会计学院知识库

随着移动互联网的普及和网络用户数量的饱和，传统实体零售企业和电商

零售企业开始面临市场份额的争夺和商业模式的升级压力。在这样的背景下，

新零售模式应运而生。然而，新零售模式需要传统零售企业投入大量的资金进

行规模扩张、系统开发和平台建设，这可能导致零售企业资金供给不足，进而

面临着现金流风险的挑战，降低新零售模式下企业的现金流风险至关重要。因

此，通过现金流风险的识别与评估，探讨如何管理现金流风险，对于企业提升

现金流风险管理水平，实现长期稳健发展的目标具有重要意义。 

本文选取新零售模式的代表企业国美零售作为案例研究对象，基于价值链

视角，按照风险识别、风险评估和风险控制的步骤，对新零售模式下的国美零

售现金流风险状况展开研究。首先，分析了新零售模式下为何会出现现金流风

险与从价值链视角下进行企业现金流风险管理的可行性与科学性，研究了现金

流风险管理的目标、识别与评估的逻辑流程。其次，从内外部价值链角度出

发，识别国美零售可能存在的现金流风险。再次，基于安全性和创值性目标建

立现金流风险评估指标体系，运用层析分析法对公司的现金流风险进行评估，

一方面为上一章现金流风险识别的结果提供数据支持，另一方面为后续的管理

提供方向。最后，基于现金流风险识别和评估的结果，给出了相关的现金流风

险控制建议，包括调整采购模式、转变销售策略、部署数字化物流、重点研发

投入、完善供应商联盟、拓宽融资渠道、调整资本结构等等。本研究为提高国

美零售在新零售模式下现金流风险管理水平提供决策参考，也为其他具有类似

现金流状况的企业提供借鉴。

With the popularity of mobile internet and the saturation of network 

users, traditional brick-and-mortar and e-commerce retailers are facing 

pressure to compete for market share and upgrade their business models. 

Against this backdrop, the new retail model emerged. However, the new 

retail model requires traditional retailers to invest heavily in expanding 

their scale, developing systems, and building platforms, which can lead to 

inadequate funding and cash flow risks. Therefore, identifying and 

evaluating cash flow risks, and exploring how to control them from a value 

chain perspective is crucial for improving cash flow risk management and 

achieving long-term stable development. 

This article selects Gome Retail Holdings Limited, a representative 

enterprise of the new retail model, as the research object, and studies the 

cash flow risk situation of Gome Retail from the perspective of the value 

chain, based on the steps of risk identification, risk assessment, and risk 

control. Firstly, the reasons for the cash flow risk under the new retail 

model and the feasibility and scientificity of enterprise cash flow risk 

management from the value chain perspective were analyzed, and the 

logical process of cash flow risk management goals, identification, and 

assessment were studied. Secondly, the potential cash flow risks of Gome 

Retail were identified from the internal and external value chain 

perspectives. Thirdly, a cash flow risk evaluation index system was 

established based on security and value creation goals, and the Analytic 

Hierarchy Process was used to evaluate the company's cash flow risk, 

which provides data support for the results of the previous chapter's cash 

flow risk identification, and provides direction for subsequent control. 

Finally, based on the results of cash flow risk identification and assessment, 

relevant cash flow risk control suggestions were provided, including 

adjusting procurement models, changing sales strategies, deploying digital 

logistics, focusing on R&D investment, improving supplier alliances, 

expanding financing channels, and adjusting capital structure. This study 

provides decision-making references for improving Gome Retail's cash 

flow risk management level under the new retail model and provides a 

reference for other enterprises with similar cash flow situations.