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

1、最新Comprehensive analysis of enterprise27s debt paying ability 企业偿债能力的思考分析资料Comprehensive analysis of enterprises debt paying abilityAbstract：As the global economic integration and modern credit the development of the economy ,Debt management has become a modern enterprise significant financial means

2、 and strategy . Enterprise wants to be the winner, they must have enough fund. For raising fund, liabilities for operation is a inevitable way for each enterprise.Debt management of the reasonable application ,Can brings to the enterprise financial leverage benefits , Effectively improve the equity

3、return rate of shareholders，at the same time ,Potential financial risks of debt will be brought to the enterprise，Or bankruptcy.Therefore, before the investment,By using the method of ratio analysis,Analysis of the strength of the companys solvency, Is an effective method to forecast the risk, to pr

4、otect the interests of the enterprise.Keywords: debt-paying ability；Debt management；Financial leverage；Risk1 Introduction1.1 concepts of debt paying abilityThe debt repayment ability is refers to the enterprise with its assets to repay long-term debt and short-term debt. The enterprise has the abili

5、ty of non payment of cash and repay debt ability, static, is the ability of enterprise assets liquidated debt; dynamic speakers, is the ability to create a process of enterprise assets and operating income to repay debts. The enterprise has no cash payment ability and the repayment ability is the ke

6、y to the healthy development of enterprises. Debt paying ability analysis is an important part of enterprise financial analysis.1.2 research backgroundWith the development of economic system reform, Chinas enterprise management has changed from the extensive mode of production for the production of

7、intensive management, Chinas economy is no longer the planned economy into a market economy, but. This means an enterprise to good health and stable development must not wait and rely on the superior, and have the courage to meet the challenge, improve their own strength, but the enterprise must ach

8、ieve the above goal must have a certain amount of money, which means that the enterprises to financing, debt management. But the debt financing has its relative superiority, for enterprises to use. With the specific responsibility to ensure to obtain benefits for the purpose of debt management, has

9、been an important financial strategy as a modern enterprise. This strategy brings great benefits to the enterprise at the same time, also produced some negative effects can not be ignored, the risk that the solvency of enterprises bigger. Then the solvency of enterprises risk management is the inves

10、tor, creditor and enterprises must pay attention to the problem. The enterprise only to maintain strong debt paying ability from the angle of investors, can be a good financial environment, is likely to raise more capital, save to raise cost, grasp the favorable investment opportunities to create mo

11、re profits for investors. See the creditor from the perspective of the creditors is in the process of enterprise management, in order to obtain the interest or other economic interests, put the money into the business activities of enterprises, creditors are most concerned about is whether he can re

12、cover the principal and interest of enterprise funds. See the solvency of enterprises from the operator perspective is an important index of business reputation, is an important aspect of the enterprise external image. In a word is to be the indicators through the debt paying ability, good for enter

13、prises to make decision to provide a good basis for.1.3research meaningThe solvency of enterprises is directly related to the sustainable management ability, is one of the key interests about various aspects of the enterprise financial capacity; the modern enterprise to carry out business activities

14、 under the conditions of market economy, the debt paying ability is the core content of corporate financial management measure. The influence factors on the solvency of enterprises can be a very good understanding of the financial situation of enterprises, to reveal the degree of risk undertaken by

15、enterprises, enterprises can also predict the prospect of financing, provide an important basis for enterprises to carry out various kinds of financial activities. Therefore the analysis of solvency should be the core content of modern enterprise financial analysis. Since the solvency of enterprises

16、 occupy such an important position in the road to the development of enterprises, particularly important factors that influence the solvency of enterprises.1.4 Research status of domesticAs the financial crisis sweeping the globe, an important part of solvency risk as the financial risk has become t

17、he emphasis of research on the theory and practice of. Analysis on the solvency of enterprises, many domestic and foreign scholars have made the point worthy of our reference.1.4.1 Studyabroad Research on the solvency of enterprises of foreign related to enterprises financing, investment, distributi

18、on of various aspects of the use of funds. America Modigliani and Miller (1958, 1963) published two articles, the first study on the relationship between capital structure and corporate value. The foreign scholars have carried on the solvency of enterprises affect the capital structure theory and em

19、pirical research. Harris and Raviv (1990) and Eriotis et al. (2007) study that solvency.In the long-term solvency and asset liability ratio significantly negative correlation. Fosberg (2004) found that the larger the company, the higher the rate of liabilities. And the cash flow of each enterprise i

20、s an important asset in normal operation, the enterprise into financial distress and may lead to direct cause of bankruptcy is the companys existing cash flow is unable to pay due debts. Based on this, Duhovnik Metka (1998) proposed listing Corporation should be a reasonable cash flow statement prov

21、ided to the users of the financial statements. This kind of financial reporting as the basis, the two listing Corporation profitability and cash returns can be correct, reasonable judgment, at the same time, cash flow ratio will also serve as a control mechanism for preparing the balance sheet and i

22、ncome statement of the. How to identify financial distress, CoyneJoseph S&Singh Sher G. (2002) in the analysis of the financial system basic health companies and bankruptcy of the company, put forward a series of predicting financial failure factors and identify clearly display the financial indexes

23、 of healthy and bankrupt company difference. In order to improve the accuracy of the financial early warning model, Chen Wei-Sen&Du Yin-Kuan (2003) application of the Taiwan stock exchange for suspension of the operation of the company rules as the object of analysis, to extract the available variab

24、les of non financial ratio analysis and application, and the introduction of financial ratios, artificial neural network (ANN) and data mining (DM) technology for financial early warning model of listing Corporation structure. Chen WS&Du YK proposed, artificial intelligent method in the Forecast Ltd

25、 potential financial distress than traditional statistics more effective. In the analysis of financial risk should not blindly only to debt service ratio and other financial indicators. Financial ratios financial risk identification should pay attention to the macro economic form, corporate strategi

26、c decision-making will also affect the listing Corporation. For example, current ratio and debt service ratio increases, not only to define improvement, the company operating conditions on the contrary, reduced is not necessarily the company is facing the threat of bankruptcy. Baum Christopher F, Ca

27、glayanMustafa, Stephan Andreas&TalaveraOleksandr (2005) using the COMPUSTAT database USA quarter non-financial companies in the 1993-2003 year data, developed the early warning model of current assets.1.4.2 The domestic researchThe Ministry of Finance in economic benefits Chinese announced in 1995 t

28、he enterprise evaluation index system focuses on the financial situation of enterprises concerned, namely the enterprise level of assets and liabilities and debt paying ability. And with the partys fifteen plenary session of the CPC Central Committee on major issues concerning the reform and develop

29、ment of state-owned enterprises implement the spirit of the resolution, the market system is perfect, is a comprehensive enterprise market more and more, the behavior of enterprises standardized, scientific, the solvency and the overall level of evaluation, analysis of the survival and development o

30、f enterprises it is particularly important to. In practice, we found that the common enterprise solvency analysis has limitations. Li Meiying (2000) from the angle of safety. Analysis found that the debt paying ability analysis of existing not based on sustainable management on the basis of the sing

31、le source of funds, debt etc. Zhang Yumei (2004) to calculate the flow rate data are often distorted and has been the limitations of multiple index larger interest. Jiang Libiao (2005) thought that the enterprise debt paying ability analysis index itself has limitations and debt paying ability analy

32、sis of data source. Xu Xiangkun (2008) think solvency early-warning model has no fixed mode, and each index calculation item has a very strong liquidity, solvency indicators system defects. For all the limitations existing enterprise debt paying ability analysis, scholars have proposed the idea of p

33、erfecting the solvency of enterprises. Ouyang Bin (2008) considered in the analysis of solvency is must pay attention to distinguish between short-term debt and long-term debt paying ability; attention to the realization of the value of the non cash asset uncertainty; not only look at the debt scale and the neglect of the constitution; attention to ca