波司登国际控股集团财务风险管理研究

论文总字数：20748字

摘 要

目前，随着中国经济的发展，国家政策的调整以及行业竞争压力的增大，我国民营企业财务风险问题日益凸显，对许多企业来说，强化内部财务风险管理成了当务之急。

波司登国际控股集团作为研究对象，这是一家拥有悠久历史的老牌民营企业。它经历过辉煌时期也面临过财务窘境，因此颇具代表性，也能为更多面临类似问题的民营企业带来参考价值，妥善管理好财务风险。

本文通过建立偿债能力、盈利能力、营运能力、发展能力以及现金流量状况这五项指标体系来分析波司登集团的财务状况，发现其在2014年至2016年这三年之中存在偿债能力弱、财务弹性差、销售收入持续下降导致运营能力差、发展前景不容乐观，有被市场淘汰的趋势，且资金使用效率低下等严重的财务问题。经分析原因，发现主要是由于整体服装行业不景气，国际品牌入侵导致其市场占有率下降，并且因为其推行“四季化服装”的品牌转型战略而进行盲目扩张，导致消费者对品牌的定位混乱，加上其品牌转型的失败导致只能依靠羽绒服板块来支撑销售收入，造成资金流动性差，使用效率低下等问题。针对上述问题并结合民营企业普遍存在的一些问题，本文提出了树立良好的品牌形象，避免盲目扩张，建立良好的风险管理机制，调整企业内部结构，并且在产品设计与营销模式、资金管理模式方面要坚持创新理念等改善与防范财务风险的建议，从而保证民营企业的财务风险得到妥善的管理，为企业的发展打下坚实的基础。

本文的创新点具体表现在以下两方面：

第一，以往许多学者在研究企业财务风险管理时，通常只有理论分析，并没有企业实际数据的支撑，难免有些抽象难懂，又或者是以国有集团、上市公司为例，这对于民营企业来说缺乏借鉴意义。因此本文选取波司登国际控股集团这一民营企业作为研究对象，使研究结果更具体，更具有代表性。

第二，在研究企业财务风险管理时也有学者会运用案例分析法，对选定的某一企业进行研究，但由于年份比较久远，数据相对落后，不适用于现代企业。因此本文选择的都是近几年较新的数据，更符合当前的市场经济情况。

关键词：民营企业；财务风险；风险管理；指标体系；波司登国际控股集团

Financial Risk Management of Private Enterprises
：Taking Bosideng International Holding Group as an Example

Abstract

At present, with the development of China"s economy, the adjustment of national policies and the increasing pressure of competition in the industry, the financial risks of private enterprises in China have become increasingly prominent. For many enterprises, strengthening internal financial risk management has become a top priority.

Bosideng International Holdings Group is the research object, which is a veteran private enterprise with a long history. It has experienced financial dilemmas during its glorious period, so it is representative and can bring reference value to more private enterprises facing similar problems and properly manage financial risks.

This paper analyzes the financial status of Bosideng Group through the establishment of five indicators system of solvency, profitability, operational capability, development capability and cash flow status, and finds that it has weak solvency in the three years from 2014 to 2016. Poor financial flexibility, continuous decline in sales revenues lead to poor operational capabilities, development prospects are not optimistic, there is a tendency to be eliminated by the market, and the use of funds is inefficient, and other serious financial problems. After analysis, it was found that the overall disappointment of the apparel industry, the international brand invasion led to a decline in its market share, and its blind expansion due to the implementation of the “four seasons clothing” brand transformation strategy, leading to consumer confusion on the brand. In addition, the failure of its brand transformation has led to relying on the down jacket sector to support sales revenue, resulting in poor liquidity and inefficient use. In view of the above problems and combined with some common problems in private enterprises, this paper proposes to establish a good brand image, avoid blind expansion, establish a good risk management mechanism, adjust the internal structure of the enterprise, and in terms of product design and marketing model, capital management mode. It is necessary to adhere to the innovative ideas and other suggestions for improving and preventing financial risks, so as to ensure that the financial risks of private enterprises are properly managed and lay a solid foundation for the development of enterprises.

The innovations of this paper are embodied in the following two aspects:

First, in the past, when many scholars studied corporate financial risk management, they usually only had theoretical analysis, and there was no support from actual enterprise data. It is inevitable that some abstracts are difficult to understand, or they are state-owned groups and listed companies, for example, for private enterprises. Said that there is no reference. Therefore, this paper selects Bosideng International Holding Group as a research enterprise, making the research results more specific and representative.

Second, in the study of corporate financial risk management, some scholars will use the case analysis method to conduct research on a selected enterprise. However, due to the relatively long years, the data is relatively backward and does not apply to modern enterprises. Therefore, this paper selects the newer data in recent years, which is more in line with the current market economy.

Keywords: Private Enterprise; Financial risk; Risk management；Indicator system；Bosideng International Holdings Group

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究目的及意义 1

1.3 相关概念界定 1

1.4 研究内容及方法 2

1.5 论文框架 3

第二章 文献综述 4

第三章 波司登国际控股集团财务状况分析 6

3.1 集团简介 6

3.2 财务状况分析 6

3.2.1 偿债能力分析 6

3.2.2 盈利能力分析 7

3.2.3 营运能力分析 7

3.2.4 发展能力分析 8

3.2.5现金流量状况分析 8

第四章 波司登集团财务风险成因分析 10

4.1 国际品牌入侵，市场竞争激烈 10

4.2 “多元化”扩张，品牌定位混乱 10

4.3 缺乏创新，长期以来羽绒服板块 11

第五章 财务风险管理的相关对策及建议 13

5.1 树立良好的品牌形象，避免盲目扩张 13

5.2 建立良好的风险管理机制 13

5.3 调整企业内部结构 14

5.4 坚持以创新为企业的发展理念 14

5.4.1 产品设计与营销模式方面 14

5.4.2 资金管理模式方面 15

结 论 16

致 谢 17

参考文献（References） 18

第一章 绪 论

1.1 研究背景

改革开放以来，随着经济全球化进程的加快，我国民营企业的规模不断扩大，民营经济也得到飞速发展，逐渐在我国社会主义经济中占据举足轻重的地位。但随着时间的推移，大多数民营企业的发展受到了阻碍，大都面临着财务风险。它们在财务风险管理上存在的不足已经对企业未来的发展产生影响，因此财务风险管理问题就显得尤为重要。

国外对财务风险管理的研究较早，法国管理学家法约尔于1916年就在《工业管理与一般管理》中，将“风险管理”的概念引入到企业管理之中，从而掀起了学者们对财务风险管理研究的热潮。而国内较国外相对晚一些，上世纪八十年代，由于改革开放给我国的经济体制带来了变革，一些学者们才开始对财务风险管理进行研究。

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