上市公司财务困境成因分析——基于二重重装的案例研究

Research on the Causes of the Financial Distress in the Listed Companies:A Case Study of ERZHONG HEAVY

本文采用案例研究的方法,以二重重装为研究对象,从财务因素、企业管理因素、宏观经济因素三个方面分析二重重装陷入财务困境的具体原因,并据此提出了几点防范和化解财务困境的对策建议。研究结果表明:盲目扩张,高经营风险;高负债经营,高财务风险是二重重装陷入财务困境的财务因素;过度注重装备能力建设,重规模轻效益以及公司管理较粗放,成本费用管控不力是二重重装陷入财务困境的企业管理因素,全球经济复苏乏力,国内经济增速放缓以及下游行业低迷,市场需求不振是二重重装陷入财务困境的宏观经济因素。因此,为防范和化解财务困境,企业需要关注宏观经济走势,增强风险防范意识;革新发展理念,提升管理经营效率。

In this paper,the method of case study is adopted and the case is CHINA ERZHONG Group( DEYANG) HEAVY INDUSTRIES CO.,LTD. The paper analyzes the specific reasons of the financial distress in ERZHONG HEAVY according to the financial factors,management factors and macroeconomic factors,and then puts forward some suggestions to prevent and resolve the financial distress based on the causes. The research results show that blind expansion and high operating risk,high debt management and high financial risk are the financial causes; excessive focus on the equipment capacity and the lack of the idea of the profits management and weaken cost management are the management causes; the weak global economic recovery and the slower economic growth in China,the downturn of the downstream industries and the sluggish market demand are the macroeconomic causes why the company falls into the financial distress. So in order to prevent and resolve the financial distress,the corporations need to pay attention to the macroeconomic trends and enhance the risk awareness; change the development concept and enhance the management efficiency.