“十四五”时期财务智慧驱动体育用品业发展路径研究——一项基于李宁公司财务报表的实证分析  

Study on the Development path of the Sporting Goods Industry Driven by Financial Intelligence in the 14th Five-Year Plan Period——An empirical analysis based on Li Ning’s financial statements

作　　者：陈玲珍 CHEN ling-zhen(Zhejiang Gongshang University Hangzhou College of Commerce,Hangzhou 311599,China)

机构地区：[1]浙江工商大学杭州商学院,浙江杭州311599

出　　处：《浙江体育科学》2023年第2期40-45,60,共7页Zhejiang Sport Science

摘　　要：以2016-2020年体育用品业上市企业李宁公司的财务报表为基础,切割了其经营活动引起的基本数据变化,将体育用品企业发展研究置于财务管理视角中,从财务绩效、财务战略和财务指标三个角度刻画了体育用品业企业财务资源配置与管理的特征。以四大能力为主的财务报表反映出融资、融合、盈利是体育新经济发展阶段企业存在的普遍问题,在发展困境中应避免过度投资或短期套利,在利用好政府政策的前提下盘活资产、提升资产配置、提高资金使用效率。存货周转率是展示企业供需平衡的关键指标,完备存货内部管制、科学定价是维系企业产品端供需平衡的紧要措施;以RONA为主的杜邦分析呈现李宁公司ROE、财务资产负债率变动明显的特征,即利息负担率和财务成本率不稳定,可从优化资本结构、提高全要素生产、聚焦无形资产等为抓手提高企业发展质量;在以企业总体战略为主的业绩评价过程中发现当前分析仅停留在NPV、EVA、DCF为重点的计量模型,对此,应当引入“利益相关者理论”模型实现体育用品业发展的突破。企业为追求有形资产增加而采取“快速扩张”发展模式,无法充分考虑企业发展节奏、市场监管要求、资本发展行情等因素,这对体育产业可持续发展而言俨然弊大于利。Based on the financial statements of Li Ning, a listed company in the sporting goods industry from 2016 to 2020, cutting through the changes in basic data caused by its operational activities, the study of the development of sporting goods enterprises is placed in a financial management perspective, and the characteristics of financial resource allocation and management of enterprises in the sporting goods industry are portrayed from three perspectives: financial performance, financial strategy, and financial indicators. The financial statements focusing on the four major competencies reflect that financing, integration, and profitability are common problems for enterprises in the development stage of the new sports economy, that excessive investment or short-term arbitrage should be avoided in the development dilemma, and that assets should be revitalized, asset allocation should be enhanced and capital use efficiency should be improved on the premise of making good use of government policies. Inventory turnover is a key indicator to show the balance of supply and demand of the enterprise, complete internal control of inventory and scientific pricing are the key measures to maintain the balance of supply and demand at the product end of the enterprise. In the process of evaluating the performance of the company’s overall strategy, it is found that the current analysis only stays in the measurement models focusing on NPV, EVA, and DCF, and in this regard, the "stakeholder theory" model should be introduced to achieve a breakthrough in the development of the sporting goods industry. The "rapid expansion" of companies in pursuit of increased tangible assets does not take into account the pace of development, market regulation and capital development, which is more detrimental than beneficial to the sustainable development of the sports industry.

关 键 词：财务管理 高质量发展 体育企业 体育用品业 

分 类 号：G80-05[文化科学—运动人体科学]