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摘 要
进入新世纪以来，我国的光伏行业发展非常迅速，得到了长足的进步。据统计在
2006-2010年我国太阳能电池产量年均增速都在100%以上，而截止到2010年，国内的光
伏企业甚至一度达到了1000家以上。但是进入2012年以来，由于受到欧洲主权债务危机
和美欧双反调查的影响，国内光伏企业利润水平急剧下滑，多家企业出现了严重亏损的
状况。赛维LDK公司作为国内光伏行业曾经的龙头企业，多年来一直保持了高速的增长，
但是在2012年它同样也陷入到严重的财务危机当中，并最终在2014年申请了破产保护
那么作为一个高速增长的企业，为何也会陷入到严重的财务危机当中？这是一个非常值
得深入研究和思考的问题
本文选取了赛维LDK公司作为案例的研究对象，以公司2006-2012年的财务数据为
基础，讨论了在超速增长的背景下，公司财务危机爆发的原因以及超速增长对于财务危
机的影响等问题。论文主要内容包括：第一章是绪论，主要介绍了选题的背景和意义、
文献的回顾以及研究的内容、方法和框架等；其次是案例正文部分，主要介绍赛维LDK
公司的概况、赛维财务危机的概况及赛维财务危机的特征等内容；再次是案例分析部分，
主要是从超速增长的状况、财务危机发生的原因和超速增长对财务危机的影响等三个方
面进行分析；最后是案例启示部分，主要阐述了对于增长理念、风险管理、核心竞争力
培养和促进光伏行业发展等四个方面的启示
本文通过案例分析后认为：1. 企业超速增长一般都比较短暂，其状况并不能持久，
并且它还会带来较高的企业风险，而这些风险则会导致企业内部管理出现高风险；2. 企
业财务危机的发生主要有外部和内部两方面的原因，而其中内部原因是最直接和最主要
的原因，其主要来源是高风险的内部管理；3. 超速增长与财务危机之间具有较强的正相
关，但是两者之间相关性并不显著；4. 超速增长影响财务危机的机理是：超速增长会导
致企业内部管理出现高风险，如果此时遭遇到高风险的外部环境，就会造成企业业绩指
标的恶化。如果企业没有采取有效的应对措施，就会导致财务危机的爆发
本文以光伏龙头企业赛维LDK公司为案例，探讨了企业超速增长、财务危机以及两
者之间的关系和影响机理等问题。这对于其他企业在处理增长速度与企业风险的关系，
以及有效应对财务危机等方面，都具有一定的借鉴意义
关键词：可持续增长；财务危机；超速增长；赛维LDK
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Abstract
From 2000, the photovoltaic(PV) industry has been developed rapidly and has a high
progress. Base on the statistical data from 2006 to 2010, the domestic annual output of PV
cells was more than 100% rate. Enve there were more than 1000 PV companies in domestic in
2010. But when coming to 2012, because European sovereign debt and Double reverse
investigation from America happened, the level of profit of domestic PV companies has fallen
sharply, and even some companies have been in a loss of status. As a leading enterprises in
domestic PV companies, LDK Solar had always kept a supernormal growth rate for many
years, but in 2012 it also fallen into the serious financial distress, and went into bankrupts in
2014. For a supernormal growth company, why it also fall into the financial distress This is a
question which is very worthy to think and study deeply.
The paper is a case study about LDK Solar. It will discuss which is the reason of the
financial distress of LDK Solar,and how the supernormal growth effect to the financial
distress in company based on the financial reports of LDK Solar in 2006-2012. There are four
chapters in this paper.：The first chapter is Introduction, which introduces the purpose and the
sense of this paper, the progress of study, and the content, the method, and the struction of
study. The second chapter is Text of the case, which introduces the general situation of LDK,
the general situation of the financial distress, and the characteristic of the financial distress.
The third chapter is Analyse of the case. There are three sections in this chapter: the state of
supernormal growth，the reason of the financial distress, and the influence which the
supernormal growth bring to the financial distress. The forth chapter is Inspiration of the case.
There are four sections about the managment of growth, the replied measure of the financial
distress, the enhance of competitive power and the development of Photovoltaic.
The conclusion of the paper is as follows: The first, the period of the supernormal growth
of LDK Solar is very short, so the supernormal growth is not sustainable, which may be lead
to some risks. The second, there are two types of reason about the financial distress of LDK
Solar, which are the external reason and the interior reason. The interior reason is more
directly and important belong them which is root in the high risk of interior management. The
third, there is any relativity between the supernormal growth and the financial disress, but it is
not evidently. The forth, the mechanism how the supernormal growth influence the financial
disress is that: the supernormal growth will lead to the high risk of interior management, when
it come across the external market of high risk, and the two factors together will cause the
worsen the financial standing. If the company do not effectively resolve this question, so the
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serious financial distress will come.
The paper discuss some questions about the supernormal growth, the financial distress,
and the relativity between them which is a case study about LDK Solar. It is very significant
for other company which how deal with the relativity between the speed of the growth and the
risks of company and how reply the financial distress when the external environment changes.
Key Words: The sustainable growth; The financial distress; The supernormal growth; LDK
Solar。