中文题目：基于Z模型的贝因美公司财务预警研究英文题目：ResearchonFnancialEarlyWarningofBeingmateCompanyBasedonZModel摘要近些年，在国家提出以“严密高效、社会共治”作为食品安全治理体系的标准，同时，“互联网＋”和“新零售”的模式落地。奶粉行业作为食品行业的分支，受到新模式的冲击，市场长期处于激烈的竞争中。要在竞争中立于不败之地，管控好经营中的各类风险尤为重要。，稍有不慎便会被淘汰出局，所以，对公司状况进行有效判断，及时发现并防范财务风险作为各类风险的重要因素之一，影响企业能否健康稳定的发展。为更好地研究奶粉企业财务风险状况，文章以贝因美公司作为研究实例，在分析财务风险的概念及特征、财务预警的方法理论的基础上，抽取贝因美公司从2015年到2019年这一期间的财务数据，把所需财务指标确定下来。在探究其财务指标过程中应用Z模型，得出最终计算结果。以此为基础，将X1-X5五个自变量与行业标杆企业进行对比分析，结合对企业筹资风险、投资风险、营运风险和盈利能力方面的具体研究，发现贝因美公司的经营业绩出现亏损，而且公司内部控制不健全、应收账款管理催收较弱、大量存货积压、资产流动性差等问题提出了一些应对的具体建议，若要改善贝因美公司的财务风险管理现状，需要完善财务风险管理部门确定合理的资本结构，将存货管理优化使用，并且加快应收账款的回收效率，这些建议对其他奶粉企业也具有一定的借鉴和应用意义。关键词：财务预警；Z-score模型；财务风险AbstractInrecentyears,thestatehasproposedtotake"strictandefficient,socialco-governance"asthestandardofthefoodsafetygovernancesystem,andatthesametime,the"Internet+"and"newretail"modelshavebeenimplemented.Asabranchofthefoodindustry,themilkpowderindustryhasbeenimpactedbythenewmodel,andthemarkethasbeeninfiercecompetitionforalongtime.Inordertoremaininvincibleinthecompetition,itisparticularlyimportanttocontrolallkindsofrisksinoperation.Theslightestmistakewillbeeliminatedfromthecompetition.Therefore,theeffectivejudgmentofthecompany'ssituation,timelydiscoveryandpreventionoffinancialrisksasoneoftheimportantfactorsofallkindsofrisks,canaffectthehealthyandstabledevelopmentofenterprises.Inordertobetterstudypowderedmilkenterprisefinancialrisksituation,basedonbythecompanyasacasestudy,basedontheanalysisoftheconceptandcharacteristicsoffinancialrisk,financialearlywarning,onthebasisofthemethodoftheoryforMrForthecompanyin2015-2019financialdatascreening,selectionofrelevantfinancialindicators,usingtheZmodel,analyzesthefinancialriskandexpandresearch.AccordingtothecalculationresultsofZmodel,willX_1-X_5fiveindependentvariablesandindustrybenchmarkingenterpriseswereanalyzed,combinedwiththeenterprisefinancingrisk,investmentrisk,operationriskandprofitabilityofthespecificstudies,foundthatbythelossesinthecompany'soperatingperformance,andthecompanyinternalcontrolisnotsound,weakmanagementofaccountsreceivablecollection,alargenumberofinventorybacklog,andpoorliquidityproblemsputsforwardsomeconcreteproposals,ifyouwanttoimprovebythecompany'sfinancialriskmanagementpresentsituation,theneedtoimprovefinancialriskmanagementdepartmenttodeterminethereasonablecapitalstructure,touseinventorymanagementoptimization,Andacceleratetherecoveryefficiencyofaccountsreceivable,thesesuggestionsforothermilkpowderenterprisesalsohaveacertainreferenceandapplicationsignificance.Keywords:financialearlywarning;Z-scoremodel;Financialrisk目录引言................................................................................................................................81相关理论综述...............................................................
