本文選題：破產(chǎn)重整 + 財務(wù)績效　； 參考：《黑龍江八一農(nóng)墾大學(xué)》2017年碩士論文

【摘要】：中核華原鈦白股份有限公司(簡稱“中核鈦白”)是我國第一家萬噸級鈦白粉生產(chǎn)企業(yè),其主營產(chǎn)品金紅石型鈦白粉主要應(yīng)用于涂料行業(yè)。2008年以來,受歐美債務(wù)危機(jī)及國內(nèi)經(jīng)濟(jì)放緩的影響,鈦白粉行業(yè)進(jìn)入低迷期,外需嚴(yán)重不足與內(nèi)部庫存大量囤積的矛盾日益突出,相關(guān)產(chǎn)品價格普遍處于低位徘徊狀態(tài)。在這種行業(yè)背景下,中核鈦白又因為其經(jīng)營管理不善,導(dǎo)致多條生產(chǎn)線停工,財務(wù)績效水平大幅度下降。2010年4月16日,中核鈦白(股票代碼:002145)受到證券交易所退市風(fēng)險警示的特別處理,至此,中核鈦白陷入了或?qū)⑼耸猩踔疗飘a(chǎn)的處境。依據(jù)2007年最新頒布的《破產(chǎn)法》,為防止破產(chǎn)清算,2011年11月30日至2012年12月18日中核鈦白進(jìn)行了破產(chǎn)重整,以期通過重整擺脫財務(wù)困境、提升財務(wù)績效。本文在營運價值、協(xié)同效應(yīng)和規(guī)模經(jīng)濟(jì)等理論及國內(nèi)外相關(guān)研究的基礎(chǔ)上,基于中核鈦白的財務(wù)狀況,首先對中核鈦白破產(chǎn)重整的目的、方案與進(jìn)程等進(jìn)行了概括介紹。然后結(jié)合鈦白粉行業(yè)特征與中核鈦白破產(chǎn)重整的目的,分別從償債能力、營運能力、盈利能力和發(fā)展能力等四個方面選擇15個財務(wù)指標(biāo),用因子分析法構(gòu)建財務(wù)績效評價模型,分析中核鈦白破產(chǎn)重整后各年綜合財務(wù)績效狀況。研究發(fā)現(xiàn)中核鈦白破產(chǎn)重整后的財務(wù)績效變化情況可以劃分為三個階段。第一階段,破產(chǎn)重整完成當(dāng)年(2012年)綜合財務(wù)績效顯著提升。第二階段,重整后第一年(2013年)至第三年(2015年)綜合財務(wù)績效持續(xù)下降。第三階段,重整后第四年(2016年)綜合財務(wù)績效再次大幅度提升。針對以上三個階段,深入分析中核鈦白破產(chǎn)重整后財務(wù)績效變化的原因。最后提出進(jìn)一步提升中核鈦白破產(chǎn)重整后財務(wù)績效的建議,以期為中核鈦白財務(wù)績效的持續(xù)穩(wěn)定提升提供理論指導(dǎo),同時也為同行業(yè)其他擬進(jìn)行或正在進(jìn)行破產(chǎn)重整的企業(yè)提供參考與借鑒。
[Abstract]:Sinonuclear Huayuan Titanium dioxide Co., Ltd. is the first Chinese enterprise to produce ten thousand tonnage titanium dioxide. Its main product, rutile titanium dioxide, is mainly used in coating industry.Affected by the debt crisis in Europe and the United States and the domestic economic slowdown, titanium dioxide industry has entered a downturn. The contradiction between the serious shortage of external demand and the large stock hoarding is increasingly prominent, and the prices of related products are generally hovering at a low level.In this industry background, Sinoruclear Titanium dioxide, due to its mismanagement, led to a number of production lines shut down, and the level of financial performance dropped substantially. On April 16, 2010,China Nuclear Titanium dioxide (stock symbol: 002145) was specially dealt with by the stock exchange delisting risk warning, so that it fell into or will be delisted or even bankrupt.According to the latest bankruptcy law issued in 2007, in order to prevent bankruptcy and liquidation, nuclear titanium dioxide conducted bankruptcy reorganization from November 30, 2011 to December 18, 2012, in order to get rid of financial distress and improve financial performance through reorganization.Based on the theory of operation value, synergistic effect and economies of scale and related research at home and abroad, based on the financial situation of China Nuclear Titanium White, the purpose, scheme and process of bankruptcy reorganization of China Nuclear Titanium White are introduced in this paper.Then combined with the characteristics of titanium dioxide industry and the purpose of bankruptcy reorganization of China Nuclear Titanium dioxide, 15 financial indexes are selected from four aspects, namely, solvency, operating ability, profitability and development ability, and the financial performance evaluation model is constructed by factor analysis.Analyze the comprehensive financial performance of each year after the bankruptcy reorganization of nuclear titanium dioxide.It is found that the change of financial performance after bankruptcy reorganization can be divided into three stages.In the first stage, comprehensive financial performance improved significantly in the year of bankruptcy reorganization (2012).The second stage, the first year after the reorganization (2013) to the third year (2015) consolidated financial performance continued to decline.The third stage, the fourth year after the reorganization (2016) comprehensive financial performance again greatly improved.In view of the above three stages, the causes of financial performance changes after the bankruptcy reorganization of nuclear titanium dioxide are analyzed in depth.Finally, some suggestions are put forward to further improve the financial performance of Sinoruclear Titanium dioxide after bankruptcy reorganization, in order to provide theoretical guidance for the sustained and stable improvement of the financial performance of Sinoruclear Titanium dioxide.At the same time, it also provides reference and reference for other enterprises in the same industry that intend or are in the process of bankruptcy reorganization.
【學(xué)位授予單位】：黑龍江八一農(nóng)墾大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.7;F406.7

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