春兰股份暂停上市的财务思考.doc

目 录 摘要······································································1 关键词····································································1 一、春兰模式：从辉煌到没落·················································2 二、春兰股份暂停上市原因探究···············································4 ㈠春兰股份败在春兰集团失败的多元化战略··································4 ㈡春兰集团未能将基业置于应有地位········································6 ㈢改制未深入，动力机制缺失···············································8 ㈣失衡的治理结构导致复杂的关联交易······································9 ㈤成本费用加重，财务风险巨大············································10 ㈥缺乏包容、开放的企业文化··············································12 三、春兰股份的应对策略····················································12 四、春兰股份暂停上市的财务学思考··········································13 ㈠加强企业战略控制，谨慎对待多元化经营··································13 ㈡加强企业风险管理，····················································14 ㈢健全企业内部控制制度·················································14 ㈣完善公司治理，促进体制改革，规范关联交易·······························15 ㈤加强人力资源管理，培育有特色的企业文化，增强员工凝聚力·················16 ㈥对我国上市公司退市制度的检讨：由春兰股份退市引发的反思················16 五、结语··································································18 参考文献·································································19 春兰股份暂停上市的财务思考 摘要: 春兰股份曾以其卓越的品牌形象和优秀的业绩倍受社会各界的关注，被誉为“春兰现象”、“春兰模式”。然而自2005年起春兰股份连续3年亏损并于2008年走到暂停上市的境地。本文对春兰集团的战略、结构、文化及春兰股份的经营、制度、绩效等方面进行分析探究，认为春兰股份缺乏包容、开放的企业文化，春兰集团多元化战略及集团未能将空调器基业置于应有战略地位，加之春兰股份改制不深入，以致企业经营动力机制不足，而失衡的公司治理结构导致复杂的关联交易，以致企业成本费用不断加重，财务风险不断放大，引致春兰股份业绩平庸，最后走向暂停上市的深巷窄院。春兰股份暂停上市从财务的视角给我们六点思考。 关键词: 春兰股份 暂停上市 多元化 财务思考 Financial Reflection On The Listing Suspension Of Chunlan Joint Stock Co., Ltd. Abstract: Chunlan joint stock Co., Ltd. once shared much of public concern for its outstanding brand image and excellent performance known as Chunlan Phenomenon or Chunlan miracle .But in 2006, 2007 and 2008 Chunlan lost for consecutive years. The company stock since 2008 suspended the list of the stock market. In this paper, by analy