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       当前，我国汽车制造行业正面临着激烈的市场竞争，多数公司的经营资金都相对短缺，且随着营运成本的不断上升，致使企业出现不盈利或者盈利增长缓慢的情况，因此筹资融资迫在眉睫。随着类金融模式在家电行业的广泛应用，汽车企业也逐渐将其作为融资方式。应用企业凭借着自身得天独厚的商业优势，延迟向上游供应商支付应付款项且提前收取下游客户的货款，使得企业能够获得大量无息的浮游资金，有效减轻企业的现金使用压力，缓解资金周转的紧迫性。企业通过运用这些累积的无息资金，进一步拓宽销售渠道，扩张经营规模，从而提升自身的盈利能力。

       但是，类金融模式的使用对企业来说是一把“双刃剑”。因为在创造巨大经济利润的同时,还具有一定的风险。例如该融资方式有可能对商业信用造成损害，供货商和分销商会认为其自身权益无法得到保证，长此以往对双方的业务往来会造成负面影响，甚至会影响长期合作。同时，企业的流动负债占总负债比重高，一旦经营不善便会出现资金链断裂的巨大风险。资金链断裂后，企业无法偿还拖欠的债务，从而引发财务危机。为了有效地防范这些财务风险，就必须重视类金融模式所潜在的财务风险，并且采取有效措施加以控制，以促使企业在市场经济 大潮中稳步发展。

       东风汽车作为我国汽车制造业的领军企业，实力雄厚，成功跻身世界五百强企业。近些年，该公司着重于技术的提升，使得自主品牌汽车销量成功位于全国汽车销量前列。东风汽车自从通过占用供应商和经销商的资金来进行日常经营 后，便出现资本结构等不合理现象。这些因素对公司的生存和发展将造成潜在的财务风险，如果不采取有效措施预防，将形成严重的财务危机和信用危机。因此，本文从汽车制造业的政策背景和经营环境出发，选用东风汽车作为典型的案例研 究对象，对其使用类金融模式进行深入探究。首先，仔细研读并整理了近年来学者们的研究成果，对涉及到的类金融模式的相关概念、理论基础进行梳理，为后续写作提供理论支撑；其次，对东风汽车的公司概况、运营现状进行简要阐述，分析其是否有一定的议价能力和市场主导地位来应用类金融模式；在此基础之下，结合东风汽车所处的经济环境，从应用类金融模式的动因、方式及产生的财务效果进行剖析，并选取其竞争对手一汽汽车进行横向比较，力求全面、真实的反映出类金融模式为东风汽车的运营带来的好处；最后，利用2016-2020 年这五年的财务报表数据进行纵向比较，通过各项财务指标的变化情况变化对东风汽车使用类金融模式后产生的风险及其原因进行分析，并有针对性的提出解决措施，希望可以为其他实施类金融模式、占用供应链两端资金的企业提供参考。

关键词：类金融 东风汽车 商业信誉 供应链 财务风险

       At present, China's automobile manufacturing industry is facing fierce market competition. Most companies are relatively short of operating funds, and with the continuous increase of operating costs, enterprises are not profitable or the profit growth is slow, so financing is imminent. With the extensive application of the quasi-financial model in household appliances industry, automobile enterprises are gradually using it as a financing method. By virtue of its unique commercial advantages, enterprises delay paying payables to upstream suppliers and collect payment from downstream customers in advance, which enables enterprises to obtain a large amount of interest-free floating funds, effectively reducing the pressure of cash use of enterprises and the urgency of capital turnover. By using these accumulated interest-free funds, enterprises can further broaden their sales channels and expand their business scale, thus enhancing their profitability.

       However, the use of the quasi-financial model is a "double-edged sword" for enterprises. Because while creating huge economic profits, it also has certain risks. For example, this financing method may damage commercial credit, and suppliers and distributors may think that their own rights and interests cannot be guaranteed, which will have a negative  impact on the business exchanges between the two parties in the long run, and even affect long-term cooperation. At the same time, the current liabilities of enterprises account for a high proportion of total liabilities, and once they are poorly managed, there will be a huge risk of capital chain breakage. After the capital chain breaks, the enterprise can't repay the debt in arrears, which leads to financial crisis. In order to effectively prevent these financial risks, we must pay attention to the potential financial risks of similar financial models and take effective measures to control them, so as to promote the steady development of enterprises in the tide of market economy.

       DongFeng Automobile Co.LT, as the leading enterprise in China's automobile manufacturing industry, has strong strength and successfully ranks among the top 500 enterprises in the world. In recent years, the company has focused on the improvement of technology, which makes the sales of self-owned brand cars successfully rank in the forefront of national automobile sales. Since Dongfeng Motor has occupied the funds of suppliers and distributors for daily operation, irrational phenomena such as capital structure have appeared. These factors will cause potential financial risks to the survival and development of the company. If effective measures are not taken to prevent them, serious financial crisis and credit crisis will be formed. Therefore, starting from the policy background and business environment of the automobile manufacturing industry, this paper chooses Dongfeng Motor as a typical case study object, and makes an in-depth study of its use-type the quasi-financial model. First of all, carefully study and sort out the research results of scholars in recent years, sort out the related concepts and theoretical basis of the quasi-financial model involved, and provide theoretical support for subsequent writing; Secondly, it briefly expounds the company profile and operation status of Dongfeng Motor, and analyzes whether it has certain bargaining power and market dominance to apply the quasi-financial model; On this basis, combined with the economic environment in which Dongfeng Motor is located, this paper analyzes the motivation, methods and financial effects of applying the quasi-financial model, and selects its competitor China FAW Group Corporation for horizontal comparison, so as to fully and truly reflect the benefits brought by the quasi-financial model to the operation of Dongfeng Motor. Finally, the financial report data of the five years from 2016 to 2020 are used for vertical comparison, and the risks and causes of Dongfeng Motor after using the quasi-financial model are analyzed through the changes of various financial indicators, and targeted solutions are put forward, hoping to provide reference for other enterprises that implement the quasi-financial model and occupy the funds at both ends of the supply chain.

Keywords：The quasi-financial model；DongFeng Automobile Co.LT； Business Integrity；Supply Chain；Financial Risk