应收应付项目与企业资金链断裂关系研究

Research on Relationship between Receivables & Payables and Company Capital Chain Rupture

本文采用灰色关联度评价(GRA)方法,以A股上市公司退市的42家企业为样本,对其资金链断裂与其原因的关联度进行了测试与排序。得出如下结果:从财务指标与企业资金链断裂关系的排列顺序来看:排在最前面的应收账款周转率,其次为应收项目占流动资产比,再次为应收账款回收率,然后依次分别是资产负债率、应付账款周转率。这说明应收应付项目对识别企业资金链断裂风险具有较大的预警作用。

Resorting to the means of Gray Relational Analysis (GRA) and taking 42 delisted companies from A-share stock market in China as samples, this Article tests and ranks the correlation degrees between company capital chain rupture and the corresponding causes. And the conclusion, regarding the ranking order of relationships between financial indicators and company capital chain rupture, is reached as below: receivable turnover rate tops the list, receivables-to-current-asset ratio takes the second place, receivables collection rate takes the third place, followed by gearing ratio, payable turnover rate in sequence. It suggests that receivables and payables play a major role in recognizing the risk of company capital chain rupture and taking precaution against it.