中原工学院硕士学位论文
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2022年 5月 23日
中原工学院
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中原工学院硕士学位论文
摘要
物流业是事关人民生产生活的复合型产业，绿色、智慧化物流是其未来的发展方向，
随着我国经济的崛起，作为国民经济基础产业的现代物流业也得到了巨大发展。现代物
流行业涉及仓储、运输等多个领域，属于劳动密集型产业，物流企业的发展，减轻了社
会的就业压力，提高了各行各业的凝聚力，也体现着国家的综合国力。近年来，随着智
能化等技术的推广，物流行业逐步向智慧物流发展，大数据时代的到来，机遇与挑战并
存，企业必须提高财务风险的防范意识，及时采取控制措施，保障企业的日常经营稳步
上升。
本文在对国内外有关财务风险控制文献和案例的研究基础上，以D物流公司为研究
对象。首先，对财务风险控制与评价的相关理论知识进行汇总归纳，这是之后进行财务
风险评价的理论基础。其次，选取D物流公司2016-2020年的部分财务数据及财务指标，
从四方面对D物流公司的财务风险进行识别，总结企业财务风险形成原因。再次，构建
财务风险评价模型，对 D物流公司的财务风险进行评估。评价结果显示，在选取的 45
家物流上市企业中，D物流公司综合排名第17位，处于中等位置，得分为1.925小于均
值1.948，说明D物流公司财务状况没有达到行业平均水平，财务状况并不理想。其中，
代表偿债能力的F1和代表盈利能力的F3因子均排名第24位，代表发展能力的F3因子
排名第28位，这三种能力均处于行业中等偏下水平，营运能力排名第15位，但仍需注
意，谨慎经营。考虑到D物流公司上市时间较短，部分数据缺失，运用构建的财务风险
评价模型，对D物流公司2016-2020年的综合能力F值以及各单个能力F值进行了计算
对比，可以很明显的发现D物流近5年的各项能力一直处于下降趋势，企业财务风险越
来越大，可见其经营管理没有跟上企业发展的步伐。最后，针对D物流公司的筹资风险、
投资风险和营运风险等提出相应的应对策略，包括调整负债结构、扩充融资渠道、控制
费用支出和加强企业技术创新等，以帮助D物流公司进行财务风险管理与控制，提升企
业竞争力。
本文通过对D物流公司的财务风险进行识别，归纳财务风险成因，运用因子分析法
对D物流公司财务风险进行评价，并提出相应的控制对策。旨在帮助D物流公司认识自
身发展过程中存在的问题，及时调整经营战略，同时帮助其他同行业者更好的应对市场
竞争带来的挑战。
关键词：物流行业；因子分析法；财务风险管理；财务风险控制
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中原工学院硕士学位论文
Abstract
Logistics industry is a compound industry related to people's production and life. Green and intelligent
logistics is its future development direction. With the rise of China's economy, modern logistics industry, as
the basic industry of the national economy, has also achieved great development. Modern logistics industry
involves storage, transportation and other fields, belongs to the labor-intensive industry, the development of
logistics enterprises, reduce the social employment pressure, improve the cohesion of all walks of life, but
also reflects the comprehensive national strength of the country. In recent years, with the promotion of
intelligent technology, the logistics industry has gradually developed to intelligent logistics. With the arrival
of the era of big data, opportunities and challenges coexist. Enterprises must improve the awareness of
financial risk prevention, timely take control measures, and ensure the steady rise of the daily operation of
enterprises.
Based on the literature and case studies on financial risk control at home and abroad, this paper takes D
Logistics Company as the research object.First of all, summarize the relevant theoretical knowledge of
financial risk control and evaluation, which is the theoretical basis for financial risk evaluation. Secondly,
part of the financial data and financial indicators of D logistics company from 2016 to 2020 are selected to
identify the financial risks of D logistics Company from four aspects and summarize the reasons for the
formation of financial risks.Thirdly, The financial risk evaluation model is constructed to evaluate the
financial risk of D logistics Company. The evaluation results show that among the 45 listed logistics
enterprises selected, D Logistics Company ranks 17th in the comprehensive ranking, which is in the middle
position. The score of 1.925is lower than the mean of 1.948, indicating that the financial condition of D
logistics company has not reached the average level of the industry and its financial condition is not ideal.
Among them, F1, which represents solvency, F3, which represents profitability, ranked 24th, F3, which
represents development ability, ranked 28th. These three abilities are all below the average level of the
industry, and operation ability ranked 15th. However, it is still necessary to pay attention and be cautious in
operation. Considering that D logistics company has been listed for a short time and some data are missing,
the financial risk evaluation model constructed is used to calculate and compare the comprehensive
capability F value of D logistics Company from 2016 to 2020 as well as each individual capability F
value,can be obviously found that D logistics nearly five years of various ability has been on the decline,
the enterprise's financial risk is more and more big, It can be seen that its management has not kept pace
with the development of the enterprise. Finally, corresponding countermeasures are proposed for the
financing risks, investment risks and operational risks of D logistics Company, including adjusting the debt
structure, expanding financing channels, controlling expenses and strengthening enterprise technological
innovation, so as to help D logistics company to manage and control financial risks and improve enterprise
competitiveness.
This paper identifies the financial risks of D logistics company, summarizes the causes of financial risks,
evaluates the financial risks of D logistics company with factor analysis method, and puts forward
corresponding control measures. It aims to help D logistics company understand the problems existing in
its development process, adjust its business strategy in time, and help others in the same industry better
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