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企业财务危机产生的原因及应对措施研究

（财务管理1104班：王娅 指导教师：马西）

内 容 摘 要

财务危机是指企业明显无力按时偿还到期的无争议的债务的困难与危机。在市场的经济活动中，财务危机对于全面的反映企业经营的现状是一种必不可少的信号，企业的经营活动每时每刻都在受着财务危机的影响。企业在其经营中，随时可能会遭受各种内外不利因素的影响从而引发财务危机。在我国，各种原因造成的财务危机频繁发生，严重影响了社会安定和经济稳定，可见财务危机的分析研究对企业的生存发展具有重大的意义。本文首先介绍了企业财务危机的相关概念，然后说明了财务危机的主要特点和常见预兆，并具体介绍了企业财务危机产生的主要内部原因和外部原因，基于这些原因提出了应对措施，最后以佳兆业集团控股有限公司（以下简称“佳兆业”）的案例对企业财务危机进行了具体分析。

关键词：财务危机 风险防范 佳兆业

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Research on the Causes and Countermeasures of Enterprise

Financial Crisis

Abstract

Financial crisis is an enterprise obviously unable to repay maturing debt uncontested difficulties and crises. Market economic activity, the status of the financial crisis for fully reflect the business is an essential signal, the business activities all the time is being affected by the financial crisis. Enterprises in their operations at any time may be subject to various internal and external negative factors causing the financial crisis. In our country, the financial crisis caused by the frequent occurrence of a variety of reasons, has seriously affected the social stability and economic stability analysis shows the financial crisis is of great significance for the survival and development of enterprises. This paper introduces the concept of enterprise financial crisis, and the main features of the financial crisis and the common omen, and specify the main internal causes and external causes of enterprise financial crisis, measures are proposed for these reasons, and finally to Kaisa case Group Holdings Limited (hereinafter referred to as \

Key words: The financial crisis Risk prevention Kaisa

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目 录

序言 ······················································································· 1 一、财务危机的相关概念综述 ······················································ 1 （一）财务危机的定义 ······························································ 1 （二）财务危机与财务风险 ························································ 1 二、财务危机的主要特征及常见预兆 ············································· 2 （一）财务危机的主要特征 ························································ 2 1.财务危机具有积累性 ··························································· 2 2.财务危机具有破坏性 ··························································· 2 3.财务危机具有复杂多样性但也是可预见的 ································ 3 4.财务危机具有紧急性 ··························································· 3 （二）财务危机的常见预兆 ························································ 3 1.企业的财务结构不断恶化 ····················································· 3 2.企业的经营效益与盈利水平持续下降 ······································ 3 3.企业的偿债能力和信誉不断下降 ············································ 3 三、企业财务危机产生的原因 ······················································ 4 （一）外部因素 ······································································· 4 1.经济环境变化 ···································································· 4 2.国家政策变化 ···································································· 4 （二）内部因素 ······································································· 4 1.企业流动资金短缺应收账款不断增加 ······································ 4 2.企业过度负债财务杠杆运用过度 ············································ 5 3.企业经营管理不善且风险意识淡薄 ········································· 5 4.企业缺乏有效的财务危机预警系统和财务管理人才 ···················· 5 四、企业财务危机的应对措施 ······················································ 6 （一）针对外部因素的应对措施 ·················································· 6 1.针对经济市场环境 ······························································ 6 2.针对国家政策 ···································································· 6 （二）针对内部因素的应对措施 ·················································· 6 1.强化企业资金管理并合理控制应收账款 ··································· 6 2.加强资本负债结构的优化与财务风险的控制 ····························· 7 3.提高企业及员工防范危机的意识并加强内部控制 ······················· 7

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4.建立适合的财务危机预警系统 ··············································· 7 5.债务重组 ·········································································· 8 6.企业出售部分 ···································································· 8 五、案例分析—佳兆业集团控股有限公司········································ 8 （一）公司简介 ······································································· 8 （二）公司财务危机情况 ··························································· 8 （三）公司财务危机原因 ··························································· 9 1.政治风险的影响 ································································· 9 2.负债巨大无法偿还到期债务 ·················································· 9 3.公司融资模式存在弊端 ······················································ 10 （四）公司应对措施 ······························································· 10 1.出售部分项目谋求财务重组 ················································ 10 2.富德生命人寿“输血” ······················································ 10 （五）案例启示 ····································································· 10 1.政商关系需谨慎 ······························································· 10 2.融资渠道需谨慎 ······························································· 10 3.房地产企业旧改项目需谨慎 ················································ 11 结论 ····················································································· 11 参考文献 ··············································································· 12

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序 言

随着经济的不断发展，财务管理在企业管理中的地位越来越重要，企业财务管理的作用越来越明显，而对企业财务危机的研究分析也越来越引起企业管理层的重视。作为一个企业其生存与发展都面临着各种风险，由于内部环境和外部环境的不断变化，企业很难长时期的避免危机。准确了解公司财务危机产生的原因，对企业来讲是极为重要的，能有效的使企业提前采取适当的应对措施以阻止企业财务状况的进一步恶化，避免进入破产清算或被收购兼并的境地。不论是在我国还是在国外，由于不同原因造成的财务危机和企业破产的现象更是屡见不鲜，造成了很多职工丢了工作，严重影响了社会安定。因此，市场总是优胜劣汰的，每一个企业都更加重视对财务危机的原因及对策的研究。

一、财务危机的相关概念综述

（一）财务危机的定义

对财务危机定义的研究一直是财务领域中的一个重要课题，经过国内外许多学者的深入探索，也取得了丰富的成果。科学的研究应该首先从定义入手，如果对概念的界定不清晰，就无法准确地进行资料的收集和进一步的研究，也就不可能得出准确无误的研究成果。

在国外不同学者对财务危机的概念进行了不同程度的研究。Beave在1966年把破产、拖欠优先股股利和拖欠债务界定为财务危机。在2000年，Ross等人从新的角度进行研究，对财务危机的概念从四个方面进行了表述：第一，企业失败，即企业清算后仍无力支付债权人的债务；第二，法定破产，即企业和债权人向法院申请企业破产；第三，技术破产，即企业无法按期履行债务合约付息还本；第四，会计破产，即企业的账面净资产出现负数，资不抵债。

在国内对于财务危机概念的研究也有一定的成果。余绪缨教授在1996年按危机程度的不同将财务危机分为技术性失败和破产两种。指出技术性失败即为企业无偿付能力，而破产是财务危机的极端形式，公司的净资产出现负值。2001年陈文浩与郭丽红对财务危机的概念做了重新定义：财务危机是指企业不能偿还到期债务的危机和困难，企业破产是其极端形式。何沛利、章早立以“持续经营”要件为基础，对财务危机概念做出的狭义界定为“企业盈利能力遭受实质性削弱，并伴随持续亏损的状态”。

综上本文认为，财务危机是指企业财务管理失败明显无力按时偿还到期的债务的危机，应该包括：企业技术失败、资不抵债、债务无力偿还和破产等。

（二）财务危机与财务风险

财务危机是指企业明显无力按时偿还到期的无争议的债务的困难与危机。财务风险指的是企业

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