会计学院知识库

  改革开放后市场经济逐步活跃，企业作为市场经济主体之一承担着经济发展的重任。同时随着市场的逐步发展完善，企业间竞争也愈发激烈，不少企业为寻求新的发展方向开始多元化经营，但多元化对企业的发展具有两面性，一方面，有相应规划和具体步骤的多元化或能扩大企业规模，形成协同效应提高企业竞争力；另一方面，脱离实际的多元化目标和过快的投资节奏可能会导致企业面临巨大的财务风险。目前国内对多元化的研究不在少数，但是较少企业经历相关多元化和非相关多元化历程，因此本文选择贵人鸟为研究对象对其整个多元化历程进行财务风险研究。

  贵人鸟上市后便开始多元化经营，企图打造一个体育集团，但由于投资领域分散、投资节奏过快等问题导致多元化并未带来预期效益，反因巨额债务导致破产重组，重组后企业又开始“鞋服+农业”的新多元化方向。本文以贵人鸟多元化经营下财务风险为研究主题，通过贵人鸟多元化经营后业务和管理层的变动了解企业发展历程，通过战略环境分析明晰贵人鸟多元化动机。在此基础上，通过定性和定量分析对贵人鸟整体及筹资、投资和运营等层面财务风险进行识别和分析，最后对不同层面风险提出相应控制建议。研究发现：贵人鸟多元化期间整体财务风险较高，筹资方面由于筹资结构失衡、变现能力差导致出现债权人抽贷、压贷现象使得公司筹资难度上升；投资方面由于投资步骤快、领域分散导致企业资金压力过大、项目间未形成有效协同面临较大投资风险；运营方面由于忽视鞋服研发投入导致主业竞争力不强存货积压严重，贵人鸟为清理库存又形成高额应收账款导致企业变现能力不强，整体运营能力变差。基于上述风险本文提出以下建议：强化董事会监察能力并优化财务风险预警机制、合理规划筹资结构并建立偿债能力预警机制、做好投资规划并处置部分不良资产、强化存货管理和应收账款管理能力。

  希望本研究对贵人鸟管理层管理公司财务风险有所帮助，亦期望能够对其他企业有所启发。

  After the reform and opening up, the market economy has gradually become active, and enterprises, as one of the main entities of the market economy, bear the heavy responsibility of economic development. But with the gradual development and improvement of the market, competition between enterprises has become increasingly fierce. Many enterprises have begun to diversify their operations in search of new development directions. However, diversification has two sides to the development of enterprises. On the one hand, diversification with corresponding plans and specific steps may expand the scale of enterprises and form a synergistic effect to improve their competitiveness; On the other hand, unrealistic diversification goals and too fast investment pace may lead to significant financial risks for enterprises. At present, there are many studies on diversification in China, but few companies have experienced both related and unrelated diversification processes. Therefore, this article chooses Guirenniao as the research object to conduct financial risk research on its entire diversification process.

  After its listing, Guirenniao began diversified operations in an attempt to build a sports group. However, the diversification did not bring expected benefits due to the diversification of investment fields and the fast pace of investment. Instead, it went bankrupt and restructured due to huge debts; The restructured enterprise has begun a new diversification direction of "shoes and clothing+agriculture". This article focuses on the financial risks after diversified operations of Guirenniao. Through the changes in business and management after diversified operations of Guirenniao, the development process of the enterprise is understood, and the motivation for diversified operations of Guirenniao is clarified through strategic environment analysis. On this basis, identify and analyze the financial risks of Guirenniao as a whole, as well as financing, investment, and operation, through qualitative and quantitative analysis. Finally, propose risk control suggestions for different levels of risks. Research has found that during the diversification period of Guirenniao, the overall financial risk is relatively high. In terms of specific fundraising, due to imbalanced fundraising structure and poor liquidity, creditors may withdraw and pressure loans, leading to increased difficulty in fundraising; In terms of investment, due to fast investment steps and scattered fields, there is excessive financial pressure and ineffective coordination, resulting in poor investment performance; In terms of operation, the neglect of investment in shoe and clothing research and development has led to weak competitiveness in the main business, resulting in inventory backlog. In order to clean up inventory and generate high accounts receivable, the company's monetization ability is weak, and its operational ability deteriorates. Based on the above risks, this article proposes the following suggestions: strengthening the supervisory ability of the board of directors and optimizing the financial risk warning mechanism, reasonably planning the financing structure and establishing a debt repayment ability warning mechanism, doing a good job in investment planning and disposing of some non-performing assets, and strengthening inventory and accounts receivable management capabilities.

  I hope this research will be helpful to the management of the company's financial risks, and that it will also inspire other enterprises.