近年来传统玩具制造产业竞争日益激烈，玩具制造企业面临着人工成本上涨、 原材料价格上涨以及玩具产品的内销和出口等诸多压力，且大多数玩具企业主要 依靠贴牌生产，自由品牌的研发和市场拓展非常艰难，玩具产品附加值较低，市 场竞争力不足。传统的玩具生产企业逐渐转型升级，开始向着泛娱乐化发展，全 面拓展产业链。 星辉互动娱乐股份有限公司（300043.SZ）现已转型升级为涉及游戏、玩具、 足球俱乐部经营等为主要业务领域的泛娱乐化平台公司，星辉娱乐在转型过程中 面临的问题在行业内具有典型性。而财务诊断是企业进行财务管理活动的重要环 节，尤其是对于提高上市公司财务管理水平，增强防范财务风险能力具有重要意 义。为此，本文选择从财务角度诊断分析星辉娱乐在转型中的面临的问题。 本文在相关财务诊断理论的指导下，综合运用定量与定性分析、比较分析、 雷达图、财务预警分析等财务诊断的分析工具和方法，选取 2013 年至 2018 年这 6 年间的财务数据对星辉娱乐的财务状况进行综合的诊断分析研究，并查找了 5 家同行业上市公司的数据进行对比分析。通过对星辉娱乐公司自身及所处行业的 分析，以及相关财务数据和财务比率的诊断研究，发现星辉娱乐在财务管理过程 中面临着营业收入增速变缓、盈利稳定性出现波动、应收账款规模大等问题，最 后根据这些问题并结合公司实际情况提出优化改进建议。 关键词：财务，财务诊断，财务分析MBA 学位论文 作者：徐莹 星辉互动娱乐股份有限公司财务诊断分析研究 II ANALYSIS AND RESEARCH ON FINANCIAL DIAGNOSIS OF RASTAR GROUP Abstract In recent years, the competition of traditional toy manufacturing industry is becoming more and more fierce, toy manufacturing enterprises are facing many pressures, such as the rising labor cost, the rising price of raw materials and the domestic sale and export of toy products, and most toy enterprises mainly rely on licensed production, the R & D and market development of free brand is very difficult, the added value of toy products is low, and the market competitiveness is insufficient. Traditional toy production enterprises have gradually transformed and upgraded, began to pan-entertainment development, comprehensive expansion of the industrial chain. Rastar Group (300043.sz) has been transformed and upgraded into a pan-entertainment platform company involving games, toys, football club management and other business areas. The problems faced by Rastar in the transformation process are typical in the industry. Financial diagnosis is an important part of financial management activities, especially for improving the financial management level of listed companies and strengthening the ability to prevent financial risks. Therefore, this paper chooses to diagnose and analyze the problems that starlite entertainment is facing in its transformation from the perspective of finance. Under the guidance of relevant financial diagnosis theory, this paper comprehensively uses quantitative and qualitative analysis, comparative analysis, radar chart, financial early warning analysis and other financial diagnosis tools and methods, selects the financial data from 2013 to 2018 to carry on the comprehensive diagnosis analysis research to the financial situation of Rastar Group, and finds the data of five listed companies in the same industry for comparative analysis. Through the analysis of Rastar Group itself and its industry, as well as the diagnosis and research of related financial data and financial ratio, it is found that Rastar Group is faced with the problems of slow growth rate of operating income, fluctuation of profitMBA 学位论文 作者：徐莹 星辉互动娱乐股份有限公司财务诊断分析研究 III stability and large scale of accounts receivable in the process of financial management. Finally, according to these problems and combined with the actual situation of the company, some suggestions for optimization and improvement are put forward. Keywords: Finance, Financial Diagnosis, Financial AnalysisMBA 学位论文 作者：徐莹 星辉互动娱乐股份有限公司财务诊断分析研究 IV 目 录 中文摘要.................................................. I Abstract................................................. II 第一章 绪论.............................................. 1 1.1 研究背景及研究意义 ..........................................1 1.1.1 研究背景 ................................................1 1.1.2 研究意义 ................................................4 1.2 研究内容与研究问题 ..........................................5 1.2.1 研究内容 ................................................5 1.2.2 研究问题 ................................................6 1.3 研究方法与论文结构 ..........................................6 1.3.1 研究方法 ................................................6 1.3.2 论文结构 ................................................7 第二章 财务诊断分析的相关理论 ........................... 9 2.1 财务诊断概述 ................................................9 2.1.1 财务诊断定义 ............................................9 2.1.2 财务诊断的基本程序 .....................................10 2.1.3 财务诊断的特点 .........................................10 2.1.4 财务诊断分析的内容 .....................................11 2.1.5 财务诊断的方法 .........................................11 2.2 财务诊断国内外发展情况 .....................................13 2.2.1 国外发展情况 ...........................................13 2.2.2 国内发展情况 ...........................................14 2.3 财务诊断研究情况 ...........................................14 2.3.1 国外研究情况 ...........................................14 2.3.2 国内研究情况 ...........................................15 2.3.3 国内外研究情况评述 .....................................16MBA 学位论文 作者：徐莹 星辉互动娱乐股份有限公司财务诊断分析研究 V 第三章 星辉互动娱乐股份公司基本财务状况与行业分析 ...... 17 3.1 星辉娱乐基本情况 ...........................................17 3.1.1 公司简介 ...............................................17 3.1.2 公司主要业务情况 .......................................17 3.1.3 组织架构 ...............................................18 3.2 星辉娱乐行业背景 ...........................................19 3.2.1 玩具行业概况 ...........................................19 3.2.2 游戏行业概况 ...........................................20 3.3 星辉娱乐财务现状 ...........................................21 3.3.1 财务状况 ...............................................21 3.3.2 经营状况 ...............................................22 第四章 星辉互动娱乐股份公司财务诊断主要内容 ............ 24 4.1 经营环境分析 ...............................................24 4.1.1 星辉娱乐的优势 .........................................24 4.1.2 星辉娱乐的劣势 .........................................25 4.1.3 星辉娱乐的机会 .........................................25 4.1.4 星辉娱乐的威胁 .........................................25 4.2 部分会计政策分析 ...........................................26 4.2.1 商誉 ...................................................26 4.2.2 球员资产的会计处理政策分析 .............................27 4.2.3 会计政策变更情况 .......................................28 4.3 财务结构、趋势及质量分析 ...................................29 4.3.1 资产负债表结构与趋势分析 ...............................29 4.3.2 资产质量分析 ...........................................35 4.3.3 利润表结构与趋势分析 ...................................37 4.3.4 利润质量分析 ...........................................39 4.3.5 现金流量表结构与趋势分析 ...............................40 4.3.6 现金流量质量分析 .......................................42 4.4 财务指标分析 ...............................................43 4.4.1 偿债能力分析 ...........................................44MBA 学位论文 作者：徐莹 星辉互动娱乐股份有限公司财务诊断分析研究 VI 4.4.2 营运能力分析 ...........................................48 4.4.3 盈利能力分析 ...........................................52 4.4.4 发展能力分析 ...........................................55 4.5 综合能力分析................................................58 4.5.1 雷达分析图 .............................................58 4.5.2 杜邦分析法 .............................................59 4.6 财务预警分析 ..............................