更新时间：02-25 （刘教授）提供原创文章
摘要：财务风险管理是现代财务管理的重要内容，是公司可持续发展的关键。本文在传统衡量财务风险方法的基础上，发现当资产结构与资本结构不匹配时会导致公司财务状况的进一步恶化。因此，本文尝试从资产结构与资本结构相匹配的角度出发，通过对能够计量资产结构与资本结构对应关系的β系数的设计和对典型行业β值的实证研究，寻找出能够衡量公司财务风险的方法。经过实证研究及分析，本文发现β系数能够反映资本结构与资产结构的匹配关系，且理想的β值为1。β值在对上市公司财务风险的衡量上能够反映出传统指标所不能反映出的财务风险，为财务数据的使用者提供参考。
关键词：上市公司；财务风险；资产结构；资本结构
Abstract：Financial risk management is an important part of the financial management and it also plays an important role in companies’ sustainable development. This paper finds out a more specific method to measure companies’ financial risk degree apart from traditional measurements .This paper adopts empirical method, by designing β coefficient method, a new measurement method of the financial risk. Through an empirical research and analysis, the article concludes β coefficient can not only measure the financial risk of a listed company, but also find its financial liquidity risk. With the help of β coefficient, investors and managers can not only make better use of the financial statements, but also have a better control of the companies’ financial risk degree.
Keywords：the listed company；the financial risk；the assets structure；the capital structure