Case Study On Financial Risk Of Listed Electric Power Enterprises Based On F-score Model

With the continuous advancement of our country’s market economy construction,the continuous opening of the capital market and the orderly development of the ownership reform of state-owned enterprises.Living standards improved.The power industry is dominated by state-owned enterprises,and private enterprises have also begun to participate in the competition in the power market in the trend of marketization.In recent years,under the macro background of my country’s de-capacity and dual carbon goals,the transformation of the main business of the power industry from traditional energy power generation to clean energy power generation is imperative,and the surge in corporate financial risks during the transition period is inevitable.An enterprise’s effective management of its own financial risks has become one of the important factors to ensure a smooth transition.Under such a macro background,in order to study the financial risk characteristics of electric power enterprises and their financial risk management,and help electric power enterprises to achieve a smooth transition at the financial level during the transition period and provides an effective theoretical model verification for the establishment of a financial risk management system.At the same time,Wintime Energy Power Co.,Ltd.,the only private power company in my country’s A-share market,which has also experienced transformation from a coal company to a power company and experienced financial crisis in recent years,is selected as a case company for research to provide a realistic basis for power company transformation and financial risk management.The financial data is calculated by the F-score model.Through research,it is found that the inter-annual differences in the financial risk level of power enterprises in my country are large and the financial status of power enterprises is generally poor.In addition to the financing,investment and operational risks caused by business characteristics,there are also technical and management risks caused by their own high technical requirements.Next,a detailed analysis of the case company Wintime Energy Power Co.,Ltd.was carried out.By analyzing its financial statements during the sample period,calculating the F score value and related financial indicators,the study found that the financial performance of Wintime Energy Power Co.,Ltd.before the outbreak of the financial crisis was poor,mainly reflected in the capital occupation structure.Unreasonable,poor investment returns,excessive reliance on issuance of bonds for financing,resulting in a surge in expenses,unreasonable financing term structure and incompatibility with its cash inflows,etc.The above reasons lead to insufficient long-term solvency,poor capital management,and asset utilization.The emergence of poor efficiency and other situations will eventually lead to the accumulation of financial risks and financial crisis in the enterprise.This paper analyzes the background of the financial crisis at the macro and micro levels,sorts out the entire process of the financial crisis and its disposal methods,studies the final disposal results and summarizes the financial crisis event.Research is carried out on the pledge ratio,the diversified development speed of power enterprises and their management capabilities.