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改革开放以来，我国国民经济持续快速发展，许多企业抓住机遇乘势而上，为获取更多利润增长点采取多元化扩张战略。但随着市场经济的日臻完善和企业竞争的日渐加剧，多元化问题逐渐暴露，很多企业均存在盲目多元化情况，导致其既有资源过度分散，主业竞争优势逐步削弱，更有甚者因多元化失败而走向破产。因此，在外部环境不确定性加剧和过度多元化危机的背景下，越来越多企业开始实施“归核化”，剥离非核心资产及业务，以求聚集资源发展主业，形成具有竞争优势的核心能力。但实施归核化未必能达到预期效果，而且归核化进程中可能因大规模资产剥离、并购重组以及内部投资等活动而导致财务风险显著上升。鉴于此，对企业归核化后可能面临的财务风险进行全面系统的识别、评价以及控制研究显得尤为必要。

本文选取人福医药作为研究主体，以归核化与财务风险评价的相关研究作为理论基础，首先梳理了人福医药在多元化和归核化历程中的业务板块变化，其次对比分析人福医药归核化前后的财务指标，从筹资风险、投资风险、营运风险和现金流风险四个维度识别归核化后的财务风险。其次选取人福医药2013-2022年财务数据，运用熵值法和功效系数法构建人福医药归核化后的财务风险评价模型，并参照国资委发布的《企业绩效评价指标标准值》确定评价指标标准值和风险等级区间，对人福医药归核化前后的财务风险进行评价。

人福医药实施归核化后，筹资风险等级升高，投资风险等级除2018年特例外逐渐降低，营运风险由于历史原因虽在归核化后期有所改善，但仍处于中警及以上等级，现金流风险在归核化初期等级升高。最后根据人福医药归核化后财务风险增加的致险因素，提出相应的财务风险控制措施，以期为人福医药本身以及医药行业中想要实施归核化的企业提供相关财务风险防范的参考与借鉴。

关键词：归核化 财务风险 人福医药 功效系数法 熵值法

Since the reform and opening-up, China's national economy has continued to develop rapidly, and many enterprises have seized the opportunity to adopt diversification strategy in order to obtain more profit growth points. However, with the improvement of the market economy and the intensification of enterprise competition, the problem of diversification has gradually been exposed. Many enterprises have blind diversification, resulting in the excessive dispersion of existing resources, the gradual weakening of the competitive advantage of the main business, and even the failure of diversification and bankruptcy. Therefore, in the context of the intensification of uncertainty in the external environment and the crisis of excessive diversification, more and more enterprises have begun to implement "refocusing", divesting non-core assets and businesses, in order to gather resources to develop main business and form core capabilities with competitive advantages. However, the implementation of refocusing may not achieve the expected effect and may exacerbate financial risks, so it is necessary to identify, evaluate and control the financial risks that may arise after refocusing.

This thesis takes Humanwell Healthcare as the research object and is based on the research related to refocusing and financial risk assessment, firstly sorts out changes in the business segments of Humanwell in the process of diversification and refocusing. Then it compares and analyzes financial indicators before and after refocusing, and identifies financial risks from four dimensions: financing risk, investment risk, operational risk and cash flow risk. Secondly, the financial data of Humanwell from 2013 to 2022 were selected, and the entropy method and efficacy coefficient method were used to construct the financial risk evaluation system of Humanwell, and the standard value and the risk level interval were determined with reference to the documents issued by the SASAC, so as to evaluate the financial risk of Humanwell after refocusing.

After the refocusing, the financing risk level has increased, and the investment risk level has gradually decreased except for the special exception in 2018. The operational risk has improved in the later stage of refocusing due to historical reasons, but it is still at the medium police level and above, and the cash flow risk has increased in the early stage of refocusing. Finally, according to the risk factors after refocusing of Humanwell, the corresponding control measures are proposed, in order to provide reference for financial risks prevention for Humanwell itself and enterprises in the pharmaceutical industry that want refocusing.

Keywords: Refocusing; Financial risk; Humanwell Healthcare; Efficacy coefficient method; Entropy method