新世纪以来，我国旅游业得到快速发展，规模持续扩大，服务能力明显增强。但是，新冠肺炎疫情对旅游业的发展造成重大负面影响，作为旅游业重要载体的旅游企业所面临的融资风险加剧。融资风险是指企业融资活动中由于不确定性因素的影响，导致企业融资规模、融资结构等发生变化而引起预期收益变动的风险，影响着旅游企业经营目标的实现与可持续发展。而科学、准确评价旅游企业融资风险是有效控制融资风险的前提。因此，对QJ文化旅游公司融资风险的研究，具有一定的理论价值和现实意义。

本文以QJ文化旅游公司为研究对象，首先根据融资风险的概念，借鉴国内外学者的相关研究，结合访谈结果，构建了包括7个一级指标、27个二级指标的融资风险评价指标体系，然后运用层次分析法测度各个评价指标的权重，其次运用模糊综合评价法测度QJ文化旅游公司的融资风险，并对测度结果进行详细分析，分析结果表明：QJ文化旅游公司属于较高融资风险的评价等级；一级评价指标的综合得分各不相同，盈利能力的综合得分最高，现金流量能力的综合得分最低；二级评价指标得分区间相差较大，一级指标政策风险所包含的二级指标中，法律政策风险的得分最高，土地政策风险得分最低；金融风险所包含的二级指标中，股票价格风险的得分最高，利率风险的得分最低；经营管理风险所包含的二级指标中，企业战略风险的得分最高，管理者素质风险的得分最低；偿债能力所包含的二级指标中，利息保障倍数得分最高，流动比率的得分最低；营运能力所包含的二级指标中，应收账款周转率得分最高，存货周转率的得分最低；盈利能力所包含的二级指标中，销售净利率的得分最高，营业利润率的得分最低；现金流量能力所包含的二级指标中，现金到期债务比得分最高，现金流入流出比得分最低。最后基于分析结果提出如下对策与建议：加强政策风险与技术风险防范，建立融资风险预警机制，提高融资风险管理水平，优化融资结构，合理确定融资规模，提高资金使用效率，提高企业社会声誉，改善盈利能力，以期有效降低QJ文化旅游公司的融资风险。

In the new century, China's tourism industry has developed rapidly, the scale has continued to expand, and the service capacity has been significantly enhanced. However, the covid-19 pneumonia epidemic has a significant negative impact on the development of tourism. As an important carrier of tourism, the financing risks faced by tourism enterprises are aggravated. Financing risk refers to the risk of changes in expected income caused by changes in enterprise financing scale and financing structure due to the influence of uncertain factors in enterprise financing activities, which affects the realization of business objectives and sustainable development of tourism enterprises. Scientific and accurate evaluation of the financing risk of tourism enterprises is the premise of effectively controlling the financing risk. Therefore, the research on the financing risk of QJ cultural tourism company has certain theoretical value and practical significance.

This paper takes QJ cultural tourism company as the research object. Firstly, according to the concept of financing risk, drawing on the relevant research of domestic and foreign scholars, and combined with the interview results, this paper constructs a financing risk evaluation index system including 7 primary indicators and 27 secondary indicators, then uses the analytic hierarchy process to measure the weight of each evaluation index, and then uses the comprehensive fuzzy evaluation method to measure the financing risk of QJ cultural tourism company. The results show that QJ cultural tourism company belongs to the evaluation level of higher financing risk; The comprehensive scores of the first level evaluation indicators are different, with the highest comprehensive score of profitability and the lowest comprehensive score of cash flow capacity; There is a large difference in the score range of secondary evaluation indicators. Among the secondary indicators included in the policy risk of primary indicators, the score of legal policy risk is the highest and the score of land policy risk is the lowest; Among the secondary indicators of financial risk, the score of stock price risk is the highest and the score of interest rate risk is the lowest; Among the secondary indicators included in operation and management risk, the score of enterprise strategic risk is the highest and the score of manager quality risk is the lowest; Among the secondary indicators included in solvency, the score of interest cover ratio is the highest and the score of current ratio is the lowest; Among the secondary indicators included in operating capacity, the score of accounts receivable turnover rate is the highest and the score of inventory turnover rate is the lowest; Among the secondary indicators included in profitability, the score of sales net interest rate is the highest and the score of operating profit margin is the lowest; Among the secondary indicators included in cash flow capacity, the score of cash to maturity debt ratio is the highest and the score of cash inflow and outflow ratio is the lowest. Finally, based on the analysis results, the following countermeasures and suggestions are put forward: strengthen the prevention of policy risk and technical risk, establish the early warning mechanism of financing risk, improve the level of financing risk management, optimize the financing structure, reasonably determine the financing scale, improve the efficiency of capital use, improve the corporate social reputation and improve the profitability, so as to effectively reduce the financing risk of QJ cultural tourism company.

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