张芷瑾实达集团债务重组分析.docVIP

本科生毕业论文(设计) 实达集团债务重组分析 姓　　名 张芷瑾 学　　号 200701030282 专　　业 财务管理 指导教师 周宇 副教授 2011年5月30日 摘 要 随着我国证券市场的发展和国内外经济环境的变化，在市场经济竞争激烈的情况下，一些企业可能因经营管理不善，或受外部各种因素的不利影响，导致上市公司盈利能力下降或经营发生亏损，出现财务困难，难以按期偿还债务而濒临破产。为了避免破产所引起的社会动荡、债权人利益损失惨重等不利影响，债务重组便是一个有效的解决途径，企业可以在经营发生困难时进行债务重组。债务重组是ST类公司改善当期业绩的绝好手段，债务重组对公司的经营业绩和股价将会产生影响，粉饰上市公司的财务报表，造成利润表“虚假繁荣”。 本文采用案例分析法对ST实达集团债务重组进行了分析，发现了债务重组对上市公司股价的有利影响，说明了债务重组成为上市公司扭亏的重要手段。这对投资者有可能产生误导，也就是说市场无法判断债务减免后公司的质量，投资者关于公司获得债务减免的原因也存在着信息不对称。监管机构应规范公允价值的应用，完善相关法律体系；银行应加强对贷款的事中事后监督；公司应加强债务重组事项的披露,减少债务减免对公司股价的波动影响，保护投资者的利益。 关键词：债务重组；ST公司；债务减免 Abstract With the development of China’s stock market, the change of economic environment in China and abroad and intense market economic competition, the poor management of enterprises and bad influence of all external aspects has caused decreasing profitability, business loss and financial difficulties of listed companies, so the listed companies were about to go bankrupt because of being hard to pay off the debt in time. Debt restructuring is a useful solution to avoid the bad influence of social unrest and heavy interest loss of creditors which is caused by banrupt.Enterprises can carry out debt restructuring in the difficult time of business. Debt restructuring is a good means of companies like ST to improve current results. By whitewashing the financial statements of listed companies, the debt restructuring would have an important effect on the business results and stock price of companies and cause the fals prosperity of income statement. After analyzing the case of ST Shida Groups debt restructuring, this paper has found that debt restructuring has beneficial effects on listed companies, and has explained debt restructuring becomes an important means which listed companies use to convert losses. It would mislead investors, so the market can not judge the quality of the company after the debt relief, and investors will get asymmetric information about the reasons of debt relief of the company. The regulator