新冠肺炎疫情爆发，作为关乎民生的重要产业，餐饮业受到了首波冲击，期间经营状况持续承压。从疫情初期开始，为了避免人员聚集，很多城市关闭了餐厅、酒吧等公共场所，同时堂食的需求也大幅下降。而后长久持续的疫情引起的需求疲软、供应链问题、资金链断裂，形成层层冲击，对餐饮业造成多次伤害。因此针对上述大范围重大公共卫生事件引起的系统性风险，加强餐饮行业的财务风险评估和控制能力十分重要。基于此，本文选取呷哺呷哺作为案例研究，对疫情冲击下呷哺呷哺的财务风险进行分析和评估，深入归纳分析其应对策略，以期对未来相关企业应对类似风险提供借鉴和启发。
研究显示，呷哺呷哺在疫情冲击下的财务风险表现为：受疫情管控及波及范围的影响，资本市场表现不佳，投资者用脚投票导致疫情后期股价持续下跌；餐饮门店单店盈利能力下滑，人工租金的持续支付形成经营杠杆效应，造成亏损；疫情期间负债比例上升，偿债能力下降；资产的周转水平下降，减值增大等营运问题出现。
面临疫情冲击带来的财务风险，呷哺呷哺公司做出的有效应对策略包括：从调整资产投资层面，关店裁员，剥离经营不善的资产，并扶持有更强抗风险性的新业务。从管理战略层面，一是提高现有员工的绩效回报，提升员工应对危机的积极性，对营业单位形成软性抗风险屏障；二是压缩管理层级，成立双总部，打造更灵活动态的组织秩序，激发员工能动性，防止传递信息失真，提高决策精准度，透明度。从资源整合层面，合并研发团队，共享子品牌优势，打造各分部协同发展；打通各品牌资源，维护原有客户的稳定性，并为新品牌开疆拓土，提高营业收入。从成本管控层面，整合优化供应链，规模化数字化管理原材料，降低单位成本；成立上游合营公司并实现内部供应链共享，实现上游成本管理再优化，提高对抗原材料价格波动的能力。
本文的研究有助于系统评估重大公共卫生事件对餐饮行业的财务影响，研究结论对于相关企业应对类似风险具有一定的借鉴启发和参考意义。

As an important industry related to people's livelihood, the catering industry has been hit by the first wave of the outbreak of COVID-19, during which its business conditions have been under continuous pressure. Since the early days of the pandemic, many cities have closed restaurants, bars and other public places to avoid crowds, while demand for takeout and dine-in has plummeted. Then, the weak demand, supply chain problems and capital chain rupture caused by the long-term COVID-19 have formed layer upon layer impacts, causing many injuries to the catering industry. Therefore, in view of the systemic risks caused by the above-mentioned large-scale major public health events, it is very important to strengthen the financial risk assessment and control ability of the catering industry. Based on this, this paper selects Xiabuxiabu as a case study to analyze and evaluate the financial risks of Xiabuxiabu under the impact of the COVID-19, and deeply summarize and analyze its coping strategies, so as to provide reference and inspiration for relevant enterprises to deal with similar risks in the future.
The study showed that Xiabuxiabu's financial risks under the impact of the epidemic were as follows: affected by the epidemic control and scope, the capital market performed poorly, and investors voted with their feet, leading to the continuous decline of stock prices in the later stage of the epidemic; The profitability of single store of catering stores declines, and the continuous payment of labor rent forms the operating leverage effect, resulting in losses; The ratio of debt increased during the pandemic, and the ability to pay debt decreased; The turnover level of assets decreases, impairment increases and other operational problems appear.
In the face of financial risks brought by the epidemic, Xiabuxiabu's effective response strategies include adjusting asset investment, closing stores and laying off employees, divesting poorly managed assets, and supporting new businesses that are more resistant to risks. From the management strategy level, the first is to improve the performance return of existing employees, enhance the enthusiasm of employees to deal with the crisis, and form a soft anti-risk barrier for business units; The second is to compress the management level, set up dual headquarters, decentralize power while centralizing power, create a more flexible and dynamic organizational order, stimulate employees' initiative, prevent information distortion, and improve the accuracy and transparency of decision-making. From the level of resource integration, merge the R&D team, share the advantages of sub-brands, and create the coordinated development of each division; Open up the brand resources, maintain the stability of the original customers, and expand the territory for the new brand, improve the business income. From the cost control level, integrate and optimize the supply chain, manage raw materials digitally on a large scale, and reduce unit costs; Establish upstream joint venture company and realize internal supply chain sharing, realize upstream cost management re-optimization, improve the ability to resist raw material price fluctuations.
The research in this paper is helpful to systematically evaluate the financial impact of major health events on the catering industry, and the research conclusions have certain reference significance for relevant enterprises to deal with similar risks.