会计学院知识库

  党的二十大报告中明确指出：发展我国经济的关键在于大力发展实体经济，合理运用金融辅助实体经济发展，防止“脱实向虚”的情况发生。目前，受到全球贸易低迷和美联储持续加息等多方面的影响，国内消费市场处于紧缩的状态。这直接影响了整个实体企业的发展，不少实体企业被迫转型或纷纷转向金融投资领域，试图通过“赚快钱”来缓解经营压力。然而，这种将原本应用于生产性投资的资源大量投入金融领域的做法，不仅加剧了我国企业的“脱实向虚”趋势，还可能引发系统性风险，对整体经济稳定构成潜在威胁。因此，如何平衡实体投资与金融投资，防止企业过度金融化，成为当前亟待解决的问题。
  本研究选择雅戈尔集团为研究对象，通过度量公司收益金融化、资产金融化的程度，对应其23年的金融化重大事件与进程划分出初步金融化、高度金融化及去金融化三个阶段，同时，从内外部两个方面探析雅戈尔实行金融化的动因。在此基础上，借助杜邦分析法与EVA经济值增加法直观反映出雅戈尔三金融化阶段的财务绩效表现。研究发现，在不同的融化阶段，雅戈尔的财务绩效差距明显，公司从为了实现业务多元化、发挥资金蓄水池效应的初步化阶段走向了杠杆套利的高度金融化阶段，出现了收入不稳定、风险激增及因金融化挤兑主业的现象，迫使其逐步走向减低金融化程度回归主业的去金融化道路。本文由此得出结论：雅戈尔需要合理制定金融化战略，坚持金融化辅助主业发展，并确保有合理的金融化动机与有效的风险管控，以此帮助企业高质量发展。

  The party's 20th report clearly pointed out that the key to developing China's economy is to vigorously develop the real economy, rationally use finance to assist the development of the real economy, and prevent the "transition from the real to the virtual". At present, due to the global trade downturn and the Federal Reserve continues to raise interest rates, the domestic consumer market is in a state of tightening. This has directly affected the development of the whole entity enterprises, and many entity enterprises are forced to transform or turn to the financial investment field one after another, trying to relieve the operating pressure by "making quick money". However, this practice of investing a large amount of resources originally applied to productive investment in the financial field not only intensifies the trend of "moving from the real to the virtual" of Chinese enterprises, but also may cause systemic risks and pose a potential threat to the overall economic stability. Therefore, how to balance real investment and financial investment and prevent excessive financialization of enterprises has become an urgent problem to be solved. 
  This study choice in youngor group as the research object, by measuring the degree of corporate earnings financialization, financialization of assets, corresponding to its 23 years of financialization events and process divided into the preliminary financialization, highly financialization and financialization three financial stage, at the same time, from the internal and external two aspects of the motivation of Youngor financialization. On this basis, the financial performance of Youngor 3 in the financialization stage is directly reflected with the help of DuPont analysis method and EVA economic value increase method. Research found that in different stages, youngor financial performance gap, the company from in order to realize business diversification, capital reservoir effect preliminary stage to the leveraged arbitrage height financialization stage, income instability, risk surge and the financialization run on the main phenomenon, forcing its gradually to reduce the financialization degree return to the main business to financialization road. This paper concludes that Youngor needs to formulate a reasonable financialization strategy,adhere to the financialization to assist the development of the main business, and ensure a reasonable financialization motivation and effective risk control, so as to help the high-quality development of enterprises.