基于营运资金需求保障能力的财务风险评估模型构建研究-会计学专业论文.docxVIP

万方数据 万方数据 Study of Financial Distress Assessment Model Based on the Sufficiency of the Working Capital Abstract With the economic development of China, more and more enterprises choose to improve its competitiveness by listed, while the harm of the companies’ financial distress has expanded. It not only causes losses of the investors, creditors and other stakeholders, also threatens the stability of the capital market. But there is still no result for how to construct a suitable financial distress assessment model in the theoretical research. On the other hand, the new understanding of the economic activities of enterprises has influenced many aspects of the financial management theory, so the financial distress assessment model should also be improved. In the research of financial distress assessment model, financial indexes are often chosen from the four aspects of enterprises profit ability, debt paying ability, operation ability and development ability with no obvious economic logic. At the same time, the existing evaluation models do not distinguish between debt in financing activities and business activities, so that the financial indexes are lack of the internal consistency with economic. Additionally it is subjected to prove that the foreign professional approaches adopted by the rating agencies are applicable to Chinese enterprises. This article first reclassifies the enterprise asset and debate according to the nature of its economic activities. It analyzes the connotation of the financial crisis from the view of working capital management, indicating that the financial crisis happen when working capital from financing activities cannot meet the demand of its business activities. This paper calls it the financial risk theory based on the sufficiency of the working capital. This article chooses sample companies from the listed companies in 2010-2011 years of Chinese A-shares stock market,