【作者】 陈静；

【导师】 胡小红；

【作者基本信息】 东华大学 ， 会计硕士（专业学位）， 2020， 硕士

【摘要】 债务重组作为企业摆脱财务困境的方式之一,得到许多上市公司的青睐。上市公司的债务重组行为能否对财务效应产生积极影响,能否推动企业可持续发展,是学术界研究企业债务重组行为的焦点,也是本文研究的重点内容。澳柯玛公司经历了两次债务重组,在重组后获得新生并发展成为我国制冷行业的知名企业,其债务重组的成功经验值得同类企业借鉴。本文采用案例分析法,对澳柯玛公司两次债务重组的方案以及实施结果进行阐述,分析其发生债务重组的动因,主要有:改善财务状况;保护股东和债权人利益;维持区域性社会经济的稳定和发展。两次债务重组动因的主要差异在于是否进行盈余管理,避免被ST。再结合有效市场假说理论和经济后果理论对两次债务重组产生的财务效应进行分析。短期财务效应采用事件研究法进行分析,长期财务效应结合财务指标分析法和经济增加值(EVA)评价法进行评估,财务效应研究的结果:这两次债务重组总体来说是比较成功的。第一次债务重组后,澳柯玛公司走出了2005年-2007年连续亏损的状态,一直在盈利,境况有好转。第二次债务重组后,在制定“互联网+冷链”战略后,又优化资本结构,使企业的发展之路走得更平稳和健康。最后,本文根据案例分析的结果对上市公司如何避免陷入财务困境、以及陷入财务困境后进行债务重组给出五点建议:一是加大对控股股东及关联公司的监督力度,确保公司运营的独立性;二是加强风险管理,提高资金使用效率;三是重视核心业务,谨慎选择多元化发展战略;四是关注国内外环境和政策变化,预防政策和金融风险;五是加强与当地政府沟通,争取政府的政策扶持。更多还原

【Abstract】 The companies solve the financial difficulties through debt restructuring.Whether the debt restructuring behavior of listed companies can have a positive impact on the financial effect,and whether it can promote the sustainable development of enterprises is the focus of academic research on corporate debt restructuring behavior,and it is also the main purpose of this paper.Aucma has experienced two debt restructurings.After debt restructurings,Aucma has gained new life and developed into a well-known enterprise in China’s refrigeration industry.The successful experience of debt restructurings is worth learning for similar enterprises.This paper,using case-studying method,and expounds the two debt restructuring plans and implementation results of Aucma company.Based on the analysis,the causes of debt restructuring mainly include reducing financial burden and getting out of financial difficulties,protecting the interests of shareholders and creditors,and maintaining regional social and economic stability and development.The biggest difference between the two debt restructuring motivations is that the first debt restructuring may have the motivation of earnings management to avoid being under special treatment.Combined with the efficient market hypothesis theory and the economic consequence theory,this paper analyzes the financial effect of the two debt restructurings.The short-term financial effect is analyzed by using the event study method while the long-term financial effect is evaluated by the financial index analysis method and economic value added(EVA)evaluation method.The results should be more accurate with two ways of analysis.The conclusion of financial effect research is that these two debt restructurings are generally successful.After the first debt restructuring,the situation of Aucma company has improved,with Aucma going out of the state of continuous loss from 2005 to 2007,and having been making profits.After the second debt restructuring and implementation of the strategy of "Internet plus cold chain",Aucma also optimizes the structure of assets and liabilities so that the road of development of enterprises will be more stable and healthy.Finally,according to the results of case analysis,five suggestions are given for listed companies about how to avoid falling into financial difficulties and debt restructuring after getting in to financial difficulties.First,strengthen the supervision of controlling shareholders and related companies to ensure the independence of the company’s operation.Second,strengthen risk management and improve the efficiency of capital use.Third,attach importance to core business and carefully choose diversified development strategies.Fourth,pay attention to domestic and foreign environment and policy changes to avoid policy and financial risks.The fifth is to strengthen communication with the local government for policy support.更多还原