S水泥公司财务风险评价研究
S水泥公司财务风险评价研究
摘要
作为国民经济的体温计，投资者的投资信心将因水泥行业的健康发展而增
强，宏观经济也将随之发展。相反，投资信心将会被削弱，宏观经济将遭受负面
影响。伴随全球化的低碳经济发展，水泥行业所需面对的并非仅为利润的整体下
滑、更为激烈的市场竞争，同时也将受发布自政府的建设低碳城市、节能减排等
政策的影响，上述政策必定会影响水泥行业的持续经营。因水泥行业相对重要且
较为特殊，选定研究对象为水泥企业，希望能够合理且科学的判断该行业实际的
财务状况，便于企业掌握财务现状，及时施行措施以便企业得以正常运作。
作为相对典型的一家水泥企业，本文选定 S水泥公司作为研究对象，基于案
例分析法的运用，本文选定 2018到 2020年间该企业的财务数据对比行业均值，
并自盈利能力、偿债能力、经营增长分析等四大层面识别该企业的财务状况，发
现企业面临日益显著的财务问题，除自有资金外，企业因资金多源自于短期借款，
使得自身面临极大的短期偿债压力，企业面临资金周转困难；企业呈现较高资产
负债率，无法快速周转流动资金；应收账款呈现逐年上升态势，周转率比行业均
值明显偏低；库存商品占比提高，导致企业不具备较强的存货变现能力，存货积
压严重；且企业盈利能力偏低，净资产收益率远比行业均值更低，更有负数状况
出现，S水泥公司的发展已明显因财务风险受限。所以，笔者得出如下结论，在
资金运动四大方面，该企业均面临程度不一的财务风险。此后，以相关财务指标
为依据，结合层次分析法针对该企业评价其财务风险，最终表明：2020年该企业
的财务风险等级达到重警，财务风险相对较高。最后，基于针对该企业分析、评
价财务风险的结果，提出实际可行的控制财务风险的措施，以便企业有效管理财
务风险。本文以识别财务风险、评价以及控制作为切入点，系统且全方位地管理
该企业的财务风险。由此，不仅可令企业的财务风险得到有效控制；此外，相关
企业也可对此进行参照与借鉴。
关键词：水泥公司财务风险风险评价
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青岛科技大学研究生学位论文
STUDYONFINANCIALRISKEVALUATIONOFSCEMENT
COMPANY
ABSTRACT
As the thermometer of the national economy, investors' investment confidence will
be enhanced by the healthy development of the cement industry, and the macro economy
will develop accordingly.On the contrary, investment confidence will be weakened and
the macro economy will suffer.With the development of global low-carbon economy, the
cement industry needs to face not only the overall decline in profits and more intense
market competition, but also the impact of the construction of low-carbon cities, energy
conservation and emission reduction policies issued by the government, which will
certainly affect the sustainable operation of the cement industry.Because cement industry
is relatively important and special, the selected research object is cement enterprises,
hoping to be able to reasonably and scientifically judge the actual financial situation of
the industry, so as to facilitate enterprises to grasp the financial situation and timely
implement measures so that enterprises can operate normally.
As a relatively typical cement enterprise, this paper selects S Cement Company as
the research object. Based on the application of case analysis, this paper selects the
financial data of the enterprise from 2018 to 2020 to compare the industry average, and
identifies the financial status of the enterprise from four aspects including profitability,
debt paying ability and business growth analysis.It is found that enterprises are facing
increasingly significant financial problems. In addition to their own funds, enterprises are
faced with great short-term debt repayment pressure and capital turnover difficulties
because most of their funds come from short-term loans.Enterprises present a high
asset-liability ratio, unable to fast liquidity;Receivables show a rising trend year by year,
turnover rate is significantly lower than the industry average;As the proportion of goods
in stock increases, the enterprise does not have a strong ability to liquidate the inventory,
and the inventory overstock is serious.In addition, the profitability of the enterprise is low,
and the return on equity is much lower than the industry average, and there are more
negative situations. The development of S Cement Company has been obviously limited
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S水泥公司财务风险评价研究
by financial risks.Therefore, the author draws the following conclusions: In the four
aspects of capital movement, the enterprise faces financial risks of varying degrees.After
that, based on the relevant financial indicators, combined with the analytic hierarchy
process (AHP) to evaluate the financial risk of the enterprise, the final result shows that
the financial risk level of the enterprise will reach heavy alarm in 2020, and the financial
risk is relatively high.Finally, based on the results of the analysis and evaluation of the
financial risk of the enterprise, the practical and feasible measures to control the financial
risk are put forward, so that the enterprise can effectively manage the financial risk.In this
paper, the identification of financial risks, evaluation and control as the entry point, the
system and all-round management of the enterprise's financial risks.Thus, not only can the
financial risk of enterprises be effectively controlled;In addition, relevant enterprises can
also carry on reference and draw lessons from this.
KEYWORDS：Cement company Financial risk Risk evaluation
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