会计学院知识库

       由于受新零售的冲击，我国传统零售企业在营运过程中面临资金压力不断增大的困境，传统的融资渠道难以满足自身发展，因此企业迫切需要新的融资渠道。而大型家电零售类企业为解决企业资金压力大选择了一种直接融资方式，即利用零售行业作为上下游供应链中间环节的优势，通过应付款项和预收账款的形式占用上下游资金的一种类金融融资方式。类金融融资与债权和股权融资等筹资方式比较，它不仅具有成本低和财务杠杆高的特点，而且还能增强企业盈利能力，优势更加明显。但同时类金融模式也会产生一些负面效应，使企业资金链容易受高财务杠杆作用而增加风险，影响企业正常营运。基于此，文章以华联综超为研究对象，探究类金融模式对华联综超盈利能力及风险的影响。
       文章通过对现有文献的研究成果进行梳理和总结，以案例研究的方式，对类金融模式的含义及相关理论基础进行概述，介绍华联综超发展状况，将其盈利能力及整体财务绩效和竞争者进行对比。然后具体说明华联综超是如何运用类金融模式，并将华联综超的盈利能力是如何受到类金融模式的影响进行分析。最后分析了类金融模式对华联综超风险水平的影响，并结合我国零售类企业的现状，得出研究结论并针对性的提出相关建议。
       文章通过案例研究发现，企业应用类金融融资方式能增强盈利能力的同时也存在着一些潜在的风险，易造成企业资金链断裂，进而导致信用危机。因此，企业在使用类金融模式时，防范其并存的风险，才能发挥其最大的效用。

    Due to the impact of new retail, China's traditional retail enterprises are facing the dilemma of increasing capital pressure in the operation process, and the traditional financing channels are difficult to meet their own development, so enterprises urgently need new financing channels.In order to solve the large financial pressure of enterprises, large home appliance retailers choose a direct financing method, that is, taking advantage of the retail industry as the middle link of the upstream and downstream supply chain, a kind of financial financing method that occupies the upstream and downstream funds in the form of payables and advance receivable accounts.Compared with creditor's rights and equity financing and other financing methods, type of financial financing not only has the characteristics of low cost and high financial leverage, but also can enhance the profitability of enterprises, with more obvious advantages.But at the same time, similar financial mode will also produce some negative effects, making the enterprise capital chain vulnerable to high financial leverage and increase the risk, affecting the normal operation of enterprises.Based on this, this paper takes Hualian Comprehensive Supermarket as the research object to explore the impact of financial model on the profitability and risk of Hualian Comprehensive Supermarket.
    By combing and summarizing the research results of existing literature, this paper summarizes the meaning of quasi-financial model and relevant theoretical basis in the way of case study, introduces the development status of Hualian Comprehensive Super Market, and compares its profitability and overall financial performance with its competitors.Then it explains how Hualian Comprehensive Supermarket applies the quasi-financial model in detail and analyzes how the profitability of Hualian Comprehensive Supermarket is affected by the quasi-financial model.Finally, the paper analyzes the influence of the quasi-financial model on the over-risk level of Hualian comprehensive enterprises, and draws the main research conclusions and puts forward relevant suggestions based on the current situation of China's retail enterprises.
    Through the case study, this paper finds that the application of financial financing can enhance the profitability of enterprises, but there are also some potential risks, easy to cause enterprise capital chain fracture, and then lead to credit crisis.Therefore, in the use of quasi-financial model, enterprises should guard against its co-existing risks, in order to give full play to its effectiveness.