会计学院知识库

    当前，我国整体经济呈现“脱实向虚”的趋势，实体企业金融化的程度也在逐渐加深，其主要原因在于近年来实体行业利润率相比金融行业偏低，实体企业盈利不断被挤压，因此许多实体企业选择进入利润率较高的金融行业，来提高企业的收益水平。这时候，较多实体企业选择炒股和购买理财产品的方式来提高企业利润，增加企业的收益来源。但是，改变传统的实体投资，大量投资金融领域，也会造成企业财务风险的变化。

    本研究选取了北京君正集团作为研究对象，对企业金融化的财务风险进行了探究。首先，从整体上对我国金融化的现状及动因进行分析，可以看到，我国实体企业金融化程度逐年升高，实体企业金融资产占比近几年上升趋势比较明显；其次，研究了北京君正金融化的动机与历程，研究发现，北京君正金融化的动机主要是企业面临获利危机，而金融投资也短时间内帮助企业缓解了压力；再次，从四个方面对金融化的财务风险进行了识别与分析，并使用Z值分析法与F值分析法对北京君正金融化引发的财务风险进行评价，并针对北京君正的金融化财务风险提出了管控建议；最后基于以上的研究得出结论：（1）目前，从整体来看，我国非金融上市企业金融化程度仍比较低，但其近些年金融化的程度加深速度较快，需引起相应重视。（2）北京君正的金融投资行为，在前期降低了企业融资约束，缓解了企业财务压力，降低了财务风险；但长期来看，因为北京君正在大量进行金融投资期间，对主业的重视不够，研发投入在主营业务收入中的比重也一直在下降，长期带来了企业财务风险的增长，总体上来看，对企业的成长不利。（3）企业金融化程度不同，对企业财务风险产生的影响也不同。一定程度内的金融资产配置，对企业的财务风险有降低作用，但如果金融资产配置量过大，引起企业金融化程度过高，会加大企业的财务风险，也会影响主业的发展。

    文章的最后，分别从不同的主体角度对我国实体企业的金融化财务风险问题提出政策性建议。总的来说，在我国“脱实向虚”的经济背景下，实体企业仍要聚焦主业，增强企业的核心竞争力，时刻警惕过度金融化。

   At present, my country's overall economy is showing a trend of "departing from the real to the virtual", and the degree of financialization of real enterprises is gradually deepening. , so many entity enterprises choose to enter the financial industry with higher profit margins to improve the income level of the enterprise. At this time, more real companies choose to invest in stocks and purchase wealth management products to increase corporate profits and increase their sources of income. However, changing the traditional physical investment and investing a lot in the financial field will also cause changes in corporate financial risks.

  This research selects Beijing Junzheng Group as the research object to explore the financial risks of corporate financialization. First of all, by analyzing the current situation and motivation of my country's financialization as a whole, it can be seen that the degree of financialization of my country's real enterprises is increasing year by year, and the proportion of real enterprises' financial assets has increased significantly in recent years; The motivation and process of positive financialization, the study found that the main motivation of Beijing Junzheng's financialization is that the company is facing a profit crisis, and financial investment has also helped the company to relieve the pressure in a short time; Risks were identified and analyzed, and Z-value analysis and F-value analysis were used to evaluate the financial risks caused by Beijing Junzheng's financialization, and put forward management and control suggestions for Beijing Junzheng's financial risks. Finally, based on the above The research concludes: (1) At present, on the whole, the degree of financialization of my country's non-financial listed companies is still relatively low, but the degree of financialization has deepened rapidly in recent years, and corresponding attention should be paid to it. (2) Beijing Junzheng’s financial investment behavior has reduced corporate financing constraints in the early stage, eased corporate financial pressure, and reduced financial risks; but in the long run, because Beijing Junzheng is making a large number of financial investments, it attaches great importance to the main business Not enough, the proportion of R&D investment in the main business income has also been declining, which has brought an increase in corporate financial risks for a long time. Generally speaking, it is not conducive to the growth of the company. (3) Different degrees of corporate financialization have different impacts on corporate financial risks. The allocation of financial assets to a certain extent can reduce the financial risks of enterprises, but if the allocation of financial assets is too large, the degree of financialization of enterprises is too high, which will increase the financial risks of enterprises and affect the development of the main business.

    At the end of the article, it puts forward policy suggestions on the financial risk of my country's real enterprises from different perspectives. In general, under the economic background of my country's "departure from the real to the virtual", entity enterprises should still focus on their main business, enhance their core competitiveness, and always be vigilant against excessive financialization.