财务危机成本

企业财务危机成本研究

Research on Financial Crisis Cost of Enterprises

文章以财务危机成本研究为主线，详细研究了财务危机成本的构成内容、成机理及具体表现。

This paper details the composition , formation mechanism and consequences of corporate financial crisis cost .

财务危机成本中包含两类成本，即破产成本和代理成本。

It has two catago-ries , bankruptcy cost and agent cost .

假设财务危机成本导致发生财务危机的公司市场份额下降；

Assuming financial distress causes the distressed firm 's market share lower ;

最佳资本结构与财务危机成本初探

The Optimal Capital Structure and the Financial Risk Cost

本文将从财务危机成本以及代理成本理论两方面解释公司为何存在最佳资本结构，并指出影响公司最佳资本结构的重要因素。

Furthermore , it points out some important factors that affect the best capital structure .

本文对财务危机成本的产生和起因进行了分析，并对代理成本中企业扭曲行为的类型及对债权人和股东的危害进行了探讨。

The article analyzes the production and causes of bankruptcy cost and explores distorted actions in agent cost and harmfulness of creditors on shareholders .

另外，随着短期银行信用利率的提高，与上游供应商和银行发生交易的企业受财务危机成本函数系数的约束越来越小。

Besides , with the short term bank credit rate becoming higher , the firm is less restricted by the coefficient of financial distress function .

因此，企业应保持最佳资金结构，在节税利益和负债资金比例上升而带来的财务危机成本与破产成本之间寻找平衡点。

Therefore , the enterprises should make effort to hold best capital structure , make balance between the tax avoidance and bankrupt cost bring about , from the financing crisis .

根据财务危机成本的资本结构理论，当负债达到一定比例后，由于财务风险的增加，负债对企业价值产生负效应。

According to the capital structure theory of financial bankruptcy cost , the debts bring out negative efficiency when debts come to a certain ratio since the financial bankruptcy increases .

为了降低由发行普通债券带来的高额预期财务危机成本和普通股发行中经常出现的严重负面公告效应；

In order to attenuate the high expected costs of financial distress associated with a debt issue and reduce the large negative announcement effects that typically occur with common equity issues .

研究了在初始企业价值固定的情况下，当企业破产成本和企业债务及免税价值存在时的企业总价值模型，该模型给出了债务免税价值与财务危机成本的数学表达式。

Considering initial value of enterprise is fixed , because of debt , tax-sheltering value and bankruptcy cost , the authors established the total enterprise value model . The expression of tax-sheltering value and bankruptcy cost was given in this model .

在此基础上，文章提出了财务危机间接成本估量的三种方法：实物期权法、经济附加值法以及逐期环比对比法。

The paper thus proposes three methods to measure the indirect cost : material equity , economic added value , and stepwise chain comparison .

因此，本文对模型进行了修正，考察了供应商外部规模经济和财务危机的间接成本对融资行为的影响。

The paper amends this model , and studies the impact on financing behavior of suppliers ' external economy of scale and indirect cost of financial distress .

文章认为，计量和防范财务危机的间接成本具有比直接成本更重要的意义：它便于把财务危机预警融于企业的日常经营管理中。

The author holds that it is more meaningful to measure and prevent the indirect cost than direct cost of financial crisis due to the fact that the early warning of indirect financial crisis cost is easier to be involved in corporate routine management .

但是由于道德风险的存在，使得财政在处理国有商业银行财务危机中发生的成本一再扩大。

However , due to moral hazards , the fiscal cost has expanded again and again in dealing with the financial crisis of state-owned commercial banks .

我们分析了当公司在第一阶段末不能支付债务，引起财务危机时，财务危机成本对公司的产品市场竞争行为的影响。

We analyze how financial distress costs that are induced when the firm is unable to meet the first period debt obligations affect the firm 's behavior in output markets .

（Ⅱ）财务拮据成本表现为财务危机成本；

(ⅱ) the financial distress costs is represented with financial crisis cost ;

负债经营的企业，往往潜伏着财务危机。财务危机将对企业产生成本支出，称之为财务危机成本。

Enterprises in debt always have financial crisis , which will lead to the output of costs , namely financial crisis cost .