I 摘要 供给侧改革、财务去杠杆已成为当下经济发展的主旋律，风险防控作为三 大攻坚战之一，在金融领域具体表现为防范和化解系统性金融风险。我国经济 改革发展进入深水区，企业改革进入转型期。随着社会对食品安全问题的越发 关注，食品欧亿·体育（中国）有限公司改革发展的一个主要方向就是全产业链的整合，产品溯源机制 的构建，产业结构的调整。在食品企业转型发展过程中，全产业链的构建需要 大量资金投入，债务融资需求逐渐增多，债务融资风险日益凸显。Z食品公司是 一家生鲜肉制品加工制造企业，近年来随着企业发展战略的调整，产业布局逐 步向上下游供应市场延伸，企业债务融资需求迅速增加，债务融资风险不断聚 集。 本文对债务融资风险的理论基础做了较为详细的综述。在此基础上，对Z 食品公司债务融资需求和风险控制现状进行阐述。针对当前Z食品公司现状， 从企业债务融资规模、债务融资期限、债务融资方式、企业运营能力以及债务 融资市场等多角度进行分析，识别该公司债务融资风险影响因素，并利用 Z-score’模型得出该公司的风险评价结果。进而，根据风险识别和评价结果， 结合宏观经济形势、欧亿·体育（中国）有限公司周期波动、债务融资市场环境等因素，探寻Z食品公 司债务融资风险形成的内外部原因，并进一步深入剖析激进的发展战略、不合 理的融资规划、产业布局的失衡、预警体系的缺失、内控制度的不完善对企业 债务融资风险的影响。最后，针对Z食品公司债务融资风险的形成原因，提出 精简产业布局、减少资金占用；加强产业整合、增强盈利能力；完善内部控制、 提升财务资源管控；树立风险意识、抑制过度投资；构建风险预警系统、强化 风险监控等有针对性的具体防控措施。 本文通过对Z食品公司债务融资风险的实证分析，丰富了债务融资风险控 制的应用研究，有利于对该公司债务融资风险进行有效控制。同时，这是首次 对食品欧亿·体育（中国）有限公司进行债务融资风险控制研究，提出的合理化建议，对食品欧亿·体育（中国）有限公司不断 提升债务融资风险控制水平具有一定的指导意义和促进作用。 关键词：债务融资；风险控制；食品公司；Z-score’ Abstract II ABSTRACT Supply-sidereformandfinancialdeleveraginghavebecomethemainthemeof currenteconomicdevelopment.Riskpreventionandcontrol,asoneofthethreetough battles,isspecificallymanifestedinthefinancialfieldtopreventandresolvesystemic financialrisks.China'seconomicreformanddevelopmenthaveenteredadeepwater zone,andenterprisereformhasenteredatransitionperiod.Asthesocietypaysmore andmoreattentiontofoodsafety,oneofthemaindirectionsforthereformand developmentofthefoodindustryistheintegrationofthewholeindustrialchain,the constructionofproducttraceabilitymechanismandtheadjustmentofindustrial structure.Intheprocessoftransformationanddevelopmentoffoodcompanies,the constructionoftheentireindustrychainrequiresalargeamountofcapitalinvestment, thedemandfordebtfinancingisgraduallyincreasing,andtherisksofdebtfinancing arebecomingincreasinglyprominent.ZFoodCompanyisafreshmeatproducts processingandmanufacturingenterprise.Inrecentyears,withtheadjustmentofits developmentstrategy,theindustriallayouthasgraduallyextendedtotheupstream anddownstreamsupplymarkets.Thedemandforcorporatedebtfinancinghas increasedrapidly,anddebtfinancingriskshavecontinuedtoaccumulate. Thisarticlegivesamoredetailedoverviewofthetheoreticalbasisofdebt financingrisks.Onthisbasis,thecurrentsituationofdebtfinancingneedsandrisk controlofZFoodCompanyiselaborated.AccordingtothecurrentstatusofZFood Company,analyzethescaleofcorporatedebtfinancing,debtfinancingmaturity,debt financingmethods,corporateoperatingcapabilitiesanddebtfinancingmarket,etc., identifythecompany’sdebtfinancingriskfactors,andusetheZ-score'modelgetthe company'sriskevaluationresults.Furthermore,basedontheresultsofrisk identificationandevaluation,combinedwithfactorssuchasthemacroeconomic situation,industrycyclicalfluctuations,andthedebtfinancingmarketenvironment, exploretheinternalandexternalreasonsfortheformationofdebtfinancingrisksofZ FoodCompany,andfurtheranalyzetheradicaldevelopmentstrategy,unreasonable Abstract III financingplanning,industrylayoutimbalances,thelackofearlywarningsystem,the imperfectionofinternalcontrolsystemsofenterprisedebtfinancingrisk.Finally,in viewofthereasonsfortheformationofthedebtfinancingriskofZFoodCompany, itisproposedtostreamlinetheindustriallayoutandreducecapitaloccupation; strengthenindustrialintegrationandincreaseprofitability;improveinternalcontrol andimprovefinancialresourcemanagement;establishriskawarenessandcurb excessiveinvestment;buildriskearlywarningSpecificpreventionandcontrol measuressuchassystematicandstrengthenedriskmonitoring. ThroughtheempiricalanalysisofthedebtfinancingriskofZFoodCompany, thispaperenrichestheapplicationresearchofdebtfinancingriskcontrol,whichis conducivetoeffectivecontrolofthecompany'sdebtfinancingrisk.Atthesametime, thisisthefirsttimetoconductaresearchondebtfinancingriskcontrolinthefood industry,andthereasonablesuggestionsputforwardhavecertainguiding significanceandpromotionforthefoodindustrytocontinuouslyimprovethelevelof debtfinancingriskcontrol. Keywords:debtfinancing;riskcontrol;foodcompany;Z-score’ 目录 IV 目录 摘要.............................................................................................................I ABSTRACT...................................................................................................II 第一章绪论...............................................................................................1 第一节研究背景及意义......................................................................................1 一、研究背景.........................................................................................................................1 二、研究意义.........................................................................................................................3 第二节文献综述..................................................................................................4 一、国内外文献综述.............................................................................................................4 二、国内外文献评述...........................................................................................................10 第三节研究内容与研究方法............................................................................11 一、研究内容.......................................................................................................................11 二、研究方法.......................................................................................................................12 第四节本文的创新点........................................................................................13 第二章债务融资风险控制的理论基础................................................14 第一节债务融资风险控制的相关概念界定....................................................14 一、债务融资定义及特征...................................................................................................14 二、债务融资风险定义.......................................................................................................15 三、债务融资风险类型.......................................................................................................15 第二节债务融资风险控制的相关理论............................................................17 一、风险管理理论...............................................................................................................17 二、内部控制理论...............................................................................................................18 三、资本结构理论...............................................................................................................19 第三节债务融资风险评价方法........................................................................23 目录 V 一、Z-score模型概述........................................................................................................24 二、Z-score模型特征及应用............................................................................................26 第三章Z食品公司债务融资风险控制现状分析.................................27 第一节Z食品公司基本情况.............................................................................27 一、Z食品公司简介............................................................................................................27 二、Z食品公司财务状