中核钛白破产重整后财务绩效研究

发布时间：2018-04-19 06:46

本文选题：破产重整 + 财务绩效　；参考：《黑龙江八一农垦大学》2017年硕士论文

【摘要】：中核华原钛白股份有限公司(简称“中核钛白”)是我国第一家万吨级钛白粉生产企业,其主营产品金红石型钛白粉主要应用于涂料行业。2008年以来,受欧美债务危机及国内经济放缓的影响,钛白粉行业进入低迷期,外需严重不足与内部库存大量囤积的矛盾日益突出,相关产品价格普遍处于低位徘徊状态。在这种行业背景下,中核钛白又因为其经营管理不善,导致多条生产线停工,财务绩效水平大幅度下降。2010年4月16日,中核钛白(股票代码:002145)受到证券交易所退市风险警示的特别处理,至此,中核钛白陷入了或将退市甚至破产的处境。依据2007年最新颁布的《破产法》,为防止破产清算,2011年11月30日至2012年12月18日中核钛白进行了破产重整,以期通过重整摆脱财务困境、提升财务绩效。本文在营运价值、协同效应和规模经济等理论及国内外相关研究的基础上,基于中核钛白的财务状况,首先对中核钛白破产重整的目的、方案与进程等进行了概括介绍。然后结合钛白粉行业特征与中核钛白破产重整的目的,分别从偿债能力、营运能力、盈利能力和发展能力等四个方面选择15个财务指标,用因子分析法构建财务绩效评价模型,分析中核钛白破产重整后各年综合财务绩效状况。研究发现中核钛白破产重整后的财务绩效变化情况可以划分为三个阶段。第一阶段,破产重整完成当年(2012年)综合财务绩效显著提升。第二阶段,重整后第一年(2013年)至第三年(2015年)综合财务绩效持续下降。第三阶段,重整后第四年(2016年)综合财务绩效再次大幅度提升。针对以上三个阶段,深入分析中核钛白破产重整后财务绩效变化的原因。最后提出进一步提升中核钛白破产重整后财务绩效的建议,以期为中核钛白财务绩效的持续稳定提升提供理论指导,同时也为同行业其他拟进行或正在进行破产重整的企业提供参考与借鉴。
[Abstract]:Sinonuclear Huayuan Titanium dioxide Co., Ltd. is the first Chinese enterprise to produce ten thousand tonnage titanium dioxide. Its main product, rutile titanium dioxide, is mainly used in coating industry.Affected by the debt crisis in Europe and the United States and the domestic economic slowdown, titanium dioxide industry has entered a downturn. The contradiction between the serious shortage of external demand and the large stock hoarding is increasingly prominent, and the prices of related products are generally hovering at a low level.In this industry background, Sinoruclear Titanium dioxide, due to its mismanagement, led to a number of production lines shut down, and the level of financial performance dropped substantially. On April 16, 2010,China Nuclear Titanium dioxide (stock symbol: 002145) was specially dealt with by the stock exchange delisting risk warning, so that it fell into or will be delisted or even bankrupt.According to the latest bankruptcy law issued in 2007, in order to prevent bankruptcy and liquidation, nuclear titanium dioxide conducted bankruptcy reorganization from November 30, 2011 to December 18, 2012, in order to get rid of financial distress and improve financial performance through reorganization.Based on the theory of operation value, synergistic effect and economies of scale and related research at home and abroad, based on the financial situation of China Nuclear Titanium White, the purpose, scheme and process of bankruptcy reorganization of China Nuclear Titanium White are introduced in this paper.Then combined with the characteristics of titanium dioxide industry and the purpose of bankruptcy reorganization of China Nuclear Titanium dioxide, 15 financial indexes are selected from four aspects, namely, solvency, operating ability, profitability and development ability, and the financial performance evaluation model is constructed by factor analysis.Analyze the comprehensive financial performance of each year after the bankruptcy reorganization of nuclear titanium dioxide.It is found that the change of financial performance after bankruptcy reorganization can be divided into three stages.In the first stage, comprehensive financial performance improved significantly in the year of bankruptcy reorganization (2012).The second stage, the first year after the reorganization (2013) to the third year (2015) consolidated financial performance continued to decline.The third stage, the fourth year after the reorganization (2016) comprehensive financial performance again greatly improved.In view of the above three stages, the causes of financial performance changes after the bankruptcy reorganization of nuclear titanium dioxide are analyzed in depth.Finally, some suggestions are put forward to further improve the financial performance of Sinoruclear Titanium dioxide after bankruptcy reorganization, in order to provide theoretical guidance for the sustained and stable improvement of the financial performance of Sinoruclear Titanium dioxide.At the same time, it also provides reference and reference for other enterprises in the same industry that intend or are in the process of bankruptcy reorganization.
【学位授予单位】：黑龙江八一农垦大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.7;F406.7

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