企业社会资本对上市公司财务脱困影响的研究

发布时间：2018-11-20 12:52

【摘要】：财务困境研究是经济领域一个重要的研究课题,一个企业财务状况的好坏关系着企业的生存和发展。公司经营能力、治理结构等因素对财务状况的影响一直是国内外学者研究的重点；然而这些研究大部分是以公司处于正常经营状况为前提,对已经处于困境的企业如何摆脱困境的研究甚少。近年来的研究表明,企业社会资本有助于提高企业财务绩效。因此,本文试图探讨企业社会资本对财务脱困是否存在“正向积极效应”,并针对不同维度的社会资本在此过程中发挥的作用展开进一步的分析。首先本文对财务困境基本理论、社会资本理论及相关文献进行梳理,归纳总结了财务脱困的影响因素,结合企业社会资本的功效,提出企业与其他社会关系的信任与规范的范围与紧密程度即企业社会资本能够给企业带来资金、信息等资源,帮助企业实现财务脱困。然后将因财务状况异常而被特别处理(ST)作为企业陷入财务困境的标志,选取2004-2008年陷入财务困境的163家上市公司为样本。根据样本企业两年后实现财务脱困的情况,通过Logistic回归进行实证分析,研究结果显示：企业社会资本横向、纵向、关系、区域和时间维度多个社会资本因子与财务脱困相关；企业关系、区域、纵向、横向和时间维度的资本与财务脱困相关性依次减弱；企业与金融机构的关系和企业所处省份的金融深度对财务脱困的影响作用最大；管理层的任职规模和兼职个数与财务脱困不相关；客户集中度与财务脱困负相关；企业的声誉和上市后经营时间的长短在一定程度上也影响着企业摆脱财务困境的概率,是不容忽视的因素。最后,建立综合模型,对财务脱困进行预测,预测准确度较高,且与逐步分析模型的结论基本一致。根据上述理论研究与实证结果,上市公司应注重社会资本的积累,尽快实现财务脱困；文章对政府、企业管理者、投资者都提出了相关建议。
[Abstract]:The study of financial distress is an important research topic in the economic field. The financial condition of an enterprise is related to the survival and development of an enterprise. The influence of management ability, governance structure and other factors on the financial situation has been the focus of domestic and foreign scholars. However, most of these studies are based on the premise that the company is in a normal operating condition, and there is little research on how to get rid of the predicament. Recent studies have shown that corporate social capital helps to improve financial performance. Therefore, this paper attempts to explore whether there is a "positive effect" of corporate social capital on financial distress, and to further analyze the role played by social capital in different dimensions in this process. First of all, this paper combs the basic theory of financial distress, social capital theory and related literature, summarizes the influence factors of financial distress, combined with the efficacy of corporate social capital. The scope and tightness of trust and norm between enterprises and other social relations are put forward, that is, enterprise social capital can bring funds, information and other resources to enterprises, and help enterprises to realize financial difficulties. Then, (ST) is specially dealt with because of abnormal financial situation, and 163 listed companies in financial distress from 2004 to 2008 are selected as a sample. According to the financial situation of sample enterprises after two years, the empirical analysis is carried out by Logistic regression. The results show that: the horizontal, vertical, relationship, regional and time dimensions of multiple social capital factors are related to financial distress; The relationship between capital and financial distress is weakened in turn, and the relationship between enterprise and financial institutions and the financial depth of the province in which the enterprise is located has the greatest influence on the financial relief. The size of management and the number of part-time jobs are not related to financial difficulties, customer concentration is negatively related to financial difficulties. The reputation of the enterprise and the length of the operating time after listing also affect the probability of the enterprise getting rid of the financial distress to a certain extent, which is a factor that can not be ignored. Finally, a comprehensive model is established to forecast the financial distress. The prediction accuracy is high, and the conclusion is consistent with the conclusion of the stepwise analysis model. According to the above theoretical research and empirical results, listed companies should pay attention to the accumulation of social capital to achieve financial relief as soon as possible.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275;F224

【引证文献】