| The home appliance manufacturing industry is the earliest industry in China to enter market competition.It supports and complements other industries in China's national economy and plays a vital role in the vigorous development of China's national economy.Since the reform and opening up,the home appliance industry has been lacking in technology from the beginning to today's technology,quality and innovation,and has experienced rapid development and continuous growth.However,in the process of rapid development,many companies lacked their awareness of financial risks,which led to the company's financial difficulties and even bankruptcies.Especially in the transition from high-speed development to high-quality development of China's economy,is the financial risk of China's household electrical appliance industry showing different characteristics and whether its influencing factors are different.Based on this,based on a large number of domestic and foreign literatures,this paper systematically combs the theory of financial risk control,and analyzes the status quo and existing problems of financial risk control of listed companies in China's household electrical appliance industry,and discusses financial affairs.The form of risk,the reasons for the formation of financial risks,and problems in the process of financial risk control.Based on the analysis of the status quo,an empirical model is constructed to analyze the main factors affecting financial risk.At the same time,this paper takes 2013 as the time division point and selects the quarterly panel data of listed companies in the household appliance industry from 2005 to 2012 and 2013 to 2019.The purpose is to study how to effectively control the financial risks of the householdappliance industry.At the same time,comparative analysis affects the similarities and differences of financial risks in the home appliance manufacturing industry under the background of China's rapid economic development and high-quality economic development.In the empirical analysis,this paper firstly applies factor analysis to the preliminary analysis of the data,and extracts eight and nine main factors in the period of rapid economic development and high-quality economic development in China,which reduces the difficulty for the next analysis;The Z-scores of each observed individual are calculated by the Z-Score model,and the financial risk is classified according to the threshold specified by the Z-Score model.The results are further analyzed.The paper finds that after 2013,the probability of a company's financial risk is significantly lower than that of a company before 2013.Finally,the logit model is used to construct the logit model of financial risk control with the main influencing factors of financial indicators as the explanatory variables and whether the enterprise has financial risks as the explanatory variables.Regression analysis is carried out on the sample data,and specific case analysis is carried out with Hisense as an example.The empirical results show that in the period of China's rapid economic development,the factors affecting financial risk mainly include profitability,solvency,operating capacity and asset earning capacity,and these four indicators are negatively related to the probability of financial risk;in the period of China's high-quality economic development,the factors affecting financial risk mainly include solvency and asset earning capacity We can see that the influencing factors increase the ability of capital accumulation on the basis of the first period,and the correlation between the five indexes and financial risk is negative.It can be seen that in the new economic environment,in order to better avoid financial risks,enterprises should not only improve debt paying ability,asset earning ability,operating ability and profitability,but also improve capital accumulation rate.Only in this way can enterprises stay away from financial risks and develop healthily. |
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