沃尔玛作为跨国商贸企业，全球最大的零售企业，连续多年被美国《财富》杂志评选为世界500强企业的第一名。随着经济全球化的发展，为沃尔玛带来了可观的利润和快速的增长。但是高利润伴随着高风险，尤其是疫情爆发以来，全球范围内的宏观经济出现持续乏力的现象，增大了跨国商贸企业的财务风险以及不确定性。本研究将基于偿债能力财务指标、运营能力财务指标、盈利能力财务指标的组合，来分析沃尔玛在哪一组组合下指标波动性最小，企业的财务管理最为有效，风险可控性最强。沃尔玛作为高居多年世界500强的第一名，基于财务指标使用牛鞭效应对沃尔玛的全价值链进行评估，有一定的价值意义。

关键词：牛鞭效应、全价值链、偿债能力财务指标、运营能力财务指标、盈利能力财务指标

As a multinational business enterprise and the world's largest retail enterprise, Wal-Mart has been ranked the first among the world's top 500 enterprises by Fortune Magazine for many consecutive years. With the development of economic globalization, Wal-Mart has brought considerable profits and rapid growth, but high profits are accompanied by high risks. Especially since the outbreak of the epidemic, the global macro economy has continued to be weak, which has increased the financial risks and uncertainties of multinational commercial enterprises. Based on the combination of financial indicators of debt paying ability, operating ability and profitability, this study analyzes which group of indicators of Wal-Mart has the least volatility, the most effective financial management and the strongest risk controllability. As the No.1 of Fortune Global 500 for many years, it is of certain value significance to use Bullwhip Effect to evaluate the whole value chain of Wal-Mart based on financial indicators.

Keywords: Bullwhip Effect, Whole Value Chain, Financial Index of Solvency, Financial Index of Operation Ability,

                   Financial Index of Profitability