| Since the occurrence of trade friction between China and the United States,the United States has imposed another round of restrictions on some high-tech enterprises in our country,and imposed layer upon layer of restrictions on the import of advanced equipment or advanced technology or even outright bans.With the increasing trade friction between China and the United States,more and more high-tech enterprises in China face the risk of being restricted.Chinese integrated circuit industry has developed rapidly in recent years,and because it is a technology-intensive industry,dozens of technologies are involved.The integrated circuit industry has suffered from the strict "technology blockade" in the United States to delay the development of the industry and related technologies in China.The wafer foundry industry is the industry with the highest technology content in the integrated circuit industry,so the development of the industry has been greatly affected.The raw materials and main production equipment of China’s wafer foundry industry are low in domestic production and heavily rely on imports.Affected by the Sino-US trade friction,raw materials and production equipment have been restricted or prohibited,which brings problems such as limited financing and blocked research and development to the production and operation of China’s wafer foundry industry enterprises,and the resulting financial risks shall not be underestimated.This thesis analyzes the financial risk of the case company under the background of Sino-US trade friction by literature research method,case analysis method and comparative analysis method.In this thesis,SMIC International,the leading enterprise in China’s wafer foundry industry,is selected as a case to analyze the impact of Sino-US trade friction on SMIC’s business,and then its financial risk is identified.And the cause analysis,put forward some specific suggestions.Firstly,this thesis introduces the research background and significance,and reviews and summarizes domestic and foreign literatures related to the concept of financial risk and its control.Then the financial risk,financial risk control and other related theories are summarized.Then,the company profile of SMIC is introduced,the impact of Sino-US trade friction on SMIC’s business is analyzed,and the causes of financial risks of SMIC are analyzed based on the background of Sino-US trade friction.Finally,it puts forward some countermeasures and suggestions according to the causes of risk,summarizes and refines the case,obtains some enlightenment,and looks forward to the future research.Through case analysis,this thesis mainly draws the following conclusions: First,due to the impact of Sino-US trade friction,SMIC’s international financing capacity and asset utilization efficiency have been reduced at the present stage.In addition,there is an increased chance of declining gross profit rate in the future,and it faces higher financial risks.Secondly,due to the trade friction between China and the United States,the import of important raw materials and core production equipment of SMIC has been restricted or prohibited,resulting in threats to daily production.In addition,advanced technologies have been blocked and technology research and development is in trouble.These two are the main reasons for the decline of financial capacity and the increase of financial risk of SMIC.Third,implementing domestic substitution of capital,diversifying business development,diversifying income sources,and cooperating with the state in research and development can help SMIC stabilize revenue,maintain profits and obtain funds in the short term,so as to guarantee long-term investment in research and development and break the situation of limited equipment,raw materials and technology.The realization of domestic substitution can help SMIC resolve the inevitable financial risks in its long-term development in the context of Sino-US trade friction.It is hoped that the conclusion of this thesis can provide a way to solve the problem of financial risk increase faced by Chinese wafer foundry enterprises under the background of Sino-US trade friction. |
