摘要
随着教育部对教育行业进行治理和新冠疫情带来经济下行的影响，许多教育机构相
继因资金链断裂而倒闭。资金链是企业资金流动的一个循环过程，犹如企业的血液，资
金链畅通无阻才能确保企业正常的经营活动。作为个性化教育、素质教育、家庭教育和
海外游学多项目齐发展的 Y教育企业，以直盟体系快速扩张备受关注。运营近 20年的
老牌企业因为资金链断裂而爆雷，找到其资金链断裂的根本原因，提出具体意见，更好
的规避风险，具有非常重要的现实意义。
本文采用文献研究法和案例分析等研究方法，根据资本循环理论和企业扩张相关理
论等，以 Y教育企业作为分析对象，用 PEST和 SWOT分别分析 Y教育企业资金链断
裂情况，找寻其资金链断裂的普遍原因，以期为其它同类企业的健康发展提供参考借鉴。
通过对 Y教育企业资金链断裂过程详细而深刻的剖析，发现 Y教育企业资金链断
裂的内因为直盟扩张治理不善，线上教育与线下教育未结合好，预付款制度和投融资失
败，财务风险管理不到位等。外因为受环境政策影响等。在此基础上，提出相关建议：
企业对内应完善加盟模式，强化公司治理，转移战略重心，加强财务管理，建立风险预
警机制强化风险管控；同时政府应加强资金监管，多元主体协同治理。
关键字：教育企业；资金链断裂；对策分析
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ABSTRACT
With the Ministry of Education on the education sector governance and the impact of the COVID-19
brought down the economy, many education chain institutions have been closed down because of the break
in the financial chain, The capital chain is a circular process of the capital flow of the enterprise, just like
the blood of the enterprise, the smooth capital chain can ensure the normal business activities of the
enterprise. As a multi-project Y education enterprise with personalized education, liberal education, child
discipline and overseas study tours, the rapid expansion of the direct alliance system has attracted much
attention. It is of great practical significance to find out the root cause of the breaking of the capital chain,
put forward concrete suggestions and avoid the risks better.
This paper uses the methods of Literature Research and case analysis, according to the theory of
capital circulation and the related theory of enterprise expansion, referring to the relevant literature research,
taking Y education enterprise as the analysis object, using PEST and SWOT to analyze the situation of Y
educational enterprise’s capital chain break, and find out the common reason of its capital chain break, in
order to provide reference for other similar enterprise’s healthy development.
Through a detailed and profound analysis of the break-up process of the fund chain of y education
enterprises, it is found that the internal cause of the break-up of the fund chain of Y education enterprises is
that the expansion of the direct alliance is not well managed, and the online education is not well integrated
with the offline education, advance payment system and investment and financing failure, financial risk
management is not in place. External cause is influenced by environmental policy. On this basis, the paper
puts forward relevant suggestions: enterprises should improve the joining mode internally, strengthen
corporate governance, shift strategic focus, strengthen financial management, establish risk early-warning
mechanism and strengthen risk control; the government should strengthen capital supervision, multi-agent
cooperative governance.
KEY WORDS: Education Enterprise; Capital Chain Break; Countermeasure Analysis
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