财务危机又称财务困境。西方学者为了有效地将研究对象量化、客观化,一般以破产作为财务危机的标准展开研究。由于我国以公司破产为标准的研究条件尚不成熟,国内绝大多数学者将上市公司因财务状况异常而被ST作为公司发生财务危机的标志,并对研究样本进行选择。企业发生财务危机的主要表现形式包括:一是从企业运营情况看,表现为产销严重脱节,企业销售额和销售利润明显下降,多项绩效评价指标严重恶化;二是从企业资产结构 Financial crisis, also known as financial difficulties. In order to quantify and objectify the research object effectively, Western scholars generally study bankruptcy as a criterion of financial crisis. Due to the immature conditions in our country for the bankruptcy of a company, the vast majority of domestic scholars have listed ST companies as a sign of the company’s financial crisis due to the abnormal financial position and selected the research samples. The main manifestations of financial crises in enterprises include: First, from the perspective of the operation of the enterprises, the performance is a serious disconnect between sales and production, the sales of enterprises and sales profits have dropped significantly, and the performance evaluation indicators have deteriorated markedly. The second is from the corporate asset structure