精诚所至，金石为开。2021年10月29日，DBA三期班同学、国厚资产管理股份有限公司董事长李厚文顺利通过论文答辩。李厚文同学在现场进行了《地方AMC对困境企业救助的模型分析》的主题阐述，最终顺利通过答辩。恭喜李厚文同学！

企业家学者项目（DBA）依托长江商学院专注管理教育十余年之势能，整合全球优质教育资源，打造极具前沿性和系统性课程。同时，秉持成就新商业文明思想者和引领者的愿景，深刻洞察全球经济转型与发展，深入总结行业趋势和规律，以应用型研究为导向，将学术的严谨与新鲜的实践碰撞。李厚文同学在这样的学习与体验中不断提升，实现了“理解-判断-实践-引领”的跨越式发展，积极参与全球化进程，与优秀企业家共同迎接新商业文明的挑战，为中国和全球经济发展贡献“长江力量”。

本次论文答辩，来自长江商学院和新加坡管理大学（SMU）的教授们共同见证了李厚文同学的学术成果。

CHENG Qiang

Lee Kong Chian Chair Professor of Accounting,SMU

LIU Jing

Professor of Accounting and Finance,CKGSB

WANG Rong

Associate Professor of Finance,SMU

李厚文 | 地方AMC对困境企业救助的模型分析

李厚文同学答辩中

▇ 论文摘要：

近年来，由于企业战略过于激进，过度扩张、管理不善等原因，中国的困境企业逐渐增多，并且出现了加速增长的趋势。大量存在的“僵尸企业”适应不了激烈的市场竞争环境，严重紊乱了市场秩序，另外也存在部分企业因为负债结构或资金流动性等因素，导致财务状况恶化而暂时陷入财务困境，这类企业如能及时得到救助，公司可顺利摆脱困境，这不仅使债权人利益受到保障，投资者也获得合理回报，更有利于整个社会资源配置效率的提高。因此，如何分辨“僵尸企业”和具有救助价值的企业，关键在于找到对困境企业救助价值的影响因素，这是救助能否成功的关键和难点。

在本论文的研究过程中，我首先从三个分别处于大消费行业、房地产行业和制造业的困境企业案例分析入手，总结出困境企业救助成功的七个关键影响因素，分别是净资产收益率、流动比率、每股营业收入、股权集中度、企业性质、GDP平减指数、行业景气指数。其次，我用总结的关键影响因素，分析了两个不具备救助价值的案例，事实证明，一家公司经过破产清算，另外一家公司被实施退市处理，这两个案例从反向证明了我提炼出的关键影响因素的实用性。

最后，我通过样本数据建立多元线性回归模型，利用Stata软件进行分析，检验自变量与因变量之间的关系，得到实证结果。实证结果表明，通过案例分析总结的5个因素结果具备显著性，是困境企业具备救助价值的关键影响因素，地方AMC在对被救助企业尽职调查时，应更加关注这些指标，对另外两个指标我做了修正，地方AMC相关人员在对困境企业尽调判断时，应使用调整后的指标。

答辩现场

▇ Abstract：

In recent years, due to too radical enterprise strategy, excessive expansion, poor management and other reasons, China's troubled enterprises have gradually increased, and there is a trend of accelerating growth. A large number of "zombie enterprises" can not adapt to the fierce market competition environment and seriously disrupt the market order. In addition, some enterprises are temporarily in financial difficulties due to the deterioration of their financial situation due to factors such as debt structure or capital liquidity. If such enterprises can be rescued in time, the company can get rid of the difficulties, which not only ensures the interests of creditors, Investors also get reasonable returns, which is more conducive to the improvement of resource allocation efficiency of the whole society. Therefore, how to distinguish between "zombie enterprises" and enterprises with rescue value, the key is to find the influencing factors of the rescue value of troubled enterprises, which is the key and difficulty of the success of the rescue.

In the research process of this paper, I first start with the case analysis of three troubled enterprises in large consumption industry, real estate industry and manufacturing industry, and summarize seven key influencing factors for the success of the rescue of troubled enterprises, which are return on net assets, current ratio, operating income per share, equity concentration, enterprise nature, GDP deflator and industry prosperity index. Secondly, I use the summarized key influencing factors to analyze two cases that do not have rescue value. It has been proved that one company has gone through bankruptcy liquidation and the other company has been delisted. These two cases prove the practicability of the key influencing factors I extracted from the reverse.

李厚文同学在DBA课堂上

Finally, I establish a multiple linear regression model through the sample data, analyze it with Stata software, test the relationship between independent variables and dependent variables, and get the empirical results. The empirical results show that the results of the five factors summarized through the case analysis are significant and are the key influencing factors for the rescue value of troubled enterprises. When conducting due diligence on the rescued enterprises, local AMC should pay more attention to these indicators, and I have revised the other two indicators. When making due diligence on troubled enterprises, relevant personnel of local AMC should use the adjusted indicators.

合影

论文答辩圆满结束，但作为终身学习者，这是李厚文同学的又一个起点。未来的日子里，他将带着对中西管理学理念的认知与思考，继续践行新商业文明；用独到的洞见，不断为中国经济注入新动力，并引领行业的发展方向。