南极电商股份有限公司财务风险预警研究
摘要
近年来，我国经济发展迅速，市场经济环境越来越复杂，企业在日常生产经营
活动中的财务风险不断加大。我国的纺织服装服饰业在人工成本不断增加、原材料
价格持续上涨、销售放缓、库存增多等多方面的压力下生存尤其艰难，其中以南极
电商为代表的纺织服装服饰企业在重压之下开始谋求转型，因此，对其进行财务风
险预警研究变得日益迫切。
在此背景下，本文以南极电商为研究案例，为其构建了财务风险预警模型，测
度了其 2016年至 2020年 20个季度的财务风险预警等级。首先，将 18项备选财务
指标按照各自属性分类，依次划分为反映企业盈利、营运、偿债、发展能力的四个
指标集合；其次，利用熵值法对四个指标集合的财务指标进行熵值和权重计算，并
结合相关性分析对 18项备选财务指标进行筛选；最后，运用改进的功效系数法计算
南极电商各季度综合评分和四个指标集合评分，依据评分划分预警等级。研究结果
发现南极电商各集合评分和综合评分均有上升，整体财务风险等级呈下降趋势。分
指标集合来看，南极电商保持着强劲的盈利能力；营运能力评分虽增速最快，但评
分相对较低，营运能力严重不足；偿债能力评分提升较为缓慢，偿债能力有所欠缺；
发展能力评分已连续三年下降，发展能力后劲不足。此外，通过与轻资产运营模式
的龙头企业海澜之家对比发现，南极电商部分财务指标已实现反超，财务状况改善
明显但也暴露出增长乏力的共性问题。针对上述问题，本文提出了相应的防范对策，
包括：建立完善的财务风险预警体系；把握国家政策机遇建立品牌授权服务平台；
加强应收账款管理能力，强化现金流管理，提升营运和偿债能力；加强授权产品质
量管控，保持持续盈利能力和长久发展动力。
关键词：财务风险预警南极电商熵值法功效系数法

RESEARCH ON FINANCIAL RISK
PRE-WARNING OF NANJI
E-COMMERCE CO., LTD
ABSTRACT
In recent years, China's economy has developed rapidly, the market economic
environment is becoming more and more complex, enterprises are facing increasing
financial risk in daily production and operation activities. China's textile, clothing and
apparel industry is particularly difficult to survive under the pressure of increasing labor
costs, rising raw material prices, slowing sales and increasing inventory. Among them, the
textile and garment enterprises represented by NanJi E-commerce began to seek
transformation under heavy pressure. Therefore, it is increasingly urgent to study its
financial risk pre-warning.
In this context, taking NanJi E-commerce as a case study, this paper constructs a
financial risk pre-warning system of NanJi E-commerce. Firstly, 18 alternative financial
indicators of NanJi E-commerce in 20 quarters from 2016 to 2020 are selected. According
to the attributes of each financial indicator, they are divided into four sets of indicators:
profitability, operation ability, debt paying ability and development ability. Entropy method
is used to objectively weight each alternative financial indicator of NanJi E-commerce.
Combined with correlation analysis, the selection of alternative financial indicators is
completed. Then, the improved efficiency coefficient method is used to calculate the score
and comprehensive score of each quarterly single index set pre-warning, and the financial
risk pre-warning level of NanJi E-commerce is determined according to the score. Finally,
the specific countermeasures to prevent the financial risk of NanJi E-commerce are put

forward according to the pre-warning results. The results show that the collective and
comprehensive scores of Nanji e-commerce have increased, and the overall financial risk
level shows a downward trend. In terms of sub index set, Nanji E-commerce maintains
strong profitability; Although the operation ability score increases the fastest, the score is
relatively low and the operation ability is seriously insufficient; The improvement of debt
paying ability score is relatively slow, and the debt paying ability is deficient; The score of
development ability has decreased for three consecutive years, and the stamina of
development ability is insufficient. In addition, by comparing with Heilan home, a leading
enterprise in asset light operation mode, it is found that some financial indicators of Nanji
E-commerce have exceeded, and the financial situation has improved significantly, but it
also exposes the common problem of weak growth. In view of the above problems, this
paper puts forward the corresponding preventive countermeasures, including: establishing
a perfect financial risk pre-warning system; Strengthen the management ability of accounts
receivable, strengthen cash flow management, and improve the operation and solvency;
Strengthen the quality control of authorized products and maintain sustainable profitability
and long-term development momentum.
KEY
WORDS: financial risk pre-warning Nan Ji E-Commerce entropy method
efficiency coefficient method
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