会计学院知识库

中国市场经济进程中，智力资本和人才资源为企业核心竞争力之重，轻资产经营模式因脱钩固定资产重资金投入，得到业界广泛认同。该模式使企业集中精力于研发核心环节，提升品牌价值，并形成竞争优势。然而，轻资产运营亦带来特殊财务风险。在轻资产模式下，相较于传统的“重资产”模式，固定资产投入比例普遍较低。这种资产投入极大程度上削弱了企业的风险抵御能力。此外，企业常将多个环节的工作外包给第三方，这可能导致对产品质量把控力的减弱。传媒行业作为典型的轻资产领域，在我国经济稳步发展与消费升级的大背景下，已然成为经济增长的新动能。然而，我国对轻资产企业财务风险控制的研究尚处初级阶段，故对传媒公司财务风险的深入探究具有显著的理论价值与实践意义。

本文以光线传媒公司作为研究对象，结合国内外相关理论和影视传媒行业自身特点，以光线传媒的财务状况作为切入点，通过分析其近五年的财务数据，从筹资活动、投资活动和营运活动三个方面探讨其潜在的财务风险。其次，通过F分数模型发现光线传媒公司的F值在2018年至2022年期间呈现下降趋势，甚至低于临界值，表明其财务风险较为严重。同时，采用层次分析法对其财务风险评价后发现，该公司的财务风险主要集中在营运风险和筹资风险方面，需管理层予以关注。最后，据评价结果研究其财务风险的成因并提出相应控制建议，如合理质押股权、拓展筹资渠道；合理规划资金、提升资金利用效率；制定投资计划、避免盲目扩张；建立评估体系、加强市场预测；完善存货制度，提升存货管理水平；加强费用管控，提高盈利能力等等。

In the context of China's evolving market economy, intellectual capital and human resources have emerged as critical determinants of corporate competitiveness. The asset-light business model, which eschews heavy reliance on fixed assets and capital-intensive investments, has gained significant traction within the industry. By allowing firms to concentrate on their core R&D functions, elevate brand equity, and forge distinct competitive edges, this approach has proven highly attractive. Nonetheless, it also introduces specific financial risks. In comparison to traditional asset-heavy paradigms, asset-light strategies typically involve a lower proportion of fixed asset investments, thereby potentially eroding an organization's capacity to withstand financial shocks. Furthermore, the outsourcing of multiple operational aspects to external parties can dilute internal control over product quality. The media industry, a quintessential example of an asset-light sector, has flourished amidst China's steady economic expansion and escalating consumer spending power. Despite the nascent stage of research into financial risk management for asset-light enterprises in China, a comprehensive examination of financial risk control in the media domain holds substantial theoretical and practical relevance.

This study chooses Enlight Media Company as the research object, takes the financial status of Enlight Media as the entry point, discusses the potential financial risks from three aspects of financing activities, investment activities and operating activities, and reveals the specific financial risk performance of Enlight Media. Including frequent equity pledge, continuous growth of current liabilities, declining profits, slowing turnover, and continuous negative net cash flow and other problems. Secondly, the F-value of Enlight Media Company decreased from 1.58 to -0.37 from 2018 to 2022, indicating that its financial risk was more serious. At the same time, the analytic hierarchy process is used to evaluate its financial risk, and it is found that the company's financial risk mainly focuses on operating risk and financing risk, which needs the attention of the management. Finally, according to the evaluation results, the causes of financial risk are studied and corresponding control suggestions are put forward, such as restricting equity pledge and expanding financing channels. Rational planning of funds, improve the efficiency of capital utilization; Make investment plans and avoid blind expansion; Pay attention to credit policy and improve the recovery of accounts receivable; Improve the inventory system, improve the inventory management level; Strengthen expense control, improve profitability and so on.