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重大资产重组作为企业扩张的重要手段之一，在其重组规模、所涉资金以及业务变动范围等方面都与一般的并购重组存在着差别。而财务风险作为企业经营风险的集中体现，当企业与经营相关的基础性条件发生重大变化时，其财务风险势必会随之波动。近年来，我国上市企业重大资产重组失败率不断升高，在企业重组失败的背后往往都承担了巨额损失，并与其最初的战略构想背道而驰，有些企业甚至陷入了财务造假的窘境，身陷诉讼纠纷。因此研究重大资产重组的财务风险问题对于企业财务风险防范具有重要意义，而科创板作为我国支持战略新兴产业发展的新设板块，在其开设同年就有企业公布重大资产重组预案，在此背景下，研究重大资产重组的财务风险也更具有代表性作用。

首先，本文采取案例研究法，选取科创板上市的第一股，同时也是科创板第一次进行重大资产重组的华兴源创作为研究对象，通过分析其内外经营环境而引出该公司的战略布局，进而阐明其进行重大资产重组的原因；其次，详细介绍华兴源创重组欧立通的过程，并分析了华兴源创重组欧立通的财务状况前后变化情况，以重组前后过程为节点将财务风险识别为定价、融资、支付以及整合等四个方面；再次，确定财务风险评价的指标选取原则，选取财务指标数据，采用熵权TOPSIS模型对其财务风险进行客观评价；最后，根据评价结果，分析华兴源创重大资产重组背后所带来的财务风险，并就华兴源创的实际情况提出财务风险防范建议。

根据上述研究过程，本文发现重大资产重组的财务风险重点体现在整合阶段，并且其财务风险变化并不会在重组当下期间内马上体现出来，而是具有一定的滞后性，此外，因为重大资产重组对于企业经营业务的影响，重大资产重组的财务风险贯穿于企业后续的经营管理过程之中。

As an important means of corporate expansion, major asset restructuring differs from general M&A restructuring in terms of the scale of the restructuring, the capital involved and the scope of business changes. Financial risk, as a centralized manifestation of enterprise operation risk, is bound to fluctuate when there are significant changes in the underlying conditions related to the operation of the enterprise. In recent years, the failure rate of major asset reorganization of listed enterprises in China has been increasing, behind which enterprises often bear huge losses and run counter to their initial strategic vision, and some of them even fall into the dilemma of financial fraud and are involved in litigation disputes. Therefore, it is important to study the financial risk of major asset restructuring to prevent the financial risk of enterprises. As a newly established board to support the development of strategic emerging industries in China, some enterprises announced their plans for major asset restructuring in the same year of the opening of the board.

Firstly, this paper adopts the case study method and selects Huaxing Yuanchuang, the first stock listed on the STB and also the first major asset restructuring on the STB, as the object of study, and introduces the strategic layout of the company by analyzing its internal and external business environment, and then elucidates the reasons for its major asset restructuring. The financial risk is identified into four aspects, such as pricing, financing, payment and integration, using the process before and after the restructuring as nodes; again, the principles of selecting indicators for financial risk evaluation are determined, relevant financial indicators are selected, and the entropy TOPSIS model is applied to evaluate the financial risk; finally, based on the evaluation results, the financial risk behind Huaxing Yuanchuang's major asset restructuring is analyzed, and the actual reasons for Huaxing Yuanchuang's major asset restructuring are discussed. Finally, based on the evaluation results, the financial risks behind the major asset restructuring of Huaxing Yuanchuang are analyzed, and financial risk prevention suggestions are made with respect to the actual situation of Huaxing Yuanchuang.

Based on the above research process, this paper finds that the financial risk of major asset reorganization focuses on the integration stage, and its financial risk changes do not manifest immediately in the immediate period of the reorganization but with a certain lag. In addition, because of the impact of major asset reorganization on the business of enterprises,the financial risk of major asset reorganization runs through the subsequent business management process.