在国内外经济增速放缓，传统行业增长乏力的背景下，作为新兴的互联网行 业增长势头尤为迅猛。特别是在已经过去的“十二五”和即将过去的“十三五” 期间，互联网行业的快速发展为我国经济增长带来了新的动力和潜力。随着互联 网行业的快速发展，行业内企业间的竞争压力日益增大，而企业要在复杂的经济 环境和巨大的市场压力下稳步发展，就必须加强自身财务风险等方面的管理与防 控。2010年乐视网率先成为全球首家上市的视频网站企业，其“平台＋内容＋ 终端＋应用”的全产业链生态发展模式向广大投资者展现出良好的发展前景。然 而2016年11月乐视网因资金链断裂致使其上游供货商收不到货款而断货、因自 身管理缺失引发财务危机，加之财务危机爆发后又未及时采取更加有效的止损措 施，终被其推崇和骄傲的垂直生态系统拖累而陷于瘫痪，自2019年5月13日起 暂停股票上市。 本文在借鉴国内外财务风险管理理论研究成果和实践探索经验的基础上，从 偿债能力、营运能力、盈利能力和发展能力等方面分析了乐视网财务运行状况， 并从筹资风险、流动性风险、资金回收风险、成本风险、并购风险等方面分析了 乐视网面临的主要财务风险，应用杠杆效应和Z-Score模型探究了乐视网财务风 险的程度并揭示了其财务风险成因，进而提出了相应的对策。主要结论有：（1） 2015年至2018年期间，乐视网始终处于高资产负债率、低产权比率状态，流动 资产的综合使用效率过低，盈利能力和发展能力持续快速下滑；（2）乐视网面临 的财务风险主要有筹资风险、流动性风险、资金回收风险、成本风险和并购风险 等，其致因主要缘于乐视网融资渠道单一、现金支付过量、生态模式失当和风险 管理薄弱等；（3）乐视网爆发财务危机的主要致因有三个：一是大股东通过资本 市场运作的掏空行为，特别是大股东大量股权质押和高位减持套现；二是不合理 的负债规模，增加了负债成本；三是过度进行战略扩张；（4）乐视网陷入财务危 机且在不断恶化过程中被动地进行股权调整、调整战略布局并整顿关联交易、处 理关联方应收债务和配合资金链降低扩张速度等，但没有从根本上解决财务危机。 未来乐视网为走出困境，扭转危局，应着力拓宽企业融资渠道、区别做实风险防 控、完善财务管理制度、强化风险管理部门等，以维系乐视网的可持续、健康发 展。 关键词：乐视网；财务风险防范；Z-score模型；杠杆效应；风险类型与成因 II Abstract Againstthebackdropofslowingdomesticandforeigneconomicgrowthand weakgrowthintraditionalindustries,thegrowthoftheemergingInternetindustryis particularlyrapid.Especiallyduringthepast"TwelfthFive-YearPlan"andthe upcoming"ThirteenthFive-YearPlan"period,therapiddevelopmentoftheInternet industryhasbroughtnewimpetusandpotentialtoChina'seconomicgrowth.Withthe rapiddevelopmentoftheInternetindustry,competitionpressureamongenterprisesin theindustryisincreasing.Tosteadilydevelopunderthecomplexeconomic environmentandhugemarketpressure,itisnecessarytostrengthenthemanagement andpreventionoffinancialrisks.In2010,LeTVbecamethefirstlistedvideowebsite companyintheworld,andits“platform+content+terminal+application”whole industrychainecologicaldevelopmentmodelshowedagooddevelopmentprospect forinvestors.However,inNovember2016,LeTVsufferedafinancialcrisisdue toabreakinthecapitalchain,whichcauseditsupstreamsupplierstofailtoreceive payment,andcausedafinancialcrisisduetothelackoftheirownmanagement.In addition,afterthefinancialcrisisbrokeout,theydidnottakemoreeffectivestoploss measuresinatimelymanner.Paralyzedbyitshighlyrespectedandproudvertical ecosystem,ithassuspendedstocklistingsinceMay13,2019. Basedonthetheoreticalresearchresultsandpracticalexplorationexperienceof financialriskmanagementathomeandabroad,thisarticleanalyzesthefinancial operationofLeTVfromtheaspectsofdebtrepaymentability,operatingability, profitabilityanddevelopmentability,andfromfinancingriskandliquidityrisk., Capitalrecoveryrisk,costrisk,M&Arisk,etc.,analyzethemainfinancialrisks facedbyLeTV.ApplyingtheleverageeffectandZ-Scoremodeltoexploretheextent ofLeTV’sfinancialrisksandrevealthecausesofitsfinancialrisks,andthen proposedthecorrespondingCountermeasures.Themainconclusionsare:(1)from 2015to2018,LeTVwasalwaysinastateofhighasset-liabilityratioandlowequity ratio,thecomprehensiveuseefficiencyofcurrentassetswastoolow,andprofitability anddevelopmentabilitycontinuedtodeclinerapidly;(2)LeTVThemainfinancial risksfacedbyWangincludefinancingrisk,liquidityrisk,capitalrecoveryrisk, costrisk,andmergerandacquisitionrisk.ThemaincausesareLeTV'ssingle III financingchannel,excessivecashpayment,improperecologicalmodel,andweakrisk management;(3)Therearethreemainreasonsfortheoutbreakofthefinancialcrisis ofLeTV.Oneisthehollowingoutoflargeshareholdersthroughtheoperationofthe capitalmarket,especiallythelargeshareholders'pledgeoflargeamountsofequity andhigh-valuereductionstocashout.Thecostofliabilities;thethirdisexcessive strategicexpansion;(4)LeTVisinafinancialcrisisandpassivelyadjustsequity, adjuststhestrategiclayoutandrectifiesrelatedpartytransactions,handlesrelated partydebtreceivables,andreducesthefundingchainintheprocessofcontinuous deteriorationExpansionspeed,etc.,butdidnotfundamentallyresolvethefinancial crisis.Inordertogetoutofthepredicamentandreversethecrisis,LeTVshould focusonexpandingenterprisechannels,differentiatingandimplementingrisk preventionandcontrol,improvingfinancialmanagementsystems,andstrengthening riskmanagementdepartmentstomaintainLeTV'ssustainableandhealthy development. Keywords：LetvInternet；Financialriskprevention；Leverageeffect；Z-Scoremodel； Risktypesandcauses IV 目录 摘要......................................................................................................................Ⅰ Abstract......................................................................................................................Ⅱ 目录......................................................................................................................Ⅳ 第1章绪论..................................................................................................................1 1.1研究背景与意义..............................................................................................1 1.1.1研究背景................................................................................................1 1.1.2研究意义..................................................................................................2 1.2研究综述..........................................................................................................3 1.2.1国外研究综述..........................................................................................3 1.2.2国内研究综述..........................................................................................4 1.2.3文献述评..................................................................................................5 1.3研究内容..........................................................................................................6 1.4研究方法..........................................................................................................6 1.5研究创新..........................................................................................................7 第2章财务风险的相关理论......................................................................................8 2.1财务风险的类型............................................................................................8 2.2财务风险的评价指标......................................................................................9 2.3财务风险的分析方法....................................................................................11 第3章乐视网财务运行状况分析............................................................................13 3.1乐视网概况....................................................................................................13 3.2偿债能力分析................................................................................................14 3.2.1长期偿债能力分析................................................................................14 3.2.2短期偿债能力分析................................................................................16 3.3营运能力分析................................................................................................17 3.4盈利能力分析........................................................................