Research On The Financial Risks Of Integrated Circuit Enterprises Under The Integration Of Industrial Chai

The trade friction between China and the United States,the United States limits the export of chips to China,in an attempt to use the imperfection of Chinese chip manufacturing field to suppress the development of Chinese economy,science and technology and other multiple fields.This behavior is intended to inhibit the development of Chinese integrated circuit enterprises,but domestic integrated circuit enterprises seize the opportunity to continuously collect the domestic market.The integrated circuit enterprises that adopt the integrated industry chain management mode actively expand their scale and try to seize this opportunity to seize the market.In this process,if the enterprise does not consider the actual situation of the enterprise and the market,it may increase the financial risk of the enterprise.At the beginning of its establishment,Shilanwei focused on chip design.In the subsequent development,Shilanwei gradually built an integrated industrial chain model of "chip design--manufacturing--packaging--testing--sales",and its strategic pattern showed that the upstream and downstream businesses were interrelated and mutually supported.In the following two decades,Shilanwei gradually expanded the scale of production and operation,and developed into one of the leading enterprises in the integrated circuit industry adopting IDM mode.However,the financial risks caused by this cannot be ignored.Therefore,this paper selects Shilanwei as the case study object.First of all,this paper reviews the literature related to industrial chain and financial risk,introduces the concepts and concepts related to industrial chain and financial risk,and lays the foundation for the subsequent research of this paper.Secondly,a brief introduction of the integrated circuit industry,leads to the case company Shilanwei,and analyzes Shilanwei’s industrial chain integration mode.Thirdly,through the annual report and websites such as Flush financial website,collect the financial information of Shilanwei and the industry in the past six years,identify the financial risks of Shilanwei in the mode of industrial chain integration from the four dimensions of enterprise financing,investment,capital operation and income distribution,and conduct a quantitative evaluation of the overall risks of Shilanwei through the F score model.The analysis results show that Shilanwei has weak solvency,high proportion of fixed assets invested in construction,low inventory turnover,irrational dividend distribution,and higher financial risk than the average level of the industry.Finally,in view of the identified financial risks,in-depth analysis of the causes of corporate financial risks,and put forward the corresponding risk control and prevention strategies,in order to provide constructive suggestions for the sustainable operation of Shilanwei,and provide some references for other companies in the same industry with the same business model.