牛牛游戏厅安卓,{原始关键词}

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                        当前位置: 代写一篇论文多少钱 > 会计论文 > 金城集团拟发债背景下财务风险分析

                        金城集团拟发债背景下财务风险分析

                        时间:2020-05-08 09:19作者:池溦
                        本文导读:这是一篇关于金城集团拟发债背景下财务风险分析的文章,城投公司一度作为地方政府的融资平台为我国城市基础设施建设和改善民生提供了大量资金支持,为我国城市化发展作出巨大贡献。

                          摘    要:牛牛游戏厅安卓,{原始关键词} 城投公司一度作为地方政府的融资平台得到快速发展,但是其债务规模也随之迅速膨胀,并由此引发地方政府债务风险不断上升。为此,政府相关部门出台一系列法规、政策控制地方政府的债务规模,这些法规及政策对城投公司的融资环境及财务风险形成重大影响。本文以金城集团发债为背景,通过理论研究及案例分析,揭示城投公司普遍存在的财务风险,并提出相应的防范措施。

                          关键词:牛牛游戏厅安卓,{原始关键词} 城投公司; 政策调控; 财务风险; 风险控制;

                          一、研究背景及意义

                        牛牛游戏厅安卓,{原始关键词}   CHENGTOUGONGSIYIDUZUOWEIDIFANGZHENGFUDERONGZIPINGTAIWEIWOGUOCHENGSHIJICHUSHESHIJIANSHEHEGAISHANMINSHENGTIGONGLEDALIANGZIJINZHICHI,WEIWOGUOCHENGSHIHUAFAZHANZUOCHUJUDAGONGXIAN。

                        牛牛游戏厅安卓,{原始关键词}   TOUZIXIANGMUDADUOSHISHIZHENGJICHUSHESHIJIANSHEHEJUYOUGONGYIXINGZHIDEXIANGMU,JUYOUTOUZIGUIMODA、TOUZIQIZHANG、TOUZISHOUYIDI、ZIJINHUISHOUHUANMANDENGTEDIAN。YINCI,CHENGTOUGONGSITONGCHANGWUFATONGGUOZISHENDEJINGYINGJISHICHANGHAIDAOQIZHAIWU,DIFANGZHENGFUBUDEBUYICAIZHENGBUTIEDEXINGSHIJINXINGCHANGHAI,YOUCIYINFADIFANGZHENGFUZHAIWUFENGXIANYEBUDUANSHANGSHENG,SHENZHIYINGXIANGLEDIFANGZHENGFUDEXINYONG。YOUCIYINFALEZHENGFUBUMENCHUTAIYIXILIEWENJIANYINDAOHEGUIFANCHENGTOUGONGSIDERONGZIXINGWEI。QIZHONGYINGXIANGZUIDADESHI《ZHONGHUARENMINGONGHEGUOYUSUANFA》DISANSHIWUTIAO,GUOWUYUAN《GUANYUJIAQIANGDIFANGZHENGFUXINGZHAIWUGUANLIDEYIJIAN》(GUOFA[2014]43HAO)(YIXIAJIANCHENG《YIJIAN》,CAIZHENGBU《GUANYUJINYIBUGUIFANDIFANGZHENGFUJUZHAIRONGZIXINGWEIDETONGZHI》(CAIYU[2017]50HAO)(YIXIAJIANCHENG《TONGZHI》,JINGUANSHANGSHUFALV、FAGUIZHUGUANSHANGCHUFADIANSHIKONGZHIDIFANGZHENGFUDEZHAIWUGUIMO,DANSHIKEGUANSHANGDUICHENGTOUGONGSIDEZHAIWURONGZIJICAIWUFENGXIANQUEXINGCHENGZHONGDAYINGXIANG,ZHUYAOBIAOXIANZAI:YISHIZHENGQIFENKAI。BOLIRONGZIPINGTAIGONGSIZHENGFURONGZIZHINENG,RONGZIPINGTAIGONGSIBUDEXINZENGZHENGFUZHAIWU;ERSHIMINGQUEZHENGFUZEREN。DIFANGZHENGFUJIQISUOSHUBUMENBUDEZAIWEIWEICHENGTOUGONGSIRONGZIYIRENHEFANGSHITIGONGDANBAO;SANSHIYUANTOUKONGZHI。JINRONGJIGOUDENGWEIFAWEIGUI(XIANGCHENGTOUGONGSI)TIGONGZHENGFUXINGRONGZIDE,YINGZIXINGCHENGDANXIANGYINGSUNSHI,BINGYIFAZHUIJIUZEREN;SISHIXINXITOUMING。CHENGTOUGONGSIZAIRONGZISHIYINGDANGXIANGZHAIQUANRENZHUDONGSHUMIANSHENGMINGBUCHENGDANZHENGFURONGZIZHINENG;WUSHICHENGTOUZHAIXINLAOHUADUAN。ZI2015NIAN1YUE1RIQICHENGTOUGONGSIXINZENGZHAIWUYIFABUSHUYUDIFANGZHENGFUZHAIWU。YINCI,ZAIDANGQIANDIAOKONGBEIJINGJICHENGTOUGONGSIZHUANXINGFAZHANDEGUANJIANSHIQI,ZHUNQUESHIBIE、HELIPINGGU、KEXUEFANGFANCHENGTOUGONGSIDECAIWUFENGXIAN,SHIQUEBAOCHENGTOUGONGSIPINGWENGUODUDEZHONGYAOJUCUO。

                          二、简要文献回顾

                          近年来,在上述政策调整背景下我国学者对城投公司的举债融资及相关的财务风险也进行了针对性的研究:袁鲲(2013)研究指出由于地方政府融资平台举债缺乏监管,引发企业债务规模迅速膨胀;王然(2013)研究认为政府调控政策对融资平台公司的财务风险影响较大;黄德忠、唐雁(2016)研究认为,新形势下城投公司应通过缩小债务规模,增强市场化业务和提高资产使用效率等措施降低企业的财务风险。谢澍(2017)研究认为城投公司的融资应与其发展战略、发展模式、拟投资项目特点相结合;高哲理(2017)研究了城投公司在发债前的资源及信息优化问题;张晓晨(2017),邹玉(2018)通过对城投公司案例分析,研究认为城投公司普遍存在资产负债结构不合理、盈利能力较弱、现金流不足的问题;李涵博(2018)通过案例研究城投公司债券融资风险管控。
                         

                        金城集团拟发债背景下财务风险分析
                         

                          BENWENZAIQIANRENYANJIUDEJICHUSHANG,TONGGUODUIZHUANXINGSHIQICHENGTOUGONGSICAIWUFENGXIANDELILUNYUANLIFENXI,CONGCHUANTONGCAIWUZHIBIAOJIFENSHUMOXINGLIANGGEWEIDUFENXINIFAZHAIJINCHENGGONGSIDECAIWUFENGXIAN。YINCI,BENWENDEYANJIUYOUZHUYUCHENGTOUGONGSIZHONGXINDINGWEIGONGSIFAZHANZHANLVEJIJINGYINGCELVE,HELIXUANZERONGZIFANGSHIJIRONGZIGUIMO,DUIYOUXIAOKONGZHIGONGSICAIWUFENGXIANJUYOUJIJIDEJIEJIANYIYI。

                          三、城投公司财务风险理论分析

                          QIYEDECAIWUFENGXIANFENWEICHOUZIFENGXIAN、TOUZIFENGXIAN、ZIJINHUISHOUFENGXIANHESHOUYIFENPEIFENGXIAN。CHOUZIFENGXIANLAIYUANZHUYAOBAOKUOCHOUZISHIBAIFENGXIAN、CHANGZHAIFENGXIANHEYINCHOUZICHENGBENTIGAOERDAOZHIDESHOUYIBIANDONGFENGXIAN;TOUZIFENGXIANSHIZHITOUZIXIANGMUSHOUYIDEBUQUEDINGSUODAILAIDEFENGXIAN,ZHUYAOSHIYINWEITOUZIXIANGMUSHOUYIMEIYOUDADAOYUQIERZAOCHENGDEYINGLINENGLIBUZU,SHENZHIZAOSHOUBENJINSUNSHIDEFENGXIAN;ZIJINHUISHOUFENGXIANZHUYAOSHIZHIQIYEGELEIYINGSHOUKUANXIANGWUFAJISHISHOUHUISUODAOZHILIUDONGZIJINDUANQUEFENGXIAN;SHOUYIFENPEIFENGXIANSHIZHISHOUYIFENPEIFANGANBUHELIERZAOCHENGDEFENGXIAN。YOUYUCHENGTOUGONGSIZISHENDEYEWUTEDIANJUEDINGLEGAILEIGONGSIDECAIWUFENGXIANYOUJIAOQIANGDEXINGYETEDIAN,XIANFENSHURUXIA:

                          (一)城投公司筹资风险成因:

                          (1)YUQIJINGYINGGUIMOJISUOKAIFAXIANGMUXIANGBI,XUDUOCHENGTOUGONGSIDEZHUCEZIBENSHUIPINGJIAODI,QIEYOUSHIJIAOBUZUJIBIANXIANGCHOUTAODEXIANXIANG,QIYEZIBENGUIMOZHUYAOYOUDIFANGZHENGFUHOUQIGENJURONGZIXUYAOWUCHANGZHURUXINGCHENG,YIHANDESHIZHURUDEZICHANDUOWEITUDISHIYONGQUANHUODUIQITAQIYEDEZHANGQITOUZI,WANGWANGZICHANYINGLINENGLIJIBIANXIANNENGLIJUNJIAOCHA。(2)ZAIZHENGFUDIAOKONGZHENGCECHUTAIYIQIAN,QIYEZAIDIFANGZHENGFUDEDANBAOXIA,QIYEYOUXIZHAIWUGUIMOXUNSUKUOZHANG,QICHANGZHAIFANGSHIZHUYAOKAOJUJIEXINZHAICHANGHAIJIUZHAI,DANSHIZAIDIAOKONGBEIJINGXIABUZAIYUNXUDIFANGZHENGFUWEIQIYEJUZHAIDANBAO,ZHEIGELIANTIAOKENENGBEIDAPO,JINERZAOCHENGJIAOGAODECHANGZHAIFENGXIAN。(3)YOUYUCHENGTOUGONGSIZISHENDEYINGLINENGLIYOUXIAN,YIWANGQIYEDEYINGLIZHUYAOLAIYUANYUZHENGFUBUTIE。DANSHI,ZAIDIAOKONGBEIJINGXIAQIYECONGDIFANGZHENGFUHUODEDEBUTIEYESHOUDAOXIANZHI,WUFAXINGCHENGWENDINGDEYUQI,ERQIEGENIANBODONGJIDA,BIRANZAOCHENGYINYINGLIBUZUERYINGXIANGDUIWAIRONGZINENGLI,YIXIECHENGTOUGONGSIZISHENDEYINGLIJIJINGYINGHUODONGJINGXIANJINLIUJINGRANWUFAMANZULIXIZHICHU。

                          (二)城投公司投资风险成因:

                          (1)CHENGTOUGONGSISUOTOUZIDEXIANGMUDADUOSHITOUZIJINEDA、TOUZIQIZHANG,ERQIEQIZIJINHUISHOUJIWEIHUANMAN。YINCI,ZAIDIAOKONGBEIJINGXIA,QIYETUOLILEDIFANGZHENGFUCAIZHENGZHICHIJIUHUIXINGCHENGTOUZIXIANGMUHOUXUZIJINBUZUFENGXIAN。(2)SHOUCHENGTOUGONGSIZISHENXINGZHIJUEDING,CILEIGONGSIDEZHUYAOTOUZIXIANGMUSHIGONGYIXINGXIANGMU、SHIZHENGGONGCHENG、ZHENGFUANZHIFANGDENG,GAILEIXIANGMUDUOSHUWUFASHIXIANYINGLIHUOJINYOUWEIBODELIRUN,YOUDEXIANGMU,RUSHIZHENGDAOLUQIAOLIANGDENG,SHENZHIBUNENGXINGCHENGJINGYINGSHOURU,BIRANDAOZHIGAILEIGONGSITOUZISHOUYILVJIDI。

                          (三)城投公司资金回收风险成因:

                          (1)CHENGTOUGONGSITOUZIXIANGMUDEZIJINHUISHOUKUNNAN,ZHUYAOYUANYINZAIYUDADUOSHUZHENGFUCAIGOUXIANGMUJUYOUGONGQIJIAOZHANG,GONGCHENGWANGONG、YANSHOU、SHENJIJUESUANSHIJIANZHANG,GONGCHENGJIESUANCAIYONGFENQIFUKUAN,DAOZHICHENGTOUGONGSIYINGSHOUKUANXIANGQIXIANZHANG、YUEDA。(2)XUDUOCHENGTOUGONGSICUNZAIDAEDUIWAICHAIJIEZIJIN,ERQIEBIAOXIANCHUJINEJIAODALIANG、HUISHOUKUNNANDETEDIAN,ZHEIWUYIJIAZHONGLEQIYEDEZIJINHUISHOUFENGXIAN。SHISHISHANGCHENGTOUGONGSIZIJINHUISHOUFENGXIANZUIJUXINGYETESE,YINCIZHEILEIFENGXIANSHICHENGTOUGONGSIZAIZHENGFUDIAOKONGBEIJINGXIAZHONGDIANFANGFANDECAIWUFENGXIAN。

                          ZONGZHI,SUIZHEZHENGFUDIAOKONGZHENGCEDEZHUBUSHISHIJIBUDUANSHENRU,CHENGTOUGONGSIDECAIWUFENGXIANJIANGZHUJIANXIANXIANBINGYUFAYANZHONG,YINCIJISHISHIBIE、ZHUNQUEPINGGUBINGYOUXIAOKONGZHICHENGTOUGONGSICAIWUFENXISHIZAIBIXING。WEILEGENGQINGCHUDIRENSHICILEIFENGXIAN,JIEXIALAIBENWENYINIFAXINGCHENGTOUZHAIDEJINCHENGJITUANWEIBEIJING,TONGGUODINGLIANGFENXIDEFANGSHIJINYIBUFENXICHENGTOUGONGSIPUBIANCUNZAIDECAIWUFENGXIAN。

                          四、金城集团拟发债背景下财务风险分析

                          (一)金城集团公司及发债背景简介。

                          JINCHENGJITUANSHIJINGSHIRENMINZHENGFUPIZHUNSHELIDEDANGDIGUIMOZUIDADEGUOYOUDUZIGONGSI,JINGYINGFANWEIBAOKUOJIHUSUOYOUCHENGTOUGONGSISUONENGSHEJIDAODEYEWU。GONGSINIFEIGONGKAIFAXINGBUCHAOGUORENMINBI20YIYUAN(HAN20YIYUAN)GONGSIZHAI,YONGYUCHANGHAIZHAIWUJIBUCHONGLIUDONGZIJIN,GONGSIPINGJIWEIAA+,BENCIZHAIQUANWUPINGJI、WUDANBAO,BINGYAOQIUZHUCHENGXIAOSHANGYIYUEBAOXIAODEFANGSHICHENGXIAO,NIGUAPAIJIAOYISUOZHUANRANGJIAOYI。GONGSIFAZHAIQIANLIANGNIANYIQIXIANGGUANCHANGZHAINENGLIDECAIWUZHIBIAORUBIAO1SUOSHI。(BIAO1)

                          表1 企业相关偿债能力财务指标汇总表
                        表1 企业相关偿债能力财务指标汇总表

                          表2 企业两年一期主要资产列表(单位:万元)
                        表2 企业两年一期主要资产列表(单位:万元)

                          (二)基于传统财务指标的金城集团财务风险分析。

                          JIEXIALAIBENWENJIANGFENBIEJIEHESHANGSHUCAIWUZHIBIAOJIBAOBIAOSHUJUCONGCHOUZIFENGXIAN、TOUZIFENGXIAN、ZIJINHUISHOUFENGXIANSANGEWEIDUFENXIGONGSIDANGQIANSUOMIANDUIDECAIWUFENGXIAN。

                          1、企业的筹资风险包括:

                        牛牛游戏厅安卓,{原始关键词}   (1)ZHAIWUGUIMOJIAODAFENGXIAN。JINNIANLAIQIYEDEJUZHAIGUIMOBUDUANKUODA,BINGQIEZHUYAOTONGGUOYINXINGDAIKUANQUDE,GONGSILIANGNIANJIYIQITONGGUOQUDEJIEKUANCHOUZIFENBIEWEI17.6YIYUAN、39.4YIYUAN、22.89YIYUAN,ZHISHIQIYEYOUXIZHAIWUYUEBUDUANKUODA,FENBIEWEI43.5YIYUAN、70.9YIYUANHE88.1YIYUAN,ZHANZONGZICHANDEBILIFENBIEWEI28%、42%HE47%,BUDUANLEIJIDEZHAIWUGUIMOJIQIYEZAOCHENGYANZHONGDECHANGZHAIFENGXIAN。(2)QIYEZHAIWUJIZHONGDAOQIDEFENGXIAN。GENJUZICHANFUZHAIBIAODEZHIQIYE2019NIAN9YUE30RIQIYEYINIANNEIDAOQIDEFEILIUDONGFUZHAIGAODA18.87YIYUAN。LINGJUCESUANQIYEYUJI2019NIAN、2020NIAN、2021NIANQIMOJIZHONGDAOQIDEFUZHAIPINGJUNJINEYUJI22YIYUANYISHANG。ZAITUOLIDIFANGZHENGFUZHICHIDEDIAOKONGBEIJINGXIA,QIYEJUEDAOQIZHAIWUJIANGDUIQIYEZAOCHENGCHENZHONGDEFUDAN。(3)QIYEDUANQICHANGZHAINENGLICHIXUBUZUFENGXIAN。JIEZHI2017NIANMO、2018NIANMOHE2019NIAN9YUEMO,GONGSILIUDONGBILVFENBIEWEI1.10BEI、1.27BEIHE1.04BEI,SUDONGBILVFENBIEWEI0.75BEI、0.88BEIHE0.76BEI,JUNDIYULILUNSHANGDEANQUANJINGJIEXIAN。CIWAI,JUFENXIFAXINGRENDELIUDONGZICHANZHONGCUNHUOJITAYINGSHOUKUANDEBIANXIANNENGLIJIAORUO,GENGJIAJULEGONGSIDELIUDONGXINGFENGXIAN。(4)YINGYELIRUNWUFAFUGAILIXIZHICHUFENGXIAN。JUTIBIAOXIANWEIQIYELIANGNIANJIYIQIDELIXIBAOZHANGBEISHUFENBIEWEI:0.2、0.54HE0.06,QIEQIYELIANGNIANYIQIDEJINGYINGHUODONGCHANSHENGDEXIANJINLIULIANGJINGECHIXUWEIJIAODADEFUSHU。(5)QIYEDUIWAIDANBAOYUEDA。JIEZHI2019NIAN9YUEMO,FAXINGRENDUIWAITIGONGDANBAOYUEWEI73.53YIYUAN,ZHANFAXINGRENZUIJINYIQIJINGZICHANDEBILIWEI85.36%,YOUCIXINGCHENGJIAOGAODEBIAOWAIFUZHAI,SHENZHIBUPAICHUFASHENGDAICHANGYIWU。

                          2、企业的投资风险包括:

                          (1)QIYEZAIJIANXIANGMUHOUXUZIBENZHICHUJIAODA,JUFENXIQIYEWANCHENGXIANYOUDEJICHUSHESHIHEYOUHUAPEITAOFUWU,YUJIWEILAIWUNIANDENIANJUNTOUZIGUIMOCHAOGUO20YIYUAN。(2)QIYEXIANYOUZICHANDESHIYONGXIAOLVJIAODI、YINGLINENGLICHA,QIYELIANGNIANJIYIQIDECUNHUOZHOUZHUANLV(CI)FENBIEWEI:0.05、0.11、0.39,ZONGZICHANZHOUZHUANLV(CI)FENBIEWEI:0.03、0.01、0.04;ZONGZICHANSHOUYILVFENBIEWEI0.36%、1.81%HE0.12%,JINGZICHANSHOUYILVFENBIEWEI0.35%、2.49%HE-0.18%,SHUOMINGFAXINGRENYINGLINENGLIJIRUO。ZAIDIAOKONGBEIJINGXIA,RUCIYINGYUNNENGLIJIYINGLINENGLIDEQIYEZAIXIANGFAZHAIRONGZIYONGYUBUCHONGLIUDONGZIJIN,WUYIJIANGJIQIYEDAILAIGENGDADELIXIFUDAN。(3)QIYEZICHANZONGTIZHILIANGBUGAO、BIANXIANNENGLIJIAORUO,QIYEZHANBIJIAOGAOZICHANXIANGMURUBIAO2SUOSHI。(BIAO2)

                          QIYEDEQITAYINGSHOUKUANDUOWEIDUIWAICHAIJIEZIJIN,BINGQIEQIANKUANSHIJIANJIAOZHANGDUANQINEINANYIJISHIZUEHUISHOU。ZHANGQIGUQUANTOUZIZHUYAOSHIWEILESHIXIANDUIWAIRONGZIMUDEERYOUDIFANGZHENGFUZHURUDEDIFANGZHENGFUTOUZIDUIQITAQIYEDEGUQUANTOUZI,ZHEIZHONGZICHANDUIJINCHENGJITUANERYANWANGWANGWUBIANXIANNENGLI,YINGLINENGLIJIAOXIAO,LIRUGONGSIRUCIDAGUIMODEZHANGQIGUQUANTOUZIDUIYINGDELIANGNIANYIQIDETOUZISHOUYIFENBIEWEI:342WANYUAN、1,146WANYUAN、1,647WANYUAN。GONGSILIANGNIANJIYIQIMOGONGSIQITAFEILIUDONGZICHANFENBIEZHANZONGZICHANBILIWEI43%、45%HE47%,TOUZIBAOCHOULVWEIHUQIWEI。QITAFEILIUDONGZICHANZHUYAOSHICHENGSHIJICHUSHESHIXIANGMU,SHIZHISHANGDUOWEIGONGYIXINGZICHAN,ZHEIZHONGSUOWEIDEZICHANJIBUNENGBIANXIANYEWUFAWEIQIYEDAILAIYINGLI。YI2019NIAN9YUE30RIWEILI,QIYESHANGSHUSANXIANGZICHANZHANZONGZICHANBILIGAODA91.54%,TOUZIFENGXIANZHIDAKEJIANYIBAN。QIYESHOUXIANZICHANGUIMOJIAODA,QIYECHUSHANGSHUZICHANZHILIANGJIBIANXIANWENTIWAI,HAICUNZAIYIWANGDIYA、ZHIYARONGZIERYINFADESHOUXIANZICHANWENTI,JIEZHI2019NIAN9YUE30RI,FAXINGRENSHOUXIANZICHANZONGEJIN15YIYUAN,ZHANJINGZICHANDEBIZHONGWEI17%。

                          3、企业的资金回收风险,受城投公司自身特点及投资项目特点的影响。

                          YINGYEZIJINHUISHOUKUNNANSHISUOYOUCHENGTOUGONGSIGONGYOUDEFENGXIAN,ERJINCHENGJITUANDEZIJINHUISHOUFENGXIANYOUWEIYANZHONG,JUTIBIAOXIANWEI:

                        牛牛游戏厅安卓,{原始关键词}   (1)QIYETONGGUOZHENGCHANGJINGYINGHUODONGHUISHOUZIJINKUNNANDAOZHILIANGNIANJIYIQIJINGYINGHUODONGCHANSHENGDEXIANJINJINGLIULIANGCHIXUWEIFUSHU,ZHEIZHONGQINGKUANGSUIZHEDIAOKONGZHENGCEDECHUTAIHUIBIANDEYUFAYANJUN,2017NIANQIYEYUDIFANGCAIZHENGJUZHONGZHILEJICHUSHESHIXIANGMUJIANSHEXIANGGUANKUANGJIAXIEYIHEHUIGOUXIEYI,SHIDEQIYE2018JI2019NIANXIAOSHOUSHANGPINSHOUDAODEXIANJINJIJUXIAJIANG,ERQIYEGOUMAISHANGPINJIZHIFUJIZHIGONGDEXIANJINQUEBIXUZHICHU,YOUQIGANGXINGZHIFUDEZHIGONGXINCHOUXUNMENGZENGZHANG,ZUIZHONGDAOZHIDUIYINGNIANDUDEJINGYINGXINGHUODONGXIANJINJINGLIULIANGFENBIEWEI-9.92YIYUANHE-6.72YIYUAN,ZHEIZHONGQINGKUANGDUANQINEIJIANGWUFANIUZHUAN,DUIFAXINGRENWEILAIDECHANGZHAINENGLIZAOCHENGYANZHONGBULIYINGXIANG。(BIAO3)

                          表3 企业两年一期主要经营活动现金收支表(单位:万元)
                        表3 企业两年一期主要经营活动现金收支表(单位:万元)

                          表4 基于金城集团相关财务分指标数据及F值表
                        表4 基于金城集团相关财务分指标数据及F值表

                          (2)QIYEQITAYINGSHOUKUANJINEJIAODAQIEZHUNIANBUDUANZENGJIA,FENBIEZHANZONGZICHANBILIWEI10.63%、15.40%HE16.31%。QIYESUOWEIDEQITAYINGSHOUKUANQISHIDADUOSHUSHIYUFEIGUANLIANQIYEFASHENGDEFEIJINGYINGXINGDUIWAICHAIJIEZIJIN,ZHAIWURENYIZHENGFUSHELIDEQITACHENGTOUGONGSIJIZHINENGBUMENJUDUO,QIZHONG80%XIFEIGUANLIANFANGJIEKUAN。YIGONGSI2019NIAN9YUE30RIWEILI,GONGSIZHUYAOQITAYINGSHOUKUANGAODA30.64YIYUAN,QIZHONGTONGJIZHENGFUSUOSHUDELINGYICHENGTOUGONGSITONGGUOTOUZIYOUXIANGONGSICHAIJIEZIJINJIUDADAO12.4YIYUAN,HAIYOUGAIQUFANGWUCHAIQIANBANGONGSHI、JIEDAOBANSHICHU、GUOYOUZICHANFAZHANFUWUZHONGXINGECHAIJIE5.9YIYUAN、1.01YIYUANJI1YIYUAN,ZHEIXIEDUIWAICHAIJIEDEZIJINTONGCHANGCUNZAIDIFANGZHENGFUCONGZHONGGANYU、TUOQIANSHIJIANZHANG、MEIYOUMINGQUEDEHAIKUANQI、TONGCHANGBUJIXI。YOUYULISHIYUANYINQIYEJIANYINGSHOU、YINGFUGUANXICUOZONGFUZA、DAOZHIBUFENKUANXIANGHUISHOUKUNNAN,BIRANXINGCHENGQIYEDEBULIANGZICHAN,YINGXIANGCHANGZHAINENGLI。

                        牛牛游戏厅安卓,{原始关键词}   SHANGSHUFENXIBIAOMING,ANZHAOCHUANTONGDECAIWUZHIBIAO,DANGQIANJINCHENGJITUANCONGCHOUZI、TOUZIJIZIJINHUISHOUSANGEWEIDUKAN,QICAIWUFENGXIANJUNCHUYUJIAOGAOSHUIPING。YOUYUCHUANTONGCAIWUZHIBIAOWANGWANGCONGDANYIDEJIAODUFANYINGWENTI,YINCIWEILECONGJIAOWEIQUANMIAN、ZONGHEDEJIAODUPINGJIAGAIGONGSIDECAIWUFENGXIAN,BENWENJIEXIALAIJIANGCAIYONGFFENSHUMOXINGDUIJINCHENGJITUANSICAIWUFENGXIANJINXINGZONGHECESHI。

                          (三)基于F分数模型的金城集团财务风险测试。

                          FFENSHUMOXINGSHIZAIZFENSHUMOXINGDEJICHUSHANGYINRUXIANJINLIUZHIBIAOJIANLIDECAIWUFENGXIANYUJINGMOXING。GAIMOXINGCAIYONGYINGXIANGQIYECAIWUFENGXIANYINSUZHIJIANDEFEIXIANXINGBIANLIANGGUANXI,SHOUXIANTONGGUOJIAQUANJISUANDECHUFZHI,RANHOUTONGGUODUIBILINJIEZHIZHIBIAO,ZONGHEFENXIQIYEDEZHENGTICAIWUFENGXIANZHUANGKUANG,QIHANSHUGUANXIBIAODASHIWEI:F=1.1091X1+0.1074X2+1.9271X3+0.0302X4+0.4961X5-0.1774。QIZHONG:X1=YINGYUNZIJIN/ZICHANZONGE=(QIMOLIUDONGZICHAN-QIMOLIUDONGFUZHAI)/QIMOZONGZICHAN;X2=LIUCUNSHOUYI/ZICHANZONGE=(WEIFENPEILIRUN+YINGYUGONGJI)/ZICHANZONGE;X3=NIANJINGYINGJINGXIANJINLIULIANG/PINGJUNZONGFUZHAI;X4=QIMOGUDONGQUANYIDESHICHANGJIAZHI/QIMOZONGFUZHAI;ZAIFEISHANGSHIGONGSIDECAIWUFENXILI,XIUZHENGWEIX4=GUDONGQUANYI/QIMOZONGFUZHAI;X5=(NIANJINGYINGJINGXIANJINLIULIANG+LIXIZHICHU)/PINGJUNZONGZICHAN。FZHIDEXIANGGUANFANWEI0.0274±0.0775,JIFZHIYI0.0274WEICAIWUWEIJILINJIEDIAN,RUOMOUYIGONGSIFZHI<0.0274,ZEJIANGBEIYUCEWEIYOUCAIWUWEIJI,YOUPOCHANDEKENENGXING;FANZHI,ZEBEIYUCEWEIJIXUSHENGCUNGONGSI。FZHIDAXIAOYUCAIWUFENGXIANCHENGDUXIANGFAN。GENJUJINCHENGJITUANXIANGGUANCAIWUSHUJUJISUANGAIGONGSILIANGNIANJIYIQIDEFZHIRUBIAO4SUOSHI。(BIAO4)

                        牛牛游戏厅安卓,{原始关键词}   JINGGUOJISUAN,GAIGONGSILIANGNIANJIYIQIDEFZHIJUNYUANXIAOYUCAIWUWEIJILINJIEDIANERQIEHAIYOUYUEFAYANZHONGDEQUSHI,YUSHIZHECONGZONGHEDEJIAODUFENXIGAIGONGSIYEJUYOUJIAOGAODECAIWUFENGXIAN。ZAOCHENGQIYECAIWUFENGXIANJIAOGAODEZHUYAOGENYUAN:YISHIQIYELIUDONGFUZHAIDAYULIUDONGZICHANDAOZHIYINGYUNZIBENWEIFUSHU;ERSHIQIYEJINGYINGHUODONGJINGXIANJINLIUCHIXUWEIFUSHU;SANSHIQIYECHENGLIYILAIYINGLINENGLIYIZHIJIAODI,DAOZHIQIYEZHANGQIYILAIYUJUJIEXINZHAICHANGHAIJIUZHAI,ZAOCHENGQIYEJIAOWEIYANZHONGDECAIWUFENGXIAN。ZHEIYUSHANGSHUTONGGUOCHUANTONGCAIWUZHIBIAOFENBIECONGBUTONGJIAODUFENXIDEJIEGUOSHIWENHEDE。SHANGSHULIANGZHONGJISUANYUFENXIFANGFAJUNYISHUOMING,ZAIDANGQIANZHENGFUDIAOKONGBEIJINGXIA,RUGUOANZHAO《YIJIAN》JI《TONGZHI》DEYAOQIUYANGEZHIXINGDIFANGZHENGFUYUCHENGTOUGONGSIZHAIWUBOLI,MIANDUIJINCHENGQIYEMUQIANDECAIWUZHUANGKUANGJIWEILAIJINIANYUQIDEJINGYINGQINGKUANG,GONGSIJIXUCAIYONGFAZHAIRONGZIYONGYUBUCHONGLIUDONGZIJINBIJIANGJINYIBUJIAJUGONGSIDECAIWUFENGXIAN。

                          五、结论与建议

                        牛牛游戏厅安卓,{原始关键词}   GENJUSHANGWENDEJISUANFENXIJIEGUO,BULUNSHIJIYUCHUANTONGCAIWUZHIBIAOHAISHIGENJUFFENSHUMOXINGPANDUAN,JINCHENGJITUANDANGXIADECAIWUFENGXIANJUNCHUYUJIAOGAOSHUIPING。JUTIBIAOXIANWEIQIYEZICHANZHILIANGJIAOCHA、YUNYONGXIAOLVJIAODI,TONGSHI,SHOUQIYETOUZIXIANGMUZISHENTEDIANDEYINGXIANG,ZAOCHENGQIYEYINGLINENGLIJIAOCHA,ZIJINHUISHOUJIWEIHUANMAN。QIYEJINGYINGHUODONGSUOHUOQUDELIRUNJIHUISHOUDEXIANJINLIUGENBENWUFAMANZUDUIXIANYOUZHAIWUHAIBENFUXIDEYAOQIU,GUOQUZUOWEIZHENGFURONGZIPINGTAI,KAOZHENGFUXINYUBEISHUHUOZHEDANBAO,SHANGNENGTONGGUOJUXINZHAIHAIJIUZHAIMIANQIANGWEICHI,ZAIDANGQIANQIANGDIAOZHENGQIZHAIWUFENLIDEDIAOKONGBEIJINGXIA,QIYEYIJINGTUXIANCHUJIAOGAODEZHAIWUFENGXIAN。JISHIQIYEFAXINGCHENGTOUZHAIYEWUFACONGGENBENSHANGJIEJUESHANGSHUWENTI,ERQIEKENENGYINZHAIWUGUIMOJINYIBUKUODAERZAOCHENGGENGDADEFENGXIAN。SHISHISHANG,MUQIANQIYEDEDANGWUZHIJISHIANZHAOSHICHANGHUAYUNZUODEYAOQIUJINKUAIJIANGCHENGTOUGONGSIZHUANXINGWEIGUIFANDEGUOYOUQIYE,JUTICUOSHIBAOKUO:JIANLIGUIFANDEGONGSIZHILIJIZHIJIQIYENEIBUKONGZHIZHIDU;JIANGZHENGFUXINGXIANGMUZAOCHENGDELISHIXINGZHAIWUYUGONGSIZHAIWUXIANGBOLI;JINKUAIJIECHUGUOQUZAIDIFANGZHENGFUGANYUXIADEDUIWAIDANBAO;BINGCAIQUJIJIYOUXIAOCUOSHISHOUHUIDUIWAICHAIJIEZIJINYONGYICHANGHAIQIYEZHAIWU,SHOUSUOQIYEZHAIWUGUIMO;KONGZHIQIYEXINFASHENGDEZHAIWUGUIMOHESHIJIAN;JIAQIANGDUIXIANYOUTUDIZIYUANDELIYONGYUKAIFA,JIAQIANGDUIXIANYOUZICHANDEYUNYONG,ZENGJIAQIYESHOURUDETONGSHICUJINJINGYINGZIJINHUILIU;DUINIXINTOUZIXIANGMUYAOZUOHAOCHONGFENDEKEXINGXINGYANJIU,BAOZHANGHELIDEXIANGMUTOUZIHUIBAOLV。SHISHISHANGZHURUSHANGSHU《YIJIAN》JI《TONGZHI》DENGGUOJIADEXIANGGUANDIAOKONGZHENGCEJISHITIAOZHANYESHIJIYU,YINCICHENGTOUGONGSIYINGZHUAZHUJIHUIJINKUAIZHUANXINGCHENGZHENZHENGSHICHANGHUAYIYIDEQIYE。

                          参考文献

                          [1] 王然.基于多层次模糊综合评价法的融资平台公司财务风险研究[D].华中农业大学,2013.
                          [2] 袁鲲,费婷.地方政府融资平台债务风险及其防控对策[J].城市问题,2013(9).
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