DH种业公司财务风险分析

发布时间：2018-05-27 03:33

本文选题：财务风险 + F分数模型　；参考：《山东农业大学》2017年硕士论文

【摘要】：近年来,伴随着市场化进程的加快,农产品流通体制改革和价格管制的逐步放开,以及农业高新技术的采用和推广,农业面临的市场风险、技术风险和财务风险愈发凸显。种业作为农业产业的重要分支,在“十三五”规划和农业供给侧改革等政策的影响下,种业企业的市场竞争压力加大,资本结构和产业结构的调整难以适应市场的变化,正面临着越来越严峻的财务风险形势。企业如果不加强对财务风险的防控,一旦恶化,将引发严重的财务危机。因此,分析种业企业的财务风险并提出防控措施对种业企业的可持续发展有着至关重要的作用。本文在财务风险相关理论研究的基础上,以我国种业上市公司——DH种业公司为具体实例,通过模型分析法、财务比率分析法、案例分析与实证研究相结合的方法,沿着“理论归集—基本情况分析—总体财务风险分析—具体财务风险及成因探究—提出风险防控对策”的基本思路展开《DH种业公司财务风险分析》的撰写。首先,本文阐述了研究背景、意义、研究的方法和创新点,梳理了财务风险相关理论,阐明了财务风险的概念、分类和分析方法,为下文的案例分析打下理论基础;其次,本文介绍了种业的行业特点和财务状况,对DH种业公司的经营情况、治理结构和资金使用特点进行了简单分析;再次,本文实证分析了F分数模型对种业上市公司的适用性,通过F分数模型对DH种业公司进行总体财务风险分析,得出该公司目前不存在财务危机,但在同行业中的财务风险水平很高,这是由资本结构不合理和盈利能力低导致的;又用财务指标对该公司筹资、投资和运营三个环节进行具体财务风险分析,结果表明:该公司筹资风险最高,运营风险次之,投资风险最小,主要影响因素为资本结构、组织结构、产业结构和公司财务管理制度等;最后,本文根据影响财务风险的成因从筹资、投资和运营三个环节分别提出财务风险防控措施。
[Abstract]:In recent years, with the acceleration of the marketization process, the reform of agricultural product circulation system and the gradual liberalization of price control, as well as the adoption and promotion of high and new agricultural technology, the market risk, technical risk and financial risk facing agriculture have become increasingly prominent. Seed industry, as an important branch of agricultural industry, under the influence of policies such as the 13th Five-Year Plan and agricultural supply-side reform, the market competition pressure of seed industry enterprises has increased, and the adjustment of capital and industrial structure is difficult to adapt to the changes in the market. Is facing more and more severe financial risk situation. If enterprises do not strengthen the prevention and control of financial risks, once the deterioration, will lead to serious financial crisis. Therefore, it is very important to analyze the financial risk of seed enterprises and put forward the prevention and control measures for the sustainable development of seed enterprises. On the basis of the theoretical research on financial risk, this paper takes the listed company of seed industry in our country, DH seed Company, as a concrete example, and combines the method of model analysis, financial ratio analysis, case analysis and empirical research. Along with the basic thinking of "theoretical collection-basic situation analysis-overall financial risk analysis-specific financial risk and its cause of formation-putting forward the countermeasures of risk prevention and control", the author of "Financial risk Analysis of DH seed Company" is carried out. Firstly, this paper expounds the research background, significance, research methods and innovation points, combs the related theory of financial risk, clarifies the concept, classification and analysis method of financial risk, and lays a theoretical foundation for the case analysis below. This paper introduces the industry characteristics and financial situation of seed industry, analyzes the management situation, governance structure and capital use characteristics of DH seed company. Thirdly, this paper empirically analyzes the applicability of F score model to seed industry listed companies. Through the analysis of the total financial risk of DH seed company by F score model, it is concluded that there is no financial crisis, but the level of financial risk in the same industry is very high, which is caused by unreasonable capital structure and low profitability. The results show that the financing risk of the company is the highest, the operational risk is the second, and the investment risk is the least, the main influencing factor is the capital structure. Organizational structure, industrial structure and financial management system of the company. Finally, according to the causes of influencing financial risk, this paper puts forward financial risk prevention and control measures from three aspects: financing, investment and operation.
【学位授予单位】：山东农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F302.6;F324.6

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