摘 要

随着平板电脑和智能手机等新媒体媒介展现出来的信息获取方便、范围大和开放性方面的巨大优势，传统纸质媒体的发展受到不可避免的冲击和挑战，纸媒影响力开始下降，市场占有率也在缩小，公司业绩下滑较大。读者出版传媒股份有限公司为知名出版企业，一直以弘扬优秀文化为责任，其创办的《读者》杂志，具有很高的品牌价值，但受新媒体冲击等因素的影响，其营业收入和毛利润有所下降。因此读者出版传媒股份有限公司若要长久的发展，控制财务风险来应对激烈的市场竞争和逐渐复杂的外部市场环境是很有必要的。

本文以财务风险控制理论为基础，结合读者出版传媒股份有限公司的财务报表的相关数据指标，从筹资风险、投资风险、资金运营风险、收益分配风险方面对公司的财务风险进行了识别及分析。筹资风险方面，其资本结构与资金配置还尚未达到最优状态，特别是短期偿债能力存在一定财务风险。投资风险方面，盲目进行跨行业投资，使其对外投资成本存在较高的减值风险。资金运营风险方面，主要风险在于公司未能及时收回应收账款，从而影响到了企业的现金流量，同时由于收入来源单一，也导致企业难以抵御市场变动对收入影响的风险。收益分配风险方面，企业现使用的分配方案，不利于调动投资者的积极性，不利于吸引更多投资。基于上述，从四个角度，提出了具有“可行性”、“有效性”的方案，旨在帮助出版类企业增强财务风险识别与防范的意识，使其在公司的治理上能够更加细致周到，眼光更加长远。

                                                     Abstract

With new media mediums such as tablet computers and smartphones demonstrating great advantages in terms of ease of access to information, large scope and openness, the development of traditional paper media has been inevitably impacted and challenged, and the influence of paper media has started to decline and its market share is shrinking, resulting in a large decline in the Company's performance. Reader Publishing & Media Co., Ltd. is a well-known publishing company, which has always taken the responsibility of promoting good culture and its magazine Reader, which has a high brand value, but its operating revenue and gross profit have declined due to the impact of new media and other factors. Therefore, if Reader Publishing and Media Co., Ltd. is to develop in the long run, it is necessary to control financial risks to cope with the fierce market competition and the gradually complicated external market environment.

This paper identifies and analyses the company's financial risks in terms of financing risk, investment risk, capital operation risk and earnings distribution risk, based on the theory of financial risk control, combined with the relevant data indicators of the financial statements of Reader Publishing & Media Co. In terms of financing risk, its capital structure and capital allocation have not yet reached an optimal state, and there is a certain financial risk, especially in terms of short-term debt servicing capacity. In terms of investment risk, the company has blindly made cross-industry investments, which expose it to a high risk of impairment of external investment costs. In terms of capital operation risk, the main risk lies in the company's failure to collect accounts receivable in a timely manner, which affects the cash flow of the enterprise, and the single source of income, which also makes it difficult for the enterprise to resist the risk of market changes affecting income. In terms of revenue distribution risk, the current distribution scheme used by the company is not conducive to motivating investors and attracting more investment. Based on the above, we have proposed "feasible" and "effective" solutions from four perspectives, with the aim of helping publishing companies to enhance their awareness of financial risk identification and prevention, so that they can be more careful and considerate in their corporate governance and take a longer-term view.