资金流可持续性对企业经营风险的影响

The Sustainability of Capital Flow and Its Impact on Enterprise Operation Risks

在现实运营过程中,寿命周期内资金流可持续性是企业所面对的重要风险之一。资金流在寿命期内不均匀分布可能使得总体效益良好的企业,出现临时性的资金缺口甚至是严重资金缺口;另一方面,企业的融资能力是内生的,企业资金流的分布及其自有资金规模会影响企业的最大融资能力,企业自有资金规模和最大融资能力构成了企业可调用的最大资金规模。这个资金规模能否满足弥补企业出现的临时性资金缺口的需要,直接关系到企业资金流的可持续性和经营风险。通过数学模型和数据模拟,企业确实可能会出现这种情形。

During the operation of an enterprise, the sustainability of capital flow is one of the most serious risks the enterprise will face within its life cycle. The distribution of capital flow is uneven within life cycle and this case will possibly make a generally good enterprise in terms of performance suffer from a temporary capital gap, sometimes even to a very serious degree. On the other hand, the financing capability of an enterprise is generated within itself, for the maximum financing capability will be influenced by the distribution of capital flow in an enterprise and the scale of its own capital, and the scale of maximum capital available for an enterprise to use is determined by the scale of its own capital and the maximum financing capability, Whether the capital scale can satisfy the need to cover the temporary capital gap will directly concern the sustainability of capital flow and operation risks. Both the mathematical model and its data simulation indicate that such case definitely exists in an enterprise.