| Financial risk is an essential factor affecting the survival and development of enterprises.The management and control of financial risk level are conducive to fully exploiting its resources and capabilities to improve the core competitiveness of enterprises.For enterprises in strategic transformation,the management and control of financial risk are particularly important.The level of enterprise financial risk control will affect the effective implementation of strategic decisions in the process of transformation.Meanwhile,because of the change in the scope of production and operation of the enterprise,financial risk level may produce fluctuations.This requires enterprises in the strategic transformation to maintain a relatively high sensitivity to their financial risk status.Otherwise,the enterprise may fall into a financial crisis.At present,China’s economy is in a critical period of mode transformation and structural adjustment.In order to maintain competitive advantages,many enterprises change their traditional business models through strategic transformation to achieve rapid growth in the new era.A lot of enterprise strategic transformation has not all been plain sailing,and it is still hidden behind the huge crisis.This kind of crisis exists not only in the existing problems,such as financial risk management and control within the company before the strategic transformation,but also in the lack of accurate positioning after the implementation of the strategic transformation.Both result in the inability to effectively implement the planned strategic layout,which further aggravates the risks inherent in the company.Guirenniao Co.,Ltd.(hereinafter referred to as Guirenniao)is precisely due to the failure to implement effective management and control of the company’s financial risks promptly during the transformation,coupled with the inaccurate positioning and blindly carrying out strategic expansion,resulting in a considerable cash-flow gap for the company,and ultimately in the midst of a delisting crisis.This paper takes Guirenniao as an example,uses case analysis and other research methods to analyze and evaluate the financial risk level of Guirenniao in financing ability,operation ability,profitability,and development ability,and makes a comprehensive evaluation of the financial risk control effect of Guirenniao in the strategic transformation.Meanwhile,aiming at the status quo of financial risk control of Guirenniao,this paper formulated the construction scheme of financial risk early-warning model for Guirenniao to improve the efficiency of financial risk early-warning of the company,and put forward suggestions for how to control financial risk of Guirenniao.Firstly,this paper summarizes the related theories of financial risk control,then sorts out the strategic transformation process of Guirenniao,analyzes the financial risks of Guirenniao and builds a comprehensive evaluation system of Guirenniao’s financial risk control based on the efficiency coefficient method with reference to the research of other scholars.The Standard Value of Enterprise Performance Evaluation issued by the Stateowned Assets Supervision and Administration Commission(SASAC)in each year is selected as the reference standard,and the key financial indicators of Guirenniao from 2015 to 2020 are calculated,and the specific score of Guirenniao at the comprehensive level is obtained,and then the financial risk control effect of Guirenniao in the process of strategic transformation is comprehensively evaluated With the thorough evaluation of the financial risks of Guirenniao,this paper concludes that the overall financial risk control effect of Guirenniao from 2015 to 2020 is poor,especially from 2017 to 2019.Since 2020,the control effect has improved,but the comprehensive level is still at a low level.This paper finally puts forward the construction scheme of the financial risk early warning model of Guirenniao,aiming to improve the efficiency of the company’s financial risk control. |
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