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本文采用文献综述法、实践调查和专家访谈法、实证研究法，引入内部控制
理论，选取财务风险为因变量，选取内部控制五要素，即环境要素、风险评估要
素、内部控制活动要素、信息和沟通要素和内部监督要素为自变量，构建浙江省
小微企业财务风险内部影响因素的实证模型，研究得出如下几点结论；
第一，描述性分析得出，所选样本的浙江省小微企业的财务杠杆系数
（CWFX）均值为 1.884，从整体来看，样本企业财务风险处于安全区域范围内，
但是已经接近 2 的临界值。所选样本的浙江省小微企业的控制环境指数（CWFX）
均值为 78.261，风险评估指数（FXPG）均值为 4.482，信息和沟通指数（XXGT）
的均值 21.073，这三个内部影响要素整体处于较差的水平上；内部控制活动指
数（KZHD）均值为 5.685，内部监督指数（XXGT）的均值 9.140，要素水平处
于略好的状态
第二，Pearson 相关性检验检验结果得出，财务杠杆系数（CWFX）与其五
个内部影响要素，即控制环境指数（KZHJ）、风险评估指数（FXPG）、内部控制
活动指数（KZHD）、信息和沟通指数（XXGT）和内部监督指数（NBJD）之间
的 Pearson 相关系数分别为-0.165、-0.256、-0.125、-0.035、-0.562，均通
过了 5%的显著性水平检验，且五个自变量与因变量之间呈现负相关关系，这是
对基本假设的初步验证。而财务杠杆系数（CWFX）与控制变量资产负债率II
（ZCFZ）的 Pearson 相关系数为 0.002，两者之间成正相关关系
第三，多元回归估计得出，控制环境指数（LNKZHJ）的估计系数为-0.053，
风险评估指数（LNFXPG）的估计系数为-0.073，控制活动指数（LNKZHD）的
估计系数为-0.243，控制环境指数（LNXXGT）的估计系数为-0.654，监督指数
（LNNBJD）的估计系数为-0.175，且通过了 5%的显著性水平检验，五个内部
控制要素均通过了 5%的显著性水平检验，即浙江省小微企业内部控制环境指数
（LNKZHJ）、风险评估指数（LNFXPG）、控制活动指数（LNKZHD）、控制环
境指数（LNXXGT）、监督指数（LNNBJD）每提升 1%，小微企业财务风险水平
将分别下降 0.053%、0.073%、0.243%、0.654%、0.175%。五个内部控制要
素均与财务风险成负相关，本文的 5 个研究假设得得到了有效检验
本文研究实现研究视角、研究方法和研究内容的创新。在研究视角创新上，
笔者对国内外相关理论进行梳理得出，国内外在财务风险内部影响因素研究的文
献较少，缺乏一定的理论依据，本文创新性的将内部控制要素理论引入实证研究
体系中，是对财务风险内部控制理论体系的创新。另外，当前对财务风险影响因
素的研究主要基于内外部因素统一层面而进行分析，由于内部因素和外部因素本
身属于不同的体系，将其混在一起，研究具有一定的局限性；在研究方法创新上，
当前国内外研究均以宽泛的财务风险管理研究视角为主，而以企业内部控制为研
究视角的理论国外仅限于定性研究领域，国内则还没有文献从定量的研究将内部
控制与企业财务风险的内部影响因素相互结合，本文利用定量的多元回归估计方
法，建立小微企业财务风险的内部控制因素实证研究框架模型和假设，实现了研
究方法上的创新；在研究内容创新上，本文选取财务风险为因变量，选取内部控
制五要素，即环境要素、风险评估要素、内部控制活动要素、信息和沟通要素和
内部监督要素为自变量，构建浙江省小微企业财务风险内部影响因素的实证模
型，验证得出浙江省小微企业内部控制环境指数、风险评估指数、控制活动指数、
控制环境指数、监督指数均与企业财务风险水平成负相关，对小微企业财务管提
供了创新视角的理论指导
关键词：小微企业；财务风险；多元回归估计；内部控制五要素；风险评估
指数III
Abstract
With the arrival of the new normal economy, China&39;s economy has entered a new
period of transition. At present, small and micro enterprises have become the old and
new momentum conversion accelerator, the development of new engine traction new
format. For the economic development of the province of Zhejiang is even more so,
small and micro enterprises to promote economic development in Zhejiang Province,
enhance economic activity, enhance employment and other aspects of the role of
highlighting. With the rapid development of small and micro enterprises
synchronization is the financial risk of small and micro enterprises have become
increasingly prominent, recalling the global corporate financial risk management
practice, financial risk management is a global problem. Especially in the current
economic downturn, the scale, financing, etc. do not have the advantage of small and
micro enterprises, the financial risk problem is more significant, to solve this problem
is imminent.
The method of literature review, empirical research method and practice survey
expert interviews, this paper introduces the theory of internal control, financial risk is
selected as the dependent variable, the five elements of internal control is selected,
environmental factors, risk assessment factors, internal control activities information
and communication elements, elements and internal oversight elements as
independent variables and construction of Zhejiang province micro enterprise
financial risk influence factors empirical model, conclusions are as follows；
First, descriptive analysis, financial leverage coefficient of the selected sample of
Zhejiang province Small and micro businesses (CWFX) the average is 1.884, on the
whole, the sample enterprise financial risk in the region, but is close to the critical
value of 2. The selected samples of Zhejiang province Small and micro businesses to
control environmental index (CWFX) value was 78.261, the risk assessment index
(FXPG) value was 4.482, and the communication information index (XXGT) of the
average of 21.073, the three internal factors in the overall low level； the internal
control activity index (KZHD) mean 5.685, the internal supervision index (XXGT) of
the average of 9.140, factor level in the slightly better state.
Second, Pearson correlation test, test results, financial leverage coefficient
(CWFX) and the five internal factors, namely the control environment index (KZHJ),
the risk assessment index (FXPG), internal control activity index (KZHD),
information and communication and internal supervision index (XXGT) index (NBJD)IV
Pearson correlation coefficient between are -0.165, -0.256, -0.125, -0.035, -0.562,
through the 5% level of significance test, and five variables and the dependent
variable are negatively related, this is to validate the basic hypothesis. The Pearson
coefficient of financial leverage coefficient (CWFX) and the control variable asset
liability ratio (ZCFZ) is 0.002, which is a positive correlation between the two.
Third, multiple regression estimate, control environment index (LNKZHJ) of the
estimated coefficient is -0.053, the risk assessment index (LNFXPG) of the estimated
coefficient is -0.073, control activity index (LNKZHD) of the estimated coefficient is
-0.243, the control environment index (LNXXGT) of the estimated coefficient is
-0.654, monitoring index (LNNBJD) of the estimated coefficient -0.175, and through
a significant test of 5% level, the five elements of internal control through the 5%
level of significance test, Zhejiang province Small and micro businesses internal
control environment index (LNKZHJ), the risk assessment index (LNFXPG), the
control index (LNKZHD), control index (LNXXGT), environmental monitoring index
(LNNBJD) each increased 1%, Small and micro businesses financial risk level will be
decreased by 0.053%, 0.073%, 0.243%, 0.654%, 0.175%. The five internal control
elements are negatively correlated with the financial risk, and the 5 research
hypotheses of this paper have been tested effectively.
This paper studies the innovation of research perspective, research methods and
research content. In the innovation of research perspective, the author of the domestic
and foreign related theories that literature of domestic and external factors of internal
financial risk, the lack of a theoretical basis, this paper innovatively introduced the
theory of empirical research on the elements of internal control system, is the
innovation of internal control system of financial risk. In addition, the current research
on the influencing factors of the financial risk of the main internal and external factors
based on the unified level of analysis, due to internal and external factors itself belong
to different systems, it will be mixed
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