李宁公司的脱困路径及财务绩效研究

广东工业大学硕士学位论文

目录

摘要 (Ⅰ)

Abstract (Ⅱ)

目录 (Ⅳ)

Contents (Ⅶ)

第一章绪论 (1)

1.1研究背景及意义 (1)

1.1.1研究背景 (1)

1.1.2研究意义 (2)

1.2国内外文献综述 (2)

1.2.1国外研究现状 (2)

1.2.2国内研究现状 (3)

1.2.3文献评述 (5)

1.3研究目的及内容 (6)

1.3.1研究目的 (6)

1.3.2研究内容 (6)

1.4研究方法及技术路线 (7)

1.4.1研究方法 (7)

1.4.2技术路线 (8)

第二章相关理论概述 (9)

2.1财务困境概念界定 (9)

2.2相关理论基础 (9)

2.2.1资本结构理论 (9)

2.2.2委托代理理论 (9)

2.2.3因素分析论 (10)

2.3财务困境的脱困路径 (10)

2.3.1公司治理重组 (10)

2.3.2战略和运营重组 (10)

2.3.3资产重组 (11)

目录

2.3.4财务重组 (11)

2.4财务绩效评价方法 (12)

2.4.1杜邦财务分析体系 (12)

2.4.2沃尔评分法 (12)

2.4.3财务比率分析 (13)

2.5本章小结 (13)

第三章李宁公司脱困的案例介绍 (14)

3.1李宁公司及行业背景介绍 (14)

3.1.1行业背景 (14)

3.1.2公司简介 (14)

3.2李宁公司财务困境的表现 (15)

3.2.1企业连续三年亏损 (15)

3.2.2现金流量入不敷出 (16)

3.3李宁公司脱困路径的选择 (16)

3.3.1财务方面 (16)

3.3.2非财务方面 (18)

3.4李宁公司脱困的财务表现 (20)

3.4.1扭亏为赢，并实现连续两年利润上涨 (20)

3.4.2现金流量增加，经营性现金流不断增长 (20)

3.4.3资产流动性增强 (21)

3.5本章小结 (21)

第四章李宁公司脱困的案例分析 (22)

4.1李宁公司选择脱困路径的动因分析 (22)

4.1.1筹集资金维持运转与实施脱困计划 (22)

4.1.2引入战略伙伴合作拓宽业务 (22)

4.1.3快速盈利，增强利益相关者信心 (23)

4.1.4修正公司内部管理漏洞 (23)

4.1.5提升公司盈利水平与可持续发展能力 (24)

4.2李宁公司实施脱困路径效果分析 (24)

4.2.1李宁公司脱困路径执行效果分析 (24)

广东工业大学硕士学位论文

4.2.2李宁公司脱困前后财务业绩比较及评价 (30)

4.2.3李宁公司脱困前后企业价值分析 (46)

4.3李宁公司成功脱困的原因分析 (49)

4.3.1注重企业治理结构和盈利能力的提升 (49)

4.3.2使用可持续与非可持续性相结合的脱困路径 (49)

4.3.3降低脱困路径带给企业的财务压力 (50)

4.3.4引入合适的机构投资者和合作伙伴 (50)

4.3.5结合行业特征与自身优势寻找脱困机会 (51)

4.4本章小结 (52)

第五章启示 (53)

5.1优化内部管理，利用脱困路径组合完善治理结构 (53)

5.2选择可持续与非可持续相结合的脱困路径方案 (54)

5.3善用脱困路径优化资本结构，降低财务风险 (55)

5.4保持股权适度集中，适时引入战略投资者 (56)

5.5借助脱困路径实现战略转型，寻找行业新方向 (57)

5.6本章小结 (58)

结论 (59)

参考文献 (61)

攻读学位期间发表的论文 (65)

学位论文独创性声明 (66)

致谢 (67)

Contents

Contents

Abstract(Chinese) (Ⅰ)

Abstract(English) (Ⅱ)

Contents(Chinese) (Ⅳ)

Contents(English) (Ⅶ)

Chapter 1 Introduction (1)

1.1Research background and significance (1)

1.1.1Research background (1)

1.1.2Research significance (2)

1.2Overview of literature at home and abroad (2)

1.2.1Status of foreign research (2)

1.2.2Status of domestic research (3)

1.2.3Literature Review (5)

1.3Purpose and content of the study (6)

1.3.1Purpose of Study (6)

1.3.2Research content (6)

1.4Research methods and technical routes (7)

1.4.1Research methods (7)

1.4.2Technical route (8)

Chapter 2 Overview of relevant theories (9)

2.1Definition of financial distress (9)

2.2Relevant theoretical basis (9)

2.2.1Capital Structure Theory (9)

2.2.2Principal-agent theory (9)

2.2.3Factor Analysis (10)

2.3Difficulty of financial distress (10)

2.3.1Corporate governance reorganization (10)

2.3.2Strategic and operational reorganization (10)

2.3.3Asset reorganization (11)

2.3.4Financial restructuring (11)

2.4Financial performance evaluation method (12)

2.4.1DuPont Financial Analysis System (12)

广东工业大学硕士学位论文

2.4.2Wall Score (12)

2.4.3Financial Ratio Analysis (13)

2.5Summary of this chapter (13)

Chapter 3 Introduction of Li Ning company 's financial distress case (14)

3.1Li Ning Company and industry background (14)

3.1.1Industry background (14)

3.1.2Company profile (14)

3.2Li Ning company 's financial performance (15)

3.2.1Loss of business for three consecutive years (15)

3.2.2Cash flow to make ends meet (16)

3.3Li Ning company to break the path of choice (16)

3.3.1Financial aspects (16)

3.3.2Non-financial aspects (18)

3.4Financial performance of Li Ning company after the breakout (20)

3.4.1Losses to win (20)

3.4.2Increase in cash flow and increase operating cash flow (20)

3.4.3Increased asset mobility (21)

3.5Summary of this chapter (21)

Chapter 4 Analysis on Li Ning company financial distress case (22)

4.1Analysis of the Motivation of Li Ning 's Choice of the path (22)

4.1.1 Raising funds to maintain the operation and implementation of the storm (22)

4.1.2 Introduce strategic partnership to broaden business (22)

4.1.3 Rapid profitability and increased stakeholder confidence (23)

4.1.4 Fix internal management vulnerabilities (23)

4.1.5 Enhance the company's profitability and sustainable development capacity (24)

4.2Efficiency and achieve business transformation (24)

4.2.1Analysis on the effect of Li Ning 's phenomenon (24)

4.2.2Comparison and evaluation of financial performance (32)

4.2.3Analysis of enterprise value (46)

4.3Analysis of Li Ning 's successful success (49)

4.3.1Focus on the improvement of corporate governance structure and profitability 49

4.3.2Use of a combination of sustainable and unsustainable approaches (49)

4.3.3Reducing the financial pressure brought about by the trapped path (50)

Contents

4.3.4Introducing appropriate institutional investors and partners (50)

4.3.5Combine industry characteristics and their own advantages to find the opportunity to escape (51)

4.4Summary of this chapter (52)

Chapter 5 Enlightenment (53)

5.1Optimize internal management and improve the governance structure (53)

5.2Options for sustainable and non-sustainable approaches (54)

5.3Optimize the capital structure and reduce the financial risk (55)

5.4Maintain a moderate concentration of equity (56)

5.5Achieve strategic transformation through the path (57)

5.6Summary of this chapter (58)

Conclusion (59)

Reference (61)

A paper published during the degree (65)

Proposition of original thesis (66)

Acknowledgments (67)