会计学院知识库

随着新电改的不断深入，新能源逐渐成为一种发展趋势，电力市场的竞争局面日益激烈，面临复杂多变的内外部环境，电力市场过剩、新能源竞争冲击、高煤价低电价“两头挤压”和“能耗双控”等多种因素综合作用，造成火力发电亏损，负债率居高不下，财务风险管控的难度越来越大。

本文以火力发电的金山股份公司的财务风险为研究对象，该公司是辽宁一家在本世纪初上市的火力发电企业。自公司上市以来，煤电价格持续走高，对企业的经营状况产生了巨大的影响，导致了企业的盈利水平不断下滑，电力市场结构的变化、国家政策因素、绿色发展和减排的压力等，都加深该企业财务风险。如何化解企业的财务风险，帮助企业纾困，是企业面临的头等大事。本文旨在对其财务风险进行识别、评价与控制。首先，在梳理国内外研究成果及财务风险理论的基础上，结合行业的特点，运用熵权TOPSIS法分析案例企业的财务风险现状，第二，文章从筹资风险、投资风险、营运风险以及现金流风险四个方面对企业面临的财务风险进行初步识别，并通过选择评价指标并建立评价体系，对公司的财务风险进行排序。第三，通过对企业在行业中财务风险排名以及近六年财务风险变化趋势分析，发现近几年公司财务状况明显恶化，通过与同行业企业对比显示公司存在较高的财务风险。最后，结合行业特点与自身状况，提出了公司应该拓宽筹资渠道、优化资本结构、加强应收账款管理、规范投资风险管理流程、建立现金流风险预警系统等风险控制措施，以促进企业的持续经营与发展，以期为帮助案例企业走出财务困境提供一些参考。

As the New Power Reform continues to deepen, new energy has gradually become a development trend. Competition in the energy market is becoming increasingly fierce, In the face of a complex and changing domestic and external environment, the power market surplus, the impact of new energy competition, the "two end squeeze" of high coal price and low electricity price, and the "dual control of energy consumption" and other factors play a comprehensive role, resulting in losses in thermal power generation, high debt ratio, and increasingly difficult financial risk management and control.

This paper takes the financial risk of Jinshan Co., Ltd., a thermal power company listed in Liaoning at the beginning of this century, as the research object. Since the listing of the company, the price of coal and electricity has continued to rise, which has had a huge impact on the operation of the company, resulting in the continuous decline of the company's profitability. Changes in energy market structure, domestic policy factors, environmental development and emission reduction pressure have made society's financial risk more serious, how to resolve the financial risks of enterprises and help them to bail out is the top priority for enterprises. The objective of this document is to identify, assess and control its financial risks. First, based on their domestic and international results, financial risk theory and industrial features, TOPSIS is used to analyse the state of financial risk in a case enterprise. Second, the article makes a preliminary identification of the financial risk from four aspects: financing risk, investment risk, operational risk and cash flow risk. And establishes an evaluation system by selection of indicators, and ranks the financial risks. Third, based on the analysis of the company's financial risk ranking and the change of financial risk over the last 6 years, we find that the financial situation of the company has worsened significantly in recent years, and a comparison with other companies in the same sector indicates a high financial risk. Finally, In combination with the industry's sociological background and its own situation, It is suggested that the Company should expand its financing channels, optimize its capital structure, enhance its receivables management, and regulate its investment risk management, and set up an early warning system for cash flow risk and other risk management measures in order to support the continued operation and development of the business, in order to provide a basis for helping companies to overcome their financial difficulties.