| In the past two decades,the Internet has been well used in various industries,and the emergence of technological tools such as big data,artificial intelligence and cloud computing has upgraded the retail industry.Under the influence of the epidemic,the new retail model with online service,offline experience and modern logistics has been rising,and traditional supermarkets are facing the internal and external attacks of the epidemic and e-commerce.In this context,as a leading traditional superstore,Yonghui Superstore has also been trying various new retail models and actively exploring new retail transformation.However,in this process,Yonghui Superstore has also exposed many problems and the enterprise is facing great financial risks.Therefore,Yonghui Superstore should always pay attention to the financial situation of the enterprise,identify the risks brought by various types of financial activities,and take effective countermeasures to ensure the healthy development of the enterprise.This paper takes the new retail transformation as the background and takes Yonghui Superstore as the case study,and uses its financial risk as the breakthrough point,combining qualitative and quantitative analysis for in-depth analysis.First,this paper has reviewed a large amount of domestic and international literature on financial risk and new retail transformation to clarify the analysis method and research idea,and then introduces the relevant theories.Secondly,this paper introduces Yonghui superstore and its new retail business model.Then the Harvard analysis framework is used to analyze the financial risks of Yonghui from four aspects:strategic,accounting,financial and prospect.In the strategic analysis section,the PEST model and SWOT analysis are used to analyze the external environment,opportunities and threats faced by Yonghui Superstore,as well as the strengths and weaknesses of Yonghui.The accounting analysis mainly focuses on the accounting policies and key accounting accounts of Yonghui and concludes that the key accounting policies and accounting estimates of Yonghui Superstore are in compliance with the accounting standards.In the financial analysis section,this paper first briefly analyzes its financial situation in conjunction with the three major financial statements.Next,based on financial risk theory,this paper combines the financial analysis ratios to provide an in-depth analysis of the financial data of Yonghui from four aspects of financing,investment,operation and distribution.The prospect analysis provides an outlook on the new retail industry and the development prospects of Yonghui Superstore.The financial risks of Yonghui are mainly manifested as loopholes in debt servicing ability,relatively high financial leverage,weak cost control ability,insufficient investment profitability,poor inventory management ability,weak asset realization ability and uneven dividend payment,and insufficient development momentum.Then,this paper uses the Z-score model to make a comprehensive evaluation of the financial risk faced by Yonghui as a whole based on the financial report data from fiscal year 2016-2021,and concludes that Yonghui Supermarket’s Z-value keeps decreasing,its overall financial situation continues to deteriorate,and its financial risk increases.This paper summarizes the causes of Yonghui’s financial risk from both external and internal factors.The external factors leading to the financial risk of Yonghui supermarket can be mainly attributed to the impact of the epidemic,the impact of new leasing standards and the pressure brought by fierce competition in the industry.The internal factors are poor control and management,non-diversified financing channel,wrong investment decision and radical distribution policy.Finally,the paper proposes some suggestions in the areas of strategic,accounting and financial and prospect perspectives.At the strategic level,Yonghui should establish a robust risk management system,develop online and offline channel collaboratively and make forward-looking investment plan.At the accounting and financial level,it should strengthen internal control management,adopt a reasonable investment strategy,broaden fundraising channels,strengthen the prevention of financial-like financing risks,improve the operational efficiency,improve logistics and distribution and formulate a reasonable dividend distribution policy.At the prospect level,it would be better to build a professional talent team,increase investment in technology innovation and actively shoulder social responsibilities. |
