赛维LDK财务困境案例分析.doc

赛维LDK财务困境案例分析 摘 要 随着市场化经济改革的深入,我国资本市场不断发展壮大,上市公司数量不 断增加,上市公司间竞争也不断加剧,其经营与财务风险逐步提高,每年都有大 量企业陷入财务困境甚至破产,这给企业的利益相关者、资本市场的健康发展造 成了巨大影响,因此,上市公司财务困境问题是值得研究的重要课题。 为了更直观具体的探究上市公司财务困境问题,本文选用赛维 LDK这一案 例,探讨其财务困境问题。根据其财务困境表现,深入挖掘赛维财务困境原因, 对赛维摆脱财务困境提出对策,并从中得出启示,为今后上市公司防范财务困境 提供经验借鉴。 本文共四章,主要分三个部分探讨赛维 LDK财务困境问题。 第一部分赛维 LDK财务困境问题案例介绍。首先对财务困境的概念进行了 界定。其次,阐述了赛维财务困境表现,主要从偿债能力指标、营运能力指标、 盈利能力指标、Z分数法四方面分析了赛维财务困境状况,即各财务指标反映出 赛维资金流动性不足、资金周转能力逐年下降、资产盈利能力差等问题,均表明 赛维 LDK已陷入财务困境。 第二部分赛维 LDK财务困境原因分析。本文从外部因素、内部因素两方面 寻找赛维财务困境成因,具体来说,外部主要从产业政策变动对赛维财务的影响 分析其产生困境的原因,内部主要从产能、市场销售、资本运作、公司治理、财 务杠杆五方面揭示赛维财务困境成因。分析结果表明:产能扩张、销售受阻、高 负债经营、管理层一股独大、杠杆比率不当是造成赛维 LDK财务困境的主要原 因,尤其是管理层的独断决策进一步推动赛维陷入财务困境。 第三部分赛维 LDK财务困境对策及启示,分析赛维脱困的可行途径和方法, 对赛维摆脱财务困境提出政策建议,并且从中得到启示,为今后上市公司防范财 务困境提供借鉴。关键词:上市公司、财务困境、财务指标、公司治理 1Abstract With the market-oriented economic reform, Chinas capital market develop and grow, the number of listing corporation increases,competition among listing corporations intensified, the operating and financial risk of listing Corporations gradually raisedEvery year ,there is a large number of enterprises got in financial difficulties or even bankruptcy, it causes great influence on the interest of the enterprise stakeholders and the healthy development the capital market. Therefore, it is particularly important to study the listing corporation financial distressIn order to more intuitive to study listing corporation financial distress, this paper selects the LDK this case, discuss the issue of financial distress. According to its financial predicament, this paper searches LDK financial distress reasons in-depth, proposes the countermeasure to get rid of financial distress, and draw inspiration from the experience, provide reference for future listing Corporation against financial difficultiesThis paper consists of four chapters, mainly divided into three parts to discuss the LDK financial distressThe first part is case introduction of LDK financial difficulties. Ini