【摘要】：2015年我國股票市場(chǎng)IPO重啟,資本市場(chǎng)蓬勃發(fā)展,企業(yè)間競(jìng)爭(zhēng)日益激烈,證券市場(chǎng)是我國上市公司籌措資金的重要場(chǎng)所,很多企業(yè)都努力想要進(jìn)入股票市場(chǎng)。然而,隨著上市公司的逐漸增多,難免會(huì)有企業(yè)因各種因素導(dǎo)致財(cái)務(wù)困境的發(fā)生。上市公司是我國資本市場(chǎng)的基石,也是國民經(jīng)濟(jì)發(fā)展的有力支撐。當(dāng)上市公司因被實(shí)施退市風(fēng)險(xiǎn)預(yù)警而陷入財(cái)務(wù)困境時(shí),為了盡快脫離財(cái)務(wù)困境并繼續(xù)活躍在股票市場(chǎng)上,許多上市公司在陷入財(cái)務(wù)困境后會(huì)實(shí)施一定程度的盈余管理。后金融危機(jī)時(shí)代,與國際經(jīng)濟(jì)緊密相關(guān)的航運(yùn)業(yè)受影響較大,并具有典型的周期性。2016年8月31日韓進(jìn)海運(yùn)宣布破產(chǎn),由于航運(yùn)市場(chǎng)持續(xù)低迷,使公司經(jīng)營業(yè)績(jī)頻頻虧損,成為全球航運(yùn)業(yè)有史以來最大的破產(chǎn)案。文章以中遠(yuǎn)海控為例展開研究分析,作為我國航運(yùn)市場(chǎng)的龍頭企業(yè),因2011-2012年凈利潤連續(xù)為負(fù),觸及《上海證券交易所股票上市規(guī)則》的相關(guān)規(guī)定,公司股票被實(shí)施退市風(fēng)險(xiǎn)預(yù)警,2014年4月摘除“*ST”。文章采用文獻(xiàn)研究法和案例分析法,對(duì)中遠(yuǎn)海控2010-2015年年度報(bào)告進(jìn)行解讀,著重分析公司的財(cái)務(wù)困境和盈余管理活動(dòng)。首先,對(duì)中遠(yuǎn)海控財(cái)務(wù)狀況進(jìn)行分析,發(fā)現(xiàn)2010-2015年公司盈利能力下滑、債務(wù)負(fù)擔(dān)較重,財(cái)務(wù)困境體現(xiàn)在凈利潤連續(xù)兩個(gè)年度為負(fù)并被上交所實(shí)施退市風(fēng)險(xiǎn)預(yù)警;然后,從避免退市、維護(hù)管理層利益等分析中遠(yuǎn)�？剡M(jìn)行盈余管理的動(dòng)機(jī),并結(jié)合公司的財(cái)務(wù)數(shù)據(jù)和非財(cái)務(wù)數(shù)據(jù)從五個(gè)方面分析盈余管理的具體方式;最后,對(duì)中遠(yuǎn)海控盈余管理的實(shí)施效應(yīng)進(jìn)行了分析。通過文章的分析可知,盈余管理的確能夠幫助公司暫時(shí)度過財(cái)務(wù)困境,繼續(xù)活躍在股票市場(chǎng),但長遠(yuǎn)來看,只有不斷提升主營業(yè)務(wù)的競(jìng)爭(zhēng)力、擴(kuò)大主營業(yè)務(wù)的市場(chǎng)份額才能真正實(shí)現(xiàn)企業(yè)的健康可持續(xù)發(fā)展。
[Abstract]:In 2015, the stock market of our country restarts IPO, the capital market develops vigorously, the competition among enterprises is more and more intense, the securities market is the important place of raising funds for the listed companies of our country, many enterprises are trying hard to enter the stock market. However, with the increasing number of listed companies, it is inevitable that some enterprises will lead to financial distress due to various factors. Listed companies are the cornerstone of China's capital market, but also a strong support for the development of the national economy. When the listed companies fall into financial distress because of the early warning of delisting risk, in order to break away from the financial distress as soon as possible and continue to be active in the stock market, many listed companies will implement earnings management to a certain extent after they fall into financial distress. In the post-financial crisis era, the shipping industry, which is closely related to the international economy, has been greatly affected and has a typical periodicity. On August 31, 2016, Han Jin Shipping declared bankruptcy. As a result of the continued downturn in the shipping market, the company made frequent losses in its operating performance. Became the biggest bankruptcy in the history of the global shipping industry. This paper takes Zhongyuan Ocean Control as an example to carry out research and analysis. As the leading enterprise in China's shipping market, the net profit in 2011-2012 is continuously negative, which touches the relevant provisions of the rules on Stock listing of Shanghai Stock Exchange. Shares of the company were implemented delisting risk warning, in April 2014 removed the "St". This paper uses the method of literature research and case analysis to interpret the 2010-2015 annual report of Zhongyuan-Hai Control Company, focusing on the financial distress and earnings management activities of the company. First of all, by analyzing the financial situation of Zhongyuan Hai control, we find that the profitability of the company declined from 2010 to 2015, the debt burden was heavy, and the financial distress was reflected in the negative net profit for two consecutive years and the early warning of delisting risk implemented by the Shanghai Stock Exchange. In the analysis of avoiding delisting and maintaining the interests of the management, the motive of earnings management is analyzed in far-sea control, and combined with the financial data and non-financial data of the company, the specific ways of earnings management are analyzed from five aspects. This paper analyzes the effect of earnings management in middle and distant seas. Through the analysis of the article, we can see that earnings management can help the company to tide over its financial difficulties temporarily and continue to be active in the stock market, but in the long run, it is only to continuously enhance the competitiveness of the main business. Only by expanding the market share of the main business can the healthy and sustainable development of the enterprise be realized.
【學(xué)位授予單位】：蘭州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F552.6;F550.66

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