会计学院知识库

随着全球范围内的传统能源结构逐步进入调整阶段，新能源产业受到了空前 的关注。我国早在二十年前就开始出台了各项扶持新能源产业发展的政策且投入 了大量的资金。然而，庞大的投资规模也从无形中加剧了整个行业的竞争，导致 了很多行业龙头都接连发生了财务危机。本研究选取了科恒股份作为案例研究对 象，对构建新能源设备企业的财务风险预警模型进行了研究。新能源设备企业遭 遇的历次财务危机当中，大多是企业的资金链出现断裂所导致的。因此，本研究 构建的财务风险预警模型是基于现金流量视角而设计的，力求提高预警模型的准 确度；同时，本研究从四个方面入手，利用熵值法和功效系数法分别计算评估了 科恒股份近五年的财务风险，并针对性地对公司提出了几点风险防范措施；基于 以上研究得出结论：（1）科恒股份在过去五年间均存在不同程度的财务风险。 （2）科恒股份 2017-2021 的财务风险警值分别为重警、中警、中警、重警、重 警。(3)科恒股份产生财务风险的主要原因有四点：无序的兼并收购造成公司财 务压力加大、大举扩展生产线加大公司的偿债压力、研发投入转化成果较差、管 理层的现金流量管理水平较为落后。

本研究的最后，分别就各项科恒股份财务风险的成因提出了针对性的风险防 范措施。总体上来看新能源设备行业面临的困境还将进一步加剧，本研究希望能 够在为科恒股份建立财务风险预警模型的研究基础上，为新能源设备行业的诸多 企业都敲响警钟，呼吁各个公司都能够更进一步地关注财务风险预警机制的建立 或完善，为新能源行业有序健康的发展提供基础。

With the global traditional energy structure gradually entering the adjustment stage, the new energy industry has received unprecedented attention. As early as 20 years ago, some policies have been introduced to support the development of the new energy industry by chinese government. However, the huge scale of investment also intensifies the competition of the whole industry virtually, leading to the financial crisis of many industry leaders. This study chooses Keheng Stock as the case study object to study the construction of financial risk model . Most of the financial crises encountered by new energy equipment enterprises are caused by the breakdown of the capital chain of the enterprises. Therefore, the financial risk model constructed in this study is designed to improve the accuracy of the model based on cash flow perspective. At the same time, this study starts from four aspects, using the entropy method and the efficiency coefficient method respectively to calculate and evaluate the financial risks of Keheng Stock in the past five years, and puts forward several risk prevention measures for the company. Based on the above research, it can be concluded that: (1) Keheng Shares have different degrees of financial risks in the past five years. (2) The financial risk alarm values of Keheng Stock from 2017 to 2021 are major alarm, medium alarm, medium alarm, heavy alarm and heavy alarm .(3)Four significant factors account for the financial risks of Keheng Stock: the disorderly mergers and acquisitions increase the financial pressure of the company, the massive expansion of the production line increases the pressure of the company's debt repayment, the poor results of the transformation of R&D investment, and the backward cash flow management level of the management.

At the end of the research, This study proposes five suggestions to avoid financial risk. In a word, the problems faced by new energy equipment industry will be further aggravated. Based on the case study of Keheng Stock, this paper hopes to put forward warnings for other new energy equipment enterprises in advance, and call on all companies to make further progress