摘要
财务困境指企业无力偿还到期债务或不能支付各项费用的一种经济现象。陷入财务
困境将给企业的正常经营和未来发展带来重重困难，也将对利益相关者的权益带来不利
影响。随着市场竞争越发激烈，企业陷入财务困境进而导致破产的情况愈发常见。
中国目前正处在调结构、稳增长的经济新常态。经济下行、产能过剩、需求疲软给
众多企业的经营带来了巨大压力。国家适时的提出了供给侧结构改革的新思路、新战略。
传统零售行业作为供给侧直接接触市场需求的最前沿，正是对经济新常态最敏感的产业，
同时也是供给侧改革的核心阵地。
近年来，国外品牌的百货业巨头纷纷打入中国内地，凭借强大的资金实力和先进的
经营策略，给国内传统的终端零售业带来了很大冲击。另一方面，互联网电商平台近年
来强势崛起。通过运用 IT 技术实现了生产厂家和终端消费者的直接互联，更是让原来
作为连接生产厂商和消费者纽带的百货商场处境愈发尴尬。
D 集团作为一家以传统百货业为主营业务的地方性企业，一直是所在地 Z 市的一张
名片。近年来由于种种原因，目前陷入了财务困境的泥潭。
本文通过研究财务困境及脱困重整相关理论，分析比较两家 ST 上市公司脱困重组
的经验教训，针对 D 集团财务困境的具体原因，力求为指导 D 集团成功脱困提出合理
的解决方案。
关键词：财务困境、脱困重整、经济新常态II
Abstract
Financial Distress refers to an economic phenomenon in which an enterprise is unable to
repay debts duly or cannot pay its costs. Financial trouble will cause difficulties in the normal
operation and future development of the enterprise, and will also have a negative impact on the
interests of the stakeholders. With increasingly fierce market competition, cases are
increasingly common that companies in financial trouble lead to bankruptcy.
China is now in the new economic normal in which structure is toned and growth is steady.
Problems like economic downturn, overcapacity, and weak demand bring many enterprises
tremendous business pressure. The nation timely put forward new ideas and strategies about
the structural reform of supply side. Traditional retail industry, as the forefront of the supply
side which directly faces market demand, is the most sensitive industry to the new normal, and
also the core battlefield of the reform of supply side.
In recent years, foreign brands of retail giants enter the Chinese mainland. With strong
financial strength and advanced business strategy, they have brought great impact to the
traditionalterminalretailindustry.Ontheotherhand,Internetbusinessplatformsinrecent years
also develop rapidly. Using IT technology to connect manufacturers and the end consumers,
they also greatly depress department stores, which used to be ties of manufactures and
consumers.
D group, whose main business is traditional department store, used to be a famous local
enterprise in City Z. In recent years, due to various reasons, it has been caught in the quagmire
of financial difficulties.
Based on thetheoryof financial dilemma and financialdifficulties, this paperanalyzes and
compares the experiences and lessons of the two ST listed companies, and puts forward
reasonable solutions to D group&39;s problems.
Keywords： Financial Distress ; Turnaround Reform; Economic New NormalIII
目录
第1章绪论....................................................................................................................1
1.1选题背景与意义............................................................................................1
1.1.1选题背景..................................................................................................1
1.1.1.1经济新常态....................................................................................1
1.1.1.2传统零售业的新常态....................................................................2
1.1.2选题意义..................................................................................................3
1.1.2.1理论意义........................................................................................3
1.1.2.2实际意义........................................................................................4
1.2国内外研究现状及文献综述........................................................................4
1.2.1国外研究现状..........................................................................................4
1.2.2国内研究现状..........................................................................................5
1.3研究思路和研究框架....................................................................................7
1.3.1研究思路及内容......................................................................................7
1.3.2研究框架..................................................................................................8
1.4研究方法和创新点........................................................................................9
1.4.1研究方法..................................................................................................9
1.4.2本文创新点..............................................................................................9
第2章基础理论综述..................................................................................................10
2.1财务困境成因方面......................................................................................10
2.1.1经济周期理论........................................................................................10
2.1.2现金流量理论........................................................................................11
2.1.3过度负债理论........................................................................................11
2.1.4代理理论................................................................................................12
2.2脱困路径方面..............................................................................................13
2.2.1重组效率理论........................................................................................13
2.2.1.1经营协同效应理论......................................................................13
2.2.1.2效益差异化理论..........................................................................13
2.2.1.3多角度分散化经营理论..............................................................13
第3章财务困境公司脱困路径研究..........................................................................15
3.1相关利益方对脱困的选择..........................................................................15
3.1.1债权人的选择........................................................................................15
3.1.2股东的选择............................................................................................15
3.1.3其他相关利益人的选择........................................................................15
3.2困境公司脱困的主要方式..........................................................................16IV
3.2.1资产收购................................................................................................17
3.2.2资产剥离................................................................................................17
3.2.3资产置换................................................................................................18
3.2.4吸收合并................................................................................................18
3.2.5债务重组................................................................................................18
3.2.6股权转让.........................................................................................

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