Comprehensive analysis of enterprises debt paying ability 企业偿债能力的思考分析.docx
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Comprehensive analysis of enterprises debt paying ability 企业偿债能力的思考分析.docx
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Comprehensiveanalysisofenterprisesdebtpayingability企业偿债能力的思考分析
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;attentiontocashflow
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