Research On The Governance Of Financial Distress Of ST Company

Since the reform and opening up,the rapid development of China's capital market also exposed a considerable number of listed companies there is irrational governance structure,the operation is not standardized,the quality is not high and so on.Some companies are traded after the listing of financial difficulties,after a continuous loss of 2 years was specifically marked as ST risk of delisting.What is even worse for four years delisting,which not only for investors,creditors,other stakeholders caused losses,but also the development of society as a whole to form an obstacle.How to avoid the financial difficulties of listed companies,companies have been deep financial difficulties Gully companies should use what effective way out of their predicament has become the first problem to be solved.To the financial difficulties facing the listed companies as an example,and its financial difficulties into the reasons and countermeasures to conduct a specific analysis to see the way of knowing to help listed companies to avoid or resolve the possible financial distress purposes,reduce corporate creditors,investors,As well as the economic losses of other stakeholders,but also for the supervision of listed companies to provide a valuable reference to the theory of financial governance research and related companies to improve the system has a certain significance.This paper takes the silver darling investment company into financial distress and is on the verge of delisting as the starting point,and looks at the financial distress as the research object.This paper makes a concrete study on the influencing factors of financial dilemma of silver pigeon investment companies from the aspects of internal influencing factors and external influencing factors by means of literature search,theory,practice,induction and statistic,case analysis and so on.And the case of non-productive costs of the company,the loss of the shareholding company,the paper industry overcapacity three companies to fall into the financial difficulties of the specific performance of the analysis,deepen the company management imbalance lack of effective management,accounting information system lack of early warning mechanism,And paper products industry downturn in the three related factors.Through the silver pigeon investment "cap"governance process,the company should optimize the asset structure,improve the capital structure,adjust the main business,for financial support three inspiration.According to the enlightenment of silver pigeon's investment out of the dilemma,it puts forward that the financial dilemma management of ST company should strengthen the management of accounts receivable,establish the financial risk early warning system,perfect the management system and financial management system,promote financial innovation,perfect the equity M&A market,Ability and profitability,and regulate the external security market related countermeasures.