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随着全球光伏装机需求的不断增加，在政策补贴下滑、装机成本不断下降、国外开始扶持本国光伏产业的背景下，国内光伏企业市场化竞争加剧。随着资本市场的快速扩张，竞争焦点也从专业化制造能力逐渐转移到全产业链的整体竞争上，企业之间的竞争范围不断扩大。这促使众多光伏制造企业普遍选择开始纵向一体化战略转型。为了保证企业在市场竞争中保持成本、技术等方面的竞争优势，光伏企业不断采用自设产能或战略并购等手段，向光伏制造产业链的上下游扩展，实施纵向一体化的战略布局。

考虑到企业战略转型能否成功在很大程度上受到企业的财务风险的影响。基于当下的市场背景，本文旨在探讨光伏行业在推进纵向一体化战略转型过程中所面临的财务风险问题。以中国光伏企业市值第一的隆基绿能为例，该企业自上市以来就确立了覆盖光伏全产业链的战略愿景。得益于其坚实的技术基础和资本积累，隆基绿能成功实现了向行业中下游电池组件及电站业务的拓展，通过纵向扩张有效地实现了公司的协同效益最大化。当下光伏设备制造企业都在推行纵向一体化的战略转型，选取其行业龙头隆基绿能作为本文的研究对象具有一定的代表性，发现其纵向一体化战略实施过程中出现的财务问题，及其提出的应对方法。

本文首先梳理相关文献和资料，明确产业链纵向一体化和财务风险的相关理论，以纵向一体化对企业财务风险的影响作为研究的主要方向。再通过案例公司情况分析，首先介绍隆基绿能产业链纵向一体化下经营概况、实施动因和发展历程。其次通过对财务数据的系统性分析，评估战略转型过程中所凸显的财务风险。再次分析企业发生财务风险成因，最后结合分析出的财务风险，本文将根据收集到的案例信息，对每一具体问题进行深入分析，并据此提出相应的针对性建议和措施。

With the increasing demand for global photovoltaic installed capacity, the market-oriented competition of domestic photovoltaic enterprises has intensified under the background of declining policy subsidies, declining installed costs, and foreign countries beginning to support their own photovoltaic industry. With the rapid expansion of the capital market, the focus of competition has gradually shifted from specialized manufacturing capacity to the overall competition of the whole industry chain, and the scope of competition between enterprises has been expanding. This has prompted many photovoltaic manufacturing companies to choose to start a vertical integration strategic transformation. In order to ensure that enterprises maintain competitive advantages in terms of cost and technology in market competition, photovoltaic enterprises continue to use means such as self-set production capacity or strategic mergers and acquisitions to expand to the upstream and downstream of the photovoltaic manufacturing industry chain and implement the strategic layout of vertical integration.

Consider that the success of a company's strategic transformation is largely influenced by the company's financial risk. Based on the current market background, this paper aims to discuss the financial risks faced by the photovoltaic industry in the process of promoting the strategic transformation of vertical integration. For example, LONGi Green Energy, China's largest PV company in terms of market capitalization, has established a strategic vision to cover the entire PV industry chain since its listing. Thanks to its solid technical foundation and capital accumulation, LONGi Green Energy has successfully expanded into the midstream and downstream battery module and power station business in the industry, and effectively maximized the company's synergies through vertical expansion. At present, photovoltaic equipment manufacturers are implementing the strategic transformation of vertical integration, and the selection of LONGi Green Energy, the industry leader, as the research object of this paper has a certain representativeness, and the financial problems in the implementation of its vertical integration strategy are found, and the countermeasures proposed are proposed.

This paper first reviews the relevant literature and data, clarifies the relevant theories of vertical integration and financial risk of the industrial chain, takes the impact of vertical integration on the financial risk of enterprises as the main direction of research, selects the photovoltaic industry that generally undergoes vertical integration strategic transformation as the research object, and takes LONGi Green Energy, a leading enterprise in this industry, as a case company for the study of the impact of vertical integration strategic transformation on financial risk. This paper analyzes the degree of industrial integration of the photovoltaic industry and the financial risks of each company. Then, through the analysis of the case company, this paper first introduces the business overview, implementation motivation and development process of LONGi green energy industry chain under vertical integration. Secondly, through the systematic analysis of financial data, the financial risks highlighted in the process of strategic transformation are evaluated. Based on the analysis of the causes of financial risks in enterprises, and finally combined with the analyzed financial risks, this paper will conduct an in-depth analysis of each specific problem based on the collected case information, and put forward corresponding targeted suggestions and measures accordingly.