管理评论

›› 2018, Vol. 30 ›› Issue (7): 245-259.

• 会计与财务管理 • 上一篇    下一篇

暴风集团轻资产转型的财务风险评价

王冬梅1, 胡占1, 游朝阳2   

  1. 1. 中国科学院大学经济与管理学院, 北京 100190;
    2. 首都经济贸易大学工商管理学院, 北京 100070
  • 收稿日期:2016-06-12 出版日期:2018-07-28 发布日期:2018-07-21
  • 作者简介:王冬梅,中国科学院大学经济与管理学院副教授,硕士生导师,博士;胡占,中国科学院大学经济与管理学院硕士研究生;游朝阳,首都经济贸易大学工商管理学院硕士研究生。
  • 基金资助:

    中国科学院大学生创新实践训练计划（118900EA12）。

Financial Risk Assessment of Light-asset Transformation in Baofeng Group Co., Ltd.

Wang Dongmei1, Hu Zhan1, You Chaoyang2   

  1. 1. School of Economics and Management, University of Chinese Academy Sciences, Beijing 100190;
    2. College of Business Administration, Capital University of Economics and Business, Beijing 100070
  • Received:2016-06-12 Online:2018-07-28 Published:2018-07-21

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摘要：

暴风集团属于典型的互联网公司，具有轻资产企业的显著特征：资产结构轻、业务发展快、扩张迅猛、业绩变动幅度大、财务风险高，发展前景和企业价值均具有很大的不确定性。同时暴风集团自上市以来又大肆向重资产经营转型，商品销售收入占到营业收入的一半以上，属于轻资产和重资产混合运营模式。因此，适用于实体企业的、传统的财务风险评价体系未必完全适用于暴风集团，需要进行适当的调整。本文通过该公司的案例分析来具体说明如何以创新性的视角来选择独到的分析侧面去分析一家混合型的轻资产公司。本文遵从的逻辑顺序为：从异动项目入手深刻探究其背后的原因；对企业的财务状况和投资价值进行合理的评估；最后再上升到企业战略的高度验证战略与财务后果之间是否一致。本文的分析结论对于合理评价转型期的互联网公司的财务风险是全新的启示且具有一定的推广意义。

关键词: 轻资产企业, 互联网公司, 暴风集团, 财务风险评价

Abstract:

Baofeng Group Co., Ltd. is a typical dot company with asset-light characteristics:light asset structure, fast business development, rapid expansion, great changes in performance, uncertain prospects and values and high financial risk. At the same time, the Group has aggressively transited to the asset-heavy operating model since its listing, as evidenced by the fact that the commodity sales revenue accounted for more than half of its total revenue in 2016. Therefore it actually operates under a mixed model with both asset-light and asset-heavy characteristics. The traditional financial analysis framework, which is designed to analyze brick and cement business entities, may not apply to asset-light companies and need appropriate adjustments. In this paper, we take Baofeng Group Co., Ltd. for example, specify how to use innovative perspective to analyze a typical mixed asset-light company. In summary, the logic in case study is as follows:starting from abnormal movement in the items of financial statements, selecting specific perspectives, then focusing on the gap between corporate strategy and financial consequences, and finally reasonably assessing corporate value. Analysis clue in this paper can offer a new reference for the rational evaluation of financial risks and values of transitional asset-light companies. The suggestions have considerable potential for widespread application.

Key words: asset-light companies, dot companies, Baofeng Group Co., Ltd., financial risk analysis