论经营风险与财务风险:概念辨析与评价技术

Research on Operating Risk & Financial Risk

经过近半个世纪金融经济学家们的努力,对人们投资活动中所涉及的系统性风险和非系统性风险的性质及其度量技术的研究已经获得了重大成果,成为20世纪经济学发展的一大亮点。与之相比,人们对理财活动中所涉及到的经营风险与财务风险却没有给予足够的重视,概念认识模糊,度量技术落后。这种现象势必会严重地影响到企业理财行为的科学化。与其他的企业管理活动相比较,财务管理活动的重大特征之一便是对企业经营活动过程中所客观存在的各种风险进行度量和规避。

Some scholars prophesy that the mainstream economics in 21st century is financial economics for 21st century is an era with persistent deepening of financial economics.The core of financial economics is studies and analysis in evaluation and risk control.Firm' s total risk include operating risk and financial risk.The goal of my paper is to discuss modern financial theory focusing on the concept studying and evaluating technique of firm' risk.