Construction Of Chinese Listed Companies' Financial Crisis Management System

Financial Crisis is a fundamental crisis which threat to enterprises' sustained operating. The business community and the academic circle paid more attention to it in recent years. But the existing research usually pays attention to the partial links of the financial crisis management, and which lacks of systematic research to the financial crisis management system. Overall financial risk management time's oncoming, has provided the new mentality for the financial crisis management. This article take it as a "turning point, and want to establish a set of financial crisis management system, which take the overall financial risk management concept as the instruction, and take our country listed companies and the large or middle scale enterprises as suitable objects. This research not only has certain significance in the rich consummation financial crisis management correlation theories aspect, also has the practical significance to our country listed companies and the large or middle scale enterprises,when they want to effectively avoid and clear up financial crisis, guarantees the survival and promote development.Firstly, the overall financial risk management and the financial crisis management's related theories are submitted to analysis in this paper. The thought of the overall financial risk management has the important influence to the comprehensive financial risk management concep and the concept, the goal, the principle, the idea as well as the frame system of financial risk management. Under this thought instruction's finance crisis management system mainly in anticipation guarded against in the mechanism, the matter by the financial crisis to control the mechanism, to process the mechanism three parts of constitutions afterward, is one including the guard, the monitoring, eliminates, the conversion process independent management system, pays great attention integrity which manages, entire journey, multiple perspectives as well as whole staff participation, prominent dynamic management characteristic.Next, the article emphatically introduces that the construction of the financial crisis two stage dynamic early warning model. It selects 7 year target data of Chinese listed companies belong to shanghai and Shenzhen stock exchange and take them as the object of study. The financial danger unit has selected 98 listed companies which are specially treatmented fist time during 2006 and 2007. In this unit, it excluds some listed companies which net profit is the negative value but net assets returns ratio is high nearly two fiscal years. At the same time, this article selects 98 finance steady listed companies to be the pair sample group, the principles of selecting according to the same profession code, the close scale and the nearly operation age. The indicator system selects 52 parameters in 10 aspect which reflect the business finance structure, the property fluidity, the credit capacity, profit ability, growth ability, the business efficiency, the cash flow, the company to govern, the change tendency, the credit status of the listed companies. In these targets,the paper innovatively introducts the change tendency and credit status target. After normality examination and average value difference examination, we screened out 26 targets, which is most remarkable on difference between the financial danger unit and the steady group. After the stage test for these 26 targets of the financial danger group, we discovered that the financial crisis process has the obvious stepped changes. According to above, the article divides the financial crisis into four stages, which are the financial crisis recessive phase, dominant phase, the worsened phase and the idiophase phase. After the factorial analysis and the Logistic return, we obtain two models, which are financial crisis dominant stage recognition model and recessive stage early warning model. The goodness of fit examination and the relevant Omnibus examination as well as the HL examination demonstrated that the model effect is good. The back substitution confirmation and the early warning case analysis demonstrated that sentencing rate above 80%. In the examination also discovered that the change tendency and the credit status target's introduction, regarding enhances the financial crisis to forewarn the recognition the effect to have the remarkable significance.For the construction of the financial crisis beforehand anticipation regarding mechanism, the article expatiate on four aspects which are the risk control organization and the primary interest, the risk assessment and the prevention and control measure, the risk control mechanism, the risk procedural controls. The article take the financial crisis type's division as the foundation, differently divides into the financial crisis according to the police source the external environment level, the strategy management, the production and marketing transport business level, the financial control level, the government system level, the credit vivid level six levels, then proposed the pointed regulatory measures separately basis on different types of financial crisis.Finally, the article thought that after the financial crisis is under the effective control, that does not mean the financial crisis management is end, but is the start which the financial crisis afterward processes. To construct the financial crises afterward mechanism, We should revolve some questions like how to restore and how to rises and so on after financial crises. Therefore, this article put forward certain proposals in view of the processing method and strategy afterward the financial crisis.