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论文编号：	13699
作者编号：	2320180834
上传时间：	2022/12/6 12:11:11
中文题目：	DY公司财务风险管理研究
英文题目：	Research on Financial risk management of DY Company
指导老师：	黄福广
中文关键字：	财务风险；偿债能力；资本结构
英文关键字：	Financial risk;Debt paying ability;The capital structure
中文摘要：	2020年中国提出碳中和、碳达峰的目标，并于2021年将该目标纳入政府工作报告，此项决策改变了高耗能制造业以往经营环境，公司经营成本大幅增加。同时，一场灾难席卷全球，新冠肺炎肆意横行，为防控疫情，国家被迫采取封闭、隔离等措施，致使多数公司生产经营受到冲击。在此情况下，如果不能及时调整公司发展战略，将使公司面临新的财务风险。 本文采用案例分析法，选取DY公司作为研究对象。DY公司是一家特种钢丝生产企业，属于高能耗企业。本文从财务风险狭义概念出发，通过对DY公司现状及现行风险管理措施分析，利用财务指标分析法对当前企业面临的财务风险进行识别，借助Z-score模型对当前企业的财务风险进行评价，从营运活动，筹资活动，投资活动三方面对DY公司当前面临的财务风险进行分析论述。通过对DY公司现金流管理，存货管理，盈利能力，到期债务及近期投资项目等方面的分析，总结其风险管理中存在的问题，并进一步提出针对性的优化建议。经分析，DY公司经营活动中出现经营性净现金流较少，存货出现积压等情况，现金流、存货存在管理问题，致使DY公司出现流动性风险。同时，DY公司负债规模、债务期限并不合理，且公司净利润逐年下跌，公司面临债务违约风险。另外，DY公司在盈利能力降低的情况下，通过债务融资扩大生产规模的投资方式进一步加剧了债务违约带来的财务风险，投资方向有待商榷。综合上述分析，DY公司财务风险管理存在问题。 针对DY公司面临的财务风险，笔者通过对风险现状进行分析，指出管理活动中的不足，并针对各类问题提出相应整改措施。笔者认为当前DY公司面临较为严重的偿债危机，以现金流波动的角度，从现金流管理，存货盘活，筹资方式优化及投资决策管理等方面进行财务风险管理措施改进，降低公司偿债风险，优化资本结构，完善投资决策，提高风险管理水平，保证公司健康发展。
英文摘要：	In 2020, China proposed the target of carbon neutrality and carbon peak, and included the target in the government report in 2021. This decision changed the previous operating environment of energy-intensive manufacturing industry, and the operating cost of the company increased significantly. At the same time, disaster swept the world, the COVID-19 is rampant, in order to prevent and control the epidemic, the country has been forced to take lockdown, quarantine and other measures, causing the production and operation of most companies have been affected. In this case, if the company can not timely adjust the development strategy, the company will face new financial risks. This paper adopts the case analysis method and selects DY Company as the research object. DY Company is a special steel wire production enterprise, belongs to the high energy consumption enterprise. Starting from the narrow concept of financial risk, this paper analyzes the present situation and current risk management measures of DY company, uses the financial index analysis method to identify the current financial risks faced by the enterprise, and uses the Z-score model to evaluate the current financial risks of the enterprise. The three parties of investment activities analyze and discuss the financial risks faced by DY company. Through the analysis of cash flow management, inventory management, profitability, maturing debt and recent investment projects of DY company, the existing problems in its risk management are summarized, and the targeted optimization suggestions are further put forward. According to the analysis, the operating net cash flow of DY company is less and the inventory is overlogged. The management problems of cash flow and inventory lead to the liquidity risk of DY Company. At the same time, DY Company's debt scale and debt maturity are not reasonable, and the company's net profit declines year by year, the company is facing the risk of debt default. In addition, DY company's investment method of expanding production scale through debt financing in the case of reduced profitability further aggravates the financial risk caused by debt default, and the investment direction needs to be discussed. Based on the above analysis, there are problems in financial risk management of DY company. In view of the financial risks faced by DY company, the author analyzes the current situation of the risks, points out the deficiencies in management activities, and proposes corresponding rectification measures for various problems. The author thinks that the current DY company faces serious debt crisis, should from the cash flow management, inventory is active, the optimization of financing and investment decision-making management carry on the improvement of financial risk management measures, reduce the company flow risk, optimize capital structure and improve the investment decision-making and improve the level of risk management, guarantee the healthy development of the company.
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