Research On Risk Management Of Cash Flow Of Cultural Tourism Enterprises In The Post-COVID-19

In recent years,with the occurrence and continuation of the Novel Coronavirus Pneumonia,the development of many industries in China has been affected to varying degrees,and the phenomenon of cash flow breakdowns in enterprises has also ensued.2020’s late outbreak of Novel Coronavirus Pneumonia,recognized by the World Health Organization as a "public health emergency",has not only had a negative impact on Chinese macroeconomy,but also posed a serious challenge to the survival and development of specific industries.The cultural and tourism industry,as an important part of Chinese national economy,is a major contributor to the development of the economy.As a strategic industry of Chinese national economy,the cultural and tourism industry has the important task of promoting consumption and transforming the economic structure.Therefore,it is urgent to study the risks posed by the Novel Coronavirus Pneumonia to the cash flow of cultural and tourism enterprises and to propose countermeasures for cash flow risk management in the cultural and tourism industry into the post-epidemic era.The background of this thesis is the outbreak and spread of the Novel Coronavirus Pneumonia at the start of 2020.The object of the study is the cash flow risk of the cultural tourism industry,and the representative case company,Huangshan Tourism Development Co.The specific analysis of the case company is carried out on the basis of theoretical research,and the financial data of the case company is collected and measured to identify the cash flow risks it faces and their causes and to propose strategies to cope with the risks.Firstly,the paper discusses the current situation,policies and industry guidelines in the post-epidemic era,and then analyses the cash flow risks of HSTD.In particular,the thesis selects HSTD’s financial data from 2017-2021 and combines financial indicators on the basis of statement analysis method.Free cash flow is the core of the financial index analysis system from four dimensions: solvency,profitability,earnings quality and financial elasticity.At the same time,by comparing with industry averages,the identification of HSTD’s cash flow risks is carried out,and the causes of its risks are judged according to its cash flow status and corresponding risk response strategies are proposed.The analysis found that,due to the impact of the epidemic,the four aspects of HSTD cash flow have varying degrees of risk,among which the risk of solvency and profitability are more significant,while the risk of earnings quality and financial elasticity are less significant.The risks are summarized as follows: first,difficulty in investment recovery;second,decline in tourist growth;third,single profit model;and fourth,lagging internal control management.Therefore,this thesis combines the analysis of cash flow situation of HSTD and the causes of cash flow risk,and proposes the following preventive measures for cash flow risk:firstly,select M&A projects carefully to improve the speed of cash recovery;secondly,seek relevant policy support to cultivate new growth points under the epidemic;thirdly,promote digital transformation and upgrading to adapt to the new needs of the post-epidemic;fourthly,enhance crisis prevention awareness and strengthen risk Fourth,to enhance the awareness of crisis prevention and strengthen the ability of risk control.The main innovations of this thesis can be summarised in three ways.First,innovative choice of research entry point.The macro environment is an important consideration in the study of cash flow risk,and the global and comprehensive nature of the Novel Coronavirus Pneumonia provides a new opportunity for this case study to be conducted.Secondly,in terms of research thinking,this thesis analyses the cash flow risks faced by the cultural and tourism industry in the context of the post-epidemic era and policies.In addition to using basic financial indicators,it also combines the more characteristic cash flow system as an important basis for risk identification.Third,in terms of suggested countermeasures,this thesis innovatively proposes the use of digital technology to build intelligent cultural tourism.The thesis proposes the introduction of VR live-viewing technology and AR reality-enhanced technology,and the development of "cloud live streaming" and "cloud exhibition viewing" online as a supplement to offline field tourism.