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The Formation And Self-rescue Of The "Burden" Of Tianshen Entertainment’s Huge Historical Losses

Posted on:2023-10-08Degree:MasterType:Thesis
Country:ChinaCandidate:Y H ZhangFull Text:PDF
GTID:2545306779455094Subject:Accounting
Abstract/Summary:PDF Full Text Request
Private enterprises,as an important part of our country’s enterprises,have been concerned about how to ensure the continuous operation of private enterprises and other related issues.In the literature related to the bailout of state-owned enterprises,government subsidies are the main bailout method for state-owned enterprises in financial distress.However,for private enterprises,it is difficult for government subsidies to benefit all private enterprises in financial distress,and the level of assistance is uncertain;at the same time,if all private enterprises in financial distress rely on government subsidies to bail out,the pressure on the government is also huge.Yes,even if some private enterprises are unsustainable due to the impact of policy burdens,it is difficult to fully rely on the government for assistance.The so-called "historical loss" private enterprises,although maintaining their own hematopoietic ability,are difficult to loosen their financial and financing due to the burden of the past.Although their main business has profitability,they are burdened by excessive financial expenses.And before the financing limit,it is still unable to fight a turnaround.On the basis of previous research,this paper uses the relevant theories of corporate management and executive change,and conducts research through the method of case studies,to conduct research on the "2018 A-stock loss king" and at the same time "removing the hat" through self-help methods.Research and analyze how historically loss-making private enterprises complete self-rescue through changes in governance,divergence of main business and asset restructuring.The main body of this paper is divided into two parts: theoretical analysis and case analysis.The theoretical analysis part summarizes the current academic judgments on financial distress and bailouts,the definition of historically loss-making enterprises,and theories on business operations,hollowing out and executive changes.On the basis of theoretical analysis,it further analyzes the reasons for the formation of its historical losses and the implementation of a series of measures such as internal governance reform,main business adjustment and asset reorganization,which are used by Tianshen Entertainment to get rid of the burden of historical losses.This paper finds that for private enterprises with actual controller hollowing behavior,the implementation of the system without actual controller is beneficial to reduce the possibility of the company being hollowed out and make the company develop healthily;while for the main business is affected by the policy burden For private enterprises,the development of unaffected related industries is conducive to finding another way out in the predicament;and for historically loss-making enterprises with huge undistributed profits,asset restructuring can help reduce financial burdens,reduce company pressure,and turn losses into profits.,out of financial distress.The possible contribution of this paper is to find a feasible bailout path for private enterprises that are currently carrying historical burdens,and take Tianshen Entertainment as an example to describe in detail the entire process from carrying historical burdens to bailouts,with a view to the future It can be used as a reference for the self-help of historical loss-making enterprises.This article combines the aggressive expansion of Tianshen Entertainment in its own development,the impact of policy burdens and the burden of history,and finds countermeasures for these problems in the development of Tianshen Entertainment,and summarizes the historical loss-making enterprises with similar situations.a clear path.
Keywords/Search Tags:historical losses, financial distress, no actual controller, policy burden, asset restructuring, Tianshen Entertainment
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