Study on the Impact of Financialization of Entity Enterprises on Yunnan Baiyao's Debt Risks

Abstract

In the current economic downturn, many entity enterprises operating profits are increasingly low, in order to make up for the lack of operating profits and stabilize the operating state, entity enterprises as a rational person tend to profit choose to obtain profits through financial channels, this economic behavior will make the entity enterprises will be the original transfer of assets to the financial assets, resulting in the economy, "de facto to false". This economic behavior will cause real enterprises to transfer their original assets to financial assets, resulting in the economy being "de-realized to virtual". The financialization of real enterprises to obtain profits at the same time also implies huge risks. Changes in the financing channels of real enterprises have changed the original financial structure of enterprises, making the solvency of enterprises affected to different degrees, and the debt risk has changed. Therefore, it is of great significance to study the debt risk of the financialization of real enterprises in order to prevent the risk of enterprises. By selecting Yunnan Baiyao, one of the typical representatives of financialization of entity enterprises, and selecting the financial statement data of the enterprise from 2017 to 2023, we draw on the methods and principles of academic experts and scholars on the measurement of enterprise financialization and debt risk. First, the degree of financialization of Yunnan Baiyao is measured from the perspective of asset structure. Second, it analyzes the impact of changes in Yunnan Baiyao's financial assets on its debt risk, adopts the F-score model, analyzes the impact of Yunnan Baiyao's financialization process on its debt risk, and finally reveals the changes in debt risk brought about by different stages of Yunnan Baiyao's financialization. The research in this paper is not only of great significance to the risk prevention of Yunnan Baiyao's financialization business, but also of certain reference significance and warning to the deepening of financialization of other real enterprises.