基于上市公司业绩亏损的内部重组研究.pdfVIP

基于上市公司业绩亏损的内部重组研究 吴锴，喻登科，李颖① (哈尔滨工程大学经济管理学院，黑龙江，哈尔滨，150001) 摘要：本文主要研究沪深两市123家上市公司报告业绩亏损的原因、应对措施和重组后的财 务表现。研究发现，在亏损当年，样本公司出现一定程度的财务危机，偿付利息和短期借款 的能力明显下降。公司在陈述业绩亏损原因时更倾向于归结外部因素，而很少将自身的管理 水平列为亏损原因。在重组措施上更多地采取扩张战略。重组后的财务表现显示，总资产和 营业收入继续显著增长，职工开支和部门数量也趋于增加。销售成本率显著下降，但并无持 续性。公司投资趋于减少，并通过削减股息减少现金流出，以度过偿债危机。 关键词：上市公司；业绩亏损；内部重组 F234.4 :A F234.4 :A 中图分类号：FF223344..44 文献标识码::AA TheInternal Restructuring ofListed-firmsinResponseto PerformanceDecline TheInternal Restructuring ofListed-firmsinResponseto PerformanceDecline TThheeIInntteerrnnaallRReessttrruuccttuurriinnggooffLLiisstteedd--ffiirrmmssiinnRReessppoonnsseettooPPeerrffoorrmmaanncceeDDeecclliinnee WuKai Yu Dengke LiYing （School of Economics andManagement, HarbinEngineeringUniversity，Harbin，150001） Abstract: Abstract: AAbbssttrraacctt:: This paper mainly studies the reported reasons for performance decline of 123 corporations, the operational restructuring actions and the following change of several financial variables. The research suggests that on the year of negative earning sample firms to some extent undergo financial distress with less capacity to pay off interest expenses and short-term loans. In term of reported reasons for performance decline, the majority of list firms owe their poor performance more to exogenous factors thanendogenous ones, andrarely do they blame their own management. As for reported responses, sample firms mainly adopt expansion strategies. The analyses of several financial ratios indicate that total assets and operating incomes continue to grow, followed by increased employee costs and business segments. However, cost to sales ratio drops significantly. Firm investment level tends to go down and firms are willing to cut down dividend payment toimprove solvency. Keywords: Keywords: KKeeyywwoorrddss::listed-firms; performance decl