ST公司财务困境问题解决方法的效果研究

发布时间：2019-04-30 11:33

【摘要】：财务困境指企业无力偿还到期债务或不能支付各项费用的一种经济现象。一旦企业陷入财务困境，，将严重制约其正常经营活动和发展能力，也会对利益相关者的价值产生不利影响。随着我国经济市场化的不断深入，企业之间的竞争越发激烈，企业陷入财务困境的风险不断上升。因此，本文以ST上市公司为研究对象，深入分析其陷入财务困境的原因，探索如何采取有效措施摆脱财务困境，以及评价ST上市公司财务困境解决方法的实施效果，具有一定的理论与现实意义。本文首先对财务困境的概念进行界定，并介绍财务困境相关理论基础。然后对我国ST上市公司的现状进行了分析，探讨了导致ST上市公司陷入财务困境的内外部原因，评价了收购兼并、资产剥离、股权转让、债务重组、资产置换等ST上市解决公司财务困境的主要方法，最后对ST上市公司财务困境解决方法的实施效果进行实证研究。在实证研究部分，本文选取沪深两市2007-2008年实施解困方法的63家ST上市公司组成研究样本，分别采用事件分析方法和财务分析方法对ST上市公司财务困境的解决方法效果进行实证检验。实证研究结果表明：ST上市公司财务困境的解决方法在短期内能够提高企业的经营业绩和财务指标，对ST上市公司摆脱财务困境起到了一定的效果。
[Abstract]:Financial distress refers to an economic phenomenon in which an enterprise is unable to pay its due debts or expenses. Once an enterprise falls into financial distress, it will seriously restrict its normal business activities and development ability, and will also have a negative impact on the value of stakeholders. With the deepening of China's economic marketization, the competition between enterprises becomes more and more fierce, and the risk of enterprises falling into financial distress is rising. Therefore, taking the listed company of ST as the research object, this paper deeply analyzes the reasons of its falling into financial distress, explores how to take effective measures to get rid of the financial distress, and evaluates the implementation effect of the solution to the financial distress of the listed company of ST. It has certain theoretical and practical significance. This paper first defines the concept of financial distress, and introduces the theoretical basis of financial distress. Then it analyzes the current situation of ST listed companies in China, probes into the internal and external reasons that lead to the financial distress of ST listed companies, and evaluates the acquisition and merger, the divestiture of assets, the transfer of stock rights, the restructuring of debts, and so on. The main methods to solve the financial distress of ST listed companies, such as asset exchange, are discussed. Finally, an empirical study is made on the implementation effect of the financial distress solutions of ST listed companies. In the part of empirical research, 63 ST listed companies in Shanghai and Shenzhen stock markets from 2007 to 2008 are selected to form research samples. Event analysis method and financial analysis method are used to test the effect of solving financial distress of ST listed companies. The results of empirical research show that the solution to financial distress of ST listed companies can improve their operating performance and financial index in a short period of time, and it has a certain effect on ST listed companies to get rid of financial distress.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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