随着科学技术的发展，在经济全球化背景下，电子商务这一新兴的商业模式获得了 前所未有的发展。依托网络货物贸易、不受地域限制、相对低廉的营运成本、简单快捷 的交易流程，让企业纷纷“触网”。电商规模不断扩大，电商企业已成为国民经济的重 要组成部分。但电商企业的财务风险也更为突出，其筹资难度增加、成本上升，资金流 通更易受到风险影响；电商企业战略上倾向于把资源投入到市场竞争和业务拓展，不少 电商企业财务管理人才稀缺，缺乏准确及时的财务分析；一旦互联网系统出现安全问题， 企业财务信息可能泄露。科学有效的财务风险管理是企业稳定、可持续发展的基本保障。

  Y 公司是一家研发、生产和销售美妆产品的电商企业，拥有自主品牌的同时，孵化 代理品牌也是主营业务之一。本文首先阐述了财务风险、风险管理和风险预警的概念， 将风险管理理论、内部控制理论作为理论基础，对 Y 公司财务风险进行测度，分析了财 务风险管理与风险预警现状以及 Y 公司财务风险管理存在的问题；选取了 15 家上市电 商企业 2017-2021 年的财务数据，筛选财务指标和非财务指标建立适合电商企业的财务 风险预警指标体系，主要有速动比率、两金占流动资产比重、EBITDA 利息保障倍数、 净资产收益率、总资产周转率、销售增长率、技术投入比率、资产现金回收率、现金流 动负债比率等；利用熵值法确定指标权重，有序聚类确定非财务指标的标准值，划分预 警等级；本文构建的电商企业的财务风险预警体系将财务指标和非财务指标相结合，利 用功效系数法和熵值法综合性、可行性强且客观的优点，利用有序聚类法减少非财务指 标标准值的主观性。为检验本文所构建的财务风险预警系统，将其应用到 Y 公司，得出 Y 公司 2018-2021 年财务风险综合评分，并分析了 Y 公司风险变化趋势及风险成因。最 后提出了 Y 公司风险预警系统的运行条件和保障措施。

  本文为电商Y公司构建的财务风险预警模型，可以有效提高Y公司抗财务风险能力， 为其良性发展保驾护航。本文的研究也可为其他电商企业的财务风险预警与风险管理提 供有益的参考。

  With the development of science and technology, under the background of economic globalization, the emerging business model of e-commerce has achieved unprecedented development. Relying on online trade in goods, no geographical restrictions, relatively low operating costs, and simple and fast transaction processes, enterprises have "touched the net". The scale of e-commerce continues to expand, and e-commerce enterprises have become an important part of the national economy. However, the financial risks of e-commerce enterprises are also more prominent, their financing difficulties increase, their costs rise, and the flow of funds is more vulnerable to risks. E-commerce enterprises strategically tend to invest resources in market competition and business expansion, and many e-commerce enterprises lack financial management talents and lack accurate and timely financial analysis; Once there is a security problem in the Internet system, the financial information of the enterprise may be leaked. Scientific and effective financial risk management is the basic guarantee for the stability and sustainable development of enterprises.

  Company Y is an e-commerce company that develops, produces and sells beauty products, and has its own brands while incubating agency brands is one of its main businesses. This paper firstly explains the concepts of financial risk, risk management and risk early warning, takes risk management theory and internal control theory as the theoretical basis, measures the financial risk of Company Y, analyzes the current situation of financial risk management and risk early warning as well as the problems of financial risk management of Company Y. The financial data of 15 listed e-commerce enterprises from 2017-2021 are selected to screen the financial indicators and non- financial indicators to establish a financial risk early warning indicator system suitable for e-commerce enterprises, mainly the quick ratio, the proportion of two gold to current assets, EBITDA interest coverage multiple,return on net assets, total asset turnover ratio, sales growth rate, technology investment ratio, asset cash recovery rate, cash current liability ratio, etc.; using the entropy value method to determine the indicator weights,orderly clustering to determine the standard values of non-financial indicators, and dividing .The financial risk early warning system of e-commerce enterprises constructed in this paper combines financial and non-financial indicators, utilizes the advantages of the efficacy coefficient method and the entropy value method which are comprehensive, feasible and objective, and uses the ordered clustering method to reduce the subjectivity of the standard values of non-financial indicators. To test the financial risk early warning system constructed in this paper, it is applied to Company Y. The comprehensive financial risk score of Company Y for 2018-2021 is derived, and the trend of risk changes and risk causes of Company Y are analyzed. Finally, the operating conditions and safeguards of the risk early warning system of Company Y are proposed.

  The financial risk early warning model constructed in this paper for e-commerce company Y can effectively improve company Y's ability to resist financial risks and protect its sound development. The research in this paper can also provide useful reference for the financial risk early warning and risk management of other e-commerce companies.