控制系统性金融风险下互联网企业财务风险分析及未来展望——以乐视公司和暴风集团为例

Study on the Financial Risk of Internet Enterprises under the Background of Economic Cycle and Structure Optimization and Upgrading:Take LeTV and BaoFeng as an Example

随着互联网技术与金融的加速融合,互联网企业迅速发展,但以乐视公司和暴风集团为代表的互联网企业频繁曝出债务风波等负面消息,财务风险问题日益显现。在目前控制系统性金融风险背景下,本文对乐视公司和暴风集团财务风险进行深入研究,发现2014年起公司财务风险初现端倪;运用财务风险预警模型研究导致财务风险大幅增加的原因,即公司规模、主营业利润增长率与现金净流量占比均影响公司财务风险;本文运用灰色关联分析法分析财务绩效与财务风险的关联程度,找出以乐视公司和暴风集团为代表的互联网企业财务风险的来源是规模扩张导致资金链问题。最后,为互联网企业可持续发展提出开拓新融资渠道以及加强主营业务盈利能力与核心优势等可行性建议。

Along with China economic structure optimization and upgrading, Internet enterprises develop rapidly. But Letv and BaoFeng as the representative of Internet enterprise, frequently？reports negative news. In the current economic cycle, financial risk of Internet enterprises＇ appears, the development prospects of Internet industry face challenge in the future. Under this background, this paper first analyzes basic financial performance of Letv and BaoFeng. Secondly, using financial risk early-warning model and conducting empirical research on the financial risk of Letv and BaoFeng, in order to study the reason why financial risk greatly increased. The results show that four hypotheses are all accepted, company size, main business revenue growth rate and the proportion of net cash flows are all significantly affected financial risk. Finally, grey relative analysis method is used in this paper to analyze the interrelation degree between financial performance and financial risk of Letv and BaoFeng. And the outcomes show the reason of financial risk of Letv and BaoFeng is the scale expansion, which leads to financial chain problem. This paper puts forward feasible suggestions for the future sustainable development of the whole Internet industry.