华荣能源债转股的财务影响研究

发布时间：2018-01-16 02:02

本文关键词：华荣能源债转股的财务影响研究　出处：《上海国家会计学院》2017年硕士论文　论文类型：学位论文

更多相关文章： 债转股 市场化 债务成因 财务影响

【摘要】：“债转股”一词在国内并不陌生,早在上世纪90年我国就有过债转股方面的实践,但当时是国家主导的“政策性债转股”,随着国内经济放缓,2009年政府的扩大内需计划带来的企业资产负债率不断攀升和银行不良资产的暴露风险越来越高,为配合国家的供给侧改革政策,债转股又进入了大众的视线。本文先介绍论文的研究背景和研究方法,然后介绍此次市场化债转股的背景以及相关的理论基础,再次通过以华荣能源债转股方案为例,具体分析其债转股的动因、具体实施方案、风险等,同时对华荣能源的债务成因进行了详细的分析,从经营负债和金融负债两个角度进行挖掘,并通过在以前年度的基础上模拟其实施债转股方案,采用管理用财务报表分析体系分析预测在实施债转股之后对企业短期和长期内产生的财务影响,最后针对债转股方案和企业发展提出自己的意见和建议。通过采用改进的杜邦分析体系和雷达图的分析方法,本文认为华荣能源债转股方案主要是在短期内帮助企业缓解财务危机,避免陷入财务困境甚至破产,但真正想要恢复企业的盈利能力,还需要依靠企业快速转型,在能源或其他市场进一步发展来转变。此次市场化债转股还面临着诸多的挑战,像破产法的不健全,企业的道德危机等等,还需要社会各界的共同努力来进一步完善。
[Abstract]:The term "debt-to-equity" is no stranger in China. As early as 0th century, China had the practice of debt-to-equity conversion, but at that time it was a state-led "policy-oriented debt-for-equity swap", with the domestic economy slowing down. In 2009, the government's plan to expand domestic demand brought about the rising ratio of assets and liabilities of enterprises and the exposure risk of non-performing assets of banks, in order to cooperate with the national supply-side reform policy. This paper first introduces the research background and research methods of the paper, and then introduces the background of the market-oriented debt-equity swap and the relevant theoretical basis. Thirdly, taking Hua Rong's energy debt-for-equity conversion scheme as an example, the paper analyzes the causes of debt-for-equity swap, the specific implementation plan, risks and so on. At the same time, it makes a detailed analysis of the debt causes of Hua Rong energy. From the perspective of operating liabilities and financial liabilities, and through the previous year on the basis of simulation of its implementation of debt-equity conversion program. The financial statement analysis system used in management is used to analyze and forecast the short-term and long-term financial impact on the enterprise after the debt-to-equity swap is implemented. At last, the author puts forward his own opinions and suggestions on the debt-to-equity conversion scheme and the development of the enterprise. By adopting the improved DuPont analysis system and the analysis method of radar map. This paper believes that Huarong energy debt-equity conversion program is mainly to help enterprises alleviate the financial crisis in the short term, to avoid financial distress or even bankruptcy, but really want to restore the profitability of the enterprise. We also need to rely on the rapid transformation of enterprises in energy or other markets to further develop. This market-oriented debt-equity swap also faces many challenges, such as the imperfect bankruptcy law, corporate moral crisis and so on. Also need the joint efforts of all walks of life to further improve.
【学位授予单位】：上海国家会计学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.4;F406.7

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