现金流与公司破产决策

Cash-flow and Corporate Bankruptcy

根据中国破产法的相关规定研究了公司决策者在公司面临资不抵债和现金流短缺(也就是不能清偿)的情况时,在保障职工权益的前提下,如何选择破产点能使得股东利益最大化的问题.发现公司债务和现金流对于公司的破产决策都有重要影响,破产决策点和职工权益也存在一定的函数关系,此研究将为面临经营困境公司的决策机构做出更合理的破产决策提供一定依据.

The main aim is concerned about how to make decision to maximum the interests of shareholders when facing overindebtedness and cash-flow shortage on the base of guaranting the workers＇ behaves in accordance with nation＇s bankruptcy law. We find that both liability and cash flow have great influence on the decision of corporate bankruptcy and bankruptcy point is related with workers＇ behaves, which are valuable.