Research On Financial Risk Of High-Tech Enterprise “DFD LTD”

In recent years,the state's support for innovative enterprises has only increased.The new-energy automobile industry has been supported by the government once it was launched.In recent years,it has been developing rapidly with exponential growth in sales.In 2018,the production of new energy vehicles reached 1.27 million,up 59.9 percent over the same period last year,and the sales of new energy vehicles reached 1.256 million,up 61.7 percent over the same period last year.With the development of new energy automobile industry,lithium battery industry has also been promoted.On the basis of learning and studying the theories related to corporate financial risk and financial risk control,this paper selects DFD company,which has a fast growth in lithium battery industry and developed new energy vehicle business,as a case company for analysis.In this paper,after studying the relevant research both at home and abroad,and considering the characteristics of China's high-tech enterprises and the development strategy of DFD company,at the same time,using the literature research and case analysis,to identify and analyze the risk of DFD company locates the environment as well as in terms of fund-raising,investment,management of financial risk,and selected the DFD company of relevant indicators in the industry average and median,reasonable displays DFD company from 2014 to 2018 in the same industry ranking situation,analyses the risk environment of case company and solvency,profitability and operation ability,And the financial risk of DFD company in-depth analysis.In analysis and evaluation of the DFD company's financial situation,found that the current liabilities of DFD company is far higher than that of non-current liabilities and liabilities structure of imbalances,with current ratio and quick ratio and corresponding index is low,in comparison with the average ratio of industry in 2017 and 2018,are lower than industry corresponding index of the median ratio,debt paying ability is reduced,faced with a certain solvency risk;Research and development expenditure was 116 million yuan in 2017 and 132 million yuan in 2018,an increase of 13.60% year on year.Development spending as much as 0.47 million in 2017,an increase of 1,275.64%,development costs continue to rise in 2018,up to 113 million yuan,up 139.26% from a year earlier,in general,DFD company's development and research and development expenses are growing fast,but the related project profitability is not matching,if not reasonable adjustment of investment strategy,investment risk may lead to capital chain rupture;The scale of accounts receivable keeps increasing,the inventory turnover capacity keeps decreasing,the net investment cash flow has been negative for five consecutive years,and the net cash flow has also decreased to negative in 2018.The asset management level has not been improved in time with the development of the company's scale,and it is facing certain operational risks.In addition,the DFD company in terms of new energy vehicles,no rich business experience,compared with big brand low level of core technology,even in the raw material and in the upstream industry occupies a certain advantage,but want to enter the new energy automobile market and develop a certain market share or has the certain difficulty,the current earnings did not achieve expected value of the project,facing a certain financial risk.On the whole,the possibility of DFD company getting into financial risk is increasing year by year.According to the analysis results of this paper,the author puts forward Suggestions to strengthen the financial risk control of DFD company from four aspects: risk environment,financing,investment and operation.It is hoped that the research results of this paper will play a positive role in the future daily operation of DFD company,help DFD company to further understand its own financial risk level,and promote the healthy development of the company.On the other hand,I also hope to give some referential ideas and suggestions to the high-tech enterprises in the Chinese market.