在当前经济下行压力加大的情况下，提速基建投资，是我国保证经济稳增长的重要决策之一。随着企业的多元化发展，巨大的市场需求也促使越来越多的民营企业积极参与市场竞争，这为国有企业的发展增添了更加难以预估的风险。在此背景下，国有企业急需提升风险管理水平。为此，本文运用财务比率分析法，层次分析与模糊综合评价相结合的方法对中铁S局存在的财务风险进行了识别与评价，并提出财务风险管控的建议，期望为中铁S局财务风险诊断提供借鉴作用。

       本文的主要研究工作及结论如下：（1）基于调查问卷和风险清单，结合中铁S局近四年财报数据，从筹资、投资等五个角度对中铁S局进行全面风险识别。筹资风险表现在资产负债率高、资负结构不平衡等。投资风险表现在投资收益较差，导致企业资金造血和回血能力薄弱。营运风险表现在存货和应收账款周转率不高，极大可能造成坏账。盈利风险表现在成本把控不细致，资金管理不够完善等。发展风险表现在业务急速开拓带来的利润波动。（2）选取了20个财务指标，运用层次分析法与模糊综合评价法相结合评价中铁S局财务风险。根据综合评价的结果来看：2020年综合评价得分为0.48财务风险等级属于高度风险，此后年间得分逐渐下降，降至2021年的0.45，整体处于高度风险状态，中铁S局急需加强财务风险管控。（3）对中铁S局财务风险的诊断结果提出了相应的管控措施。中铁S局第一要优化资本结构，扩大权益性投资；第二是加强成本监管和投资可行性分析；第三是减少垫资成本，重视应收账款管理；第四是严格把控成本，加强资金管理；第五是积极应对市场竞争，国外市场注意汇率变动。

       本文通过对当前财务风险管理理论的梳理，进一步丰富了在基建行业国有企业对财务风险诊断的具体应用，同时为同行业规避风险，做好管控措施提供参考意义。

       Given the increasing downward pressure on the current economy, accelerating infrastructure investment is one of the important decisions for China to ensure stable economic growth. With the diversified development of enterprises, the huge market demand has also prompted more and more private enterprises to actively participate in market competition, which has added more unpredictable risks to the development of state-owned enterprises. In this context, state-owned enterprises urgently need to improve their risk management level. Therefore, this article uses financial ratio analysis, hierarchical analysis, and fuzzy comprehensive evaluation methods to identify and evaluate the financial risks existing in China Railway S Bureau, and proposes suggestions for financial risk control. It is expected to provide reference for China Railway S Bureau's financial risk diagnosis.

       The main research work and conclusions of this article are as follows: (1) Based on the survey questionnaire and risk list, combined with the financial report data of China Railway S Bureau in the past four years, comprehensive risk identification of China Railway S Bureau is conducted from five perspectives, including fundraising and investment. The financing risk is manifested in high asset liability ratio and imbalanced asset liability structure. Investment risk is manifested in poor investment returns, leading to a weak ability of enterprises to generate and recover funds. Operational risk is manifested in the low turnover rate of inventory and accounts receivable, which is highly likely to cause bad debts. Profit risk is manifested in inadequate cost control and inadequate fund management. The development risk is manifested in profit fluctuations caused by rapid business expansion. (2) We selected 20 financial indicators and used a combination of Analytic Hierarchy Process and Fuzzy Comprehensive Evaluation to evaluate the financial risks of China Railway S Bureau. According to the results of the comprehensive evaluation, the financial risk level in 2020 was classified as severe risk, with a comprehensive evaluation score of 0.48. The score gradually decreased during the following years, dropping to 0.45 in 2021, indicating a severe overall situation. China Railway S Bureau urgently needs to strengthen financial risk control. (3) Corresponding control measures have been proposed based on the diagnostic results of the financial risks of China Railway S Bureau. China Railway S Bureau should first optimize its capital structure and expand equity investment; The second is to strengthen cost supervision and investment feasibility analysis; The third is to reduce the cost of advance funds and attach importance to accounts receivable management; The fourth is to strictly control costs and strengthen fund management; The fifth is to actively respond to market competition, and foreign markets should pay attention to exchange rate fluctuations.

       This article further enriches the specific application of financial risk diagnosis in state-owned enterprises in the infrastructure industry by sorting out the current financial risk management theory, and provides reference significance for the same industry to avoid risks and take effective control measures.