,the global economy has been hit by a severe shock.As a strong cyclical industry,non-ferrous metals prices have declined,non-ferrous metals industry is facing severe challenges.At the same time,due to non-ferrous metals industry is facing that industrial structure is not reasonable,the ability of independent innovation is not strong,serious environment pollution,energy-saving emission reduction task is heavy,resulting in non-ferrous metals listed companies face more and more challenges of operating and financial risk,into financial distress increases the likelihood,which will undoubtedly increase the difficulty of risk management of the company.In view of the financial risk assessment of nonferrous metals in China listed companies is still in the immature stage,failed to establish perfect financial risk evaluation system,enterprise internal financial personnel and management personnel are relatively weak risk awareness,the study of financial risk evaluation system is has the important practical significance.In this paper,based on the enterprise risk management theory,the cycle undulatory theory,internal control theory,cash flow theory research,according to the nonferrous metals industry is now facing the problems and characteristics,10 indicators based on cash flow was selected to build financial risk evaluation system.In the study of specific indicators,the discovery of non-ferrous metals listed companies to obtain cash ability,solvency,profitability,growth ability is very weak,capital chain tension,fracture risk,and analyzes the risk of non-ferrous metals industry company internal factors,the main cost efficiency,profitability,financial institution,enterprise scale internal.Followed by comprehensive evaluation of the nonferrous metals the financial risk of listed companies,using factor analysis method respectively of 2008 and 2014 nonferrous metal industry listed company risk ranking,found by comparing the rankings change,from 2008 and 2014 non-ferrous metals listed companies financial risk ranking has changed greatly,each year's cash flow situation is not very stable,indicating that intense competition between China's non-ferrous metals listed companies,the market environment is changeable,by the financial crisis,the cold industry boom,the surplus continued to weaken the influence of large capacity,low market demand for and non-ferrous metal prices.Then this paper of non-ferrous metals listed company risk level was evaluated from multiple angles,respectively from the nature of the company,the company size,the company's products of three different angles found state-owned non-ferrous metals listed company financial risk is greater than the non non-ferrous metals listed companies,large color metal listed companies financial risk less than medium-sized non-ferrous metals listed companies,aluminum,copper,lead and zinc between the listed company financial risk increased.Finally,the analysis of the non-ferrous metals listed companies financial risk source,mainly in the financial system is not perfect,the market downturn,cash flow crunch.Market competition mechanism is not perfect,production capacity surplus,the profit decline;puts forward strengthen enterprise internal control and budget management,strengthen the cash flow management,to promote the reform of state-owned enterprises,promote the non-ferrous industry supply side reforms risk prevention measures and policy recommendations.