企业集团的财务危机研究.pdf

摘 要 本文是关于企业集团财务危机的研究。首先，本文根据研究的目的，明确 了企业集团的定义，在这一定义的基础上，分析了我国企业集团财务危机爆发 的特殊原因。其次，针对企业集团与单个企业间的不同，提出了“交叉理论” ， 并设计了相应的指标衡量集团交叉的程度。正是由于集团中存在这些“交叉”， 使得企业集团财务风险的衡量与单个企业有所区别，因此本文设计了融资链长 度等预警指标来衡量集团的特殊风险；最后，本文用一个案例说明了“交叉”程 度对企业集团财务风险的影响。 经过研究，本文得出了以下两条结论：（1）企业集团之所以会存在不同于 单个企业的特殊财务风险，是因为集团内部存在着关联交易、相互担保等特殊 事项，而这些事项的存在将集团内各个公司连成了一个巨大的“交叉网” ，这些 交叉包括人员的交叉、物权的交叉以及资金的交叉，“交叉程度”越高的集团， 财务风险也就越大；（2 ）集团内“交叉” 的存在，使得对企业集团财务危机的预 警系统与对单个企业的有了实质性的区别，本文所设计的 5 个预警指标从 5 个 不同的方面反映了这一差异，并着重突出了集团内部母子公司以及子、子公司 间特殊的关系和影响。 关键词：企业集团 财务危机 预警指标 交叉理论 Abstract This paper is about the research of the financial crisis of the enterprise group. First of all, according to the research purpose, the paper gives a specific definition of the enterprise group. Based on the definition, it analyses the special cause of the financial crisis of enterprise group. Secondly, it proposes “the theory of cross” which is based upon the difference between enterprise group and the single corporation. It also creates some indexes to measure the extent of the cross. Because of these cross in the enterprise group, the measure of the financial risks of the enterprise group is quite different from the single corporation’s. So the paper produces some warning indexes to measure the degree of the special financial risks of the enterprise group, such as the length of financing chain. Finally, it explains how the cross influences the financial risks of the enterprise group. After study, following conclusions have been found: (1) The reason that the special risks exist in the enterprise group but not in the single enterprise is that there are many special proceedings taking place in the enterprise group, such as related transaction, mutual assurance and so on. These proceedings that exist combine the co