产权主体与财务战略选择:以江西赛维LDK破产重整为例

Property Subject and Financial Strategy Choice:Take Jiangxi Saiwei LDK Bankruptcy Reorganization as an Example

财务战略的正确选择是影响企业价值最大化的重要因素,而产权主体因自身效用目标的差异对财务战略选择会产生不同的偏好。采用理论研究和案例研究相结合的方法,通过对不同产权主体财务战略选择偏好的理论分析,并以曾轰动一时的中国最大破产重整案——赛维LDK为例,引入财务管理目标这一中间量,分析占控制地位的产权主体——股东、企业经营者和债权人的财务战略选择偏好,结合赛维LDK的财务战略特点及占控制地位的产权主体在赛维LDK发展历程中所扮演的角色,从企业、政府、银行三个主体角度加以分析并提出相应的政策建议。

The correct choice of financial strategy is an important factor that affects the maximization of corporate value,and property rights subjects will have different preferences for the choice of financial strategy due to the difference in their own utility goals.This article uses a combination of theoretical research and case studies,through the theoretical analysis of the financial strategy selection preferences of different property rights subjects,and takes the sensational China’s largest bankruptcy and reorganization case,Leverage LDK as an example,to introduce financial management goals An intermediate amount to analyze the financial strategy selection preferences of the controlling property right subjects—shareholders,business operators and creditors,combined with the characteristics of the financial strategy of the Leverage LDK and the role of the controlling property rights subject in the development of the LDK The role of the company is analyzed from the perspective of the three main bodies of the enterprise,the government,and the bank,and the corresponding policy recommendations are proposed.