我国上市公司内部治理对财务困境成本影响的实证研究

发布时间：2018-09-03 14:15

【摘要】：随着经济全球化的发展，市场竞争日趋激烈，因财务困境而走向破产的企业日益增多。尤其是2008年金融危机表现出来的微观企业财务困境对宏观金融系统稳定性的冲击，全球范围内陷入困境甚至破产的企业数量大幅度增加，众多国际大型集团公司也纷纷陷入困境。相关研究表明，企业陷入财务困境或是破产将会严重影响到企业的运营、信用机构的风险、投资者的利益，乃至整个国家的经济发展（Altman，1984；Andrade、Kaplan，1998）。这些经验在我国资本市场上也得到了有力的证明：首先，，陷入财务困境的上市公司一般会遭受重大打击。李秉成（2004）研究表明，我国上市公司在陷入ST当年的平均资产总额为其陷入ST前第2年的67.52%，即减少32.48%；其次，财务困境会给其利益相关者带来损失，我国上市公司在陷入ST当年的平均股东权益仅为其陷入ST前2年的24.84%。另外，吴世农和章之旺（2005）研究也表明，我国上市公司在ST期间，公司权益市场价值平均下降2.04%，即投资者平均承担2.04%的财务困境成本。可见，我国上市公司因为财务困境所带来的成本也不容忽视，较高的财务困境成本将会严重制约我国证券市场和资本市场的效率。本文选取2004年-2009年我国沪深两市A股市场上每年新增的非金融行业的ST公司共166家作为财务困境公司的研究样本。采用企业被ST前后各一个年度之间经行业调整之后的经营业绩变化率的负向变化来度量为财务困境成本，从公司内部治理机制来研究其对财务困境成本的影响。本文共分六部分：第一部分是绪论。本部分主要阐述本文的选题背景、意义，对财务困境、财务困境成本的概念进行界定，提出本文的研究框架。第二部分是对国内外关于财务困境成本的研究文献进行综述。从财务困境与企业业绩研究、财务困境成本的计量、公司治理的相关研究、财务困境成本的影响因素研究等方面进行文献回顾。第三部分是理论分析及研究假设。本文从股权结构、董事会特征和高管薪酬三个方面来论述其对财务困境成本的影响，并提出假设。第四部分是研究设计。对相关变量进行定义，构建出分析模型。第五部分是实证分析。对研究样本进行描述性统计、单变量分析及多变量统计分析来验证第三章提出的研究假设。第六部分是结论、不足及未来研究方向。阐述本文研究的主要结论，指出本文研究的局限，并提出本文的后续研究方向。研究认为，董事会规模越大财务困境成本越小。企业的独立董事人数越多、第一大股东持股比例越大、高管薪酬越高，企业的财务困境成本越高。陷入财务困境的企业能否及时的脱离出来，进而降低由财务困境成本所带来的各种负面影响，这在很大程度上取决于上市公司治理机制的有效程度。处于业绩下滑与财务困境当中的企业，若其具有较好的公司治理机制，应能充分及时的对其所发生的各种负面效应进行反映，从而实施及时、全面以及有效的弥补策略，以致于能够最大限度地降低财务困境成本。
[Abstract]:With the development of economic globalization, the market competition is becoming increasingly fierce, and the number of enterprises going bankrupt due to financial distress is increasing. Especially, the impact of financial distress of micro-enterprises on the stability of the macro-financial system, the number of enterprises falling into distress or even bankruptcy in the global scope, has increased greatly, and many international enterprises have gone bankrupt. Research shows that financial distress or bankruptcy will seriously affect the operation of enterprises, the risk of credit institutions, the interests of investors, and even the economic development of the whole country (Altman, 1984; Andrade, Kaplan, 1998). These experiences are also powerful in China's capital market. Li Bingcheng (2004) shows that the average total assets of the listed companies in the year of ST in China are 67.52% in the second year before ST, that is to say, 32.48% less; secondly, the financial distress will bring losses to their stakeholders, and the listed companies in China are in ST. In addition, Wu Shinong and Zhang Zhiwang (2005) study also shows that the equity market value of Listed Companies in China dropped by 2.04% on average during the ST period, that is, investors bear an average of 2.04% of the financial distress costs. It can not be ignored that the higher financial distress cost will seriously restrict the efficiency of China's securities market and capital market.
This paper chooses 166 new non-financial companies in the A-share market of Shanghai and Shenzhen Stock Exchanges from 2004 to 2009 as the sample of financial distress companies. This paper is divided into six parts: the first part is the introduction. This part mainly elaborates the background and significance of the topic, defines the concepts of financial distress and financial distress cost, and puts forward the research framework of this paper. The second part is the research on financial distress cost at home and abroad. The third part is the theoretical analysis and research hypothesis. This paper discusses it from three aspects: ownership structure, board characteristics and executive compensation. The fourth part is the research design. The related variables are defined and the analysis model is constructed. The fifth part is the empirical analysis. This paper points out the limitations of this study and puts forward the direction of follow-up research. The study shows that the larger the board of directors, the smaller the cost of financial distress. Whether the enterprises in financial distress can get rid of it in time and reduce all kinds of negative effects brought by the cost of financial distress depends to a great extent on the effectiveness of the governance mechanism of listed companies. It reflects all kinds of negative effects and implements timely, comprehensive and effective remedial strategies so as to minimize the cost of financial distress.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275.3;F224;F832.51

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