暴风集团轻资产转型的财务风险评价

Financial Risk Assessment of Light-asset Transformation in Baofeng Group Co.,Ltd.

暴风集团属于典型的互联网公司,具有轻资产企业的显著特征:资产结构轻、业务发展快、扩张迅猛、业绩变动幅度大、财务风险高,发展前景和企业价值均具有很大的不确定性。同时暴风集团自上市以来又大肆向重资产经营转型,商品销售收入占到营业收入的一半以上,属于轻资产和重资产混合运营模式。因此,适用于实体企业的、传统的财务风险评价体系未必完全适用于暴风集团,需要进行适当的调整。本文通过该公司的案例分析来具体说明如何以创新性的视角来选择独到的分析侧面去分析一家混合型的轻资产公司。本文遵从的逻辑顺序为:从异动项目入手深刻探究其背后的原因;对企业的财务状况和投资价值进行合理的评估;最后再上升到企业战略的高度验证战略与财务后果之间是否一致。本文的分析结论对于合理评价转型期的互联网公司的财务风险是全新的启示且具有一定的推广意义。

Baofeng Group Co., Ltd. is a typical dot company with asset-light characteristics ： light asset structure, fast business develop- ment, rapid expansion, great changes in performance, uncertain prospects and values and high financial risk. At the same time, the Group has aggressively transited to the asset-heavy operating model since its listing, as evidenced by the fact that the commodity sales revenue accounted for more than half of its total revenue in 2016. Therefore it actually operates under a mixed model with both asset-light and asset-heavy characteristics. The traditional financial analysis framework, which is designed to analyze brick and cement business en- tities, may not apply to asset-light companies and need appropriate adjustments. In this paper, we take Baofeng Group Co., Ltd. for ex- ample, specify how to use innovative perspective to analyze a typical mixed asset-light company. In summary, the logic in case study is as follows： starting from abnormal movement in the items of financial statements, selecting specific perspectives, then focusing on the gap between corporate strategy and financial consequences, and finally reasonably assessing corporate value. Analysis clue in this paper can offer a new reference for the rational evaluation of financial risks and values of transitional asset-light companies. The suggestions have considerable potential for widespread application.