会计学院知识库

中国已进入高质量发展阶段，实体经济在其中始终发挥着重要的支撑作用。而实体行业目前存在着增长速度下降、竞争加剧、利润率低等问题，于是实体企业纷纷选择拓展业务范围、多元化经营以摆脱发展乏力的困局。产业资本大量流入利润率更高的金融和房地产等领域，实体企业呈现出了金融化的趋势。但金融化是一把“双刃剑”，助力实体企业提高效率的同时亦伴随着财务风险，只有更好地利用金融化这一工具，实体企业才能持续健康发展。剖析企业金融化的动因，分析企业金融化行为可能导致的财务风险，成为目前有现实意义的、亟待研究的课题。

本文以奥马电器为例，从分析奥马电器自身金融化程度的变化入手，厘清其金融化发展过程；结合融资优序理论，剖析奥马电器实施金融化行为的动因；基于风险管理理论，利用财务指标识别财务风险，与相关金融化行为对应；使用熵权TOPSIS法计算各类财务风险占总风险的权重，评价各年度财务风险程度；从多个角度分析奥马电器金融化产生财务风险的原因，提出有针对性的建议。

基于以上研究得出结论：奥马电器的金融化过程中，早期金融投资的收益高于制造业，提高了资金使用效率，降低了财务风险；但后期金融业务的大规模亏损，降低了企业的利润和经营稳定性，增加了财务风险。本文基于奥马电器案例分析了实体企业财务风险的变化及原因，为奥马电器和同类型实体企业金融投资、规避金融化财务风险提供思路和帮助，丰富企业金融化财务风险研究的案例。

China’s economy has entered a stage of high-quality development, in which the real economy plays an important supporting role. At present, there are many problems facing our economies' real sectors, such as declining growth rate and intensified competition. So that the corporate entities flocked to increase their financialization to cope with the fragile growth force, and invest substantial industrial capital into financing and real estate with higher-margin，Physical enterprises have shown a trend of financialization. However, financialization is a "double-edged sword", helping real enterprises improve efficiency but also accompanied by financial risks. Only by better use of financialization, real enterprises can achieve sustainable development. In-depth analysis of the reasons for enterprises’ financialization and the financial exposure that may be caused by enterprises’ financialization have become topics of practical significance and urgent research in China.

This paper takes Homa Appliances as an example, starting from the analysis of the degree of financialization of Homa Appliances to clarify its financialization development process. Combined with the Pecking Oder Theory, the reasons for the implementation of financialization by Homa Appliances were analyzed. Based on the theory of risk management, the paper uses the investment risk, financial risk and other related indicators to identify financial risks and correspond to relevant financialization behaviors; Then, the degree of financial risk is evaluated using the entropy and TOPSIS method. Finally, the reasons for the financial risks caused by the financialization of Homa Appliances are analyzed from multiple angles, and targeted suggestions are put forward.

Based on the above research, it is concluded that in the financialization process of Homa Appliances, the early financial investment return is higher than that of the manufacturing industry, which improves the efficiency of capital use and reduces the financial risk; but the large-scale loss in the later financial business reduces the profit and operation stability of the enterprise, and increases the financial risk. Based on the case of Homa Appliances, this paper analyzes the changes and causes of the financial risks of entity enterprises, provides ideas and help for the financial investment of the same entity enterprises and avoids the financial risk, and enriches the case of the financial risk of enterprises.