摘要:財務危機的存在威脅著企業的生存和發展，因此每一個企業的經營管理者都必須重視財務危機的防范與治理工作。本文在國內外財務危機的研究現狀基礎之上，提出了財務危機的概念，并進一步分析了財務危機的種類，如運營失敗、商業失敗、無力償還等，認為財務危機具有積累性、突發性、復雜多樣性、災難性這四種顯著的特征，介紹了企業常見的財務危機表現，如銷售逐年減少、長期虧損和資金極度短缺，以及由于財務危機帶來的生產經營受阻、競爭力下降、發展前景停滯等危害。通過南通信一服飾有限公司為研究對象，分別利用Z分數和F分數模型分析了該企業的財務狀況，結合Z值和F值的判別標準發現公司正處于財務危機中，從而進一步分析了公司產生財務危機的原因，發現公司資本結構不合理，負債比例過高，債務期限安排不當，短期負債所占比例過大；存貨管理不善，存貨周轉率過低，占用過多流動資金；盈利能力不佳，投資大，回報少；應收賬款管理不善，周轉次數過低，呆賬壞賬過多。以上四大問題是引起信一公司存在財務危機的隱患，所以針對提出的問題分別從調整資本債務結構，適度負債并合理安排債務期限，使公司保持與同行業平均的資產負債率水平平穩發展；加強存貨的管理，采用ABC分類法使存貨結構更合理，庫存成本降低；科學預測銷售量，采用趨勢預測分析中的加權平均法進行銷售預測，減少因過量生產而耗費的人力物力財力，從而增加利潤；完善應收賬款的管理，利用信用評分法擇優選擇客戶，以保證銷售貨款的安全性。

關鍵詞  財務危機；成因；對策

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