導語：華夏保險財務風險分析一(yi)文來源于網(wang)友上傳(chuan)，不代表本站觀點，若需要原(yuan)創(chuang)文章可(ke)咨詢客服老(lao)師，歡迎參考。

摘要：對于企業管理者來說，利用財務數據進行財務狀況分析，并發現其中的問題是至關重要的。運用F分數模型，選取了華夏保險2015－2018年的財務報表數據，對華夏保險公司的(de)財務風險狀(zhuang)況進行分析評價，總結其(qi)存(cun)在的(de)問題并提供(gong)建議措施。

關(guan)鍵詞：F分數模(mo)型；華(hua)夏(xia)保險(xian)；財務(wu)風險(xian)

1華夏保險公司簡介

華(hua)(hua)(hua)夏(xia)(xia)人壽(shou)(shou)保(bao)(bao)(bao)險(xian)股份(fen)有限公(gong)(gong)司(si)（以(yi)下簡(jian)稱華(hua)(hua)(hua)夏(xia)(xia)保(bao)(bao)(bao)險(xian)公(gong)(gong)司(si)），成立于2006年(nian)(nian)12月(yue)，是(shi)經中國銀行保(bao)(bao)(bao)險(xian)監督管理委(wei)員(yuan)會批準設(she)立的(de)一家全國性、股份(fen)制人壽(shou)(shou)保(bao)(bao)(bao)險(xian)公(gong)(gong)司(si)，公(gong)(gong)司(si)注冊資(zi)本金(jin)153億元(yuan)(yuan)，總資(zi)產5445億元(yuan)(yuan)人民幣，公(gong)(gong)司(si)人員(yuan)隊(dui)伍超(chao)過(guo)30萬。公(gong)(gong)司(si)總部設(she)在北京，目(mu)前設(she)有24家直屬分(fen)公(gong)(gong)司(si)，分(fen)支機構合(he)計673家（含籌(chou)）。華(hua)(hua)(hua)夏(xia)(xia)保(bao)(bao)(bao)險(xian)公(gong)(gong)司(si)近幾年(nian)(nian)發展速(su)度(du)十分(fen)快(kuai)，在2019年(nian)(nian)，華(hua)(hua)(hua)夏(xia)(xia)保(bao)(bao)(bao)險(xian)正式進(jin)軍世界(jie)財(cai)(cai)富500強，位(wei)列(lie)第442位(wei)。華(hua)(hua)(hua)夏(xia)(xia)保(bao)(bao)(bao)險(xian)在快(kuai)速(su)發展的(de)這幾年(nian)(nian)中，財(cai)(cai)務(wu)狀況及財(cai)(cai)務(wu)風險(xian)控制的(de)如(ru)何，值(zhi)得深入探(tan)究。本文運用F分(fen)數模型(xing)，對華(hua)(hua)(hua)夏(xia)(xia)保(bao)(bao)(bao)險(xian)公(gong)(gong)司(si)2015－2018年(nian)(nian)財(cai)(cai)務(wu)狀況進(jin)行分(fen)析，探(tan)究其財(cai)(cai)務(wu)狀況的(de)變化(hua)過(guo)程。

2F分數模型的含義

2．1Z計分(fen)模(mo)(mo)(mo)(mo)型(xing)。美(mei)國紐(niu)約(yue)大(da)學斯特恩商學院(yuan)教授(shou)愛(ai)德華•阿特曼(man)在(zai)(zai)1968年(nian)對(dui)美(mei)國破(po)(po)產(chan)(chan)(chan)(chan)(chan)和非破(po)(po)產(chan)(chan)(chan)(chan)(chan)生產(chan)(chan)(chan)(chan)(chan)企(qi)業(ye)(ye)進(jin)(jin)行(xing)(xing)觀察，采(cai)用(yong)了(le)22個(ge)財(cai)務(wu)(wu)(wu)(wu)(wu)比率經(jing)(jing)(jing)過(guo)數(shu)理(li)(li)統計篩選建立了(le)著(zhu)名(ming)的(de)(de)(de)(de)(de)(de)(de)(de)5變(bian)量(liang)Z－SCORE模(mo)(mo)(mo)(mo)型(xing)。Z－SCORE模(mo)(mo)(mo)(mo)型(xing)是以(yi)(yi)多變(bian)量(liang)的(de)(de)(de)(de)(de)(de)(de)(de)統計方(fang)(fang)法(fa)為基礎，以(yi)(yi)破(po)(po)產(chan)(chan)(chan)(chan)(chan)企(qi)業(ye)(ye)為樣本(ben)(ben)，通過(guo)大(da)量(liang)的(de)(de)(de)(de)(de)(de)(de)(de)實驗(yan)，對(dui)企(qi)業(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)運行(xing)(xing)狀(zhuang)況(kuang)(kuang)、破(po)(po)產(chan)(chan)(chan)(chan)(chan)與否(fou)進(jin)(jin)行(xing)(xing)分(fen)析(xi)(xi)、判(pan)別的(de)(de)(de)(de)(de)(de)(de)(de)系(xi)統。Z－SCORE模(mo)(mo)(mo)(mo)型(xing)在(zai)(zai)歐美(mei)地(di)區(qu)得到(dao)了(le)廣(guang)泛的(de)(de)(de)(de)(de)(de)(de)(de)應用(yong)。模(mo)(mo)(mo)(mo)型(xing)A：針(zhen)(zhen)對(dui)上(shang)市公(gong)司(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)破(po)(po)產(chan)(chan)(chan)(chan)(chan)財(cai)務(wu)(wu)(wu)(wu)(wu)預警(jing)指(zhi)(zhi)數(shu)模(mo)(mo)(mo)(mo)型(xing)：Z＝0．012X1＋0．014X2＋0．033X3＋0．006X4＋0．999X5X1＝凈營(ying)(ying)運資(zi)(zi)(zi)(zi)本(ben)(ben)／總(zong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)(chan)＝（流(liu)動(dong)(dong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)(chan)—流(liu)動(dong)(dong)負債(zhai)(zhai)）／總(zong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)(chan)，該指(zhi)(zhi)標(biao)充分(fen)反映出(chu)流(liu)動(dong)(dong)性(xing)與規(gui)模(mo)(mo)(mo)(mo)特點。流(liu)動(dong)(dong)資(zi)(zi)(zi)(zi)本(ben)(ben)＝流(liu)動(dong)(dong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)(chan)—流(liu)動(dong)(dong)負債(zhai)(zhai)，擁有(you)(you)越多的(de)(de)(de)(de)(de)(de)(de)(de)流(liu)動(dong)(dong)資(zi)(zi)(zi)(zi)本(ben)(ben)，那么就(jiu)具(ju)(ju)(ju)(ju)(ju)有(you)(you)越高的(de)(de)(de)(de)(de)(de)(de)(de)償還能(neng)力，即反映出(chu)的(de)(de)(de)(de)(de)(de)(de)(de)是短期償債(zhai)(zhai)能(neng)力。X2＝留存(cun)收(shou)益／總(zong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)(chan)，這一(yi)指(zhi)(zhi)可以(yi)(yi)知(zhi)道企(qi)業(ye)(ye)積累的(de)(de)(de)(de)(de)(de)(de)(de)利(li)(li)(li)潤(run)(run)(run)(run)，反映企(qi)業(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)經(jing)(jing)(jing)營(ying)(ying)狀(zhuang)況(kuang)(kuang)。X3＝息(xi)稅前收(shou)益／總(zong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)(chan)＝（利(li)(li)(li)潤(run)(run)(run)(run)總(zong)額(e)＋財(cai)務(wu)(wu)(wu)(wu)(wu)費用(yong)）／總(zong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)(chan)，該指(zhi)(zhi)標(biao)主要(yao)(yao)(yao)衡(heng)量(liang)的(de)(de)(de)(de)(de)(de)(de)(de)內(nei)容(rong)是：即不考慮融資(zi)(zi)(zi)(zi)與稅收(shou)影響，企(qi)業(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)具(ju)(ju)(ju)(ju)(ju)體生產(chan)(chan)(chan)(chan)(chan)能(neng)力如(ru)何，是衡(heng)量(liang)企(qi)業(ye)(ye)在(zai)(zai)經(jing)(jing)(jing)營(ying)(ying)過(guo)程中(zhong)產(chan)(chan)(chan)(chan)(chan)生的(de)(de)(de)(de)(de)(de)(de)(de)利(li)(li)(li)潤(run)(run)(run)(run)水(shui)平(ping)(ping)。X4＝優先股和普(pu)通股市值(zhi)(zhi)／總(zong)負債(zhai)(zhai)＝（股票(piao)市值(zhi)(zhi)＊股票(piao)總(zong)數(shu)）／總(zong)負債(zhai)(zhai)，主要(yao)(yao)(yao)體現的(de)(de)(de)(de)(de)(de)(de)(de)是企(qi)業(ye)(ye)財(cai)務(wu)(wu)(wu)(wu)(wu)結構狀(zhuang)況(kuang)(kuang)以(yi)(yi)及(ji)股東(dong)權益資(zi)(zi)(zi)(zi)本(ben)(ben)和債(zhai)(zhai)權人供(gong)給資(zi)(zi)(zi)(zi)本(ben)(ben)之間(jian)的(de)(de)(de)(de)(de)(de)(de)(de)聯(lian)系(xi)。X5＝銷(xiao)(xiao)售額(e)／總(zong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)(chan)，這一(yi)指(zhi)(zhi)標(biao)衡(heng)量(liang)企(qi)業(ye)(ye)產(chan)(chan)(chan)(chan)(chan)生銷(xiao)(xiao)售額(e)的(de)(de)(de)(de)(de)(de)(de)(de)能(neng)力。判(pan)斷(duan)依據：如(ru)果(guo)(guo)Z值(zhi)(zhi)＜1．81，那么就(jiu)表(biao)(biao)示企(qi)業(ye)(ye)已經(jing)(jing)(jing)瀕臨(lin)破(po)(po)產(chan)(chan)(chan)(chan)(chan)，遇到(dao)了(le)財(cai)務(wu)(wu)(wu)(wu)(wu)危(wei)機；當(dang)Z在(zai)(zai)1．81到(dao)2．675范圍(wei)，表(biao)(biao)明(ming)(ming)財(cai)務(wu)(wu)(wu)(wu)(wu)狀(zhuang)況(kuang)(kuang)可能(neng)存(cun)在(zai)(zai)一(yi)定問題與不足，很(hen)容(rong)易破(po)(po)產(chan)(chan)(chan)(chan)(chan)；如(ru)果(guo)(guo)Z在(zai)(zai)2．65到(dao)2．99范圍(wei)，表(biao)(biao)明(ming)(ming)企(qi)業(ye)(ye)需要(yao)(yao)(yao)面(mian)(mian)臨(lin)較大(da)的(de)(de)(de)(de)(de)(de)(de)(de)財(cai)務(wu)(wu)(wu)(wu)(wu)壓力；如(ru)果(guo)(guo)Z＞2．99，則(ze)(ze)表(biao)(biao)明(ming)(ming)具(ju)(ju)(ju)(ju)(ju)有(you)(you)良(liang)好的(de)(de)(de)(de)(de)(de)(de)(de)財(cai)務(wu)(wu)(wu)(wu)(wu)狀(zhuang)況(kuang)(kuang)。模(mo)(mo)(mo)(mo)型(xing)B：針(zhen)(zhen)對(dui)非上(shang)市公(gong)司(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)破(po)(po)產(chan)(chan)(chan)(chan)(chan)財(cai)務(wu)(wu)(wu)(wu)(wu)預警(jing)指(zhi)(zhi)數(shu)模(mo)(mo)(mo)(mo)型(xing)：Z＝0．717X1＋0．84X2＋3．107X3＋0．420X4＋0．998X5X4＝企(qi)業(ye)(ye)賬面(mian)(mian)價(jia)值(zhi)(zhi)／總(zong)負債(zhai)(zhai)面(mian)(mian)值(zhi)(zhi)，剩余(yu)指(zhi)(zhi)標(biao)均(jun)與上(shang)述內(nei)容(rong)相同。判(pan)斷(duan)依據：Z值(zhi)(zhi)＜1．1時(shi)，則(ze)(ze)表(biao)(biao)明(ming)(ming)企(qi)業(ye)(ye)遇到(dao)了(le)財(cai)務(wu)(wu)(wu)(wu)(wu)危(wei)機，瀕臨(lin)破(po)(po)產(chan)(chan)(chan)(chan)(chan)；當(dang)Z值(zhi)(zhi)在(zai)(zai)1．1到(dao)2．6，在(zai)(zai)財(cai)務(wu)(wu)(wu)(wu)(wu)狀(zhuang)況(kuang)(kuang)方(fang)(fang)面(mian)(mian)具(ju)(ju)(ju)(ju)(ju)有(you)(you)較大(da)的(de)(de)(de)(de)(de)(de)(de)(de)波(bo)動(dong)(dong)，無(wu)(wu)法(fa)進(jin)(jin)行(xing)(xing)準(zhun)確說(shuo)明(ming)(ming)與判(pan)斷(duan)；如(ru)果(guo)(guo)Z值(zhi)(zhi)＞2．6，則(ze)(ze)表(biao)(biao)明(ming)(ming)具(ju)(ju)(ju)(ju)(ju)有(you)(you)良(liang)好的(de)(de)(de)(de)(de)(de)(de)(de)財(cai)務(wu)(wu)(wu)(wu)(wu)狀(zhuang)況(kuang)(kuang)。2．2F分(fen)數(shu)模(mo)(mo)(mo)(mo)型(xing)。我(wo)國學者(zhe)研(yan)究過(guo)程中(zhong)發現Z模(mo)(mo)(mo)(mo)型(xing)存(cun)在(zai)(zai)一(yi)定的(de)(de)(de)(de)(de)(de)(de)(de)局(ju)限性(xing)。在(zai)(zai)不斷(duan)研(yan)究與創新過(guo)程中(zhong)，基于Z模(mo)(mo)(mo)(mo)型(xing)進(jin)(jin)行(xing)(xing)了(le)優化與調整，增加(jia)了(le)現金流(liu)量(liang)這個(ge)要(yao)(yao)(yao)素，最終研(yan)究出(chu)F分(fen)數(shu)模(mo)(mo)(mo)(mo)型(xing)，并且在(zai)(zai)分(fen)析(xi)(xi)過(guo)程中(zhong)選擇(ze)的(de)(de)(de)(de)(de)(de)(de)(de)樣本(ben)(ben)公(gong)司(si)(si)超過(guo)了(le)4000家，評估(gu)了(le)F分(fen)數(shu)模(mo)(mo)(mo)(mo)型(xing)的(de)(de)(de)(de)(de)(de)(de)(de)客觀性(xing)與準(zhun)確性(xing)情況(kuang)(kuang)。具(ju)(ju)(ju)(ju)(ju)體表(biao)(biao)達式如(ru)下所示：F＝－0．1774＋1．1091X1＋0．1074X2＋1．9271X3＋0．0302X4＋0．4961X5X1、X2和X4均(jun)與Z值(zhi)(zhi)模(mo)(mo)(mo)(mo)型(xing)一(yi)樣；X3＝（凈利(li)(li)(li)潤(run)(run)(run)(run)＋折(zhe)舊）／總(zong)負債(zhai)(zhai)，X3反映的(de)(de)(de)(de)(de)(de)(de)(de)內(nei)容(rong)是具(ju)(ju)(ju)(ju)(ju)體經(jing)(jing)(jing)營(ying)(ying)管理(li)(li)過(guo)程中(zhong)，公(gong)司(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)償債(zhai)(zhai)水(shui)平(ping)(ping)；X5＝（凈利(li)(li)(li)潤(run)(run)(run)(run)＋利(li)(li)(li)息(xi)＋折(zhe)舊）／平(ping)(ping)均(jun)總(zong)資(zi)(zi)(zi)(zi)產(chan)(chan)(chan)(chan)(chan)，X5表(biao)(biao)示現金流(liu)量(liang)水(shui)平(ping)(ping)。如(ru)果(guo)(guo)F值(zhi)(zhi)＜0．0274的(de)(de)(de)(de)(de)(de)(de)(de)時(shi)候，則(ze)(ze)表(biao)(biao)明(ming)(ming)未來企(qi)業(ye)(ye)可能(neng)破(po)(po)產(chan)(chan)(chan)(chan)(chan)；如(ru)果(guo)(guo)F值(zhi)(zhi)＞0．0274，則(ze)(ze)表(biao)(biao)示未來發展(zhan)過(guo)程中(zhong)不會(hui)出(chu)現破(po)(po)產(chan)(chan)(chan)(chan)(chan)；當(dang)F值(zhi)(zhi)在(zai)(zai)－0．0501－0．1049之間(jian)的(de)(de)(de)(de)(de)(de)(de)(de)時(shi)候，這種方(fang)(fang)法(fa)判(pan)斷(duan)無(wu)(wu)效(xiao)，需要(yao)(yao)(yao)結合其他信(xin)息(xi)進(jin)(jin)行(xing)(xing)進(jin)(jin)一(yi)步的(de)(de)(de)(de)(de)(de)(de)(de)分(fen)析(xi)(xi)。

3華夏保險財務風險分析及應對措施

3．1華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)。F分(fen)(fen)(fen)數(shu)模型(xing)數(shu)值(zhi)(zhi)(zhi)分(fen)(fen)(fen)析華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)2015－2018年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)報表(biao)數(shu)據如表(biao)1所示，表(biao)中(zhong)數(shu)據是(shi)(shi)(shi)(shi)根(gen)據華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)官網披露的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)信息(xi)(xi)數(shu)據整(zheng)理(li)(li)得(de)(de)出(chu)(chu)(chu)。基于(yu)(yu)(yu)表(biao)1中(zhong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)數(shu)據，利(li)(li)用EXCEL和(he)(he)F分(fen)(fen)(fen)數(shu)模型(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)式(shi)計(ji)算得(de)(de)出(chu)(chu)(chu)華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)近(jin)四(si)年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)F值(zhi)(zhi)(zhi)，如表(biao)2所示。通(tong)(tong)過(guo)(guo)(guo)(guo)表(biao)2的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)計(ji)算結(jie)(jie)(jie)(jie)果(guo)可以(yi)(yi)(yi)(yi)發(fa)(fa)現(xian)，華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)近(jin)四(si)年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)F值(zhi)(zhi)(zhi)均低于(yu)(yu)(yu)臨(lin)界(jie)值(zhi)(zhi)(zhi)0．0274，由此可以(yi)(yi)(yi)(yi)判(pan)斷公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)很(hen)大(da)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)還(huan)(huan)(huan)(huan)將長(chang)期(qi)(qi)處(chu)(chu)(chu)(chu)于(yu)(yu)(yu)一(yi)(yi)(yi)(yi)個(ge)較(jiao)(jiao)(jiao)高(gao)(gao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)階段。從(cong)(cong)具(ju)體(ti)(ti)F值(zhi)(zhi)(zhi)來(lai)(lai)看(kan)，2015年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)F值(zhi)(zhi)(zhi)為－0．627，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)存在(zai)(zai)(zai)(zai)(zai)較(jiao)(jiao)(jiao)大(da)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)，之后的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)2016年(nian)(nian)(nian)(nian)(nian)和(he)(he)2017年(nian)(nian)(nian)(nian)(nian)分(fen)(fen)(fen)別為－0．642、－0．664，F值(zhi)(zhi)(zhi)變(bian)化(hua)不(bu)大(da)，華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)繼續延(yan)續了(le)(le)(le)這(zhe)中(zhong)高(gao)(gao)財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)狀態，2018年(nian)(nian)(nian)(nian)(nian)為－0．441，有(you)(you)(you)了(le)(le)(le)一(yi)(yi)(yi)(yi)個(ge)小(xiao)幅度的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)增(zeng)長(chang)，這(zhe)可以(yi)(yi)(yi)(yi)推(tui)斷出(chu)(chu)(chu)華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)在(zai)(zai)(zai)(zai)(zai)2018年(nian)(nian)(nian)(nian)(nian)財(cai)(cai)(cai)務(wu)(wu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)相應(ying)(ying)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)措(cuo)施(shi)來(lai)(lai)降(jiang)(jiang)低財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)。但(dan)(dan)總的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)來(lai)(lai)說(shuo)，但(dan)(dan)總體(ti)(ti)來(lai)(lai)說(shuo)，華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)仍存在(zai)(zai)(zai)(zai)(zai)較(jiao)(jiao)(jiao)大(da)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)，必須(xu)采取相應(ying)(ying)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)管(guan)理(li)(li)措(cuo)施(shi)進(jin)(jin)行(xing)(xing)管(guan)理(li)(li)，否則(ze)，嚴(yan)(yan)重(zhong)(zhong)(zhong)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)危(wei)機依然(ran)存在(zai)(zai)(zai)(zai)(zai)。3．2華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)分(fen)(fen)(fen)析。（1）償(chang)(chang)(chang)(chang)債(zhai)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)不(bu)足。F分(fen)(fen)(fen)數(shu)模型(xing)中(zhong)，X1是(shi)(shi)(shi)(shi)營(ying)(ying)運資(zi)本與(yu)(yu)(yu)總資(zi)產(chan)(chan)(chan)(chan)(chan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)比(bi)(bi)(bi)率，華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)近(jin)四(si)年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)該比(bi)(bi)(bi)率一(yi)(yi)(yi)(yi)直(zhi)處(chu)(chu)(chu)(chu)在(zai)(zai)(zai)(zai)(zai)一(yi)(yi)(yi)(yi)個(ge)較(jiao)(jiao)(jiao)低的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)水平，2018年(nian)(nian)(nian)(nian)(nian)該比(bi)(bi)(bi)率為－0．264，相較(jiao)(jiao)(jiao)于(yu)(yu)(yu)前三年(nian)(nian)(nian)(nian)(nian)一(yi)(yi)(yi)(yi)直(zhi)在(zai)(zai)(zai)(zai)(zai)－0．5至－0．4之間波(bo)動(dong)，有(you)(you)(you)一(yi)(yi)(yi)(yi)個(ge)較(jiao)(jiao)(jiao)大(da)幅度的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)增(zeng)長(chang)，但(dan)(dan)總體(ti)(ti)來(lai)(lai)看(kan)，華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)短(duan)期(qi)(qi)償(chang)(chang)(chang)(chang)債(zhai)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)較(jiao)(jiao)(jiao)弱(ruo)。X4是(shi)(shi)(shi)(shi)企(qi)(qi)(qi)業(ye)(ye)賬(zhang)面(mian)(mian)價值(zhi)(zhi)(zhi)與(yu)(yu)(yu)總負債(zhai)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)比(bi)(bi)(bi)值(zhi)(zhi)(zhi)，反映(ying)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)是(shi)(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)資(zi)產(chan)(chan)(chan)(chan)(chan)機構(gou)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)穩定性，華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)近(jin)四(si)年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)該比(bi)(bi)(bi)值(zhi)(zhi)(zhi)同樣處(chu)(chu)(chu)(chu)于(yu)(yu)(yu)一(yi)(yi)(yi)(yi)個(ge)較(jiao)(jiao)(jiao)低的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)水平，2016年(nian)(nian)(nian)(nian)(nian)該比(bi)(bi)(bi)值(zhi)(zhi)(zhi)為0．093，2017年(nian)(nian)(nian)(nian)(nian)為0．029，有(you)(you)(you)一(yi)(yi)(yi)(yi)個(ge)大(da)幅度的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)下降(jiang)(jiang)，并且(qie)之后延(yan)續了(le)(le)(le)這(zhe)種態勢，這(zhe)說(shuo)明公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)企(qi)(qi)(qi)業(ye)(ye)賬(zhang)面(mian)(mian)價值(zhi)(zhi)(zhi)在(zai)(zai)(zai)(zai)(zai)不(bu)斷減(jian)少，這(zhe)將嚴(yan)(yan)重(zhong)(zhong)(zhong)影(ying)(ying)響(xiang)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)償(chang)(chang)(chang)(chang)債(zhai)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)，倘若(ruo)華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)沒有(you)(you)(you)實(shi)施(shi)有(you)(you)(you)效的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)方(fang)法(fa)(fa)(fa)(fa)改善償(chang)(chang)(chang)(chang)債(zhai)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)會(hui)面(mian)(mian)臨(lin)難以(yi)(yi)(yi)(yi)對(dui)(dui)(dui)(dui)債(zhai)務(wu)(wu)進(jin)(jin)行(xing)(xing)償(chang)(chang)(chang)(chang)還(huan)(huan)(huan)(huan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)。（2）現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)弱(ruo)。X3反映(ying)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)是(shi)(shi)(shi)(shi)凈(jing)利(li)(li)潤加折(zhe)舊(jiu)與(yu)(yu)(yu)總負債(zhai)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)比(bi)(bi)(bi)率，用來(lai)(lai)衡量(liang)(liang)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)量(liang)(liang)用于(yu)(yu)(yu)償(chang)(chang)(chang)(chang)還(huan)(huan)(huan)(huan)債(zhai)務(wu)(wu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)，既(ji)能(neng)(neng)(neng)反映(ying)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)量(liang)(liang)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)狀況(kuang)(kuang)，也能(neng)(neng)(neng)反映(ying)出(chu)(chu)(chu)償(chang)(chang)(chang)(chang)還(huan)(huan)(huan)(huan)債(zhai)務(wu)(wu)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)。華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)近(jin)幾年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)凈(jing)利(li)(li)潤一(yi)(yi)(yi)(yi)直(zhi)是(shi)(shi)(shi)(shi)正值(zhi)(zhi)(zhi)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)盈(ying)利(li)(li)狀況(kuang)(kuang)還(huan)(huan)(huan)(huan)是(shi)(shi)(shi)(shi)良(liang)(liang)好(hao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)，但(dan)(dan)X3的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)比(bi)(bi)(bi)率較(jiao)(jiao)(jiao)小(xiao)，這(zhe)說(shuo)明公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)本結(jie)(jie)(jie)(jie)構(gou)中(zhong)，負債(zhai)所占比(bi)(bi)(bi)重(zhong)(zhong)(zhong)過(guo)(guo)(guo)(guo)大(da)，導(dao)致(zhi)(zhi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)較(jiao)(jiao)(jiao)弱(ruo)。X5體(ti)(ti)現(xian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)是(shi)(shi)(shi)(shi)凈(jing)利(li)(li)，潤加利(li)(li)息(xi)(xi)加折(zhe)舊(jiu)與(yu)(yu)(yu)總資(zi)產(chan)(chan)(chan)(chan)(chan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)比(bi)(bi)(bi)值(zhi)(zhi)(zhi)，反映(ying)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)是(shi)(shi)(shi)(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)總資(zi)產(chan)(chan)(chan)(chan)(chan)在(zai)(zai)(zai)(zai)(zai)創造(zao)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)方(fang)面(mian)(mian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)，除了(le)(le)(le)剛提(ti)到的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)凈(jing)利(li)(li)潤外(wai)(wai)，利(li)(li)息(xi)(xi)也是(shi)(shi)(shi)(shi)很(hen)重(zhong)(zhong)(zhong)要(yao)(yao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)因(yin)素(su)。華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)近(jin)幾年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)利(li)(li)息(xi)(xi)一(yi)(yi)(yi)(yi)直(zhi)都(dou)很(hen)高(gao)(gao)，這(zhe)導(dao)致(zhi)(zhi)到X5的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)比(bi)(bi)(bi)值(zhi)(zhi)(zhi)一(yi)(yi)(yi)(yi)直(zhi)都(dou)很(hen)低，并且(qie)該數(shu)值(zhi)(zhi)(zhi)一(yi)(yi)(yi)(yi)直(zhi)在(zai)(zai)(zai)(zai)(zai)下降(jiang)(jiang)，從(cong)(cong)2015年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)0．05下降(jiang)(jiang)到2018年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)0．034，這(zhe)表(biao)明，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)這(zhe)幾年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)產(chan)(chan)(chan)(chan)(chan)在(zai)(zai)(zai)(zai)(zai)創造(zao)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)量(liang)(liang)方(fang)面(mian)(mian)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)不(bu)斷下降(jiang)(jiang)。總的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)來(lai)(lai)說(shuo)，華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)近(jin)四(si)年(nian)(nian)(nian)(nian)(nian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)不(bu)斷在(zai)(zai)(zai)(zai)(zai)減(jian)弱(ruo)，如果(guo)一(yi)(yi)(yi)(yi)直(zhi)處(chu)(chu)(chu)(chu)于(yu)(yu)(yu)這(zhe)樣的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)情況(kuang)(kuang)，公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)很(hen)容易引起資(zi)金(jin)(jin)(jin)(jin)(jin)(jin)鏈斷裂，企(qi)(qi)(qi)業(ye)(ye)也將會(hui)面(mian)(mian)臨(lin)較(jiao)(jiao)(jiao)高(gao)(gao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)破(po)產(chan)(chan)(chan)(chan)(chan)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)。3．3應(ying)(ying)對(dui)(dui)(dui)(dui)措(cuo)施(shi)。（1）提(ti)高(gao)(gao)經(jing)營(ying)(ying)管(guan)理(li)(li)人員的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)意(yi)(yi)(yi)識(shi)。財(cai)(cai)(cai)務(wu)(wu)管(guan)理(li)(li)人員作(zuo)(zuo)為企(qi)(qi)(qi)業(ye)(ye)財(cai)(cai)(cai)務(wu)(wu)行(xing)(xing)為的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)發(fa)(fa)生主(zhu)體(ti)(ti)，為了(le)(le)(le)有(you)(you)(you)效的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)面(mian)(mian)對(dui)(dui)(dui)(dui)和(he)(he)解(jie)決(jue)可能(neng)(neng)(neng)發(fa)(fa)生的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)，首(shou)先，重(zhong)(zhong)(zhong)視財(cai)(cai)(cai)務(wu)(wu)人員，提(ti)高(gao)(gao)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)意(yi)(yi)(yi)識(shi)；第(di)二，對(dui)(dui)(dui)(dui)于(yu)(yu)(yu)財(cai)(cai)(cai)務(wu)(wu)部門(men)(men)而(er)言(yan)，需(xu)要(yao)(yao)具(ju)備(bei)(bei)更高(gao)(gao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)意(yi)(yi)(yi)識(shi)；第(di)三，在(zai)(zai)(zai)(zai)(zai)整(zheng)個(ge)企(qi)(qi)(qi)業(ye)(ye)廣泛宣(xuan)傳風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)意(yi)(yi)(yi)識(shi)。財(cai)(cai)(cai)務(wu)(wu)相關部門(men)(men)要(yao)(yao)對(dui)(dui)(dui)(dui)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)意(yi)(yi)(yi)識(shi)防范方(fang)面(mian)(mian)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)知識(shi)具(ju)備(bei)(bei)充分(fen)(fen)(fen)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)理(li)(li)解(jie)和(he)(he)熟知。此外(wai)(wai)，需(xu)要(yao)(yao)針(zhen)對(dui)(dui)(dui)(dui)企(qi)(qi)(qi)業(ye)(ye)人員進(jin)(jin)行(xing)(xing)各(ge)種宣(xuan)傳與(yu)(yu)(yu)培訓活(huo)動(dong)，不(bu)僅需(xu)要(yao)(yao)面(mian)(mian)向管(guan)理(li)(li)層(ceng)，還(huan)(huan)(huan)(huan)需(xu)要(yao)(yao)包括(kuo)(kuo)普通(tong)(tong)員工，覆蓋(gai)整(zheng)個(ge)企(qi)(qi)(qi)業(ye)(ye)，使(shi)(shi)得(de)(de)所有(you)(you)(you)員工都(dou)了(le)(le)(le)解(jie)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)內(nei)容，具(ju)備(bei)(bei)較(jiao)(jiao)(jiao)高(gao)(gao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)意(yi)(yi)(yi)識(shi)。如此才會(hui)促(cu)使(shi)(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)更好(hao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)應(ying)(ying)對(dui)(dui)(dui)(dui)各(ge)類風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)，平穩快速發(fa)(fa)展(zhan)(zhan)(zhan)。公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)發(fa)(fa)展(zhan)(zhan)(zhan)過(guo)(guo)(guo)(guo)程(cheng)(cheng)(cheng)中(zhong)結(jie)(jie)(jie)(jie)合(he)自(zi)身(shen)實(shi)際(ji)(ji)情況(kuang)(kuang)，全面(mian)(mian)研究與(yu)(yu)(yu)分(fen)(fen)(fen)析財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)，具(ju)有(you)(you)(you)針(zhen)對(dui)(dui)(dui)(dui)性的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)開展(zhan)(zhan)(zhan)各(ge)類教育活(huo)動(dong)，制(zhi)(zhi)定出(chu)(chu)(chu)完善的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)考(kao)核制(zhi)(zhi)度，通(tong)(tong)過(guo)(guo)(guo)(guo)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)證的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)考(kao)核評價來(lai)(lai)進(jin)(jin)行(xing)(xing)管(guan)理(li)(li)，培養公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)經(jing)營(ying)(ying)管(guan)理(li)(li)人員的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)財(cai)(cai)(cai)務(wu)(wu)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)意(yi)(yi)(yi)識(shi)。（2）優(you)化(hua)資(zi)本結(jie)(jie)(jie)(jie)構(gou)提(ti)高(gao)(gao)償(chang)(chang)(chang)(chang)債(zhai)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)。公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)舉(ju)債(zhai)主(zhu)要(yao)(yao)是(shi)(shi)(shi)(shi)為了(le)(le)(le)解(jie)決(jue)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)不(bu)足的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)問題(ti)，由于(yu)(yu)(yu)企(qi)(qi)(qi)業(ye)(ye)大(da)部分(fen)(fen)(fen)資(zi)產(chan)(chan)(chan)(chan)(chan)無(wu)法(fa)(fa)(fa)(fa)及(ji)時變(bian)現(xian)，例如固定資(zi)產(chan)(chan)(chan)(chan)(chan)，對(dui)(dui)(dui)(dui)于(yu)(yu)(yu)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)來(lai)(lai)說(shuo)還(huan)(huan)(huan)(huan)包括(kuo)(kuo)應(ying)(ying)收(shou)(shou)(shou)(shou)分(fen)(fen)(fen)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)壽(shou)險(xian)(xian)(xian)(xian)(xian)責任準備(bei)(bei)金(jin)(jin)(jin)(jin)(jin)(jin)、應(ying)(ying)收(shou)(shou)(shou)(shou)分(fen)(fen)(fen)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)長(chang)期(qi)(qi)健(jian)康險(xian)(xian)(xian)(xian)(xian)準備(bei)(bei)金(jin)(jin)(jin)(jin)(jin)(jin)等長(chang)期(qi)(qi)資(zi)產(chan)(chan)(chan)(chan)(chan)，負債(zhai)過(guo)(guo)(guo)(guo)多(duo)自(zi)然(ran)會(hui)對(dui)(dui)(dui)(dui)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)產(chan)(chan)(chan)(chan)(chan)生嚴(yan)(yan)重(zhong)(zhong)(zhong)影(ying)(ying)響(xiang)，無(wu)法(fa)(fa)(fa)(fa)按時償(chang)(chang)(chang)(chang)還(huan)(huan)(huan)(huan)債(zhai)務(wu)(wu)。華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)需(xu)不(bu)斷優(you)化(hua)發(fa)(fa)展(zhan)(zhan)(zhan)戰(zhan)略，調整(zheng)發(fa)(fa)展(zhan)(zhan)(zhan)措(cuo)施(shi)，與(yu)(yu)(yu)自(zi)身(shen)實(shi)際(ji)(ji)情況(kuang)(kuang)相結(jie)(jie)(jie)(jie)合(he)，對(dui)(dui)(dui)(dui)資(zi)本進(jin)(jin)行(xing)(xing)優(you)化(hua)配(pei)置(zhi)，并且(qie)適當(dang)采取負債(zhai)措(cuo)施(shi)，對(dui)(dui)(dui)(dui)資(zi)本結(jie)(jie)(jie)(jie)構(gou)進(jin)(jin)行(xing)(xing)合(he)理(li)(li)優(you)化(hua)。企(qi)(qi)(qi)業(ye)(ye)發(fa)(fa)展(zhan)(zhan)(zhan)過(guo)(guo)(guo)(guo)程(cheng)(cheng)(cheng)中(zhong)要(yao)(yao)對(dui)(dui)(dui)(dui)負債(zhai)與(yu)(yu)(yu)資(zi)產(chan)(chan)(chan)(chan)(chan)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)比(bi)(bi)(bi)例進(jin)(jin)行(xing)(xing)科(ke)學(xue)合(he)理(li)(li)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)控制(zhi)(zhi)，負債(zhai)適當(dang)可以(yi)(yi)(yi)(yi)促(cu)使(shi)(shi)企(qi)(qi)(qi)業(ye)(ye)擁有(you)(you)(you)更多(duo)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)，可以(yi)(yi)(yi)(yi)更好(hao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)應(ying)(ying)用到生產(chan)(chan)(chan)(chan)(chan)經(jing)營(ying)(ying)過(guo)(guo)(guo)(guo)程(cheng)(cheng)(cheng)中(zhong)，迅速占領市場，得(de)(de)到更高(gao)(gao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)競爭力(li)(li)(li)(li)(li)(li)，從(cong)(cong)而(er)形成一(yi)(yi)(yi)(yi)種良(liang)(liang)性循環(huan)。然(ran)而(er)負債(zhai)必須(xu)控制(zhi)(zhi)在(zai)(zai)(zai)(zai)(zai)一(yi)(yi)(yi)(yi)個(ge)合(he)理(li)(li)水平，如果(guo)過(guo)(guo)(guo)(guo)大(da)則(ze)企(qi)(qi)(qi)業(ye)(ye)無(wu)法(fa)(fa)(fa)(fa)在(zai)(zai)(zai)(zai)(zai)規(gui)定時間內(nei)償(chang)(chang)(chang)(chang)還(huan)(huan)(huan)(huan)，那么對(dui)(dui)(dui)(dui)企(qi)(qi)(qi)業(ye)(ye)會(hui)產(chan)(chan)(chan)(chan)(chan)生嚴(yan)(yan)重(zhong)(zhong)(zhong)影(ying)(ying)響(xiang)，不(bu)僅有(you)(you)(you)損(sun)良(liang)(liang)好(hao)信譽，而(er)且(qie)還(huan)(huan)(huan)(huan)會(hui)出(chu)(chu)(chu)現(xian)財(cai)(cai)(cai)務(wu)(wu)危(wei)機，更有(you)(you)(you)甚者可能(neng)(neng)(neng)出(chu)(chu)(chu)現(xian)破(po)產(chan)(chan)(chan)(chan)(chan)。（3）提(ti)高(gao)(gao)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)。要(yao)(yao)想提(ti)高(gao)(gao)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)就要(yao)(yao)從(cong)(cong)企(qi)(qi)(qi)業(ye)(ye)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)應(ying)(ying)收(shou)(shou)(shou)(shou)賬(zhang)款出(chu)(chu)(chu)發(fa)(fa)，為了(le)(le)(le)確(que)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)發(fa)(fa)展(zhan)(zhan)(zhan)過(guo)(guo)(guo)(guo)程(cheng)(cheng)(cheng)中(zhong)擁有(you)(you)(you)充足的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)經(jing)營(ying)(ying)現(xian)金(jin)(jin)(jin)(jin)(jin)(jin)流(liu)(liu)(liu)，促(cu)使(shi)(shi)經(jing)營(ying)(ying)能(neng)(neng)(neng)力(li)(li)(li)(li)(li)(li)進(jin)(jin)一(yi)(yi)(yi)(yi)步(bu)提(ti)高(gao)(gao)，增(zeng)強競爭實(shi)力(li)(li)(li)(li)(li)(li)，應(ying)(ying)該有(you)(you)(you)效落(luo)實(shi)應(ying)(ying)收(shou)(shou)(shou)(shou)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)費工作(zuo)(zuo)。現(xian)階段大(da)部分(fen)(fen)(fen)產(chan)(chan)(chan)(chan)(chan)品采取的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)都(dou)是(shi)(shi)(shi)(shi)分(fen)(fen)(fen)期(qi)(qi)付(fu)款的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)結(jie)(jie)(jie)(jie)算方(fang)式(shi)，盡管(guan)很(hen)大(da)程(cheng)(cheng)(cheng)度上(shang)吸(xi)引了(le)(le)(le)客(ke)戶(hu)前來(lai)(lai)購買，提(ti)高(gao)(gao)了(le)(le)(le)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)影(ying)(ying)響(xiang)力(li)(li)(li)(li)(li)(li)與(yu)(yu)(yu)銷售(shou)業(ye)(ye)績，然(ran)而(er)也延(yan)長(chang)了(le)(le)(le)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)費繳納(na)期(qi)(qi)限(xian)，導(dao)致(zhi)(zhi)難以(yi)(yi)(yi)(yi)及(ji)時回收(shou)(shou)(shou)(shou)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)費，對(dui)(dui)(dui)(dui)未(wei)來(lai)(lai)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)發(fa)(fa)展(zhan)(zhan)(zhan)產(chan)(chan)(chan)(chan)(chan)生了(le)(le)(le)一(yi)(yi)(yi)(yi)定影(ying)(ying)響(xiang)。通(tong)(tong)過(guo)(guo)(guo)(guo)了(le)(le)(le)解(jie)發(fa)(fa)現(xian)，選擇此種付(fu)款方(fang)式(shi)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)客(ke)戶(hu)占據大(da)多(duo)數(shu)，導(dao)致(zhi)(zhi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)無(wu)法(fa)(fa)(fa)(fa)及(ji)時回收(shou)(shou)(shou)(shou)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)費，對(dui)(dui)(dui)(dui)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)資(zi)金(jin)(jin)(jin)(jin)(jin)(jin)要(yao)(yao)求更加嚴(yan)(yan)格。所以(yi)(yi)(yi)(yi)，華(hua)(hua)(hua)(hua)(hua)(hua)(hua)夏(xia)(xia)(xia)(xia)(xia)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)險(xian)(xian)(xian)(xian)(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)(si)(si)(si)發(fa)(fa)展(zhan)(zhan)(zhan)過(guo)(guo)(guo)(guo)程(cheng)(cheng)(cheng)中(zhong)需(xu)要(yao)(yao)采取了(le)(le)(le)一(yi)(yi)(yi)(yi)系列方(fang)式(shi)來(lai)(lai)確(que)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)可以(yi)(yi)(yi)(yi)更好(hao)的(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)(de)落(luo)實(shi)回收(shou)(shou)(shou)(shou)保(bao)(bao)(bao)(bao)(bao)(bao)(bao)費工作(zuo)(zuo)。

4結語

基于(yu)F分(fen)(fen)數(shu)模型的(de)(de)分(fen)(fen)析，華夏保險(xian)公司近(jin)幾年(nian)的(de)(de)財(cai)務(wu)狀(zhuang)況(kuang)不容客觀，存在較大的(de)(de)財(cai)務(wu)風險(xian)，為改善這(zhe)種高(gao)風險(xian)的(de)(de)財(cai)務(wu)狀(zhuang)況(kuang)，公司管(guan)理(li)層需有(you)所作為，對公司的(de)(de)債務(wu)結構進(jin)行(xing)優化調整，對應收(shou)賬款項目加強管(guan)理(li)，通(tong)過(guo)這(zhe)些(xie)措施，不斷改善公司的(de)(de)財(cai)務(wu)狀(zhuang)況(kuang)，提高(gao)公司的(de)(de)競爭力。

參考文獻

［1］苗明慧(hui)．基于F分數模(mo)型(xing)的貝因(yin)美(mei)公司財務狀況分析［J］．經(jing)濟研究導刊，2018，（24）：119－120＋132．

［2］李春(chun)梅．我國農業(ye)上市企(qi)業(ye)財務風險評價研(yan)究———基于F分數模型［J］．南方企(qi)業(ye)家，2018，（03）：3－5＋10．

［3］趙栓文(wen)，耿歆雨(yu)．財務(wu)預警模型在四川水井坊股(gu)份有(you)限公司的應用研究———以Z計分模型與F分數模型為例［J］．商(shang)業會計，2016，（04）：17－19．

作者:王(wang)劍波 單位:東(dong)華理工大學(xue)經(jing)濟與管理學(xue)院(yuan)