会计学院知识库

国家在“十四五”规划中强调要发展现代产业体系，新能源汽车产业作为产业体系中重要的一环，国家在其发展初期给予了大量、持续的补贴。国家补贴政策助力新能源汽车产业发展的同时却带来了企业过度依赖补贴、政府财政压力大等负面影响，新发展阶段政府补贴的退坡直至退出标志着进入后补贴时代。后补贴时代新能源产业链中的动力电池企业受到上下游企业的“双向压力”，表现出原材料价格飙升、利润空间缩小等问题，加重了新能源动力电池企业的财务风险隐患。

基于以上背景，文章选取新能源动力电池企业国轩高科作为研究对象。首先，介绍国轩高科基本情况以及后补贴时代背景对动力电池企业造成的影响，结合企业内外部环境识别了该公司财务风险，为财务风险预警模型的构建提供佐证；其次，运用相关系数分析法筛选并确定了12项指标，运用熵值法对各项指标客观赋权，用功效系数法构建完整的财务风险预警模型；最后，通过应用国轩高科财务风险预警模型，对2017年至2021年五年度各细分指标预警结果进行分析，并提出有针对性的财务风险防范保障措施。

研究发现国轩高科存在着现金流不足、资产结构不合理、资产变现能力较弱等问题，根据国轩高科财务风险预警结果可知公司整体处在较高的风险等级，应当及时识别和评估财务风险，进一步加强财务风险的防范。文章通过财务风险预警研究不仅可以为国轩高科管理决策提供参考，还能为其他动力电池企业的财务风险预警提供借鉴。

In the "14th Five-Year Plan", the country emphasized the development of modern industrial system. As an important part of the industrial system, the new energy automobile industry was given a large number of sustained subsidies in the early stage of its development. While the national subsidy policy helps the development of the new energy automobile industry, it has brought negative effects such as excessive reliance on subsidies of enterprises and great financial pressure of the government. The decline and withdrawal of government subsidies in the new development stage marks the entry of the post-subsidy era. In the post-subsidy era, power battery enterprises in the new energy industry chain are under "two-way pressure" from upstream and downstream enterprises, showing problems such as soaring raw material prices and shrinking profit space, which aggravate the hidden financial risks of new energy power battery enterprises.

Based on the above background, this paper selects Guoxuan Gaoke, a new energy power battery company, as the research object. First of all, it introduces the basic situation of Guoxuan Hi-Tech and the impact of the post-subsidy era background on the power battery enterprises. Combined with the internal and external environment of the enterprise, it identifies the financial risks of the company, providing evidence for the construction of the financial risk early warning model. Secondly, the correlation coefficient analysis method is used to select and determine 12 indicators, the entropy method is used to objectively assign weight to each indicator, and the efficiency coefficient method is used to build a complete financial risk early warning model. Finally, by applying the financial risk early warning model of Guoxuan High-tech, the early warning results of each subdivision index in five years from 2017 to 2021 are analyzed, and targeted financial risk prevention safeguard measures are proposed.

The research found that Guoxuan High-tech has problems such as insufficient cash flow, unreasonable asset structure, weak asset realization ability and so on. According to the early-warning results of financial risk of Guoxuan High-tech, the company as a whole is at a high risk level, so it should timely identify and evaluate financial risks and further strengthen the prevention of financial risks. Through the study of financial risk early warning, this paper can not only provide reference for the management decision of Guoxuan High-tech, but also provide reference for other power battery enterprises' financial risk early warning.