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论文编号：	15716
作者编号：	2320233777
上传时间：	2025/12/9 15:28:01
中文题目：	JWSP上市公司流动性风险识别与应对研究
英文题目：	Research on liquidity risk identification and response of JWSP listed companies
指导老师：	郝臣
中文关键字：	关键词：流动性；上市公司；食品行业
英文关键字：	Key Words: Liquidity; Listed Companies; Food Industry
中文摘要：	我国A股上市的公司一般是优质企业的代表，其在我国经济发展当中起着至关重要的作用。A股上市公司可以通过国内资本市场实现直接融资使企业得到发展，企业的发展又能带动经济增长、促进社会就业。但近年来，随着地缘政治冲突的冲击、全球贸易保护主义抬头以及新冠疫情等突发公共事件，世界进入新的动荡变革期。面对如此多的不确定性，我国经济环境也面临着一定挑战，这对我国企业的经营韧性提出了严峻考验，甚至作为我国优质企业代表的上市公司也受到了一定的冲击。面对国内外市场复杂的宏观环境，我国上市公司每年都有因企业爆发流动性危机而触发退市，暴露了我国部分企业存在短债长投、企业盲目扩张、企业流动性管理缺失等问题。 在此大背景下，本文以食品行业JWSP上市公司为例，通过研究关于企业流动性风险的相关文献、总结企业流动性风险的相关理论，梳理分析JWSP上市公司经营现状和近五年财务数据，并结合有关文献研究结果发现JWSP在流动性风险方面显露出的问题和原因，如该公司长期货币资金短缺、应收账款逐年呈上升趋势并周转率下降、存货占用大量现金、费用支出管控失效、资本支出失序等问题。根据公司问题，分析出问题成因主要是由于公司战略决策失误进行盲目扩张、资金管理体系不健全、公司融资结构不合理、内部控制体系不完善等方面原因，据此解决JWSP上市公司流动性风险可以通过资产重组方式剥离不良资产、构建公司流动性风险管理机制、引入多元融资渠道优化公司融资结构、通过“债转股”降低公司负债，通过以上措施缓解公司流动性压力，促进上市公司长期健康发展，维护上市公司及全体股东利益。流动性风险关乎企业的经济效益以及市场竞争力，是企业发展的永恒话题，在内需不足消费行业竞争日趋激烈的环境中，食品企业流动性尤其重要。 文章通过识别JWSP上市公司流动性存在的问题，提出改进建议并建立应对措施。同时，引发企业面临流动性风险有诸多因素，本文的建议也难以解决企业发展过程中遇到的所有流动性风险问题，后续将保持对相关理论研究和JWSP上市公司的关注，不断优化已有的建议，提升其适用性。
英文摘要：	Companies listed on China's A-share market are generally representatives of high-quality enterprises and play a crucial role in the country's economic development. A-share listed companies can achieve direct financing through the domestic capital market to facilitate their own development; in turn, the development of these enterprises can drive economic growth and boost social employment. However, in recent years, affected by geopolitical conflicts, the rise of global trade protectionism, and public health emergencies such as the COVID-19 pandemic, the world has entered a new period of turbulence and transformation. Faced with so many uncertainties, China's economic environment is also confronted with certain challenges, which poses a severe test to the operational resilience of Chinese enterprises. Even listed companies, as representatives of high-quality enterprises in China, have been affected to some extent. Against the backdrop of the complex macro environment in domestic and foreign markets, some Chinese listed companies are delisted each year due to liquidity crises, exposing problems in some enterprises such as using short-term funds for long-term investments, blind expansion, and lack of liquidity management. In this context, thesis takes JWSP, an A-share listed company in the food industry, as a case study. By reviewing relevant literature on corporate liquidity risk, summarizing related theories, sorting out and analyzing JWSP's current operating status and its financial data over the past five years, and combining the findings from the literature review, thesis identifies the problems and causes of JWSP's liquidity risk. These issues include long-term shortage of monetary funds, a year-on-year increase in accounts receivable coupled with a decline in turnover rate, excessive cash tied up in inventory, ineffective control over expense expenditures, and disorderly capital expenditures. Based on the company's problems, the paper analyzes that the main causes are flawed strategic decision-making leading to blind expansion, an incomplete capital management system, an unreasonable financing structure, and an imperfect internal control system. Corresponding solutions to address JWSP's liquidity risk are proposed as follows: stripping non-performing assets through asset restructuring, establishing a corporate liquidity risk management mechanism, introducing diversified financing channels to optimize the company's financing structure, and reducing corporate liabilities through "debt-to-equity swaps". These measures are expected to alleviate the company's liquidity pressure, promote the long-term and healthy development of the listed company, and safeguard the interests of the listed company and all its shareholders. Liquidity risk is closely related to an enterprise's economic benefits and market competitiveness, and it is an eternal topic in corporate development. Against the backdrop of insufficient domestic demand and increasingly fierce competition in the consumer industry, liquidity is particularly important for food enterprises. By identifying the liquidity problems existing in JWSP, thesis puts forward improvement suggestions and establishes preventive measures. Meanwhile, it should be noted that there are various factors leading to corporate liquidity risks, and the suggestions put forward in thesis cannot solve all liquidity risk problems encountered in the process of enterprise development. In the future, the author will continue to pay attention to relevant theoretical research and the operation of JWSP, continuously optimize the existing suggestions, and enhance their applicability.
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