从-ST锐电盈利失败看现金流结构缺陷-正文讲义.docx

案例名称：从*ST锐电盈利失败看现金流结构缺陷 专业领域/方向：财务管理 适用课程：《高级财务会计理论与实务》《高级财务管理理论与实务》 选用课程：《高级财务管理理论与实务》 编写目的：在“现金为王”的今天，企业不能仅仅着眼于利润表的各项指标，更应该重视对现金流量表的分析，因此，现金流管理的方法和手段就显得尤为重要。本案例选取了华锐风电科技（集团）股份有限公司（以下简称*ST锐电）因现金流结构缺陷导致盈利失败这一案例，揭示了现金流管理对企业经营和盈利的重要性。通过本案例，不仅可以帮助学员了解企业盈利失败的原因，同时能够加强学员对现金流结构的认识，让学员们从存货及应收账款管理的角度了解改善企业现金流结构的方法。 知 识 点：现金流结构的分析、收入及费用的确认条件、现金净流量与盈利不同步的影响因素 关 键 词：企业现金流管理、现金流结构、现金流结构分析 中文摘要：“十一五”期间，我国提出了能源结构调整战略，积极推进核电、风电等清洁能源供应，风能作为最具商业潜力的新能源之一备受追捧。在风电市场快速发展的大背景下，以黑马之姿一骑绝尘的华锐风电吸引了众多投资者的目光。然而，随着2011年风电市场风向标的变化，政府紧缩了风电项目的审批，华锐风电却没有放慢其扩张的脚步。战略决策的失误加之高层内斗等痼疾让这匹黑马疲态尽显，终使得华锐风电深陷泥淖，迄今难以自拔。2012年、2013年连续两年亏损导致上交所对其实施退市风险警示，并由华锐风电更名为*ST锐电。根据中国风能协会数据显示，2014年*ST锐电的市场份额大幅减缩，从鼎盛时期的22%猛降至3.4%，排名从第一位落至第十位。而回望*ST锐电的危机浮出，不得不提*ST锐电大规模的存货和应收账款对营运资金的占用，致使现金流不断恶化，企业一步步陷入困境。本案例旨在通过分析*ST锐电盈利失败的典型案例，以增强学员对特定企业现金流结构管理的进一步认识。 英文摘要：During?the 11th Five-Year Plan?Period, China puts forward the strategic adjustment of energy structure and promotes the supply of clean energy such as nuclear power, wind power and so on. Wind power is recognized as one of the most potential new energy if applied to business field, thus gaining huge popularity among those energy companies. In the context of rapid development of wind power market, however, the appearance of a fledgling Sinovel attracted investors’ attention. In 2011, the indicator of wind power market changed, making government have to tighten the wind power project’s examination and its approval accordingly, when Sinovel did not slow down the pace of its expansion. However, the mistakes?of?strategic decision, the internal conflict among senior managers, and other “chronic?diseases” made Sinovel show its great weakness. Finally, this dark horse fell into deep mire, still difficult to extricate itself till now. Suffered from the losses both in 2012 and 2013, Sinovel received delisting risk warning from Shanghai Stock Exchange and had to renamed as *ST sharp electric. According to the statistics?of Chinese Wind Energy Associatio