家电企业财务风险及防范分析
—— H 家电公司为例 Analysis of financial risks and prevention of household appliance enterprises
- H Appliances Company as an example
高 奇 Gauge（湖北民族大学经济与管理学院，湖北 恩施 445000） (School of Economics and Management, Hubei University for Nationalities, Enshi 445000, China)
Abstract
摘 要：以 H 家电公司的财务风险为研究对象 根据企业 2016-2020年财务报表，对比 R 家电公司的财务数据，对其存在的财务风险进行深入分析，由此得出，H 家电公司在筹资、投资、盈利、营运等方面存在一定的风险。基于 H 家电公司的相关问题提出防范措施，尽最大可能规避风险，咸少企业的损失，为家电行业其他公司的财务风险分析和防范提供可借鉴的方法和思路。 Abstract: Taking the financial risk of H Household Appliance Company as the research object According to the financial statements of the enterprise from 2016 to 2020, the financial data of R Household Appliance Company is compared, and the financial risks of R Household Appliance Company are analyzed in depth, and it is concluded that H Household Appliance Company has certain risks in terms of financing, investment, profitability, and operation. Based on the relevant problems of H home appliance company, preventive measures are put forward to avoid risks as much as possible, reduce the losses of enterprises, and provide reference methods and ideas for the financial risk analysis and prevention of other companies in the home appliance industry.
0 引言 0 Introduction
随着经济和科技的迅速发展，家电产品已经成为居民家中必备的生活用品；消费者对于家电市场的需求与日俱增。然而由于消费者的消费观念不断转变，加上家电市场不断有新企业的加入，消费者对于家电产品的种类和功能也有了更高的要求。在如此高要求且竞争激烈的环境下，企业的效益下降，容易出现财务风险。因此家电企业必须建立健全财务风险的防控制度，避免财务风险对企业的发展造成不良影响。 With the rapid development of economy and science and technology, household appliances have become a must-have daily necessities in residents' homes; Consumer demand for home appliances is increasing day by day. However, due to the continuous change of consumers' consumption concepts and the continuous entry of new enterprises in the home appliance market, consumers have higher requirements for the types and functions of household appliances. In such a demanding and competitive environment, the efficiency of enterprises declines and is prone to financial risks. Therefore, household appliance enterprises must establish and improve the prevention and control system of financial risks to avoid the adverse impact of financial risks on the development of enterprises.
面对普遍存在的财务风险，家电企业尝试对财务风险防范与控制过程中的管理问题作出分析与监测，及时发出预警信号，让企业经营者尽早发现企业所存在的相关管理问题，可以防止和控制风险对企业的不利影响。H 家电公司是中国知名的家电生产企业，本文对具有代表性的企业进行分析并提出改进意见，有利于促进家电行业整体的发展，对中国家电企业未来的风险管理提供了参考依据。 In the face of widespread financial risks, household appliance enterprises try to analyze and monitor the management problems in the process of financial risk prevention and control, and issue early warning signals in a timely manner, so that enterprise operators can discover the relevant management problems existing in the enterprise as soon as possible, and can prevent and control the adverse impact of risks on the enterprise. This paper analyzes the representative enterprises and puts forward suggestions for improvement, which is conducive to promoting the overall development of the home appliance industry and provides a reference for the future risk management of Chinese home appliance enterprises.
1 H 家电公司概况及财务风险分析 1 H Household Appliances Company Profile and Financial Risk Analysis
H 家电公司是一家全球大型家电企业，成立于 20 世纪 90年代。在家电市场上，不断发展进步，创新和改革，提高公司经 H Appliances is a large global home appliance company founded in the 90s of the 20th century. In the home appliance market, continuous development and progress, innovation and reform, improve the company's economy
营水平，生产新的产品，已经成为消费者选择家电产品的首要选择。截至2020年12月31日报告期内，H 家电公司实现收入2000多亿元，同比增长 4.5%4.5 \% 左右。H家电公司的快速发展，也推动了整个家电行业的进步。目前公司的主营业务很多，从研发到销售微波炉、冰箱、厔电、冷柜等家电产品，已经形成一条成熟的产业链，可以说发展至今，H 家电公司已经成为中国家电龙头企业。 The production of new products has become the primary choice for consumers to choose household appliances. As of December 31, 2020, during the reporting period, H Home Appliance Company achieved revenue of more than 200 billion yuan, a year-on-year increase 4.5%4.5 \% . The rapid development of H home appliance company has also promoted the progress of the entire home appliance industry. At present, the company's main business is many, from research and development to sales of microwave ovens, refrigerators, electricity, freezers and other household appliances, has formed a mature industrial chain, it can be said that the development of so far, H household appliances company has become China's leading household appliances enterprises.
1.1 筹资风险 1.1 Financing Risk
1.1.1 短期偿债能力分析 1.1.1 Short-term solvency analysis
RR 家电公司是一个集家电产品研发、生产、销售、服务为一体的国际化企业，在中国家电市场中处于当之无愧的龙头地位。2020年《暖通空调资讯》曾发布数据，R 家电公司以较高的市场占有率处于行业第一。H 家电公司也属于中国白色家电巨头，对两家公司的财务数据进行对比分析有助于了解 H家电公司在家电行业整体的经营状况以及与其他公司财务风险防范水平的差别，在本章其他类型的财务风险分析中，也会将两家公司的财务数据进行对比。 RR The home appliance company is an international enterprise integrating R&D, production, sales and service of household appliances, and is in a well-deserved leading position in China's home appliance market. In 2020, "HVAC Information" released data that R Home Appliance Company ranked first in the industry with a high market share. A comparative analysis of the financial data of the two companies is helpful to understand the overall operating conditions of H Household Appliances Company in the home appliance industry and the difference between the level of financial risk prevention of other companies, and the financial data of the two companies will also be compared in other types of financial risk analysis in this chapter.
表1 两家公司短期偿债能力指标 Table 1 Indicators of the short-term solvency of the two companies
通过表 1 可以明显发现，H 家电公司的流动比率、速动比率变化趋势基本趋同，这两个指标之间存在一定的联系。流动比率从 2016 年的 0.95 增长到 2018 年的 1.18 ，2019 年开始出现一定幅度的下滑稳定在 1.05 左右。一般认为，流动比率越大，表明企业的偿债能力越强。但是和 R 家电公司对比，H 家电公司的流动比率一直以来小于 R 家电公司，且 R 家电公司一直是上涨趋势，这种情况表明，H 家电公司的短期偿债能力 From Table 1, it can be clearly found that the current ratio and quick ratio of H Household Appliances Company are basically the same, and there is a certain relationship between these two indicators. The current ratio grew from 0.95 in 2016 to 1.18 in 2018, and began to decline to a certain extent in 2019 to stabilize around 1.05. It is generally believed that the higher the current ratio, the stronger the solvency of the company. However, compared with R Appliances, H Appliances' current ratio has always been smaller than that of R Appliances, and R Appliances has been on an upward trend, indicating that H's short-term solvency is indicated
不强，变现能力较弱，和流动比率一样，速动比率也反映了单位资产的流动性以及侊还到期债务的能力和水平。H 家电公司的速动比率近几年一直小于 RR 家电公司的速动比率，并且差额比较大，这也更加表明了企业的短期偿债风险较大。 Like the current ratio, the quick ratio also reflects the liquidity of the unit asset and the ability and level of repayment of maturing debts. In recent years, the quick ratio of H household RR appliance company has been smaller than that of household appliance company, and the difference is relatively large, which also indicates that the short-term debt repayment risk of the enterprise is relatively large.
1.1.2 筹资方式 1.1.2 Funding Methods
从表2可以发现，H 家电公司筹集资金的方式主要是通过借款筹集 吸收投资和其他筹资方式取得的现金净额较少。公 As can be seen from Table 2, H Household Appliances Company raised funds mainly through borrowing, and the net cash obtained through investment absorption and other financing methods was relatively small. public
司的经营需要大量的资金，因此需要不断的筹资资金，H 家电公司大量选用借款筹资，无论是何种借款方式，负债都会大量增加，在还款时都会面临巨额还款本金和还款利息的压力，而根据前一部分的研究，企业的偿债能力有一定的下滑趋势，这无疑也加剧了企业的还款压力。一旦企业的资金流出现问题， The operation of the company needs a large amount of funds, so it needs continuous financing funds, H household appliances company a large number of borrowing financing, no matter what kind of borrowing, the debt will increase a lot, in the repayment will face the pressure of huge repayment of principal and repayment interest, and according to the previous part of the study, the solvency of enterprises has a certain downward trend, which undoubtedly also aggravates the repayment pressure of enterprises. Once there is a problem with the cash flow of the enterprise,
负债过大，企业抵御外部冲击的能力就会降低，筹资能力也就随即减弱 易于形成筹资风险。因此企业应提前做好准备，增加吸收投资和其他筹资活动形成的资金量，寻求多元化的筹资方式，做好 H 家电公司筹资风险的防范。 If the debt is too large, the ability of enterprises to resist external shocks will be reduced, and the ability to raise funds will be weakened immediately, and it is easy to form financing risks. Therefore, enterprises should prepare in advance, increase the amount of funds formed by absorbing investment and other financing activities, seek diversified financing methods, and do a good job in preventing the financing risks of H Household Appliance Company.
表2 H 家电公司筹资活动现金流量 Table 2 H Cash flow from financing activities of household appliance companies
单位: 万元 Unit: 10,000 yuan
现金流量 cash flow
年份 year
2016
2017
2018
2019
2020
吸收投资收到的现金流量 Absorb the cash flow received from the investment
9418
137999
296876
44058
133130
取得借款收到的现金流量 Obtain cash flows received from borrowings
4344625
1869464
1270063
1846895
2873221
收到其他与筹资活动有关的现金流量净额 Other net cash flows related to financing activities were received
通过表 3 会发现 2016-2020 年 H 家电公司投资活动的现金流入和现金流出是在不断上升的 然而投资活动产生的现金流量净额一直为负，且数额较大。这种情况一方面说明企业对外对内投资大，企业处于不断对外扩张阶段。另一方面，也表明企业的投资收入远远小于投资流出，投资回报低于预期，不能得到投资回报的风险大。此外，通过表 4 可以发现，R 家电 Table 3 shows that the cash inflows and outflows from investing activities of H Appliances Company from 2016 to 2020 have been rising, however, the net cash flow from investing activities has been negative and large. On the one hand, this situation shows that the enterprise has a large foreign and domestic investment, and the enterprise is in the stage of continuous external expansion. On the other hand, it also shows that the investment income of the enterprise is far less than the investment outflow, the return on investment is lower than expected, and the risk of not getting the return on investment is high. In addition, as can be found in Table 4, R appliances
公司虽然也在 2016-2019年连续出现现金流量净额为负，但是从 2020 年开始这种情况就出现改善，H 家电公司在投资回报方面远远不如 RR 家电公司。投资活动的投入得到预期的回报是企业获得持续经营的前提，而 H 家电公司近几年投资活动的效益一直处于亏损状态，投资活动的现金流入无法实现最大化，投资回报率过低，因此，H 家电公司必须要重视投资状况。 Although the company also experienced negative net cash flow from 2016 to 2019, the situation has improved since 2020, and H Appliances Company is far inferior to RR Appliance Company in terms of return on investment. It is the premise for the company to obtain the expected return on investment activities, and the benefits of H household appliances company's investment activities have been in a state of loss in recent years, the cash inflow of investment activities cannot be maximized, and the return on investment is too low, so H household appliances company must pay attention to the investment situation.
表3 H 家电公司投资活动现金流量 Table 3 Cash flow from investment activities of H household appliance companies
单位:万元 Unit: 10,000 yuan
现金流量 cash flow
年份 year
2016
2017
2018
2019
2020
投资活动现金流入 Cash inflows from investing activities
112484
96407
223009
277583
963560
投资活动现金流出 Cash outflow from investing activities
4072127
658589
989574
1373742
1489975
投资活动产生的现金流量净额 Net cash flow from investing activities
通过表 5 发现，H 家电公司的净资产收益率从2016年的 19.10%19.10 \% 增长到 2017 年的 21.50%21.50 \% ，达到顶峰，而 2017-2020年则是呈不断下降趋势，净资产收益率近几年的持续性下降，表明企业创造利润的能力下降、股东所能获得的收益也下降。销售净利率可以反应企业最终的盈利能力。H 家电公司的销售净利率从 2016 年的 5.62%5.62 \% 到 2020 年的 5.40%5.40 \% ，期间变化 Through Table 5, it is found that the return on equity of H home appliance company 19.10%19.10 \% increased from 2016 to 2017 21.50%21.50 \% , reaching a peak, while from 2017 to 2020, it showed a downward trend, and the return on equity has continued to decline in recent years, indicating that the company's ability to create profits has declined, and the income that shareholders can obtain has also declined. The net profit margin on sales can reflect the ultimate profitability of the enterprise. H Home Appliances' net profit margin on sales changed from 2016 5.62%5.62 \% to 2020 5.40%5.40 \%
稳定，有略微的下降。成本费用利润率可以反应企业对于成本费用的利用水平。它的变化趋势也和销售净利率大致相同，有下降的趋势。此外将两个公司的销售净利率、成本利润率进行对比，H 家电公司不如 R 家电公司，这表明 H 家电公司的盈利能力水平低于 R 家电公司，因此 H 家电公司应当注重提高产品的价值，降低产品的相关成本费用，对企业的盈利能力水平进行宏观把控。 Stable, with a slight decline. The profit margin of costs and expenses can reflect the utilization level of enterprises for costs. Its trend is also about the same as that of net profit margin on sales, with a downward trend. In addition, comparing the sales net profit margin and cost profit margin of the two companies, H Household Appliance Company is inferior to R Household Appliance Company, which indicates that the profitability level of H Household Appliance Company is lower than that of R Household Appliance Company, so H Household Appliance Company should focus on improving the value of products, reducing the related costs of products, and macro-controlling the profitability level of enterprises.
表5 两家公司盈利能力指标 Table 5 Profitability indicators of the two companies
单位: % Unit: %
指标 index
年份 year
2016
2017
2018
2019
2020
R 家电公司净资产收益率 R Return on equity of home appliance companies
28.63
34.15
28.69
22.42
19.25
H 家电公司净资产收益率 H Appliance Company's return on equity
19.10
21.50
18.88
17.14
13.29
R 家电公司销售净利率 R Appliance Company's net profit margin on sales
14.33
15.18
13.31
12.53
13.25
H 家电公司销售净利率 H Home Appliances Company Net Profit Margin on Sales
5.62
5.68
5.33
6.14
5.40
R 家电公司成本费用利润率 R Appliance Company's cost-to-expense margin
20.27
21.42
19.27
17.82
18.81
H 家电公司成本费用利润率 H Appliance Company's cost-to-expense margin
通过表 6 可以发现，H 家电公司的应收账款天数在 20162017 年基本稳定在 27 d 2018-2019年开始下降2020年有一定幅度的上涨 将 HH 家电公司和 RR 家电公司应收账款天数进行对比，近几年H家电公司的应收账款周转天数一直高于 RR家电公司，说明 H 家电公司的应收账款周转率水平低于 R 家电公司，应该加强应收账款周转速度的管理。此外，将两家公 From Table 6, it can be found that the number of days of accounts receivable of H household appliance company was basically stable at 27 d in 20162017 and began to decline from 2018 to 2019, and increased to a certain extent in 2020 Comparing the days of accounts receivable between the HH home appliance company and the RR home appliance company, the accounts receivable turnover days of H household appliance company have been higher than that of the RR household appliance company in recent years, indicating that the accounts receivable turnover rate of H household appliance company is lower than that of R household appliance company. The management of the turnover rate of accounts receivable should be strengthened. In addition, there will be two public
司的存货周转天数进行对比，可以发现 RR 家电公司的存货周转天数在 2020 年度超过 H 家电公司，表明H家电公司在存货周转方面优于同类龙头企业，但是 2016-2020年 H 家电公司的存货周转天数一直保持快速上涨趋势，从 52.16 d 增长到 70.40d,H70.40 \mathrm{~d}, \mathrm{H} 家电公司的存货周转天数持续走高，表明公司流动资金使用效率低、存货变现能力差、存货有积压倾向、销售状况不稳定，仍然需要加大存货周转速度的管理。 Comparing the inventory turnover days of the company, it can be found that the inventory turnover days of the RR household appliance company exceeded that of the H household appliance company in 2020, indicating that the inventory turnover of the H household appliance company is better than that of similar leading enterprises in terms of inventory turnover, but from 2016 to 2020, the inventory turnover days of the H household appliance company have maintained a rapid upward trend, increasing from 52.16 d to 70.40d,H70.40 \mathrm{~d}, \mathrm{H} The inventory turnover days of household appliance companies continue to rise, indicating that the company's working capital use efficiency is low, inventory liquidity is poor, inventory has a tendency to overstock, and the sales situation is unstable, and it is still necessary to increase the management of inventory turnover speed.
表6 两家公司营运能力指标 Table 6 Indicators of the operating capacity of the two companies
单位: d Unit: d
指标 index
年份 year
2016
2017
2018
2019
2020
R 家电公司应收账款周转天数 R Accounts receivable turnover days for appliance companies
9.71
10.65
12.28
14.73
18.46
H 家电公司应收账款周转天数 H Accounts receivable turnover days of household appliance company
27.80
27.91
22.47
19.23
23.13
R 家电公司存货周转天数 R Appliance Company's inventory turnover days
45.69
46.27
47.63
55.31
75.29
H 家电公司存货周转天数 H Appliance Company Inventory Turnover Days
2 家电企业财务风险的防范措施 2. Preventive measures against financial risks of household appliance enterprises
近年来，家电市场竞争日益激烈，给企业的管理活动带来了新的挑战。H 家电公司属于家电行业领军企业，公司的经营发展战略对于其他家电企业而言具有重要影响，基于 H 家电公司所存在的财务风险，本文提出以下防范措施，给家电行业财务风险的防范提供参考依据。 In recent years, the competition in the home appliance market has become increasingly fierce, which has brought new challenges to the management activities of enterprises. Based on the financial risks of H Household Appliances Company, this paper proposes the following preventive measures to provide a reference for the prevention of financial risks in the home appliance industry.
2.1 优化资本结构 2.1 Optimize the capital structure
首先，调整筹资方式。家电企业可以寻求合适的多元化筹资方式，进而提高企业资产的流动性，相应地控制企业的负债比率，保障企业债权人的利益增强企业的偿债能力。其次，设立监督审核部门。对企业的筹资活动的方式、资金、资金的用途，还有其他重要财务活动的运行，进行监督、审批，掌握资金流动情况。此外，也要完善专业的信用考察机制，对客户的信用需要有一套完整具体的考察体系，避免出现一些不必要的坏账损失。 First, adjust the way of financing. Household appliance enterprises can seek appropriate diversified financing methods, thereby improving the liquidity of enterprise assets, controlling the debt ratio of enterprises accordingly, protecting the interests of enterprise creditors and enhancing the solvency of enterprises. Secondly, set up a supervision and audit department. Supervise and approve the operation of the enterprise's fund-raising activities, funds, and other important financial activities, and grasp the flow of funds. In addition, it is also necessary to improve the professional credit inspection mechanism, and have a complete and specific inspection system for the customer's credit to avoid some unnecessary bad debt losses.
2.2 统筹管理投资活动 2.2 Co-ordinate the management of investment activities
家电企业如果能聚集所有能调动的资源统筹管理投资活动，对投资项目的风险程度进行评估，对企业的发展而言具有重要意义。家电公司在对投资项目进行评估时，可以注意以下事项。首先，密切关注国家相关政策和市场环境，要选定合适的企业或项目为投资对象。其次，保证企业在进行投资活动的情况下不影响正常的生产经营。最后，定期对管理层的专业能力进行培训，使其能对投资项目进行准确评估。同时注意，如有必要可以聘请相关专家作为主要评估成员。 It is of great significance to the development of household appliance enterprises if they can gather all the resources that can be mobilized to manage investment activities as a whole and assess the risk degree of investment projects. Home appliance companies can pay attention to the following matters when evaluating investment projects. First of all, pay close attention to the relevant national policies and market environment, and select suitable enterprises or projects as investment objects. Second, it is necessary to ensure that the normal production and operation of the enterprise will not be affected in the case of investment activities. Finally, the management is regularly trained in their professional competence to enable them to accurately evaluate investment projects. At the same time, it is noted that relevant experts can be hired as the main evaluation members, if necessary.
2.3 控制成本并优化产品 2.3 Control costs and optimize products
对于家电企业来说，产品的质量、售价、成本的控制是决定企业盈利能力的重要因素，只有过硬的产品才能受到消费者的青睐，为此可以采取以下方法。首先，降低成本费用。制定成本计划，严格控制预算 将成本控制在合理范围内; 制定合理的运作流程，减少不必要的浪费。其次，优化产品，提升效益。具体措施如：加大资金的投入，创新产品，利用互联网的先进载体对产品的设计、生产、销售建立一套完整科学的流程，并不断更新完善。 For home appliance enterprises, the quality of products, selling price, cost control is an important factor in determining the profitability of enterprises, only excellent products can be favored by consumers, for which the following methods can be taken. First, reduce costs. Formulate a cost plan, strictly control the budget, and control the cost within a reasonable range; Develop reasonable operational processes to reduce unnecessary waste. Secondly, optimize products and improve efficiency. Specific measures such as: increase capital investment, innovative products, the use of the Internet advanced carriers to establish a complete set of scientific processes for product design, production, and sales, and constantly update and improve.
2.4 加强对存货和应收账款的管理 2.4 Strengthen the management of inventory and accounts receivable
存货和应收账款周转速度偏低是很多家电企业的共性问题，为此可以采取以下方法来进行防控改善。首先，优化存货采购流程。根据市场环境的变化，严格控制采购和生产计划，避免造成产品缺乏或者积压；完善存货管理制度，要不断学习先进产品保存方式，降低成本，并且也要学习相关经验完善物流运输系统。其次，优化应收账款管理机制。应提高应收账款的风险防范意识，建立应收账款信用额度，针对不同的客户建立不同的信用额度，防止客户因㻌欠太多账款，最后却无力偿还贷款，形成坏账损失的情况。 The low turnover rate of inventory and accounts receivable is a common problem of many home appliance enterprises, so the following methods can be taken to improve prevention and control. First, optimize the inventory procurement process. According to the changes in the market environment, strictly control the procurement and production plan to avoid the lack or backlog of products; To improve the inventory management system, we must continue to learn advanced product preservation methods, reduce costs, and also learn relevant experience to improve the logistics and transportation system. Second, optimize the accounts receivable management mechanism. It is necessary to improve the risk prevention awareness of accounts receivable, establish accounts receivable credit lines, and establish different credit lines for different customers, so as to prevent customers from owing too many accounts and finally being unable to repay the loans, resulting in bad debt losses.
3 结语 3 Conclusion
H 家电公司在筹资、投资、盈利、营运方面存在一定的风险 具体表现为企业短期偿债风险较大、投资风险大、盈利能力弱、存货和应收账款周转速度偏低等。基于其存在的财务风险，为了能对家电企业的财务风险进行更好的预防和控制，本文提出了一些防范措施，包括优化资本结构、统筹管理投资活动、控制成本并优化产品、加强对存货和应收账款的管理等。参考文献: H Household Appliance Company Presents Certain Risks in Financing, Investment, Profitability, and Operation Specifically, the short-term debt repayment risk of the enterprise is relatively large, the investment risk is large, the profitability is weak, and the turnover rate of inventory and accounts receivable is low. Based on the existing financial risks, in order to better prevent and control the financial risks of household appliance enterprises, this paper proposes some preventive measures, including optimizing the capital structure, coordinating the management of investment activities, controlling costs and optimizing products, and strengthening the management of inventory and accounts receivable. References:
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作者简介： About the Author:
高奇（1997一），男，河南漯河人，硕士研究生在读，研究方向：投融资管理。 Gao Qi (1997a), male, from Luohe, Henan Province, is a master's student, and his research direction is investment and financing management.