会计学院知识库

党的二十大明确提出建设现代化产业体系要坚持把发展经济的着力点放在 实体经济上。随着经济下行压力加大，资本的逐利性驱使实体企业将资金投向 收益率高、期限短的金融领域，我国部分实体企业逐渐呈现出“金融化”特征。 总书记多次强调：“要实实在在、心无旁骛做实业,这是本分”。然而，当前国 内学者主要从宏观角度研究企业金融化，从企业微观层面探讨金融化对实体企 业的影响较少。 本文选取案例公司——华西股份，研究其金融化活动对企业财务风险的影 响。首先通过华西股份金融化的历程和动因，发现其金融化历程较为悠久，主 要方式包括参股金融机构和打造金融控股平台。其动因主要源于企业获取高额 的金融收益。其次，从资产、利润和现金流三个角度衡量华西股份金融化水平， 发现其金融化程度较高；同时，从三个方面识别与分析了金融化的财务风险， 并运用熵值法和改进功效系数法对其财务风险水平进行了综合评价。 研究结果显示，自 2015 年实施金融战略目标以来，华西股份的财务风险处 于较高水平。因此，针对研究和分析结果，本文从企业内外部角度提出建议。 首先，企业应重视对主体业务的投资，审慎开展金融投资活动，优化金融资产 结构，同时适度控制企业金融化程度。其次，政府监管部门应积极承担职责， 加强对金融引导的监管工作。总体来说，实体企业需要着重专注于主业，增强 核心竞争力，并时刻警惕过度金融化的风险。

The 20th National Congress of the Communist Party of China clearly stated that the construction of a modern industrial system should adhere to the focus of economic development on the real economy. With the increasing downward pressure on the economy, the profit-seeking nature of capital drives real enterprises to invest funds in the financial field with high returns and short terms, and some real enterprises in China are gradually showing the characteristics of "financialization". The general secretary has emphasized many times: "It is our duty to do business in a real way and without distractions." However, at present, domestic scholars mainly study the financialization of enterprises from a macro perspective, and the impact of financialization on real enterprises from the micro level of enterprises is rarely discussed. This article selects the case of Huaxi Corporation to investigate the influence of its financialization activities on corporate financial risks. Firstly, by examining the historical process and driving forces behind Huaxi Corporation's financialization, it is found that its financialization process has been lengthy, primarily involving equity participation in financial institutions and the establishment of a financial holding platform, driven mainly by the pursuit of substantial financial returns. Secondly, 兰州财经大学硕士学位论文 华西股份金融化的财务风险研究 through an analysis of Huaxi Corporation's performance in terms of asset structure, profitability, and cash flow, its high degree of financialization is revealed. Simultaneously, financial risks associated with financialization are identified and analyzed from three aspects, with a comprehensive evaluation of its financial risk level conducted using entropy method and improved effectiveness coefficient method. The research findings indicate that since the implementation of its financial strategy objectives in 2015, Huaxi Corporation's financial risks have remained at a relatively high level. Accordingly, based on the research and analysis results, this paper offers suggestions from both internal and external perspectives. Firstly, enterprises should prioritize investments in their core businesses, exercise caution in financial investment activities, optimize financial asset structures, while moderately controlling the degree of corporate financialization. Secondly, government regulatory departments should actively fulfill their responsibilities and strengthen regulatory oversight over financial guidance efforts. Overall, real economy enterprises need to focus on their core business, enhance core competitiveness, and remain vigilant against the risks of excessive financialization.