合并财务报表信息特征与多元化集团财务风险分析新逻辑——以复星国际“债务风波”为例

Characteristics of Consolidated Financial Statement Information and New Logic of Diversified Group’s Financial Risk Analysis:The Example of Fosun International’s"Debt Crisis"

集团公司对外披露和财务分析均以合并财务报表为基础。企业财务状况和债务挤兑应该更多是基于法律主体的议题。本文研讨的是以会计主体为主导的合并财务报表与甄别多元化经营集团的偿付能力和财务风险的相关性。本文首先分析了“会计主体”的合并报表和基于“法律主体”的债务责任的差异,然后从合并范围、分析对象、分析方法和分析内容四个方面提出多元化经营集团财务风险分析方法,最后以复星国际在2022年的“债务风波”为例进行验证。本文提出,由于多元化经营集团内存在不同的法律主体,合并财务报表反映的集团财务状况、偿付能力、债务风险通常具有模糊性甚至误导性。对于集团财务风险的分析,应该以母公司和控股子公司等法律主体的财报为主,以合并财务报表信息为辅。

Both the group's external disclosure and its financial analysis are mainly based on consolidated financial statements.This paper discusses whether it is appropriate to use the accounting-entity-based consolidated financial statements to identify the solvency and financial risk of diversified groups.This paper first analyzes the differences between the consolidated statements of the"accounting entity"and the debt responsibility based on the"legal entity"and then puts forward the financial risk analysis methodology of diversified groups from four aspects of the merger scope,analysis object,analysis method and analysis content.Furthermore,the paper verifies the methodology taking the"debt crisis"of Fosun International in 2022 as an example.This paper points out that due to the existence of different legal subjects in diversified groups,the group's financial position,solvency and debt risk reflected in consolidated financial statements are usually ambiguous and even misleading.The analysis of financial risks of the group should mainly be based on the financial statements of the parent company and subsidiaries,with consolidated financial statements as supplementary.