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论文编号：	11708
作者编号：	2320170649
上传时间：	2020/6/19 21:34:23
中文题目：	SHL公司财务困境管理研究
英文题目：	The Research on The Management of Finance Distress in SHL Co.
指导老师：	程新生
中文关键字：	餐饮行业；财务困境；财务困境预警；逆境管理
英文关键字：	Restaurants；Finance distress；Warning system；Distress management
中文摘要：	随着十八大以来以八项规定为起始的反腐倡廉工作的展开，公务用餐受到了严格的限制，而传统的高端中餐连锁行业以往依赖公务用餐的经营模式受到了严重的冲击和挑战。一部分餐饮企业通过互联网等新经济手段实现了转型和跨越式发展，而其他的餐饮企业则没有能够在商业模式转型的浪潮中完成转身，从而滑入了经营发展的下坡路。另一方面，16年开始，中国国内生产总值（GDP）增速放缓，一定程度上也导致消费行业的红利提前释放完毕，这也是餐饮企业面临经营困难的一大因素。经营的困境影响最为剧烈的就是企业的现金回收能力，传统的餐饮企业是众所周知的现金流行业，特别是高端中餐由于账期短、大客户集中等特点，受到行业内投资人的追捧。而由于经营不当导致的现金流收紧则给高端中餐行业带来了严重的冲击，一方面现金流紧缺影响了企业新开店数量，另一方面也使得依赖外部融资实现扩张的企业遭受了当头一棒。本文选取SHL公司作为研究对象主要是基于传统高端中餐在餐饮行业中对于政策变化的敏感性最强，且SHL公司在传统高端中餐行业中处于中坚地位，SHL发生的财务困境能够很好地代表餐饮业企业在转型升级中遇到的困难。同时，作者作为核心人员，参与到SHL公司引入战略投资者，通过重组获得新生的全过程，对研究对象静态的各项指标较为清楚。本文通过将中西方对于财务困境特征、成因、预警措施以及财务困境管理措施的理论与SHL公司财务困境的案例相结合，利用财务指标分析、财务困境预警方法中较为实用的功效系数法的方式对SHL公司财务困境的特征、成因以及企业在困境期间的管理现状做了较为深入的研究和分析，同时，针对SHL公司存在的财务困境的特征、成因及管理现状，文章总结出了相对应的问题，并紧接着给出了优化管理系统的建议。首先，本章核心部分通过対SHL公司财务困境现状的分析，总结出了其出现财务困境的特征。这些特征包括：企业流动负债过高，导致短期偿债能力差；企业长期负债过高，导致总体债务过大，出现资不抵债；企业现金管理混乱，导致流动性危机；企业经营绩效差，导致更加难以应对债务危机和流动性危机。此外，根据逆境管理的理论，本章对企业困境管理的现状给出了总结。其次，文章针对企业财务困境的特征进行了分析，总结出了四种导致企业陷入财务困境的成因。这些因素包括：资产结构不合理；高负债（杠杆）经营；营业利润小于零；大股东持股比例集中。在此基础上，本章站在财务困境出现的根源的层面上，对SHL公司的困境管理系统出现的具体问题作出了分析和总结。最后，本章基于逆境管理对于预防、矫正、免疫的要求，以及周期管理对于企业经营阶段划分的原则，针对财务困境在不同阶段表现出的不同特征，提出了针对前述SHL公司的财务困境管理系统问题的解决和优化建议。这些建议包括：建立财务预警系统、提高利润表会计要素管理能力、优化资产和负债期限结构、改善公司治理现状。企业经营的目标是实现股东利益的最大化，但是处于财务困境中的企业不再以利润作为股东利益的衡量要素，而是以减少亏损、尽快摆脱困境作为股东利益。因此，本文虽然站在企业大股东的角度来提出针对财务困境管理手段的优化建议，但是优化建议却符合各方利益诉求。对于企业各利益相关方而言，在面对财务困境的出现时，应当站在统一的立场上协同一致解决财务困境，而不应为了各自的利益破坏企业对于财务困境问题的解决。因此，本文的结论旨在为陷入财务困境的企业，特别是餐饮企业提供针对财务困境的有效解决思路，力求形成一套具有实践性的企业面对财务困境、预防财务困境时的思维体系和解决方案，以期能够为政府制定相关政策以及为社会利益的最大化做出贡献。
英文摘要：	As the requirement of the 18th National Congress of the Communist Party of China, public functionary is restricted strictly having meals on business. Meanwhile, the restaurants who generally relying on the official receptions are facing tough time with their traditional business model. A few of them are trying to change the model with new economics, including internet, take out business and so on. But still some of them don’t want to change the way. As a result, the ones who didn’t change business model begins to fall into operating distresses. On the other side, the growth rate of GDP in China begins to fallen from 2016. Due to the weak economy, consumption in China are going to be weak at the same time. And that is the other reason why restaurants business is facing tough time. The reason why does the operating distresses come is financial distress. Two main features of restaurants are cash flow oriented and debt driven. The operating distress makes losses on operating cash flow of restaurants and the restaurants lose capability paying debt and interests in time at the same time. The reason the essay uses SHL as its research object is SHL, as the representative corporate in upscale Chinese restaurant industry, is most sensitive to the change of policy, and also the financial distress problem happened in SHL can represent general problems what the corporates in restaurant industry faces when they try to upgrade. The writer witnesses all the progress that SHL required investor to help to restructure as a crucial employee and all the data in the essay are collected in practice. The essay focus on the features, reasons and problems of finance distress and management, and warning system and finance distress management theory, and try to use all of the theory on analyzing the finance distress of SHL case. Meanwhile, the essay also discusses methods solving finance distress. Firstly, by analyzing the situation of SHL, the essay summarizes the features of the case. Including, short-term debt is too much so that the corporate has few capabilities to pay in time; Total debt is too heavy so that the corporate faces insolvency problem; No cash management causes liquidation problem; The corporate is so hard to figure problems out with low revenue. Secondly, the essay shows 4 reasons why the corporate does fall into financial distress. Including, unreasonable asset structure; High liability to asset ratio; Low revenue; One share dominates. In addition, based on the reasons why financial distress happened, the essay concludes the problems with the management on the financial distress. Finally, based on the requirement -prevention, correction, immunization- of distress management theory, the essay separates finance distress into early stage and later stage by time and also shows different methods for different stages. Including, building warning system, trying to make revenue up and cost down, keeping duration matching between liability and asset, optimizing corporate management. The essay also shows that when facing finance distress, all the stakeholders should stand on the same side to fight the finance distress instead of considering their own interests. Although the objective operating corporate is to maximize the interests of shareholders, the strategy managing financial distress in the essay can also satisfy each stakeholder in the distress situation. In conclusion, the essay aimed at providing reliable and effective methods to solve finance distress and try to make the common goals of the stakeholders come true.
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