会计学院知识库

摘  要

  进入数字时代，芯片产业作为人工智能、5G通信、工业互联网等领域的核心技术供应商，作用日益凸显。同时，国家鼓励高新技术产业通过扩大产业规模形成新的经济增长点，许多企业开始朝着集团化发展。由于高新技术企业的行业特性，外部融资难以支撑企业集团化的发展需求，而内资本市场能够缓解融资限制，因此受到青睐。但是，过度依赖内部资本市场融资不可避免地增加了企业的财务风险。同时，活跃的内部资本市场运作以及复杂的产业结构容易存在监管漏洞，这种情况下财务风险不易识别，易引发财务危机。

  紫光集团是国产芯片巨头，内部资本市场趋于成熟。2020年6月紫光集团发生债务违约事件。基于该背景，研究集团内部资本市运作对财务风险的影响尤为重要。首先，介绍紫光集团发展状况，从内部环境、形成过程、运作方式分析内部资本市场的情况。其次，对内部资本市场运作可能产生的财务风险进行识别。最后，构建财务风险评价模型从内部资本市场视角进行财务风险评价，总结内部资本市场运作存在的财务风险点。

  研究认为，有序的内部资本市场运作可以灵活调动资金，满足集团发展需要。但内部资本市场过度活跃会易产生融资结构失衡、投资收益不确定等财务风险点，并且不同的内部资本市场运作方式产生的财务风险存在差异。紫光集团内部资本市场运作过程中的财务风险源于“短贷长投”引发的偿债压力。基于分析结果，从保障现金流稳定、合理利用融资渠道、提高自身经营、规范内部资本市场运作四个方面提出建议，期望为企业集团发展提供启示。

关键词：企业集团 内部资本市场 财务风险 

Abstract

  In the digital era, the chip industry, as a core technology supplier in artificial intelligence, 5G communication, industrial Internet and other fields, is playing an increasingly prominent role. At the same time, the state encourages high-tech industries to form new economic growth points by expanding their industrial scale, and many enterprises are beginning to develop towards collectivization. Due to the industry characteristics of high-tech enterprises, external financing is difficult to support the development needs of enterprise groups, while the internal capital market can alleviate financing restrictions and is therefore favored. However, excessive reliance on internal capital market financing inevitably increases the financial risk of enterprises. Meanwhile, active internal capital market operations and complex industrial structures are prone to regulatory loopholes, making it difficult to identify financial risks and triggering financial crises.

  Tsinghua Unigroup is a domestic chip giant with a mature internal capital market. In June 2020, Tsinghua Unigroup experienced a debt default event. Based on this background, it is particularly important to study the impact of internal capital market operations on financial risk within the group. This article first introduces the development status of Tsinghua Unigroup, analyzing the internal capital market situation from the perspective of internal environment, formation process, and operation mode. Secondly, identify and analyze the financial risks arising from the operation of the internal capital market. Finally, a financial risk assessment model is constructed to evaluate financial risks from the perspective of the internal capital market, summarizing the financial risk points generated by the operation of the internal capital market.

  Research has found that an orderly internal capital market operation can flexibly mobilize funds to meet the development needs of the group. Excessive activity in the internal capital market can lead to financial risks such as imbalanced financing structure and uncertain investment returns. And there are differences in the financial risks generated by different internal capital market operations. The financial risks in the internal capital market operation of Tsinghua Unigroup stem from the debt repayment pressure caused by "short-term loans and long-term investments". Based on the analysis results, suggestions are proposed from four aspects: ensuring stable cash flow, rational utilization of financing channels, improving self operation, and standardizing internal capital market operations, with the hope of providing inspiration for the development of enterprise groups.

Keywords: Internal capital markets; Enterprise group; Financial risk