| The article systematically analyzed the actuality and modality of Chinese listed corporations' financial crisis, and discussed the reason of this problem appeared and the method how to resolve. The necessities of establish forewarning model in forecasting and avoiding financial crisis were clarified; Financial crisis forewarning models in existence were reviewed; several forewarning models using Enterprise Miner module in SAS were established. Compared with the existing models, such as Discriminant analysis models, Logistic models and Neural Network models, the models in this article possessed many advantages and could be used more perfectly on forewarning purpose.1. Current matters of Chinese listed corporations' financial crisis There are several definitions on financial crisis in China and abroad, most of them give this concept from modality of financial crisis, such as bankrupt, default preference stock dividend and incapacity to liquidate debt. Corporations are considered plunged in financial crisis in case one of above phenomenon occurred.The quiddity of financial crisis is an violent eruption of financial risks with the characters of extremely worsen financial status, payment crisis and even bankruptcy. Financial status of Chinese listed corporations should be concerned . Such matters as blow might appeared in some degree if the financial crisis happened: incapacity repaying debt, excessive cashing out, lacking cash payment, mint investment but no income, product no market, merchandise keeping long in stock, main operation severely shrinking, involved in lawsuit payment, etc.2.The reason of Chinese listed corporations' financial crisis coming into being and keeping away measureThe reason of Chinese listed corporations' financial crisis happened included such factors as nation's macro management and macro-economy factor, security market limitation factor and corporate governance factor.2.1 Nation's macro management and macro economy factor Chinese economic and account law system were imperfect and lacking of law basis in the process of necessary management and supervising. Sometimes nation's financial policies and domain policies were even likely to solicit financial crisis in related corporations. Depression and prosper of Macro economy would influence the status of corporations greatly.In conclusion, management and supervise system of nation should be perfected and the active measures should also be taken by corporations according to the variation of nation's policy and macro-economical environment. 2.2 Security market limitation factorPoor efficiency of the information in security market and the defect in the process of stock coming into the market resulted in many troubles such as falsehood action of listed corporations and failure of annex function between corporations. These limitation factors in security market resulted that neither sides of the interest groups done their best to increase corporation's value.Some measures to perfect Chinese security market should be taken as follows: perfecting stock coming system, establishing and perfecting stock law, setting up the exiting mechanism based on the variation of market and the system, taking efforts to develop institution investor.2.3 Corporate governance factor of listed corporations'Defect of corporation governance factor is one of fundamental reasons in Chinese listed corporation financial crisis. The structure of corporate ownership affected the formation, the operation and the performance of corporate governance. Differ corporate ownership structure cause differ corporate governance. The shortcomings of Chinese listed corporations' ownership structure were presented as follows: administrative decline possessed by national shares holders, excessive proportion of national shares which causes the biggest shareholders controlled the corporations, nonstandard operation of directorate, lacking of inspiring and restricting mechanism. It's the main reason of Chinese listed corporations'...
|
PDF Full Text Request