導語：民(min)營集團公司(si)財(cai)務風險控制綜述(shu)一(yi)文來源于網(wang)友上傳，不代(dai)表(biao)本站觀點，若需要原創文章可咨(zi)詢客(ke)服老師，歡迎參考(kao)。

摘要：在我國現代市場經濟中，民營集團公司扮演著越來越重要的角色，其成敗甚至與一方經濟息息相關。然而，它們由于自身規模龐大、產權結構復雜等固有局限，存在著大量問題。比如存在大量關聯交易、資金分散、盲目擴張、擔保混亂等問題。在當今市場競爭不斷加劇的環境下，民營集團公司急需一套有效的財務風險控制體系。本文對我國民營集團公司財務風險的現狀進行了研究，同時也深入地分析了問題背后的原因。在案例上，本文選取德隆集團作為實例分析對象，簡述了它曾經輝煌的發展以及最后沉痛的失敗，該案例折射出了我國民營集團公司在財務風險控制中普遍(bian)存(cun)在的(de)問題，它給(gei)出(chu)的(de)經驗教(jiao)訓具(ju)有(you)重大的(de)現實意義。

關鍵(jian)詞：民營集團公司(si)；財務(wu)風險；控(kong)制體系

財務(wu)風險管(guan)(guan)理(li)是一個(ge)非(fei)常(chang)重(zhong)要(yao)的(de)(de)課題。它關系(xi)到(dao)企(qi)業的(de)(de)生死存亡(wang)。那(nei)些因沒(mei)有對財務(wu)風險進行有效(xiao)管(guan)(guan)理(li)而(er)失敗(bai)的(de)(de)并不是個(ge)別企(qi)業的(de)(de)個(ge)別現象，而(er)是民營(ying)集團(tuan)公司普遍面臨的(de)(de)問(wen)題。本文(wen)主要(yao)采用(yong)理(li)論(lun)與實(shi)際相(xiang)結合的(de)(de)原(yuan)則，結合財務(wu)風險管(guan)(guan)理(li)相(xiang)關理(li)論(lun)，從民營(ying)集團(tuan)公司財務(wu)風險控(kong)制的(de)(de)現狀出發，以國內(nei)典型的(de)(de)民營(ying)集團(tuan)公司經營(ying)成敗(bai)為例，分析其存在的(de)(de)問(wen)題和(he)興衰的(de)(de)原(yuan)因，總結經驗，并研究(jiu)建立有效(xiao)的(de)(de)財務(wu)風險控(kong)制體系(xi)。這對于保證企(qi)業經營(ying)安全，在理(li)論(lun)和(he)實(shi)踐方面都有著非(fei)常(chang)重(zhong)要(yao)的(de)(de)意義。

一、文獻研究

我(wo)(wo)國(guo)對(dui)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)研(yan)究(jiu)(jiu)源于(yu)(yu)上(shang)世紀80年(nian)(nian)(nian)代。臺(tai)灣的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)宋明哲先(xian)生在(zai)(zai)(zai)(zai)(zai)1984年(nian)(nian)(nian)出(chu)(chu)(chu)(chu)(chu)(chu)版了《風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)(li)(li)》一(yi)(yi)(yi)書；1993年(nian)(nian)(nian)，香港保險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)總(zong)會推(tui)出(chu)(chu)(chu)(chu)(chu)(chu)了《風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)(li)(li)》手(shou)冊(ce)，財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)也(ye)因而(er)獲得(de)了全(quan)(quan)面(mian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)闡述。1987年(nian)(nian)(nian)，郭(guo)仲偉教授(shou)全(quan)(quan)面(mian)地(di)研(yan)究(jiu)(jiu)了對(dui)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)進行分(fen)析(xi)與(yu)決(jue)策的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)手(shou)段，并參考(kao)(kao)了國(guo)外的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)研(yan)究(jiu)(jiu)成果，來論(lun)(lun)(lun)(lun)述結(jie)合定性與(yu)定量(liang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)(li)(li)理(li)(li)(li)論(lun)(lun)(lun)(lun)。而(er)后(hou)，北京商學(xue)院(yuan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)劉(liu)恩祿、湯(tang)谷良提出(chu)(chu)(chu)(chu)(chu)(chu)了財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)含(han)義、特(te)點及(ji)(ji)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)(li)(li)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)方(fang)法(fa)，這在(zai)(zai)(zai)(zai)(zai)其(qi)1989年(nian)(nian)(nian)出(chu)(chu)(chu)(chu)(chu)(chu)版的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)《論(lun)(lun)(lun)(lun)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)(li)(li)》一(yi)(yi)(yi)書中得(de)到了全(quan)(quan)面(mian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)闡述。財(cai)(cai)(cai)(cai)(cai)(cai)(cai)政部(bu)(bu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)向(xiang)(xiang)德偉博(bo)士于(yu)(yu)1994年(nian)(nian)(nian)發表(biao)了《論(lun)(lun)(lun)(lun)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)》，該文提出(chu)(chu)(chu)(chu)(chu)(chu)“財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)其(qi)實(shi)是一(yi)(yi)(yi)種(zhong)微觀層面(mian)上(shang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)，集(ji)中體現了企(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)經(jing)營(ying)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)”。在(zai)(zai)(zai)(zai)(zai)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)形(xing)成機理(li)(li)(li)方(fang)面(mian)，陳(chen)紅時在(zai)(zai)(zai)(zai)(zai)1999年(nian)(nian)(nian)指(zhi)出(chu)(chu)(chu)(chu)(chu)(chu)，“雖然集(ji)團規模(mo)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)擴大增(zeng)強了企(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)抗風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)能(neng)力，但規模(mo)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)也(ye)應運而(er)生；因此，集(ji)團公司(si)應事先(xian)考(kao)(kao)慮走(zou)集(ji)團化道路能(neng)否產(chan)生協同(tong)效應和規模(mo)經(jing)濟(ji)，再做決(jue)策，以(yi)(yi)防(fang)無法(fa)適(shi)應新生成的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)”。2001年(nian)(nian)(nian)，廣東商學(xue)院(yuan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)蘭艷澤認(ren)為(wei)，“雖然導致集(ji)團公司(si)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)原因有(you)(you)很多，比如(ru)投資多元化、政策改革、管(guan)(guan)理(li)(li)(li)能(neng)力、產(chan)業(ye)(ye)(ye)特(te)點、市場環境變(bian)化；但是財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)因為(wei)可(ke)以(yi)(yi)認(ren)為(wei)來源于(yu)(yu)企(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)活動，一(yi)(yi)(yi)般將風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)分(fen)為(wei)籌資風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)、投資風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)、經(jing)營(ying)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)等”。在(zai)(zai)(zai)(zai)(zai)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)控制(zhi)(zhi)問題上(shang)，我(wo)(wo)國(guo)學(xue)者(zhe)們(men)也(ye)發表(biao)了不(bu)同(tong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)觀點，比如(ru)：劉(liu)巨欽在(zai)(zai)(zai)(zai)(zai)2000年(nian)(nian)(nian)認(ren)為(wei)，“集(ji)團公司(si)最主(zhu)要財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)是來自(zi)于(yu)(yu)籌資風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)和經(jing)營(ying)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)”。2002年(nian)(nian)(nian)，深(shen)圳運輸局(ju)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)張月祥提出(chu)(chu)(chu)(chu)(chu)(chu)，“在(zai)(zai)(zai)(zai)(zai)企(qi)(qi)業(ye)(ye)(ye)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)(li)(li)過(guo)程(cheng)中，為(wei)降低財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)所形(xing)成的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)能(neng)夠相互聯(lian)系(xi)(xi)(xi)，又能(neng)相互制(zhi)(zhi)約的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)功(gong)能(neng)體系(xi)(xi)(xi)就是財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)控制(zhi)(zhi)體系(xi)(xi)(xi)；對(dui)于(yu)(yu)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)控制(zhi)(zhi)體制(zhi)(zhi)，可(ke)以(yi)(yi)采(cai)取事前(qian)、事中、事后(hou)控制(zhi)(zhi)等手(shou)段來實(shi)現”。我(wo)(wo)國(guo)學(xue)者(zhe)在(zai)(zai)(zai)(zai)(zai)對(dui)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)危機的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)預(yu)警模(mo)型(xing)(xing)研(yan)究(jiu)(jiu)方(fang)面(mian)也(ye)取得(de)了一(yi)(yi)(yi)定的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)成就，比如(ru)張鳴、張艷、程(cheng)濤三位學(xue)者(zhe)在(zai)(zai)(zai)(zai)(zai)2004年(nian)(nian)(nian)合作編寫了《企(qi)(qi)業(ye)(ye)(ye)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)預(yu)警研(yan)究(jiu)(jiu)前(qian)沿》；同(tong)年(nian)(nian)(nian)，另一(yi)(yi)(yi)位學(xue)者(zhe)張友棠先(xian)生也(ye)出(chu)(chu)(chu)(chu)(chu)(chu)版了《財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)預(yu)警系(xi)(xi)(xi)統管(guan)(guan)理(li)(li)(li)研(yan)究(jiu)(jiu)》，它們(men)對(dui)企(qi)(qi)業(ye)(ye)(ye)在(zai)(zai)(zai)(zai)(zai)分(fen)析(xi)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)信(xin)息過(guo)程(cheng)中變(bian)量(liang)模(mo)型(xing)(xing)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)運用做出(chu)(chu)(chu)(chu)(chu)(chu)了系(xi)(xi)(xi)統的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)介紹，推(tui)動了我(wo)(wo)國(guo)在(zai)(zai)(zai)(zai)(zai)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)危機預(yu)警研(yan)究(jiu)(jiu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)發展(zhan)。隨著財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)(li)(li)理(li)(li)(li)論(lun)(lun)(lun)(lun)在(zai)(zai)(zai)(zai)(zai)我(wo)(wo)國(guo)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)快速發展(zhan)，一(yi)(yi)(yi)些學(xue)者(zhe)意識到了企(qi)(qi)業(ye)(ye)(ye)內部(bu)(bu)控制(zhi)(zhi)環境對(dui)控制(zhi)(zhi)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)重要性，因此他們(men)開始研(yan)究(jiu)(jiu)將財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)(li)(li)和企(qi)(qi)業(ye)(ye)(ye)內部(bu)(bu)控制(zhi)(zhi)體系(xi)(xi)(xi)結(jie)合起(qi)來，以(yi)(yi)構(gou)建(jian)一(yi)(yi)(yi)個(ge)更(geng)為(wei)有(you)(you)效的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)控制(zhi)(zhi)體系(xi)(xi)(xi)。2003年(nian)(nian)(nian)閻達(da)五和楊(yang)有(you)(you)紅兩位學(xue)者(zhe)出(chu)(chu)(chu)(chu)(chu)(chu)版的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)《企(qi)(qi)業(ye)(ye)(ye)內部(bu)(bu)會計控制(zhi)(zhi)系(xi)(xi)(xi)統》，以(yi)(yi)及(ji)(ji)2004年(nian)(nian)(nian)宋建(jian)波(bo)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)《企(qi)(qi)業(ye)(ye)(ye)內部(bu)(bu)控制(zhi)(zhi)》就對(dui)此進行了深(shen)入(ru)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)研(yan)究(jiu)(jiu)。近幾(ji)年(nian)(nian)(nian)，我(wo)(wo)國(guo)對(dui)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)理(li)(li)(li)論(lun)(lun)(lun)(lun)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)研(yan)究(jiu)(jiu)可(ke)以(yi)(yi)說大體分(fen)為(wei)兩個(ge)方(fang)向(xiang)(xiang)，一(yi)(yi)(yi)是實(shi)證(zheng)研(yan)究(jiu)(jiu)，學(xue)者(zhe)們(men)通過(guo)運用各種(zhong)變(bian)量(liang)模(mo)型(xing)(xing)來分(fen)析(xi)企(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)信(xin)息，預(yu)測財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)；二是規范研(yan)究(jiu)(jiu)，學(xue)者(zhe)們(men)在(zai)(zai)(zai)(zai)(zai)嘗試著構(gou)建(jian)一(yi)(yi)(yi)套(tao)可(ke)行的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)控制(zhi)(zhi)方(fang)法(fa)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)同(tong)時，財(cai)(cai)(cai)(cai)(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)(feng)(feng)(feng)險(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理(li)(li)(li)理(li)(li)(li)論(lun)(lun)(lun)(lun)也(ye)有(you)(you)了一(yi)(yi)(yi)定的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)進步。

二、民營集團公司財務風(feng)險特點分析

當(dang)企業(ye)(ye)發(fa)(fa)展到(dao)一(yi)定的(de)(de)(de)(de)階段(duan)和規模(mo)(mo)，就會(hui)期望尋求一(yi)種更具有競爭(zheng)力(li)的(de)(de)(de)(de)發(fa)(fa)展模(mo)(mo)式來滿(man)足企業(ye)(ye)的(de)(de)(de)(de)擴張壯大(da)，而這個(ge)(ge)(ge)模(mo)(mo)式就是(shi)(shi)(shi)企業(ye)(ye)集團(tuan)(tuan)(tuan)(tuan)化。我國的(de)(de)(de)(de)民(min)(min)營(ying)企業(ye)(ye)規模(mo)(mo)日(ri)(ri)益龐大(da)，資金實力(li)也越(yue)來越(yue)雄厚，但是(shi)(shi)(shi)伴隨而來的(de)(de)(de)(de)風(feng)險(xian)(xian)也更為復雜和難以預測(ce)，挑(tiao)戰和機會(hui)并(bing)存。擺在(zai)(zai)民(min)(min)營(ying)企業(ye)(ye)面前的(de)(de)(de)(de)有兩個(ge)(ge)(ge)選擇，一(yi)是(shi)(shi)(shi)收購(gou)相對(dui)(dui)(dui)弱小的(de)(de)(de)(de)企業(ye)(ye)，進行產(chan)業(ye)(ye)整(zheng)合，在(zai)(zai)行業(ye)(ye)中(zhong)做大(da)做強(qiang)，二(er)是(shi)(shi)(shi)依附于強(qiang)大(da)的(de)(de)(de)(de)企業(ye)(ye)，在(zai)(zai)其羽(yu)翼的(de)(de)(de)(de)保護(hu)下發(fa)(fa)展。所以，總(zong)得(de)來看，民(min)(min)營(ying)公司(si)(si)(si)走(zou)集團(tuan)(tuan)(tuan)(tuan)化是(shi)(shi)(shi)必然趨勢。民(min)(min)營(ying)集團(tuan)(tuan)(tuan)(tuan)公司(si)(si)(si)的(de)(de)(de)(de)財(cai)務(wu)風(feng)險(xian)(xian)具有自身的(de)(de)(de)(de)特殊性，主要包括以下幾個(ge)(ge)(ge)方面：1．財(cai)務(wu)風(feng)險(xian)(xian)的(de)(de)(de)(de)傳導(dao)(dao)(dao)性。因(yin)為母子公司(si)(si)(si)之(zhi)間(jian)、各子公司(si)(si)(si)之(zhi)間(jian)都存在(zai)(zai)著密切(qie)的(de)(de)(de)(de)聯系(xi)，任何一(yi)個(ge)(ge)(ge)成(cheng)員公司(si)(si)(si)的(de)(de)(de)(de)財(cai)務(wu)風(feng)險(xian)(xian)都有可能(neng)(neng)會(hui)影(ying)響到(dao)其他成(cheng)員公司(si)(si)(si)，甚至(zhi)可能(neng)(neng)會(hui)導(dao)(dao)(dao)致集團(tuan)(tuan)(tuan)(tuan)整(zheng)體危機的(de)(de)(de)(de)發(fa)(fa)生。2．財(cai)務(wu)風(feng)險(xian)(xian)的(de)(de)(de)(de)影(ying)響因(yin)素眾(zhong)多。民(min)(min)營(ying)企業(ye)(ye)集團(tuan)(tuan)(tuan)(tuan)規模(mo)(mo)龐大(da)、產(chan)權關系(xi)、組織結(jie)構復雜，管理鏈條長，沒有形成(cheng)科學合理的(de)(de)(de)(de)公司(si)(si)(si)治(zhi)理結(jie)構，并(bing)且受(shou)宏觀、微觀經(jing)濟(ji)環(huan)境的(de)(de)(de)(de)影(ying)響也較大(da)，所以對(dui)(dui)(dui)其財(cai)務(wu)風(feng)險(xian)(xian)的(de)(de)(de)(de)控制(zhi)有較大(da)難度。3．財(cai)務(wu)風(feng)險(xian)(xian)破壞力(li)大(da)。民(min)(min)營(ying)企業(ye)(ye)集團(tuan)(tuan)(tuan)(tuan)財(cai)務(wu)風(feng)險(xian)(xian)的(de)(de)(de)(de)發(fa)(fa)生是(shi)(shi)(shi)從量(liang)變到(dao)質變的(de)(de)(de)(de)過程，并(bing)非(fei)一(yi)日(ri)(ri)之(zhi)寒，一(yi)旦(dan)爆(bao)發(fa)(fa)可能(neng)(neng)會(hui)對(dui)(dui)(dui)集團(tuan)(tuan)(tuan)(tuan)的(de)(de)(de)(de)生產(chan)經(jing)營(ying)造成(cheng)嚴(yan)重(zhong)影(ying)響，甚至(zhi)導(dao)(dao)(dao)致破產(chan)倒閉，也將對(dui)(dui)(dui)一(yi)個(ge)(ge)(ge)地區、一(yi)個(ge)(ge)(ge)產(chan)業(ye)(ye)、乃至(zhi)一(yi)個(ge)(ge)(ge)國家的(de)(de)(de)(de)經(jing)濟(ji)發(fa)(fa)展帶(dai)來嚴(yan)重(zhong)后果。

三、案例研究

1．案例介紹。1986年(nian)(nian)(nian)(nian)(nian)(nian)(nian)，唐(tang)萬(wan)新(xin)(xin)(xin)(xin)(xin)(xin)才剛剛大(da)(da)(da)(da)(da)學畢業(ye)，他(ta)和他(ta)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)幾(ji)(ji)個(ge)(ge)(ge)(ge)(ge)同學投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)400元(yuan)(yuan)(yuan)(yuan)(yuan)創(chuang)辦(ban)(ban)了(le)(le)(le)(le)(le)(le)他(ta)們的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)第(di)(di)(di)一(yi)(yi)(yi)個(ge)(ge)(ge)(ge)(ge)名為“朋友”的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)照片沖洗(xi)店(dian)，在(zai)(zai)(zai)(zai)(zai)(zai)當(dang)時(shi)(shi)只需1元(yuan)(yuan)(yuan)(yuan)(yuan)錢一(yi)(yi)(yi)張。就是這個(ge)(ge)(ge)(ge)(ge)小(xiao)本生(sheng)意，讓唐(tang)萬(wan)新(xin)(xin)(xin)(xin)(xin)(xin)他(ta)們得到(dao)(dao)(dao)(dao)了(le)(le)(le)(le)(le)(le)人生(sheng)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)第(di)(di)(di)一(yi)(yi)(yi)桶(tong)金(jin)(jin)(jin)(jin)，也從此(ci)(ci)(ci)開(kai)啟(qi)了(le)(le)(le)(le)(le)(le)創(chuang)業(ye)之(zhi)(zhi)路，并(bing)(bing)在(zai)(zai)(zai)(zai)(zai)(zai)新(xin)(xin)(xin)(xin)(xin)(xin)疆(jiang)建立(li)(li)(li)了(le)(le)(le)(le)(le)(le)一(yi)(yi)(yi)定的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)人際關(guan)系圈。1990年(nian)(nian)(nian)(nian)(nian)(nian)(nian)后(hou)(hou)(hou)(hou)(hou)，中(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)券(quan)市(shi)場逐漸興起(qi)，當(dang)時(shi)(shi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)人們并(bing)(bing)沒(mei)有(you)(you)(you)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)股(gu)(gu)(gu)(gu)票的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)意識，唐(tang)萬(wan)新(xin)(xin)(xin)(xin)(xin)(xin)他(ta)們卻(que)已經(jing)(jing)(jing)開(kai)始(shi)(shi)(shi)大(da)(da)(da)(da)(da)量收購(gou)(gou)股(gu)(gu)(gu)(gu)票，再以(yi)(yi)(yi)(yi)高(gao)(gao)出1倍到(dao)(dao)(dao)(dao)2倍的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)價格出手(shou)。由(you)此(ci)(ci)(ci)，唐(tang)萬(wan)新(xin)(xin)(xin)(xin)(xin)(xin)手(shou)中(zhong)(zhong)(zhong)(zhong)很快就有(you)(you)(you)了(le)(le)(le)(le)(le)(le)大(da)(da)(da)(da)(da)量的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)。1992年(nian)(nian)(nian)(nian)(nian)(nian)(nian)，唐(tang)萬(wan)新(xin)(xin)(xin)(xin)(xin)(xin)、唐(tang)萬(wan)里等三(san)(san)(san)位創(chuang)始(shi)(shi)(shi)人在(zai)(zai)(zai)(zai)(zai)(zai)新(xin)(xin)(xin)(xin)(xin)(xin)疆(jiang)烏魯(lu)木(mu)齊投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)200萬(wan)創(chuang)立(li)(li)(li)了(le)(le)(le)(le)(le)(le)“烏魯(lu)木(mu)齊德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)實業(ye)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)”；接(jie)著(zhu)又投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)500萬(wan)，“烏魯(lu)木(mu)齊德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)房(fang)地(di)產(chan)(chan)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)”成(cheng)(cheng)立(li)(li)(li)。1994年(nian)(nian)(nian)(nian)(nian)(nian)(nian)8月(yue)(yue)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)在(zai)(zai)(zai)(zai)(zai)(zai)北京成(cheng)(cheng)立(li)(li)(li)了(le)(le)(le)(le)(le)(le)JJ迪(di)斯科(ke)舞廳，宏(hong)源大(da)(da)(da)(da)(da)廈也于1995年(nian)(nian)(nian)(nian)(nian)(nian)(nian)在(zai)(zai)(zai)(zai)(zai)(zai)烏魯(lu)木(mu)齊市(shi)中(zhong)(zhong)(zhong)(zhong)心竣工(gong)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)又用(yong)(yong)宏(hong)源資(zi)(zi)(zi)(zi)產(chan)(chan)做(zuo)抵押(ya)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)，建立(li)(li)(li)了(le)(le)(le)(le)(le)(le)城市(shi)大(da)(da)(da)(da)(da)酒店(dian)。由(you)此(ci)(ci)(ci)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)開(kai)始(shi)(shi)(shi)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)進(jin)(jin)入娛樂、房(fang)地(di)產(chan)(chan)行(xing)(xing)(xing)(xing)(xing)(xing)業(ye)。1994年(nian)(nian)(nian)(nian)(nian)(nian)(nian)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)了(le)(le)(le)(le)(le)(le)1億(yi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)“新(xin)(xin)(xin)(xin)(xin)(xin)疆(jiang)德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)農牧業(ye)有(you)(you)(you)限責(ze)任公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)”成(cheng)(cheng)立(li)(li)(li)。于是，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)開(kai)啟(qi)了(le)(le)(le)(le)(le)(le)自(zi)己(ji)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)農業(ye)產(chan)(chan)業(ye)之(zhi)(zhi)路，并(bing)(bing)獲(huo)得了(le)(le)(le)(le)(le)(le)當(dang)地(di)政(zheng)府的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)支(zhi)持。由(you)此(ci)(ci)(ci)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)已快速(su)(su)建立(li)(li)(li)起(qi)了(le)(le)(le)(le)(le)(le)自(zi)己(ji)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)根(gen)(gen)基。1993年(nian)(nian)(nian)(nian)(nian)(nian)(nian)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)設立(li)(li)(li)了(le)(le)(le)(le)(le)(le)“新(xin)(xin)(xin)(xin)(xin)(xin)疆(jiang)金(jin)(jin)(jin)(jin)新(xin)(xin)(xin)(xin)(xin)(xin)租賃(lin)有(you)(you)(you)限公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)”，并(bing)(bing)開(kai)啟(qi)了(le)(le)(le)(le)(le)(le)高(gao)(gao)速(su)(su)擴(kuo)(kuo)張之(zhi)(zhi)路。1994年(nian)(nian)(nian)(nian)(nian)(nian)(nian)，唐(tang)萬(wan)新(xin)(xin)(xin)(xin)(xin)(xin)先后(hou)(hou)(hou)(hou)(hou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)了(le)(le)(le)(le)(le)(le)3億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)，資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)分(fen)(fen)別(bie)來(lai)(lai)(lai)自(zi)于海南華銀(yin)(yin)國(guo)際信(xin)(xin)托(tuo)(tuo)和中(zhong)(zhong)(zhong)(zhong)國(guo)農村發(fa)展信(xin)(xin)托(tuo)(tuo)兩個(ge)(ge)(ge)(ge)(ge)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)。這巨額的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)為唐(tang)萬(wan)新(xin)(xin)(xin)(xin)(xin)(xin)進(jin)(jin)行(xing)(xing)(xing)(xing)(xing)(xing)產(chan)(chan)業(ye)整(zheng)合(he)(he)(he)、擴(kuo)(kuo)大(da)(da)(da)(da)(da)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)規模的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)發(fa)展理(li)(li)(li)(li)念打下(xia)了(le)(le)(le)(le)(le)(le)基礎。從1996年(nian)(nian)(nian)(nian)(nian)(nian)(nian)起(qi)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)通過購(gou)(gou)買(mai)法(fa)人股(gu)(gu)(gu)(gu)最(zui)(zui)終(zhong)形成(cheng)(cheng)了(le)(le)(le)(le)(le)(le)德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)“三(san)(san)(san)駕馬(ma)車(che)”，分(fen)(fen)別(bie)為“沈(shen)陽(yang)合(he)(he)(he)金(jin)(jin)(jin)(jin)”、“湘火(huo)炬”、“新(xin)(xin)(xin)(xin)(xin)(xin)疆(jiang)屯河(he)”。此(ci)(ci)(ci)后(hou)(hou)(hou)(hou)(hou)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)更是不(bu)停地(di)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)擴(kuo)(kuo)張，恣意描(miao)繪它的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)產(chan)(chan)業(ye)整(zheng)合(he)(he)(he)藍圖。1997年(nian)(nian)(nian)(nian)(nian)(nian)(nian)到(dao)(dao)(dao)(dao)2002年(nian)(nian)(nian)(nian)(nian)(nian)(nian)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)對“湘火(huo)炬”和“沈(shen)陽(yang)合(he)(he)(he)金(jin)(jin)(jin)(jin)”都(dou)進(jin)(jin)行(xing)(xing)(xing)(xing)(xing)(xing)了(le)(le)(le)(le)(le)(le)大(da)(da)(da)(da)(da)規模的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)整(zheng)合(he)(he)(he)。此(ci)(ci)(ci)外，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)又收購(gou)(gou)了(le)(le)(le)(le)(le)(le)涉及各(ge)個(ge)(ge)(ge)(ge)(ge)行(xing)(xing)(xing)(xing)(xing)(xing)業(ye)領域的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)數百家(jia)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)。另一(yi)(yi)(yi)方(fang)面(mian)，唐(tang)萬(wan)新(xin)(xin)(xin)(xin)(xin)(xin)開(kai)始(shi)(shi)(shi)追求(qiu)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)控(kong)(kong)股(gu)(gu)(gu)(gu)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)，以(yi)(yi)(yi)(yi)期(qi)獲(huo)得更多(duo)(duo)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)來(lai)(lai)(lai)擴(kuo)(kuo)張。之(zhi)(zhi)后(hou)(hou)(hou)(hou)(hou)，通過上(shang)(shang)海友聯，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)實現了(le)(le)(le)(le)(le)(le)對金(jin)(jin)(jin)(jin)新(xin)(xin)(xin)(xin)(xin)(xin)信(xin)(xin)托(tuo)(tuo)、廈門聯合(he)(he)(he)信(xin)(xin)托(tuo)(tuo)、德(de)(de)(de)(de)(de)(de)恒證(zheng)(zheng)券(quan)、新(xin)(xin)(xin)(xin)(xin)(xin)世紀(ji)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)租賃(lin)、大(da)(da)(da)(da)(da)江信(xin)(xin)托(tuo)(tuo)、恒信(xin)(xin)證(zheng)(zheng)券(quan)、中(zhong)(zhong)(zhong)(zhong)富(fu)證(zheng)(zheng)券(quan)等多(duo)(duo)家(jia)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)操控(kong)(kong)。德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)戰略目標是：“在(zai)(zai)(zai)(zai)(zai)(zai)戰略投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)行(xing)(xing)(xing)(xing)(xing)(xing)業(ye)成(cheng)(cheng)為龍頭，在(zai)(zai)(zai)(zai)(zai)(zai)3到(dao)(dao)(dao)(dao)5年(nian)(nian)(nian)(nian)(nian)(nian)(nian)內(nei)成(cheng)(cheng)為全(quan)球500強企業(ye)之(zhi)(zhi)一(yi)(yi)(yi)，建立(li)(li)(li)一(yi)(yi)(yi)個(ge)(ge)(ge)(ge)(ge)世界級的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)企業(ye)精英俱(ju)樂部，匯集(ji)最(zui)(zui)多(duo)(duo)領袖級經(jing)(jing)(jing)營人才，成(cheng)(cheng)為連接(jie)中(zhong)(zhong)(zhong)(zhong)國(guo)與世界經(jing)(jing)(jing)濟主(zhu)(zhu)(zhu)流的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)橋梁”。后(hou)(hou)(hou)(hou)(hou)來(lai)(lai)(lai)德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)集(ji)團(tuan)(tuan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)幾(ji)(ji)乎(hu)遍及各(ge)行(xing)(xing)(xing)(xing)(xing)(xing)各(ge)業(ye)，它以(yi)(yi)(yi)(yi)一(yi)(yi)(yi)個(ge)(ge)(ge)(ge)(ge)不(bu)可思議(yi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)速(su)(su)度(du)成(cheng)(cheng)為越(yue)來(lai)(lai)(lai)越(yue)龐大(da)(da)(da)(da)(da)和復雜的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)民營集(ji)團(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)。德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)危(wei)機(ji)(ji)其(qi)(qi)實從2000年(nian)(nian)(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)“中(zhong)(zhong)(zhong)(zhong)科(ke)創(chuang)業(ye)股(gu)(gu)(gu)(gu)價暴跌”和之(zhi)(zhi)后(hou)(hou)(hou)(hou)(hou)“郎咸平痛(tong)批德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)”的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)事件(jian)就可以(yi)(yi)(yi)(yi)找(zhao)到(dao)(dao)(dao)(dao)一(yi)(yi)(yi)些(xie)端倪，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)鏈(lian)其(qi)(qi)實早就存在(zai)(zai)(zai)(zai)(zai)(zai)重(zhong)大(da)(da)(da)(da)(da)問(wen)題(ti)。2001年(nian)(nian)(nian)(nian)(nian)(nian)(nian)金(jin)(jin)(jin)(jin)新(xin)(xin)(xin)(xin)(xin)(xin)信(xin)(xin)托(tuo)(tuo)發(fa)生(sheng)擠兌(dui)風波，但是唐(tang)萬(wan)新(xin)(xin)(xin)(xin)(xin)(xin)堅持不(bu)放棄(qi)金(jin)(jin)(jin)(jin)新(xin)(xin)(xin)(xin)(xin)(xin)信(xin)(xin)托(tuo)(tuo)，并(bing)(bing)繼(ji)續(xu)拉攏(long)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)構(gou)。于是第(di)(di)(di)二年(nian)(nian)(nian)(nian)(nian)(nian)(nian)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)各(ge)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)子公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)鏈(lian)出現問(wen)題(ti)：2002年(nian)(nian)(nian)(nian)(nian)(nian)(nian)5月(yue)(yue)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)缺(que)口大(da)(da)(da)(da)(da)概(gai)在(zai)(zai)(zai)(zai)(zai)(zai)15億(yi)左右，年(nian)(nian)(nian)(nian)(nian)(nian)(nian)底達到(dao)(dao)(dao)(dao)10億(yi)多(duo)(duo)元(yuan)(yuan)(yuan)(yuan)(yuan)，2003年(nian)(nian)(nian)(nian)(nian)(nian)(nian)4月(yue)(yue)有(you)(you)(you)20多(duo)(duo)億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)。之(zhi)(zhi)后(hou)(hou)(hou)(hou)(hou)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)集(ji)團(tuan)(tuan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)各(ge)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)構(gou)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)全(quan)面(mian)告急，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)通過委托(tuo)(tuo)理(li)(li)(li)(li)財的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)辦(ban)(ban)法(fa)來(lai)(lai)(lai)“拆東(dong)墻補西墻”，才得以(yi)(yi)(yi)(yi)勉強維持。2003年(nian)(nian)(nian)(nian)(nian)(nian)(nian)“啤(pi)酒花”董(dong)事長在(zai)(zai)(zai)(zai)(zai)(zai)涉及大(da)(da)(da)(da)(da)宗(zong)銀(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)擔保(bao)后(hou)(hou)(hou)(hou)(hou)潛逃，銀(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)開(kai)始(shi)(shi)(shi)對類似(si)企業(ye)貸(dai)款進(jin)(jin)行(xing)(xing)(xing)(xing)(xing)(xing)嚴格控(kong)(kong)制，并(bing)(bing)且催德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)還(huan)貸(dai)。在(zai)(zai)(zai)(zai)(zai)(zai)國(guo)家(jia)政(zheng)策的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)壓力下(xia)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)在(zai)(zai)(zai)(zai)(zai)(zai)一(yi)(yi)(yi)個(ge)(ge)(ge)(ge)(ge)月(yue)(yue)內(nei)就歸還(huan)了(le)(le)(le)(le)(le)(le)17億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)左右的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)借(jie)款給銀(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)。2004年(nian)(nian)(nian)(nian)(nian)(nian)(nian)4月(yue)(yue)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)集(ji)團(tuan)(tuan)旗下(xia)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)“沈(shen)陽(yang)合(he)(he)(he)金(jin)(jin)(jin)(jin)”、“湘火(huo)炬”和“新(xin)(xin)(xin)(xin)(xin)(xin)疆(jiang)屯河(he)”三(san)(san)(san)家(jia)股(gu)(gu)(gu)(gu)票連續(xu)跌停多(duo)(duo)日，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)危(wei)機(ji)(ji)全(quan)面(mian)爆發(fa)。在(zai)(zai)(zai)(zai)(zai)(zai)短(duan)(duan)(duan)短(duan)(duan)(duan)一(yi)(yi)(yi)個(ge)(ge)(ge)(ge)(ge)月(yue)(yue)時(shi)(shi)間內(nei)，市(shi)值(zhi)損失(shi)大(da)(da)(da)(da)(da)概(gai)有(you)(you)(you)160億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)左右。在(zai)(zai)(zai)(zai)(zai)(zai)那以(yi)(yi)(yi)(yi)后(hou)(hou)(hou)(hou)(hou)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)又把其(qi)(qi)所有(you)(you)(you)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)天一(yi)(yi)(yi)實業(ye)股(gu)(gu)(gu)(gu)份(fen)、羅布泊鉀鹽股(gu)(gu)(gu)(gu)份(fen)、天山(shan)股(gu)(gu)(gu)(gu)份(fen)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)權(quan)全(quan)部轉(zhuan)讓出售。截至(zhi)5月(yue)(yue)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)把其(qi)(qi)所有(you)(you)(you)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)“沈(shen)陽(yang)合(he)(he)(he)金(jin)(jin)(jin)(jin)”、“湘火(huo)炬”和“新(xin)(xin)(xin)(xin)(xin)(xin)疆(jiang)屯河(he)”的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)股(gu)(gu)(gu)(gu)權(quan)質押(ya)完(wan)了(le)(le)(le)(le)(le)(le)。隨(sui)后(hou)(hou)(hou)(hou)(hou)各(ge)地(di)債(zhai)權(quan)人紛紛開(kai)始(shi)(shi)(shi)了(le)(le)(le)(le)(le)(le)對德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)索債(zhai)訴訟，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)資(zi)(zi)(zi)(zi)產(chan)(chan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)大(da)(da)(da)(da)(da)部分(fen)(fen)被凍結(jie)，資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)鏈(lian)完(wan)全(quan)斷裂，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)已無法(fa)掌控(kong)(kong)自(zi)己(ji)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)命運。2014年(nian)(nian)(nian)(nian)(nian)(nian)(nian)8月(yue)(yue)，根(gen)(gen)據簽訂的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)《資(zi)(zi)(zi)(zi)產(chan)(chan)托(tuo)(tuo)管(guan)協議(yi)》，由(you)華融(rong)(rong)(rong)(rong)(rong)(rong)(rong)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)完(wan)全(quan)接(jie)收德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)集(ji)團(tuan)(tuan)旗下(xia)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)新(xin)(xin)(xin)(xin)(xin)(xin)疆(jiang)德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)、德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)國(guo)際、屯河(he)集(ji)團(tuan)(tuan)三(san)(san)(san)家(jia)子公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)全(quan)部資(zi)(zi)(zi)(zi)產(chan)(chan)。至(zhi)此(ci)(ci)(ci)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)徹(che)底瓦解。2．案例分(fen)(fen)析。從德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)迅(xun)速(su)(su)擴(kuo)(kuo)張到(dao)(dao)(dao)(dao)悄(qiao)然謝(xie)幕，它的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)繁榮(rong)和失(shi)敗對后(hou)(hou)(hou)(hou)(hou)人有(you)(you)(you)著(zhu)重(zhong)要(yao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)意義。德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)衰敗除了(le)(le)(le)(le)(le)(le)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)鏈(lian)斷裂這個(ge)(ge)(ge)(ge)(ge)最(zui)(zui)直接(jie)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)原(yuan)(yuan)因(yin)，還(huan)受(shou)宏(hong)觀(guan)經(jing)(jing)(jing)濟環境、國(guo)家(jia)政(zheng)策、公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)治理(li)(li)(li)(li)結(jie)構(gou)、總體戰略失(shi)誤(wu)、多(duo)(duo)元(yuan)(yuan)(yuan)(yuan)(yuan)化(hua)結(jie)構(gou)失(shi)衡等因(yin)素的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)影響。本文以(yi)(yi)(yi)(yi)集(ji)團(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)財務風險控(kong)(kong)制為立(li)(li)(li)足點，主(zhu)(zhu)(zhu)要(yao)研究德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)集(ji)團(tuan)(tuan)在(zai)(zai)(zai)(zai)(zai)(zai)籌資(zi)(zi)(zi)(zi)活動中(zhong)(zhong)(zhong)(zhong)沒(mei)有(you)(you)(you)做(zuo)好(hao)分(fen)(fen)析管(guan)理(li)(li)(li)(li)。（1）籌集(ji)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)結(jie)構(gou)失(shi)衡2003年(nian)(nian)(nian)(nian)(nian)(nian)(nian)末，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)“三(san)(san)(san)駕馬(ma)車(che)”，“沈(shen)陽(yang)合(he)(he)(he)金(jin)(jin)(jin)(jin)”、“湘火(huo)炬”和“新(xin)(xin)(xin)(xin)(xin)(xin)疆(jiang)屯河(he)”的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)產(chan)(chan)負債(zhai)率(lv)(lv)都(dou)非(fei)常高(gao)(gao)，最(zui)(zui)高(gao)(gao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)達到(dao)(dao)(dao)(dao)90％以(yi)(yi)(yi)(yi)上(shang)(shang)。德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)入的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)多(duo)(duo)為短(duan)(duan)(duan)期(qi)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)，流動負債(zhai)均占80％以(yi)(yi)(yi)(yi)上(shang)(shang)。德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)規模龐大(da)(da)(da)(da)(da)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)擴(kuo)(kuo)張幾(ji)(ji)乎(hu)都(dou)是由(you)短(duan)(duan)(duan)期(qi)借(jie)款來(lai)(lai)(lai)維持的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，而由(you)于擴(kuo)(kuo)張投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)回收期(qi)較(jiao)長，資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)回流速(su)(su)度(du)慢，因(yin)此(ci)(ci)(ci)，德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)只有(you)(you)(you)靠“借(jie)東(dong)家(jia)補西家(jia)”的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)惡性(xing)循環來(lai)(lai)(lai)運營下(xia)去。從表(biao)中(zhong)(zhong)(zhong)(zhong)可以(yi)(yi)(yi)(yi)得出，短(duan)(duan)(duan)期(qi)借(jie)款為德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)集(ji)團(tuan)(tuan)提(ti)供了(le)(le)(le)(le)(le)(le)大(da)(da)(da)(da)(da)部分(fen)(fen)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)，但這些(xie)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)大(da)(da)(da)(da)(da)部分(fen)(fen)卻(que)被投(tou)(tou)(tou)(tou)放至(zhi)長期(qi)投(tou)(tou)(tou)(tou)資(zi)(zi)(zi)(zi)，這種不(bu)合(he)(he)(he)理(li)(li)(li)(li)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)投(tou)(tou)(tou)(tou)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)結(jie)構(gou)在(zai)(zai)(zai)(zai)(zai)(zai)德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)集(ji)團(tuan)(tuan)埋下(xia)了(le)(le)(le)(le)(le)(le)非(fei)常大(da)(da)(da)(da)(da)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財務風險。德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)鏈(lian)在(zai)(zai)(zai)(zai)(zai)(zai)銀(yin)(yin)根(gen)(gen)緊縮的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)狀況(kuang)(kuang)下(xia)之(zhi)(zhi)所以(yi)(yi)(yi)(yi)會產(chan)(chan)生(sheng)危(wei)機(ji)(ji)，原(yuan)(yuan)因(yin)主(zhu)(zhu)(zhu)要(yao)是對現金(jin)(jin)(jin)(jin)流量沒(mei)有(you)(you)(you)一(yi)(yi)(yi)個(ge)(ge)(ge)(ge)(ge)充分(fen)(fen)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)估計(ji)。在(zai)(zai)(zai)(zai)(zai)(zai)一(yi)(yi)(yi)個(ge)(ge)(ge)(ge)(ge)高(gao)(gao)風險性(xing)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)結(jie)構(gou)中(zhong)(zhong)(zhong)(zhong)，這會導(dao)(dao)致其(qi)(qi)不(bu)明(ming)確自(zi)身償債(zhai)能力，一(yi)(yi)(yi)旦宏(hong)觀(guan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)大(da)(da)(da)(da)(da)環境或者市(shi)場經(jing)(jing)(jing)濟產(chan)(chan)生(sheng)了(le)(le)(le)(le)(le)(le)什么變化(hua)，公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)就會無法(fa)合(he)(he)(he)理(li)(li)(li)(li)應對問(wen)題(ti)。（2）融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)成(cheng)(cheng)本太大(da)(da)(da)(da)(da)德(de)(de)(de)(de)(de)(de)隆(long)(long)(long)(long)(long)(long)(long)(long)(long)主(zhu)(zhu)(zhu)要(yao)運用(yong)(yong)了(le)(le)(le)(le)(le)(le)三(san)(san)(san)種融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)方(fang)法(fa)：第(di)(di)(di)一(yi)(yi)(yi)，運用(yong)(yong)商業(ye)貸(dai)款，將自(zi)身所擁有(you)(you)(you)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)本、股(gu)(gu)(gu)(gu)權(quan)用(yong)(yong)于抵押(ya)擔保(bao)，從銀(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)進(jin)(jin)行(xing)(xing)(xing)(xing)(xing)(xing)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)，該(gai)(gai)(gai)方(fang)法(fa)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)最(zui)(zui)大(da)(da)(da)(da)(da)缺(que)點是財務成(cheng)(cheng)本較(jiao)大(da)(da)(da)(da)(da)。第(di)(di)(di)二，利(li)用(yong)(yong)非(fei)銀(yin)(yin)行(xing)(xing)(xing)(xing)(xing)(xing)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)其(qi)(qi)他(ta)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)構(gou)進(jin)(jin)行(xing)(xing)(xing)(xing)(xing)(xing)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)，通過機(ji)(ji)構(gou)對客戶(hu)保(bao)證(zheng)(zheng)一(yi)(yi)(yi)個(ge)(ge)(ge)(ge)(ge)保(bao)底收益(yi)(yi)約(yue)為12％～15％的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)收益(yi)(yi)率(lv)(lv)，但該(gai)(gai)(gai)方(fang)法(fa)會導(dao)(dao)致公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)費用(yong)(yong)較(jiao)高(gao)(gao)。第(di)(di)(di)三(san)(san)(san)，是通過民間進(jin)(jin)行(xing)(xing)(xing)(xing)(xing)(xing)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)，年(nian)(nian)(nian)(nian)(nian)(nian)(nian)利(li)率(lv)(lv)一(yi)(yi)(yi)般高(gao)(gao)于12％，在(zai)(zai)(zai)(zai)(zai)(zai)極度(du)缺(que)乏資(zi)(zi)(zi)(zi)金(jin)(jin)(jin)(jin)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)情況(kuang)(kuang)下(xia)甚(shen)至(zhi)可達到(dao)(dao)(dao)(dao)22％，但該(gai)(gai)(gai)方(fang)法(fa)會導(dao)(dao)致公(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)利(li)息較(jiao)高(gao)(gao)，約(yue)為30億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)。

四、結論與籌集資風險控制體系設計

1．結論。德隆集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)在(zai)(zai)財(cai)(cai)務(wu)(wu)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)中遇到的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)問(wen)題具(ju)有(you)(you)(you)(you)共性：很多民營(ying)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)由(you)于(yu)發(fa)展(zhan)(zhan)快速，其原(yuan)有(you)(you)(you)(you)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)治理結構并不(bu)健全，無(wu)法與擴張后(hou)龐大(da)(da)(da)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)體系(xi)(xi)相(xiang)(xiang)(xiang)匹(pi)配；由(you)于(yu)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)內(nei)部(bu)產權(quan)關(guan)(guan)系(xi)(xi)復雜，決(jue)策(ce)層(ceng)級(ji)(ji)多，導致企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)投(tou)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)局面(mian)混亂；集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)沒有(you)(you)(you)(you)建立(li)(li)起高效(xiao)有(you)(you)(you)(you)力的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)務(wu)(wu)管(guan)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)模式(shi)，因(yin)(yin)(yin)而(er)(er)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)內(nei)部(bu)缺(que)乏(fa)預算(suan)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)和(he)(he)(he)現(xian)金(jin)(jin)流(liu)管(guan)理，甚(shen)至出(chu)現(xian)擔保值(zhi)巨大(da)(da)(da)而(er)(er)且(qie)混亂的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)情況(kuang)。2．民營(ying)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)體系(xi)(xi)設(she)計(ji)（1）構建民營(ying)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)財(cai)(cai)務(wu)(wu)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)體系(xi)(xi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)設(she)計(ji)原(yuan)則(ze)(ze)(ze)①財(cai)(cai)務(wu)(wu)戰(zhan)(zhan)略(lve)原(yuan)則(ze)(ze)(ze)。集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)母(mu)公(gong)(gong)(gong)(gong)(gong)司(si)應該確(que)立(li)(li)自己(ji)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)務(wu)(wu)戰(zhan)(zhan)略(lve)核心地位，統一(yi)(yi)(yi)制(zhi)(zhi)(zhi)定(ding)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)經(jing)營(ying)發(fa)展(zhan)(zhan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)戰(zhan)(zhan)略(lve)目(mu)(mu)標，并將戰(zhan)(zhan)略(lve)規(gui)劃(hua)(hua)分(fen)(fen)(fen)解成(cheng)(cheng)各(ge)個決(jue)策(ce)目(mu)(mu)標分(fen)(fen)(fen)配到各(ge)層(ceng)級(ji)(ji)中去(qu)進(jin)行(xing)(xing)(xing)有(you)(you)(you)(you)效(xiao)執行(xing)(xing)(xing)。②成(cheng)(cheng)本(ben)(ben)效(xiao)益(yi)原(yuan)則(ze)(ze)(ze)。如果實(shi)(shi)施(shi)財(cai)(cai)務(wu)(wu)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)體系(xi)(xi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)成(cheng)(cheng)本(ben)(ben)非常高，甚(shen)至超過(guo)(guo)(guo)了集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)獲(huo)得(de)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)收益(yi)，那這(zhe)項(xiang)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)就顯得(de)毫(hao)無(wu)意義了。效(xiao)益(yi)是企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)管(guan)理控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)直(zhi)接(jie)目(mu)(mu)標，所(suo)以(yi)(yi)(yi)要(yao)(yao)充分(fen)(fen)(fen)考(kao)慮成(cheng)(cheng)本(ben)(ben)效(xiao)益(yi)原(yuan)則(ze)(ze)(ze)，這(zhe)樣才具(ju)有(you)(you)(you)(you)可(ke)(ke)行(xing)(xing)(xing)性和(he)(he)(he)現(xian)實(shi)(shi)意義。③價值(zhi)管(guan)理原(yuan)則(ze)(ze)(ze)。企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)價值(zhi)最(zui)(zui)大(da)(da)(da)化(hua)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)實(shi)(shi)現(xian)是建立(li)(li)財(cai)(cai)務(wu)(wu)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)體系(xi)(xi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)最(zui)(zui)大(da)(da)(da)目(mu)(mu)標，也是根本(ben)(ben)目(mu)(mu)標。因(yin)(yin)(yin)此(ci)(ci)，價值(zhi)理念要(yao)(yao)始(shi)終貫穿在(zai)(zai)整(zheng)(zheng)個控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)環節中。集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)應該有(you)(you)(you)(you)針對(dui)(dui)地去(qu)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)對(dui)(dui)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)價值(zhi)產生(sheng)不(bu)利(li)影(ying)響(xiang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)，這(zhe)樣才能(neng)(neng)產生(sheng)最(zui)(zui)優(you)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)效(xiao)果。④層(ceng)級(ji)(ji)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)原(yuan)則(ze)(ze)(ze)。具(ju)有(you)(you)(you)(you)龐大(da)(da)(da)規(gui)模的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)，其內(nei)部(bu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)層(ceng)級(ji)(ji)結構當(dang)然也相(xiang)(xiang)(xiang)當(dang)復雜。在(zai)(zai)財(cai)(cai)務(wu)(wu)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)下(xia)，包括了各(ge)事業(ye)(ye)(ye)部(bu)、分(fen)(fen)(fen)公(gong)(gong)(gong)(gong)(gong)司(si)、子(zi)公(gong)(gong)(gong)(gong)(gong)司(si)、母(mu)公(gong)(gong)(gong)(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)務(wu)(wu)部(bu)門(men)和(he)(he)(he)非財(cai)(cai)務(wu)(wu)部(bu)門(men)之間的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)復雜關(guan)(guan)系(xi)(xi)結構，因(yin)(yin)(yin)此(ci)(ci)注重對(dui)(dui)層(ceng)級(ji)(ji)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)管(guan)理十分(fen)(fen)(fen)重要(yao)(yao)。集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)可(ke)(ke)以(yi)(yi)(yi)建立(li)(li)起決(jue)策(ce)、執行(xing)(xing)(xing)、監(jian)督(du)三(san)權(quan)分(fen)(fen)(fen)立(li)(li)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)制(zhi)(zhi)(zhi)度(du)，使(shi)(shi)得(de)層(ceng)級(ji)(ji)結構更加容易(yi)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)。（2）民營(ying)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)體系(xi)(xi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)構成(cheng)(cheng)本(ben)(ben)文以(yi)(yi)(yi)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)價值(zhi)最(zui)(zui)大(da)(da)(da)化(hua)作為(wei)(wei)最(zui)(zui)終目(mu)(mu)標，針對(dui)(dui)民營(ying)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)存(cun)在(zai)(zai)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)經(jing)營(ying)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)、籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)和(he)(he)(he)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)三(san)種財(cai)(cai)務(wu)(wu)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)，提出(chu)相(xiang)(xiang)(xiang)應的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)方(fang)(fang)法，為(wei)(wei)民營(ying)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)構建出(chu)了一(yi)(yi)(yi)個相(xiang)(xiang)(xiang)對(dui)(dui)來(lai)(lai)(lai)說比較完善、有(you)(you)(you)(you)效(xiao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)務(wu)(wu)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)系(xi)(xi)統。我國(guo)民營(ying)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)在(zai)(zai)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)渠道和(he)(he)(he)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)方(fang)(fang)式(shi)上的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)選擇較為(wei)(wei)狹(xia)窄，在(zai)(zai)一(yi)(yi)(yi)定(ding)程度(du)上相(xiang)(xiang)(xiang)對(dui)(dui)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)劣(lie)勢。由(you)于(yu)籌(chou)(chou)(chou)(chou)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)不(bu)到足(zu)夠(gou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)或者(zhe)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)成(cheng)(cheng)本(ben)(ben)過(guo)(guo)(guo)高，很多原(yuan)本(ben)(ben)發(fa)展(zhan)(zhan)勢頭良(liang)好的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)經(jing)營(ying)走向失敗(bai)。另一(yi)(yi)(yi)方(fang)(fang)面(mian)，民營(ying)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)內(nei)部(bu)原(yuan)因(yin)(yin)(yin)是由(you)于(yu)其自身體系(xi)(xi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)復雜以(yi)(yi)(yi)及(ji)沒有(you)(you)(you)(you)合(he)(he)(he)理安排籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)結構和(he)(he)(he)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)期限，企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)盈利(li)能(neng)(neng)力和(he)(he)(he)償(chang)債(zhai)能(neng)(neng)力因(yin)(yin)(yin)此(ci)(ci)下(xia)降(jiang)(jiang)，以(yi)(yi)(yi)致到期償(chang)還不(bu)了債(zhai)務(wu)(wu)。因(yin)(yin)(yin)此(ci)(ci)，站在(zai)(zai)內(nei)部(bu)因(yin)(yin)(yin)素的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)角(jiao)度(du)上，對(dui)(dui)民營(ying)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)進(jin)行(xing)(xing)(xing)科學的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)管(guan)理具(ju)有(you)(you)(you)(you)非常重要(yao)(yao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)現(xian)實(shi)(shi)意義。①籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)戰(zhan)(zhan)略(lve)規(gui)劃(hua)(hua)。籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)是企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)來(lai)(lai)(lai)源(yuan)，是進(jin)行(xing)(xing)(xing)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)、運營(ying)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)基礎，它(ta)(ta)讓(rang)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)變(bian)得(de)更有(you)(you)(you)(you)活(huo)力和(he)(he)(he)生(sheng)命力。因(yin)(yin)(yin)此(ci)(ci)，籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)活(huo)動(dong)作為(wei)(wei)一(yi)(yi)(yi)個企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)持續生(sheng)產經(jing)營(ying)活(huo)動(dong)和(he)(he)(he)投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)活(huo)動(dong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)起點，必須對(dui)(dui)其進(jin)行(xing)(xing)(xing)事先控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)，對(dui)(dui)可(ke)(ke)能(neng)(neng)發(fa)生(sheng)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)做(zuo)出(chu)系(xi)(xi)統規(gui)劃(hua)(hua)。集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)一(yi)(yi)(yi)般有(you)(you)(you)(you)萌(meng)芽期、發(fa)展(zhan)(zhan)期、成(cheng)(cheng)熟期和(he)(he)(he)調整(zheng)(zheng)期四(si)個具(ju)有(you)(you)(you)(you)不(bu)同特(te)征的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)發(fa)展(zhan)(zhan)階(jie)段。集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)戰(zhan)(zhan)略(lve)要(yao)(yao)與發(fa)展(zhan)(zhan)階(jie)段相(xiang)(xiang)(xiang)適應，這(zhe)樣才能(neng)(neng)有(you)(you)(you)(you)效(xiao)降(jiang)(jiang)低(di)財(cai)(cai)務(wu)(wu)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)。籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)方(fang)(fang)式(shi)可(ke)(ke)以(yi)(yi)(yi)劃(hua)(hua)分(fen)(fen)(fen)為(wei)(wei)兩種，一(yi)(yi)(yi)種是股權(quan)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)，另一(yi)(yi)(yi)種是負債(zhai)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)，股權(quan)和(he)(he)(he)負債(zhai)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)比例影(ying)響(xiang)著企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)本(ben)(ben)結構的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)優(you)劣(lie)、未(wei)來(lai)(lai)(lai)償(chang)債(zhai)能(neng)(neng)力的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)好壞，直(zhi)接(jie)決(jue)定(ding)了財(cai)(cai)務(wu)(wu)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)大(da)(da)(da)小。因(yin)(yin)(yin)此(ci)(ci)，合(he)(he)(he)理的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)規(gui)劃(hua)(hua)至關(guan)(guan)重要(yao)(yao)。②籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)措(cuo)施(shi)。首先，要(yao)(yao)建立(li)(li)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)管(guan)理制(zhi)(zhi)(zhi)度(du)，讓(rang)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)各(ge)成(cheng)(cheng)員融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)業(ye)(ye)(ye)務(wu)(wu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)具(ju)體操作更加規(gui)范，避(bi)免盲目(mu)(mu)和(he)(he)(he)過(guo)(guo)(guo)度(du)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)。集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)可(ke)(ke)以(yi)(yi)(yi)從(cong)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)和(he)(he)(he)子(zi)公(gong)(gong)(gong)(gong)(gong)司(si)兩個層(ceng)面(mian)，建立(li)(li)起互相(xiang)(xiang)(xiang)獨立(li)(li)、權(quan)責(ze)分(fen)(fen)(fen)明(ming)、互相(xiang)(xiang)(xiang)制(zhi)(zhi)(zhi)衡的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)運作規(gui)范。其次，確(que)立(li)(li)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)具(ju)體籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)業(ye)(ye)(ye)務(wu)(wu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)環節，它(ta)(ta)包括以(yi)(yi)(yi)下(xia)幾個方(fang)(fang)面(mian)：一(yi)(yi)(yi)是籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)方(fang)(fang)式(shi)分(fen)(fen)(fen)析，它(ta)(ta)是由(you)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)所(suo)處的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)發(fa)展(zhan)(zhan)階(jie)段、融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)戰(zhan)(zhan)略(lve)以(yi)(yi)(yi)及(ji)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)偏好來(lai)(lai)(lai)確(que)定(ding)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)；二是籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)期限，它(ta)(ta)是根據(ju)一(yi)(yi)(yi)定(ding)時期內(nei)企(qi)(qi)(qi)(qi)(qi)業(ye)(ye)(ye)所(suo)需(xu)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)規(gui)模和(he)(he)(he)性質(zhi)，選擇不(bu)同資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)來(lai)(lai)(lai)源(yuan)，這(zhe)樣形成(cheng)(cheng)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)期限結構可(ke)(ke)以(yi)(yi)(yi)讓(rang)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)在(zai)(zai)一(yi)(yi)(yi)定(ding)水平以(yi)(yi)(yi)下(xia)；三(san)是籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)規(gui)模控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)，通過(guo)(guo)(guo)考(kao)慮集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)產業(ye)(ye)(ye)結構、規(gui)模、行(xing)(xing)(xing)業(ye)(ye)(ye)特(te)點、市場(chang)利(li)率等情況(kuang)，以(yi)(yi)(yi)及(ji)生(sheng)產經(jing)營(ying)、投(tou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)所(suo)需(xu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)量來(lai)(lai)(lai)確(que)定(ding)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)總額；四(si)是籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)成(cheng)(cheng)本(ben)(ben)分(fen)(fen)(fen)析，比較不(bu)同籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)方(fang)(fang)案(an)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)成(cheng)(cheng)本(ben)(ben)，在(zai)(zai)滿足(zu)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)需(xu)求的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)情況(kuang)下(xia)，選擇成(cheng)(cheng)本(ben)(ben)最(zui)(zui)低(di)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)組合(he)(he)(he)；五是籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)方(fang)(fang)案(an)實(shi)(shi)施(shi)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)，該控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)制(zhi)(zhi)(zhi)是為(wei)(wei)了保證(zheng)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)各(ge)子(zi)公(gong)(gong)(gong)(gong)(gong)司(si)符合(he)(he)(he)融(rong)(rong)(rong)(rong)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)執行(xing)(xing)(xing)規(gui)范而(er)(er)進(jin)行(xing)(xing)(xing)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)動(dong)態跟蹤。最(zui)(zui)后(hou)，要(yao)(yao)分(fen)(fen)(fen)別對(dui)(dui)籌(chou)(chou)(chou)(chou)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)運用(yong)過(guo)(guo)(guo)程進(jin)行(xing)(xing)(xing)監(jian)督(du)、對(dui)(dui)運用(yong)效(xiao)率進(jin)行(xing)(xing)(xing)分(fen)(fen)(fen)析、對(dui)(dui)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)風(feng)險(xian)(xian)(xian)(xian)(xian)(xian)進(jin)行(xing)(xing)(xing)動(dong)態監(jian)控(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)(kong)。由(you)此(ci)(ci)，母(mu)公(gong)(gong)(gong)(gong)(gong)司(si)可(ke)(ke)以(yi)(yi)(yi)及(ji)時掌握各(ge)子(zi)公(gong)(gong)(gong)(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)運用(yong)情況(kuang)，避(bi)免出(chu)現(xian)擅自改(gai)變(bian)籌(chou)(chou)(chou)(chou)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)用(yong)途(tu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)事件，保證(zheng)了籌(chou)(chou)(chou)(chou)集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)能(neng)(neng)夠(gou)專(zhuan)款專(zhuan)用(yong)；分(fen)(fen)(fen)析集(ji)(ji)(ji)(ji)(ji)(ji)(ji)(ji)團(tuan)(tuan)(tuan)(tuan)公(gong)(gong)(gong)(gong)(gong)司(si)項(xiang)目(mu)(mu)資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)實(shi)(shi)際運用(yong)情況(kuang)，這(zhe)樣才能(neng)(neng)從(cong)中總結經(jing)驗(yan)，以(yi)(yi)(yi)提升資(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)(zi)金(jin)(jin)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)使(shi)(shi)用(yong)效(xiao)率。

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作者(zhe):王宏 單位:浙江銀建裝飾工(gong)程有限(xian)公司(si)