中国证券业的起步较晚,各项制度尚不健全,部分上市公司为了达到包装上市的目的,利用市场本身法规的不健全和监管的不成熟恶意造假,损害了投资者的利益,扰乱了证券市场的秩序。这就要求股东、债权人、公司管理人员和证券市场管理层及时了解上市公司的财务状况,改变经营、投资、监管策略,或进行实质性的资产重组及时适应市场需求。一、财务困境概念的界定国内外理论界对财务困境的界定有不同的观点。国外研究中,一种是把财务困境等同于破产,认为财 China’s securities industry started relatively late, the various systems are not perfect, some listed companies in order to achieve the purpose of packaging and listing, the use of the market itself is not perfect laws and regulations and immature malicious fraud, undermining the interests of investors, disrupting the securities Market order. This requires shareholders, creditors, corporate managers and securities market management to keep abreast of the financial status of listed companies, change management, investment, regulatory strategies, or substantive reorganization of assets in a timely manner to adapt to market demand. First, the definition of the concept of financial distress Domestic and international theoretical circles on the definition of financial distress have different views. In foreign studies, one is to equate the financial distress with bankruptcy and consider it as a financial asset