中文摘要
江山欧派公司财务风险评价与管控研究
摘 要
江山欧派门业股份有限公司（以下简称江山欧派）是中国木门行业第一股，自
2016年上市以来，经营规模不断扩大，经营业绩不断刷新。然而，受疫情爆发和房
地产行业景气度下降的影响，公司工程客户的欠款增加，江山欧派的现金流情况较
去年同期下滑明显，特别是 2020年江山欧派公司应收账款高达 13个亿，应收票据
规模暴增，资产减值损失和信用损失占比提升，财务风险逐渐显现。在此背景下，
如何及时识别衡量江山欧派的财务风险对公司进行财务风险管控具有重要的现实意
义。本论文运用 2015-2020年的公司财务数据，通过因子分析法建立财务风险评价
模型，对江山欧派财务风险问题进行了研究，主要内容和结论如下：
首先，运用了财务报表分析法、指标分析法、行业对比法，分别对江山欧派的
投资风险、筹资风险、营运风险、收益分配风险和市场风险进行了详细的识别和分
析。接下来，选取合适的财务指标，利用 46家家具制造行业具有代表性的上市公司
2020年的财务数据，构建财务风险评价体系，运用因子分析法进行降维处理，得出
行业整体风险因子情况，对江山欧派的因子得分进行排名，探究其所存在的风险问
题以及风险严重程度，进而对江山欧派的财务风险状况进行客观评价。最后，对江
山欧派所存在的不同财务风险问题，分别从财务风险识别阶段、财务风险衡量阶段
以及财务风险管控阶段出发，提出合理的财务风险管控方案，防止财务风险进一步
扩大，提高江山欧派抵御风险的能力。同时，也可以启示其他家具制造行业的企业
完善自己的财务风险预防机制。
关键词：家具制造业财务风险风险管控因子分析法

ABSTRACT
RESEARCH ON FINANCIAL RISK
EVALUATION AND MANAGEMENT OF
JIANGSHAN OUPAI COMPANY
ABSTRACT
This paper mainly studies the first stock of the wooden door industry Jiangshan Opai
Wooden Door Co., LTD. Since its listing in 2016, its business scale has continued to
expand and its operating performance has been continuously refreshed. However, due to
the impact of the epidemic, the prosperity of the real estate industry has declined,
resulting in an increase in the arrears of engineering customers. The cash flow of
Jiangshan Opai has declined significantly compared with the same period last year. The
scale of bill collection has increased sharply, the proportion of asset impairment losses +
credit losses has increased, and financial risks have gradually emerged. It is necessary to
accurately identify and evaluate financial risks in a timely manner to prevent problems
before they occur.
Based on the financial data of Jiangshan Opai from 2015 to 2020, this paper uses the
financial statement analysis method, index analysis method, and industry comparison
method to analyze the investment risks, financing risks, operating risks, income
distribution risks and market risks of Jiangshan Opai respectively. Next, the factor
analysis method is used for dimensionality reduction, appropriate financial indicators are
selected according to the principle of financial indicator selection, and the financial data
of 46 representative listed companies in the furniture manufacturing industry in 2020 are
selected as the empirical basis to build a financial risk evaluation system. , to obtain the
overall risk factors of the industry. Rank the factor scores of Jiangshan Opai, explore its
existing risk problems and risk severity, and then objectively evaluate the financial risk
status of Jiangshan Opai. Finally, for the different financial risks of Jiangshan OPPEIN,
reasonable financial risk management and control plans are put forward in the financial

risk identification stage, financial risk measurement stage and financial risk management
and control stage respectively, so as to prevent the further expansion of financial risks and
improve the company's ability to resist risks. At the same time, it can also inspire other
enterprises in the furniture manufacturing industry to improve their financial risk
prevention mechanisms.
KEY-WORDS: furniture manufacturing, financial risk, risk control, factor analysis
。。。以下略