财务困境下中远海控盈余管理问题研究
发布时间：2018-08-03 16:49
【摘要】：2015年我国股票市场IPO重启,资本市场蓬勃发展,企业间竞争日益激烈,证券市场是我国上市公司筹措资金的重要场所,很多企业都努力想要进入股票市场。然而,随着上市公司的逐渐增多,难免会有企业因各种因素导致财务困境的发生。上市公司是我国资本市场的基石,也是国民经济发展的有力支撑。当上市公司因被实施退市风险预警而陷入财务困境时,为了尽快脱离财务困境并继续活跃在股票市场上,许多上市公司在陷入财务困境后会实施一定程度的盈余管理。后金融危机时代,与国际经济紧密相关的航运业受影响较大,并具有典型的周期性。2016年8月31日韩进海运宣布破产,由于航运市场持续低迷,使公司经营业绩频频亏损,成为全球航运业有史以来最大的破产案。文章以中远海控为例展开研究分析,作为我国航运市场的龙头企业,因2011-2012年净利润连续为负,触及《上海证券交易所股票上市规则》的相关规定,公司股票被实施退市风险预警,2014年4月摘除“*ST”。文章采用文献研究法和案例分析法,对中远海控2010-2015年年度报告进行解读,着重分析公司的财务困境和盈余管理活动。首先,对中远海控财务状况进行分析,发现2010-2015年公司盈利能力下滑、债务负担较重,财务困境体现在净利润连续两个年度为负并被上交所实施退市风险预警;然后,从避免退市、维护管理层利益等分析中远海控进行盈余管理的动机,并结合公司的财务数据和非财务数据从五个方面分析盈余管理的具体方式;最后,对中远海控盈余管理的实施效应进行了分析。通过文章的分析可知,盈余管理的确能够帮助公司暂时度过财务困境,继续活跃在股票市场,但长远来看,只有不断提升主营业务的竞争力、扩大主营业务的市场份额才能真正实现企业的健康可持续发展。
[Abstract]:In 2015, the stock market of our country restarts IPO, the capital market develops vigorously, the competition among enterprises is more and more intense, the securities market is the important place of raising funds for the listed companies of our country, many enterprises are trying hard to enter the stock market. However, with the increasing number of listed companies, it is inevitable that some enterprises will lead to financial distress due to various factors. Listed companies are the cornerstone of China's capital market, but also a strong support for the development of the national economy. When the listed companies fall into financial distress because of the early warning of delisting risk, in order to break away from the financial distress as soon as possible and continue to be active in the stock market, many listed companies will implement earnings management to a certain extent after they fall into financial distress. In the post-financial crisis era, the shipping industry, which is closely related to the international economy, has been greatly affected and has a typical periodicity. On August 31, 2016, Han Jin Shipping declared bankruptcy. As a result of the continued downturn in the shipping market, the company made frequent losses in its operating performance. Became the biggest bankruptcy in the history of the global shipping industry. This paper takes Zhongyuan Ocean Control as an example to carry out research and analysis. As the leading enterprise in China's shipping market, the net profit in 2011-2012 is continuously negative, which touches the relevant provisions of the rules on Stock listing of Shanghai Stock Exchange. Shares of the company were implemented delisting risk warning, in April 2014 removed the "St". This paper uses the method of literature research and case analysis to interpret the 2010-2015 annual report of Zhongyuan-Hai Control Company, focusing on the financial distress and earnings management activities of the company. First of all, by analyzing the financial situation of Zhongyuan Hai control, we find that the profitability of the company declined from 2010 to 2015, the debt burden was heavy, and the financial distress was reflected in the negative net profit for two consecutive years and the early warning of delisting risk implemented by the Shanghai Stock Exchange. In the analysis of avoiding delisting and maintaining the interests of the management, the motive of earnings management is analyzed in far-sea control, and combined with the financial data and non-financial data of the company, the specific ways of earnings management are analyzed from five aspects. This paper analyzes the effect of earnings management in middle and distant seas. Through the analysis of the article, we can see that earnings management can help the company to tide over its financial difficulties temporarily and continue to be active in the stock market, but in the long run, it is only to continuously enhance the competitiveness of the main business. Only by expanding the market share of the main business can the healthy and sustainable development of the enterprise be realized.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F552.6;F550.66
本文编号：2162368
[Abstract]:In 2015, the stock market of our country restarts IPO, the capital market develops vigorously, the competition among enterprises is more and more intense, the securities market is the important place of raising funds for the listed companies of our country, many enterprises are trying hard to enter the stock market. However, with the increasing number of listed companies, it is inevitable that some enterprises will lead to financial distress due to various factors. Listed companies are the cornerstone of China's capital market, but also a strong support for the development of the national economy. When the listed companies fall into financial distress because of the early warning of delisting risk, in order to break away from the financial distress as soon as possible and continue to be active in the stock market, many listed companies will implement earnings management to a certain extent after they fall into financial distress. In the post-financial crisis era, the shipping industry, which is closely related to the international economy, has been greatly affected and has a typical periodicity. On August 31, 2016, Han Jin Shipping declared bankruptcy. As a result of the continued downturn in the shipping market, the company made frequent losses in its operating performance. Became the biggest bankruptcy in the history of the global shipping industry. This paper takes Zhongyuan Ocean Control as an example to carry out research and analysis. As the leading enterprise in China's shipping market, the net profit in 2011-2012 is continuously negative, which touches the relevant provisions of the rules on Stock listing of Shanghai Stock Exchange. Shares of the company were implemented delisting risk warning, in April 2014 removed the "St". This paper uses the method of literature research and case analysis to interpret the 2010-2015 annual report of Zhongyuan-Hai Control Company, focusing on the financial distress and earnings management activities of the company. First of all, by analyzing the financial situation of Zhongyuan Hai control, we find that the profitability of the company declined from 2010 to 2015, the debt burden was heavy, and the financial distress was reflected in the negative net profit for two consecutive years and the early warning of delisting risk implemented by the Shanghai Stock Exchange. In the analysis of avoiding delisting and maintaining the interests of the management, the motive of earnings management is analyzed in far-sea control, and combined with the financial data and non-financial data of the company, the specific ways of earnings management are analyzed from five aspects. This paper analyzes the effect of earnings management in middle and distant seas. Through the analysis of the article, we can see that earnings management can help the company to tide over its financial difficulties temporarily and continue to be active in the stock market, but in the long run, it is only to continuously enhance the competitiveness of the main business. Only by expanding the market share of the main business can the healthy and sustainable development of the enterprise be realized.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F552.6;F550.66
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