Research On Financial Risk Evaluation Under The Reform Of Marketing Channel Model

Nowadays,enterprises with poor management and delisting emerge one after another in the market,which is largely due to the lack of correct understanding of financial risks,difficulty in accurately identifying and scientifically evaluating financial risks,and lack of financial risk prevention measures.Bainmei had suffered huge losses for two consecutive years and was warned by the CSRC of delisting risk(* st).However,at the end of 2017 and 2018,after a series of measures,it was able to successfully "remove the hat" and resolve the financial risks.One of the most important measures is the reform of the marketing channel model.Therefore,taking beinmei as an example,this paper studies the mechanism of its marketing channel model reform affecting financial risk,and identifies and evaluates the financial risk,which is of great significance.It can not only deepen the theoretical understanding of enterprises on the marketing channel model,but also provide a theoretical basis for reducing financial risk.Based on the marketing channel theory and financial risk management theory,taking beinmei Co.,Ltd.as the object,using the method of case study,this paper first explains the general situation of beinmei enterprises,summarizes the connotation and differences of "multi-level distribution" mode and "general underwriter" mode,and analyzes the internal and external causes of marketing channel reform.On this basis,this paper identifies and analyzes the changes of financial risk caused by the reform of marketing channel model from four aspects: financing,investment,capital recovery and income distribution,summarizes the risk transmission process at all levels,further constructs a financial risk evaluation model with cv-critical-topsis method to evaluate the risk,and finally puts forward measures to further prevent financial risk,in order to provide reference experience and Enlightenment for other enterprises.The innovation of this paper mainly lies in the relatively new research perspective and the application of TOPSIS comprehensive evaluation method to single case longitudinal analysis.After analyzing the changes of beinmei’s marketing channel model and financial risk,this paper draws the following conclusions:(1)it is found that the differences between the "general underwriter" model and the "multi-level distribution" model are: the level of channel structure,the speed of market opening,the internal vitality of channel members and cost management are different;The motivation of its reform is: the external is affected by policies,laws and industry development,and the internal is affected by the surge of expenses,the decline of gross profit margin and the decline of channel utilization.(2)The implementation of the "general underwriter" model reduces unnecessary financing,stabilizes the capital structure,improves the utilization efficiency of existing capital,speeds up the turnover of inventory and the recovery of accounts receivable,improves the profits of enterprises,and finally reduces the risks of financing,investment,capital recovery and income distribution as a whole.(3)Further using cv-critical-topsis method to build the financial risk evaluation model,it is found that before and after the reform of beinmei marketing channel model,the financial risk has changed from the severe risk level in the industry to the moderate risk level;At the same time,through the vertical comparison of enterprises,it is found that after the implementation of the "general underwriter" model,the financial risk is significantly reduced.(4)According to the qualitative and quantitative analysis results,this paper puts forward some suggestions on financial risk prevention in the future from the aspects of financing,investment,capital recovery and income distribution: beinmei should continue to strengthen the control of financing quantity,stabilize the capital structure,reduce over investment,improve its own asset utilization rate,establish a collection system of accounts receivable,optimize the credit sales system,control the cost of channel construction and maintenance,and improve product quality.