摘要:财务危机的存在威胁着企业的生存和发展，因此每一个企业的经营管理者都必须重视财务危机的防范与治理工作。本文在国内外财务危机的研究现状基础之上，提出了财务危机的概念，并进一步分析了财务危机的种类，如运营失败、商业失败、无力偿还等，认为财务危机具有积累性、突发性、复杂多样性、灾难性这四种显著的特征，介绍了企业常见的财务危机表现，如销售逐年减少、长期亏损和资金极度短缺，以及由于财务危机带来的生产经营受阻、竞争力下降、发展前景停滞等危害。通过南通信一服饰有限公司为研究对象，分别利用Z分数和F分数模型分析了该企业的财务状况，结合Z值和F值的判别标准发现公司正处于财务危机中，从而进一步分析了公司产生财务危机的原因，发现公司资本结构不合理，负债比例过高，债务期限安排不当，短期负债所占比例过大；存货管理不善，存货周转率过低，占用过多流动资金；盈利能力不佳，投资大，回报少；应收账款管理不善，周转次数过低，呆账坏账过多。以上四大问题是引起信一公司存在财务危机的隐患，所以针对提出的问题分别从调整资本债务结构，适度负债并合理安排债务期限，使公司保持与同行业平均的资产负债率水平平稳发展；加强存货的管理，采用ABC分类法使存货结构更合理，库存成本降低；科学预测销售量，采用趋势预测分析中的加权平均法进行销售预测，减少因过量生产而耗费的人力物力财力，从而增加利润；完善应收账款的管理，利用信用评分法择优选择客户，以保证销售货款的安全性。
关键词 财务危机；成因；对策
Abstract:The existence of finance crisis threats the survival and development of the enterprise, so each operator and manager of company must attach great importance to the prevention and management of finance crisis. On the basis of the domestic and foreign research of finance crisis, the paper puts forward the concept of finance crisis and analyzes the types of finance crisis, which includes operational failure, business failure and unable to repay. Finance crisis is characteristic of cumulative, sudden, complex diversity and catastrophic .In addition ,the paper introduces the common finance crisis performance of the enterprise, which includes sales reduce year by year, long-term losses, shortage of funds, and states the damage of finance crisis, such as the disruption of production, decline of competitiveness, stagnation of development prospect. The paper takes Nantong Xinyi clothing limited company as the research object, using Z score and F score model analyzes the financial situation of the enterprise, finds which is in the finance crisis. There are so many problems of Xinyi company by the way of analyzing the causes of finance crisis, such as the unreasonable capital structure, high debt ratio, poor management of inventory, poor ability of profit and mismanagement of accounts receivable. Above four problems are the reasons of finance crisis of Xinyi company. In order to solve the problems, Xinyi company should adjust the capital and debt structure to moderate debt and keep the common asset-liability ratio with the same industries. At the same time, it reinforce the management of inventory, use ABC classification method to make inventory structure more reasonable, and apply scientific methods in sales forecast to reduce the cost by the excess production of human, material and financial resources. Moreover, it must improve the management of accounts receivable and adopt credit score method in selecting customers which to ensure the safety of sales amount.
Keywords Financial Crisis Cause Countermeasure
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