| With the increasingly fierce competition in the market,the enterprises are facing more and more risks.If the risk is not controlled in time,the enterprise will fall into a serious financial crisis.Therefore,the early warning of financial crisis has become an important part of enterprise risk management.Most of the previous financial crisis early-warning studies are based on the traditional financial indicators,with less attention to working capital.The working capital runs through the entire process of production and operation of enterprises,the level of its management directly affect the status of corporate financial risk.Based on this,this paper establishes a dynamic early warning model of financial crisis from the perspective of working capital management to analyze the financial status of enterprises.This paper selects A company of automobile manufacturing as the research object.Through analyzing its internal and external risks and current situation,we find that there are such problems as stock hoarding,cash flow shortage,industrial transformation facing technical challenges and so on.In response to these problems,this paper constructs the financial indicator system from the five dimensions of liquidity,profitability,sustainability,risk and security.by AHP to analyze the weight change from 2012 to 2016 financial crisis situation of A company,A company’s financial risk has been found of heavy alarm level.On this basis,this paper innovatively incorporates non-financial indicators such as macroeconomic operations and external risks,organizational strategies and business processes,and stakeholder relationship management into early warning and analysis of financial crises and improves the vulnerability of crisis sources and crisis management recognition accuracy.Finally,this paper puts forward suggestions for A company from two aspects:emergency evacuation strategy and long term Anti police strategy,helping A company to carry out risk management to promote its sustainable development.This research not only enriches the application research of working capital management and financial crisis early warning,but also provides a reference method for other automobile manufacturers to draw lessons from the financial crisis early warning model,which has certain theoretical and practical significance. |
