最新Comprehensive analysis of enterprise27s debt paying ability 企业偿债能力的思考分析资料.docx

最新Comprehensive analysis of enterprise27s debt paying ability 企业偿债能力的思考分析资料.docx

《最新Comprehensive analysis of enterprise27s debt paying ability 企业偿债能力的思考分析资料.docx》由会员分享，可在线阅读，更多相关《最新Comprehensive analysis of enterprise27s debt paying ability 企业偿债能力的思考分析资料.docx（11页珍藏版）》请在冰豆网上搜索。

最新Comprehensiveanalysisofenterprise27sdebtpayingability企业偿债能力的思考分析资料

Comprehensiveanalysisofenterprise'sdebtpayingability

Abstract：

Astheglobaleconomicintegrationandmoderncreditthedevelopmentoftheeconomy,Debtmanagementhasbecomeamodernenterprisesignificantfinancialmeansandstrategy.Enterprisewantstobethewinner,theymusthaveenoughfund.Forraisingfund,liabilitiesforoperationisainevitablewayforeachenterprise.Debtmanagementofthereasonableapplication,Canbringstotheenterprisefinancialleveragebenefits,Effectivelyimprovetheequityreturnrateofshareholders，atthesametime,Potentialfinancialrisksofdebtwillbebroughttotheenterprise，Orbankruptcy.Therefore,beforetheinvestment,Byusingthemethodofratioanalysis,Analysisofthestrengthofthecompany'ssolvency,Isaneffectivemethodtoforecasttherisk,toprotecttheinterestsoftheenterprise.

Keywords:

debt-payingability；Debtmanagement；Financialleverage；Risk

1Introduction

1.1conceptsofdebtpayingability

Thedebtrepaymentabilityisreferstotheenterprisewithitsassetstorepaylong-termdebtandshort-termdebt.Theenterprisehastheabilityofnonpaymentofcashandrepaydebtability,static,istheabilityofenterpriseassetsliquidateddebt;dynamicspeakers,istheabilitytocreateaprocessofenterpriseassetsandoperatingincometorepaydebts.Theenterprisehasnocashpaymentabilityandtherepaymentabilityisthekeytothehealthydevelopmentofenterprises.Debtpayingabilityanalysisisanimportantpartofenterprisefinancialanalysis.

1.2researchbackground

Withthedevelopmentofeconomicsystemreform,China'senterprisemanagementhaschangedfromtheextensivemodeofproductionfortheproductionofintensivemanagement,China'seconomyisnolongertheplannedeconomyintoamarketeconomy,but.Thismeansanenterprisetogoodhealthandstabledevelopmentmustnotwaitandrelyonthesuperior,andhavethecouragetomeetthechallenge,improvetheirownstrength,buttheenterprisemustachievetheabovegoalmusthaveacertainamountofmoney,whichmeansthattheenterprisestofinancing,debtmanagement.Butthedebtfinancinghasitsrelativesuperiority,forenterprisestouse.Withthespecificresponsibilitytoensuretoobtainbenefitsforthepurposeofdebtmanagement,hasbeenanimportantfinancialstrategyasamodernenterprise.Thisstrategybringsgreatbenefitstotheenterpriseatthesametime,alsoproducedsomenegativeeffectscannotbeignored,theriskthatthesolvencyofenterprisesbigger.Thenthesolvencyofenterprisesriskmanagementistheinvestor,creditorandenterprisesmustpayattentiontotheproblem.Theenterpriseonlytomaintainstrongdebtpayingabilityfromtheangleofinvestors,canbeagoodfinancialenvironment,islikelytoraisemorecapital,savetoraisecost,graspthefavorableinvestmentopportunitiestocreatemoreprofitsforinvestors.Seethecreditorfromtheperspectiveofthecreditorsisintheprocessofenterprisemanagement,inordertoobtaintheinterestorothereconomicinterests,putthemoneyintothebusinessactivitiesofenterprises,creditorsaremostconcernedaboutiswhetherhecanrecovertheprincipalandinterestofenterprisefunds.Seethesolvencyofenterprisesfromtheoperatorperspectiveisanimportantindexofbusinessreputation,isanimportantaspectoftheenterpriseexternalimage.Inawordistobetheindicatorsthroughthedebtpayingability,goodforenterprisestomakedecisiontoprovideagoodbasisfor.

1.3researchmeaning

Thesolvencyofenterprisesisdirectlyrelatedtothesustainablemanagementability,isoneofthekeyinterestsaboutvariousaspectsoftheenterprisefinancialcapacity;themodernenterprisetocarryoutbusinessactivitiesundertheconditionsofmarketeconomy,thedebtpayingabilityisthecorecontentofcorporatefinancialmanagementmeasure.Theinfluencefactorsonthesolvencyofenterprisescanbeaverygoodunderstandingofthefinancialsituationofenterprises,torevealthedegreeofriskundertakenbyenterprises,enterprisescanalsopredicttheprospectoffinancing,provideanimportantbasisforenterprisestocarryoutvariouskindsoffinancialactivities.Thereforetheanalysisofsolvencyshouldbethecorecontentofmodernenterprisefinancialanalysis.Sincethesolvencyofenterprisesoccupysuchanimportantpositionintheroadtothedevelopmentofenterprises,particularlyimportantfactorsthatinfluencethesolvencyofenterprises.

1.4Researchstatusofdomestic

Asthefinancialcrisissweepingtheglobe,animportantpartofsolvencyriskasthefinancialriskhasbecometheemphasisofresearchonthetheoryandpracticeof.Analysisonthesolvencyofenterprises,manydomesticandforeignscholarshavemadethepointworthyofourreference.

1.4.1Study abroad

Researchonthesolvencyofenterprisesofforeignrelatedtoenterprise'sfinancing,investment,distributionofvariousaspectsoftheuseoffunds.AmericaModiglianiandMiller（1958,1963）publishedtwoarticles,thefirststudyontherelationshipbetweencapitalstructureandcorporatevalue.Theforeignscholarshavecarriedonthesolvencyofenterprisesaffectthecapitalstructuretheoryandempiricalresearch.HarrisandRaviv（1990）andEriotisetal.（2007）studythatsolvency.

Inthelong-termsolvencyandassetliabilityratiosignificantlynegativecorrelation.Fosberg（2004）foundthatthelargerthecompany,thehighertherateofliabilities.Andthecashflowofeachenterpriseisanimportantassetinnormaloperation,theenterpriseintofinancialdistressandmayleadtodirectcauseofbankruptcyisthecompany'sexistingcashflowisunabletopayduedebts.Basedonthis,DuhovnikMetka（1998）proposedlistingCorporationshouldbeareasonablecashflowstatementprovidedtotheusersofthefinancialstatements.Thiskindoffinancialreportingasthebasis,thetwolistingCorporationprofitabilityandcashreturnscanbecorrect,reasonablejudgment,atthesametime,cashflowratiowillalsoserveasacontrolmechanismforpreparingthebalancesheetandincomestatementofthe.Howtoidentifyfinancialdistress,CoyneJosephS&SinghSherG.（2002）intheanalysisofthefinancialsystembasichealthcompaniesandbankruptcyofthecompany,putforwardaseriesofpredictingfinancialfailurefactorsandidentifyclearlydisplaythefinancialindexesofhealthyandbankruptcompanydifference.Inordertoimprovetheaccuracyofthefinancialearlywarningmodel,ChenWei-Sen&DuYin-Kuan（2003）applicationoftheTaiwanstockexchangeforsuspensionoftheoperationofthecompanyrulesastheobjectofanalysis,toextracttheavailablevariablesofnonfinancialratioanalysisandapplication,andtheintroductionoffinancialratios,artificialneuralnetwork（ANN）anddatamining（DM）technologyforfinancialearlywarningmodeloflistingCorporationstructure.ChenWS&DuYKproposed,artificialintelligentmethodintheForecastLtdpotentialfinancialdistressthantraditionalstatisticsmoreeffective.Intheanalysisoffinancialriskshouldnotblindlyonlytodebtserviceratioandotherfinancialindicators.Financialratiosfinancialriskidentificationshouldpayattentiontothemacroeconomicform,corporatestrategicdecision-makingwillalsoaffectthelistingCorporation.Forexample,currentratioanddebtserviceratioincreases,notonlytodefineimprovement,thecompanyoperatingconditionsonthecontrary,reducedisnotnecessarilythecompanyisfacingthethreatofbankruptcy.BaumChristopherF,CaglayanMustafa,StephanAndreas&TalaveraOleksandr（2005）usingtheCOMPUSTATdatabaseUSAquarternon-financialcompaniesinthe1993-2003yeardata,developedtheearlywarningmodelofcurrentassets.

1.4.2Thedomesticresearch

TheMinistryofFinanceineconomicbenefitsChineseannouncedin1995theenterpriseevaluationindexsystemfocusesonthefinancialsituationofenterprisesconcerned,namelytheenterpriselevelofassetsandliabilitiesanddebtpayingability.Andwiththeparty'sfifteenplenarysessionofthe"CPCCentralCommitteeonmajorissuesconcerningthereformanddevelopmentofstate-ownedenterprisesimplementthespiritoftheresolution",themarketsystemisperfect,isacomprehensiveenterprisemarketmoreandmore,thebehaviorofenterprisesstandardized,scientific,thesolvencyandtheoveralllevelofevaluation,analysisofthesurvivalanddevelopmentofenterprisesitisparticularlyimportantto.Inpractice,wefoundthatthecommonenterprisesolvencyanalysishaslimitations.LiMeiying（2000）fromtheangleofsafety.

Analysisfoundthatthedebtpayingabilityanalysisofexistingnotbasedonsustainablemanagementonthebasisofthesinglesourceoffunds,debtetc..ZhangYumei（2004）tocalculatetheflowratedataareoftendistortedandhasbeenthelimitationsofmultipleindexlargerinterest.JiangLibiao（2005）thoughtthattheenterprisedebtpayingabilityanalysisindexitselfhaslimitationsanddebtpayingabilityanalysisofdatasource.XuXiangkun（2008）thinksolvencyearly-warningmodelhasnofixedmode,andeachindexcalculationitemhasaverystrongliquidity,solvencyindicatorssystemdefects.Forallthelimitationsexistingenterprisedebtpayingabilityanalysis,scholarshaveproposedtheideaofperfectingthesolvencyofenterprises.OuyangBin（2008）consideredintheanalysisofsolvencyismustpayattentiontodistinguishbetweenshort-termdebtandlong-termdebtpayingability;attentiontotherealizationofthevalueofthenoncashassetuncertainty;notonlylookatthedebtscaleandtheneglectoftheconstitution;attentiontoca