A Study On The Improvement Of The Cost Measurement Merhods Of Financial Crisis Of Listed Companies

The cost of financial crisis is a research scope of enterprise value,which is aimed at maximizing the value of the enterprise,and on the basis of inheriting and carrying forward the research on the value of the enterprise and the financing method,the theoretical basis of choosing the enterprise financing mode and exploring the optimal capital structure is studied.Under the background of weak economic growth in the major economies of the world an d the upgrading of our country's industry,our enterprises also have the situation that the profitability restriction affects the enterprise value and financing needs more urgent.This paper's study of the cost measurement method of financial crisis has laid a theoretical foundation for determining the optimal capital structure,and also has some practical significance for the choice of enterprise financing method.By analyzing the performance of the financial crisis of the enterprise and combing the definition of the financial crisis in the previousl iterature,this paper-defines the financial crisis as:the profitability of the enterprise has a substantial problem,the net flow of operating cash is not sufficient to cover the debt smature.And the financial crisis is classified as shrinking financial crisis and expansionfinancial financial crisis,and its performance is analyzed.Through the introduction of cycle theory,it is considered that the application of new technologies,economic cycle,international bulk commodity price cycle an d credit cycle and other cyclical factors,as well as the business strategy decision-making error is the cause of the financial crisis.This paper summarizes the characteristics of stage,accumulation,concealment,complexity,catastrophicity,predictability and inescapableness,and explains why financial crisis has the characteristics of reflexivity by introducing the philosophical concept of reflexivity.and the decision logic of stakeholder s in the process of resolving the financial crisis.By combing through the theoretical basis of the cost of financial crisis and the estimated model of the expected financial crisis cost,it is clear that the financial crisis cost is the research category of enterprise value,which is of fundamental theoretical significance for exploring the optimal capital structure and realizing the goal of maximizing the enterprise value.The cost of financial crisis is divided Into direct cost and indirect cost,the direct cost is the total cost of enterprise bankruptcy,the indirect cost includes the non-expected performance loss under the view of business performance and changes in the value of the enterprise under the value of equity.By in troducing the "Davis Double Play" theory,the causal relationship between the business performance concept and the indirect cost of the financial crisis under the values of equity is explained.This paper discusses the existence and realization of shell resource value,which can reduce the indirect cost of financial crisis under the value of rights and interests.On the basis of comparing and analyzing the indirect cost measurement method of past financial crisis,this paper improves the measurement method of the indirect cost of financial crisis under the view of operating performance with net profit as the indicator and the indirect cost offinancial crisis under the value of equity based on market value by improving the sample selection criteria,measurement index selection and measurement method design.And put forward the method of measuring the indirect cost of financial crisis under the value of interest with the price-to-book ratio as the index,and improve the accuracy of the financial crisis cost measurement method.Based on the example of the listed companies of the financial crisis in the manufacturing industry,the quantitative research was carried out by the improved financial crisis cost measurement m ethod to verify the effectiveness of the improvement scbeme.The study found that the indirect cost of financial crisis under the operating performance view of six manufacturing financial crisis companies averaged 33.10%relative to the value of the post-crisis cnterprise,and the average change in market-adjusted equity value as measured by total market value was 113.45 percent.The average change in market-adjusted equity value in terms of price-to-book ratio was 158.61 per cent.The overall performance of financial crisis earnings was positive,with the profitability of the sample companies rising by an average of 86.15%after the crisis.H owever,it has some unbalanced characteristics,which are caused by the performance level of enterprises and the valuation level of enterprises before and after the crisis,and the degree of damage to the profitability of enterprises by the financial crisis.This paper has a fundamental theoretical significance for determining the optimal capital structure to achieve the goal of maximizing the value of the enterprise.It also has a realistic role to guide Chinese enterprises,represented by listed companies,to choose financing method to cope with possible financial crises and stabilize and improve their ability and profitability.