2020年，我国各行各业都受到COVID-19 疫情的影响，电影行业尤为明显。本文有利于华谊兄弟了解其财务风险的情况，且电影行业其他上市公司也可以通过本文来度量自身的财务风险。
本文通过选取华谊兄弟传媒股份有限公司这一电影行业的代表性企业作为案例来深入分析其财务风险情况。首先根据Z计分模型和F分数模型依次计算了案例公司自2015年至2020年每年的Z值和F值，根据结果以及公司所处的真实商业场景，发现F分数模型计算出的财务风险结果对华谊兄弟的适用度更高，其分析结果表明，案例公司前三年的财务风险较低，但近三年来财务风险不断增加。之后进一步运用财务风险评价指标体系来度量华谊兄弟传媒股份有限公司的财务风险，发现其财务风险不断增加，增加的主要原因在于公司盈利能力、偿债能力和运营能力存在不同程度下降的问题。
最后对电影行业上市公司提出了降低公司财务风险、优化与完善财务风险预警系统等对策建议。本文有利于华谊兄弟了解其内部的财务风险，实证分析后的结果有助于公司加强防范，也能让其他电影行业上市公司据此判断和度量自身的财务风险。

In 2020, all industries in China have been affected by the COVID-19 epidemic, and the film industry has been affected severely. This paper helps Huayi Brothers to understand its own financial risks, and other listed companies in the film industry can also measure their own financial risks through this article.
This paper selects Huayi Brothers Media Co., Ltd., a representative enterprise in the film industry, as a case to study its financial risks at length. To calculate the Z-value and F-value of the case company for each year from 2015 to 2020, the Z-score model and the F-score model are applied, and the financial risk of the case company is analyzed based on the calculation results. The results of its analysis show that the financial risk of the case company is low in the first three years, but the financial risk has been increasing in the last three years. Later, the financial risk evaluation system is applied to figure out the financial risk of Huayi Brothers Media Co., Ltd. and what we concluded is that its financial risk is on the rise mainly because of the company's solvency, profitability and operational capacity show different degrees of decreasing trends.
Finally, measures such as reducing the company's financial risks and improving the financial risk early warning system are proposed for listed companies in the film industry. The results of the empirical analysis can not only provide data support for the case company to resist financial risks, but also enable other listed companies in the film industry to judge and measure their financial risks accordingly.