【作者】 王璐；

【导师】 孙芳芳；

【作者基本信息】 哈尔滨工业大学 ， 会计硕士（专业学位）， 2025， 硕士

【摘要】 我国空天动力行业起步较晚,经过60多年的发展,我国空天动力行业发展迅速,但总体水平上还落后于欧美先进技术国家,通用航空市场已基本被国外产品独占。DLY公司作为新设公司,主力产品发动机及衍生产品具有专业性强、垄断性强等特征,研发速度慢、技术创新失败等造成的资金投入损失,对公司造成极大的财务风险,导致公司快速发展能力受限,影响到公司的经济效益。基于此选择以公司的财务风险评价改进作为论文研究主题,以期能利用所学到的知识为公司的财务风险管理工作提供帮助。本文以风险管理理论和资本结构理论为导向,根据风险管理理论中的风险识别控制和风险评价,对DLY公司进行了财务风险研究。结合DLY公司在2022-2024年的财务经营情况,从筹投资、营运和发展各方面来了解财务风险,并根据评价的指标、方法和流程来评价公司的财务风险水平。基于公司评价现状,发现其欠缺全方位的评价指标、没有科学准确的评价方法、评价流程不完整规范。本文基于这几点不足设计改进方案,选取了16个评价指标,运用模糊层次分析法构建适合DLY公司的财务风险评价模型进行评价方法改进,得出综合评价结果显示DLY公司整体处于中等风险,其中筹资风险和投资风险较为显著。最后根据DLY公司的实际经营情况及综合评价的结果,DLY公司可以从组织、人员和信息化方面对财务风险评价改进方案进行保障。更多还原

【Abstract】 China’s aerospace propulsion industry started relatively late.After over six decades of development,the sector has progressed rapidly,yet its overall technological level remains behind that of advanced nations in Europe and America.The general aviation market has become predominantly occupied by foreign products.As a newly established enterprise,DLY Corporation specializes in engines and derivative products characterized by high technical specialization and market monopolization.Challenges such as slow R&D progress,setbacks in technological innovation,and consequent capital investment losses have exposed the company to substantial financial risks.These constraints impede its capacity for rapid growth and undermine economic efficiency.Given this context,this study selects the enhancement of DLY’s financial risk evaluation as its research focus,aiming to leverage academic expertise to optimize the company’s financial risk management framework.This paper employs risk management theory and capital structure theory as its theoretical foundation,following the risk management process of risk identification,risk assessment,and risk control to investigate the financial risks of DLY Company.By analyzing the company’s financial data and operational conditions from 2021 to 2024,risks and their root causes are identified across four dimensions:financing,investment,operations,and growth capabilities.The study evaluates the company’s financial risk assessment system through three criteria:evaluation indicators,methodologies,and processes.Critical shortcomings include the lack of a comprehensive evaluation indicator system,imprecise assessment methodologies,and non-standardized evaluation procedures.To address these deficiencies,an improved framework is proposed:16 tailored evaluation indicators are selected,and a fuzzy Analytic Hierarchy Process(AHP)model is developed to quantify multidimensional risks.The comprehensive assessment reveals that DLY Company faces a moderate overall risk level,with significant financing and investment risks,while operational and growth risks remain relatively low.Finally,based on the company’s operational realities and assessment results,practical recommendations are provided,including establishing an independent financial risk assessment department,enhancing internal control mechanisms,implementing scientifically structured evaluation processes,and conducting timely model refinements to mitigate financial risks.更多还原