Financial Security Research Based On Themis Model

Throughout China’s economic policy and macroeconomic environment in recent years,domestic enterprises are seizing the opportunities,meeting the challenges,and promoting the sustainable development of enterprises.Listed companies continue to optimize the business environment,and relying on the capital market to improve the ability to become bigger and stronger.With the further development of world economic integration,international import and export trade increases and market competition expands.The complex capital market and social environment bring challenges to companies.Some listed companies in China are in poor financial security and face the dilemma of financial crisis.According to the financial security assessment report of China’s non-financial listed companies released by the ministry of commerce,the financial security index of listed non-financial companies in China has been declining for many years.The overall financial security situation of listed companies is not optimistic.Enterprises need to establish the crisis consciousness and advanced consciousness.It is necessary to pay timely attention to the financial security risks of any enterprises.In any case cannot relax vigilance.Therefore,it is necessary to scientifically and reasonably evaluate the financial security of enterprises and analyze the real financial security of enterprises.The case company selected in this paper is Steyr Motors Corp,which belongs to the automobile manufacturing industry.This paper discusses the concept of enterprise financial security and analyzes the factors affecting the financial security of Steyr company.After comparing several financial security assessment methods,the Themis outlier analysis model is selected.This method is used to assess the financial security of Steyr company.Themis model is not widely used on the market,but it is an excellent prediction rating model for predicting the probability of corporate bankruptcy and default.It can evaluate the financial security of enterprises more scientifically and reasonably.Before using this method for evaluation,the basic principles of Themis model and its unique financial system are introduced.Explain the reason for choosing this method to evaluate the financial security of Steyr company.This paper studies the financial security index of Steyr company from two aspects,including the rationality of capital flow and the efficiency of capital use.Using internal financial data of Steyr over time to analyze Steyr company’s eleven financial security indicators.Such as abnormal coefficient,investment efficiency,the cost of system,current balance ratio,coefficient of assets and Themis coefficient of spare capacity.Thirty representative listed companies in the automobile manufacturing industry is selected.Take the average of relevant financial data and compare the data of Steyr company with the industry average and analyze the financial security status of Steyr company synthetically.According to Themis outlier analysis model,the score and safety level of Steyr company is evaluated.Steyr’s financial security is low,and the financial situation is very fragile.It is possible that the company will go bankrupt.The company has had many financial security problems in recent years.Some products of Steyr company are not in line with the environmental protection policy.The main business of the company develops slowly,and the mass production and sales cannot be realized.The market competitiveness of the products is weak.Steyr company is faced with severe shortage of funds,insufficient liquidity,low level of fund management and increasing difficulty in financing.The company’s internal control management is chaotic.The company is suspected of whitewashing its financial statements.Company information disclosure is not timely and accurate,and the operation efficiency is low.In view of the financial security problems of Steyr company,this paper puts forward corresponding countermeasures and suggestions.Listed companies need to pay enough attention to the financial security,raise the awareness of early warning,and establish a better concept of risk management.Listed companies need to use scientific financial security assessment methods,as early as possible to find the financial security problems of enterprises,take timely countermeasures to improve the financial security of enterprises.Themis outlier analysis model is a relatively innovative method,which is seldom used in current research.But it is an excellent prediction rating model,which can evaluate the financial security of enterprises more scientifically and reasonably.Themis model is selected to evaluate the financial security of the case company,so as to evaluate and improve the financial security of all kinds of listed companies scientifically and reasonably,and to provide certain reference for promoting the healthy and sustainable development of listed companies.