会计学院知识库

  新疆机械研究院股份有限公司，是一家专注于农机与航空装备制造的上市公司。发展至今，公司已是一家囊括除原材料生产之外从研发源头至终端销售的复合型企业。2015年新研股份收购明日宇航进入航空装备制造业。至此，公司开始转变发展重心。

  新研股份上市后不断的收购兼并，积累了大量商誉，由于股价下跌、销售端表现逐年下滑等原因，新研股份盈利能力不断下降，2019计提大量商誉减值与坏账损失后，企业财务问题进一步暴漏，例如产品结构不合理、财务费用高等。运用Z-Score模型对新研股份近五年财务状况进行判别，发现公司Z值不断下滑，2018年处于“灰色地带”，2019、2020两年处于“破产区域“，说明新研股份的财务状况不容乐观。结合Z值走势及其中变量建立财务风险预警模型，可以有效观测数据变化，为可能即将到来的风险起预警作用，让公司拥有充足的反应时间调整策略来应对变化。

  本文得出结论，新研股份由原来的农牧机械龙头、被市场看好的一家上市公司，逐渐成为如今连年亏损的企业，除了国家政策、国内外市场环境，更多的还是由于自身转型过快的缘故，过早的将大量资源投入至航空装备制造方面，导致农牧机械产品逐渐失去市场竞争力，而航空装备没有完成技术积累，还处于发展阶段，无法很好的为公司带来持续性的利益，带动公司发展。要解决上述问题，需要从公司自身出发，改变发展理念，平衡产业比重，优化管理方式。针对新研股份近几年的经营及财务情况提出以下几点建议：1.提高产品和服务的质量。2.提高企业运营能力。3.改进企业管理方式。

  Xinjiang Machinery Research Institute Co., Ltd. is a listed company focusing on the manufacturing of agricultural machinery and aviation equipment. Up to now, the company has been a compound enterprise that includes R & D from the source to terminal sales in addition to raw material production. In 2015, Xinyan Co., Ltd. acquired tomorrow aerospace to enter the aviation equipment manufacturing industry. At this point, the company began to change its development focus.

  After the listing of Xinyan shares, it continued to acquire and merge, accumulating a large amount of goodwill. Due to the decline of share price and the decline of sales performance year by year, the profitability of Xinyan shares continued to decline. After a large number of goodwill impairment and bad debt losses were accrued in 2019, the enterprise's financial problems were further exposed, such as unreasonable product structure and high financial expenses. Using the Z-score Model to judge the financial situation of Xinyan Co., Ltd. in the past five years, it is found that the company's Z value is declining and in the "gray zone" in 2018, The two years 2019 and 2020 are in the "bankruptcy area", which indicates that the financial situation of Xinyan Co., Ltd. is not optimistic. The establishment of a financial risk early warning model in combination with the trend of Z value and its variables can effectively observe data changes, play an early warning role for possible upcoming risks, and enable the company to have sufficient response time adjustment strategies to deal with changes.

  This paper draws a conclusion that Xinyan Co., Ltd. has gradually become a loss making enterprise year after year from the original leading agricultural and animal husbandry machinery company, which is favored by the market. In addition to the national policies and the domestic and foreign market environment, it also invested a large amount of resources into aviation equipment manufacturing prematurely due to its rapid transformation, resulting in the gradual loss of market competitiveness of agricultural and animal husbandry machinery products, while the aviation equipment has not completed the technical accumulation, It is still in the development stage and cannot bring sustainable benefits to the company and drive the development of the company. To solve the above problems, we need to start from the company itself, change the development concept, balance the industrial proportion and optimize the management mode. According to the operation and financial situation of Xinyan Co., Ltd. in recent years, the following suggestions are put forward: 1 Improve the quality of products and services. 2. improve the operation ability of the enterprise. 3. improve enterprise management.