财务困境成本

上市公司财务困境成本及其影响因素研究

Study on Financial Distress Cost and Determinants of Chinese Listed Companies

本文的实证结果为财务困境成本的存在提供了新证据。

This paper provides new evidence for financial distress cost .

资本结构理论学派主要以1958年提出的MM理论为核心和研究起点，不断加入企业所得税、财务困境成本等因素从理论上分析资本结构决策的变化情况。

School of capital structure theory proposed in 1958 , mainly in the core of MM theory and research starting point , continuing to join the enterprise income tax , financial distress costs in decision-making theory of capital structure changes .

本文选择1998&2002年间沪深股市40家ST摘帽公司A股为样本，从经营业绩观和权益价值观两个角度考察我国上市公司是否存在财务困境成本。

By selecting a sample of 40 A-shares with ST listed in Shanghai and Shenzhen Stock Exchanges during the period of 1998-2002 , this paper discusses quantitative measurements of financial distress costs of these firms both from financial performance point of view and from market value point of view .

股权结构、财务困境成本与困境公司绩效

Ownership Structure , Costs of Financial Distress and the Performance of Corporations in Distress

财务困境成本研究综述

A Review of Researches into Financial Distress Costs

企业财务困境成本影响因素的统计分析

The Statistical Analysis on the Influential Factors of Financial Distress Cost in Listed Companies

上市公司财务困境成本研究

Research on Financial Distress Costs of Listed Companies

财务困境成本估计述评

The Cost of Financial Distress

公司是否被企业集团控制与财务困境成本及困境公司的投资、绩效水平没有显著相关性。

But whether the corporations in distress belong to a group does not correlate with its investment and performance significantly .

在这种制度背景下，困境企业将在财务困境成本的推动下，其业绩和财务状况都将持续恶化，该破的和该立的都难以摆脱困境。

Under such background , the performance and financial situation of troubled firms would be worse due to financial difficulties and bankruptcy cost .

实证检验还发现，财务困境成本的高低除了与财务困境程度正相关，还与行业经济状况正相关，即当财务困境企业所在行业业绩不佳时财务困境成本更高。

Empirical results also reveal that financial distress cost is positively related to the severity of financial distress as well as industrial economic conditions .

资产专用性程度越高，财务困境成本越高；（3）资产担保价值与财务困境成本负相关。

The higher extent to asset specificity , the higher FDC is . ( 3 ) Collateral value of asset is negatively related to FDC .

本文对财务困境成本的度量只计算了间接财务困境成本，没有把直接财务困境成本计量在内。

In this paper , the costs of financial difficulties the measure the involved only indirectly financial difficulties cost , no direct financial difficulties cost counted .

结果表明，股权集中度、国有控股、独立董事比例、高管离任与财务困境成本呈显著负相关关系。

The results show that ownership concentration , the state-owned holding , the proportion of independent directors , executives leaving and financial distress costs significantly negative correlation .

实证分析结果表明：公司规模、财务困境成本、盈利能力、收益现金流、国家持股比例和所得税与负债比率正相关；

We find that leverage in Chinese companies increases with company size , financial difficult cost , profitability , cash flow , proportion of state and tax ;

本文只研究了财务困境成本的影响因素，并未研究财务困境公司如何才能走出财务困境。

This paper only studied the influence of cost factors of financial troubles , but do not study how financial troubles company can out of financial difficulties .

同时，作者基于资本结构理论中的权衡理论，构建了一个简要的单期理论模型描述预期财务困境成本与债务违约概率之间的关系。

According to the trade-off theory of capital structure , I then construct a simple single-period theoretical model to demonstrate the relation between expected costs of financial distress and default probabilities .

在此基础上，从公司治理、公司特质、外部环境和相关时间长度四个方面，运用多元线性回归分析和相关分析研究他们是否对财务困境成本构成影响。

In this foundation , the paper analyzes influencing factors of the financial distress costs on four aspects : the corporate government , corporate characteristic external environment and the length of related time .

该模型显示，预期财务困境成本愈高，债务违约概率愈小。在理论分析的基础上，本文进一步对预期财务困境成本与违约概率之关系进行实证考察。

The model reveals that higher expected costs of financial distress would lead to lower default probability . I further empirically examine the relation between expected costs of financial distress and default probabilities based on theoretical analysis .

作者选择显著影响财务困境成本高低的七个公司特征变量作为预期财务困境成本的替代变量，以考察预期财务困境成本在债务违约预测模型中的信息含量。

I select seven corporate characteristic variables , which mainly determine financial distress costs , as proxy variables to expected costs of financial distress , in order to investigate information content of expected costs of financial distress in default predicting model .

现有的财务困境成本影响因素研究散见于有关财务学文献，且呈现二个特点：其一，仅聚焦于个别公司特征因素，缺乏全面、系统的考察；其二，未能关注公司治理因素的影响。

Extant studies on determinants of FDC are scattered in finance literatures . These studies ' shortcomings are : firstly focusing only on specific corporate characteristic and failing to give a systematic and comprehensive examination ; Secondly ignoring corporate governance effects .

保险业是受到严格监管的行业，保险公司在决定最优资本结构时，除了受到财务困境、代理成本、信息不对称等风险因素的影响外，还会受到保险监管政策的影响。

As insurance markets are highly regulated , the level of capital held by insurers is determined not only by the risk factors such as costs of financial distress , agency costs and asymmetric information , but also by the regulatory regime .

本文以公司治理理论为基础研究财务困境公司财务困境成本的影响因素。

This paper researches all kinds of factors that influence the financial difficulties from the angle of corporate governance .

到目前为止，关于财务困境及财务困境成本的基本概念，仍没有统一的结论。

So far , about the basic concept of financial distress and financial distress costs still did not have the uniform conclusion .

本文在回顾、综述国内外相关学术成果的基础上，归纳出文中对财务困境、财务困境成本及其影响因素，以及对财务困境成本计量方法等的看法。

Through review the domestic and foreign related academic achievement , this thesis induced own viewpoint about the financial distress , the financial distress costs and their influencing factors , and the financial distress costs measurement .

在国内，对财务困境及财务困境成本的研究起步较晚，目前已取得一些学术成果，主要是对国外相关成果的引进和运用。

And in our country , the research about financial distress and financial distress cost started posterior . Presently , the domestic scholar obtains some academic achievements , mainly are introduction and utilization of the overseas achievement .

权衡理论放松MM理论的假设，考虑破产惩罚因素的影响，引入财务拮据成本，财务困境成本日渐成为国内外学者关注的热点问题。

Trade-off theory loosens its assumptions , considers bankruptcy punishment factors , and introduces the financial distress costs . The financial distress costs become one of the latest issues concerned by the domestic and international scholars .

财务困境、财务困境间接成本与公司业绩

Corporate Financial Distress , Financial Distress Indirect Cost and Performance

本文研究了上市公司财务困境、财务困境间接成本及其与公司业绩之间的关系。

This paper focuses on corporate financial distress , corporate financial distress indirect cost and its relationship with corporate performance .