债务重组的盈余管理案例研究——以石岘纸业为例

处于财务困境中的上市公司易通过盈余管理来粉饰财务报表以避免退市,债务重组是盈余管理的一种常见手段.本文以长期处于财务困境且两次进行债务重组的石岘纸业为例,通过分析其重组期间的各项指标,来说明处于财务困境中的石岘纸业是如何运用债务重组进行盈余管理的,从而为投资者进行投资决策提供借鉴,并且为抑制这种行为的负面效应提出建议.     

财务杠杆对公司业绩敏感度的行业性差异分析——来自我国上市公司的实证证据

本文的研究以2003年我国上市公司不同行业的实际数据为考察样本，运用实证分析方法，通过分析我国上市公司不同类型行业财务杠杆与公司业绩之间的相关关系来验证财务杠杆封公司业绩敏感度的行业性差异。分析结果表明：在我国大多数行业中财务杠杆都是公司业绩的敏感性因素，而且其敏感度存在着较大的行业性差异，并提出不同行业企业应该根据自身特点以及财务杠杆封公司业绩敏感度的大小，合理利用财务杠杆，相机选择不同的融资方案，进行最佳的资金和财务决策，使其资本结构达到最优化。     

债务重组对上市公司经营状况及利润的影响——基于“*ST金化”债务重组的案例分析

新债务重组准则的实施使得债务人可以通过债务重组受益,这为陷入财务困境的上市公司提供了一条再次发展的途径。通过对*ST金化债务重组前后数据的对比分析,探讨债务重组准则的实施对上市公司的影响。     

公司业绩与财务杠杆的实证研究——基于房地产行业分析

本文从实证角度分析了我国房地产上市公司的财务杠杆对公司业绩的影响。结果表明,房地产上市公司的公司业绩主要受其流动负债的影响,而且流动负债越高,公司业绩越差。同时,流动负债对公司业绩的影响大于长期负债对公司业绩的影响。本文对这一结果进行了分析,并对房地产金融提出了几点建议。     

公司业绩与财务杠杆的实证研究——基于房地产行业分析

本文从实证角度分析了我国房地产上市公司的财务杠杆对公司业绩的影响。结果表明,房地产上市公司的公司业绩主要受其流动负债的影响,而且流动负债越高,公司业绩越差。同时,流动负债对公司业绩的影响大于长期负债对公司业绩的影响。本文对这一结果进行了分析,并对房地产金融提出了几点建议。     

公司业绩与财务杠杆的实证研究——基于房地产行业分析

本文从实证角度分析了我国房地产上市公司的财务杠杆对公司业绩的影响.结果表明,房地产上市公司的公司业绩主要受其流动负债的影响,而且流动负债越高,公司业绩越差.同时,流动负债对公司业绩的影响大干长期负债对公司业绩的影响.本文对这一结果进行了分析,并对房地产金融提出了几点建议.     

债务重组：操纵利润还是摆脱财务困境？——基于2007新准则背景的分析

由于债务重纽兼有减轻财务负担和产生会计利润的双重作用，对于财务困境公司来说，很难区分进行债务重组的动因究竟是减轻债务负担还是操纵利润。文章利用2005年到2007年独特的制度背景，通过比较直接和未直接受到退市威胁的具有不同操纵利润动力的财务困境上市公司在2007年前后债务重组行为的变化，区分出新准则背景下的债务重组更多是出于利润操纵。     

国有企业债务重组效益分析与评价

债务重组行为的最终目的是为了提高企业的经济效益，达到增加利润、摆脱财务困境。本文拟在分析深圳和上海证券交易所的国有上市公司债务重组相关数据的基础上，就国有企业债务重组提出相关政策建议。     

民营上市公司财务困境锁定的实证研究

本文运用路径锁定理论,对民营上市公司财务困境形成过程进行研究,并选取在上海、深圳证券交易所公开上市且陷入财务困境的民营上市公司为样本,对民营上市公司财务困境锁定进行了实证分析。研究表明,民营上市公司财务困境存在路径锁定现象,不同类型的财务困境公司存在不同的路径锁定。     

财务困境下Y公司资产重组失败案例研究

近年来,许多上市公司陷入财务困境,为了达到摘帽的目的,普遍采用资产重组的手段.本文以Y公司资产重组的过程及结果为分析对象,分析了Y公司重组失败的原因.经过进一步探究发现,上市公司早已不堪重负,标的企业也早已负债累累.据此深层次探讨了Y公司重组失败的原因具有重要的借鉴意义.     

Mining semantic features in current reports for financial distress prediction: Empirical evidence from unlisted public firms in China

It is difficult to predict the financial distress of unlisted public firms due to their longer disclosure cycle of accounting information and more inadequate continuity of market trading information compared to listed firms. In this paper, we propose a framework to predict the financial distress of unlisted public firms using current reports. Specifically, to better represent the meaning of current report texts, we propose a semantic feature extraction method based on a word embedding technology. Empirical results show that current reports contain more effective information for predicting the financial distress of unlisted public firms compared with periodic reports. In addition, semantic features extracted using our proposed method significantly improve the predictive performance, and their enhancing effect is superior to that of topic features and sentiment features. Our study also provides implications for stakeholders such as investors and creditors.     

The recurrence of financial distress: A survival analysis

Companies often suffer periods of financial distress before filing for bankruptcy. Unlike one-off bankruptcies, financial distress can occur repeatedly within the same individual firm. This paper is focused on the recurrence of financial distress and studies the Chinese stock market, where Special Treatment – an official indicator of financial distress – can be repeatedly applied to a listed company. We employ a stratified hazard model to predict the probability of subsequent distress with variables, including duration dependency, event-based factors, institutional variables, financial ratios, market-based variables and macroeconomic conditions. Our empirical results show that accounting and market-based variables have limited power in predicting the recurrence of distress, whereas the duration of recovery, restructuring events and their interaction terms with the accounting and macroeconomic factors affect the recurrent risk significantly. Tested on out-of-time samples, our proposed hazard models show a robust performance in the prediction of recurrent risk over time.     

资产流动性损失下财务危机重组研究

本文从资产结构的角度探讨资产流动性对财务危机重组的影响，建立了一个考虑资产流动性的财务危机模型。同时根据股东一经理人是否能与债权人协商及公司债务契约中有无优先偿债禁止条款，在不同情形下，分析了财务危机中各个请求权人因应策略和投资效率。本文研究表明，债权人会容忍某些程度的投资无效率以避免无谓的资产流动性损失；当债权人无法协商时，无论投资项目净现值为正或负，股东一经理人都将进行投资，使财务危机公司发生过度投资无效率问题；当债权人可协商时，虽然还是无法完全消除财务危机公司过度投资行为，但是可以改善上述问题。     

The early stages of financial distress

More firms enter financial distress as a result of poor management than as a result of economic distress. Management actions are a significant determinant of recovery and improvement in the industry-adjusted market value for firms entering financial distress as a result of poor management, but not for firms entering as a result of economic distress. In the early stages of financial distress, median firm operating income measured on an unadjusted basis and after controlling for other factors which alter firm performance increases significantly. The results support Jensen’s hypothesis that financial distress triggers corrective action which improves firm performance. (JEL G300) This paper is based on my dissertation at the University of Houston. I appreciate the helpful comments from Ronald F. Singer (chair), David W. Blackwell, Raul Susmel, and Julio Peixoto, and seminar participants at the Southern Finance Association meeting.     

Board of directors’ effects on financial distress evidence of family owned businesses in Lebanon

The objective of this paper is to determine the managerial governance characteristics related to financial distress companies. The boards failed to accomplish their monitoring duties, which seemed to be one of the main reasons behind the actual financial distress and bankruptcy that swept the companies across the planet. Through the analysis of a sample of 178 Lebanese non listed and owned family firms, the results showed that the boards (that have a higher proportion of outside directors) are less inclined to face a financial distress than the boards with a lower proportion. Besides, a different conclusion proves that the board’s size and financial distress are directly linked. The paper highlights the extent to which financial distress is associated with corporate governance from a Euro Mediterranean country. It would be a source of education to Lebanese investors who excessively go for short-term returns and of help for regulatory authorities in the framework of making policies on corporate governance reformation.     

An analysis of non-financial factors associated with financial distress

This article examines factors associated with financial distress among 1006 Spanish manufacturings (SMEs), distinguishing high and low technology industries. Financial distress is analysed using industrial organizational theory through the Porter's five competitive forces model (external factors) and the resource based view through strategic variables (internal factors), such as training, planning, innovation, technology and quality. Two different sources of information were used in the study: Qualitative information related to environmental conditions and strategic variables was gathered through a questionnaire addressed to the firm manager. Quantitative information to identify whether the firm was in financial distress was gathered from the balance sheets and earning statements of the firms. Evidence from this study shows that environmental conditions and some strategic variables are associated with financial distress. The results found that young SMEs with low technology and in a highly competitive environment had a higher probability of financial distress. High bargaining power of buyers and high degree of rivalry among existing competitors were positively associated with financial distress. Financial distress in high-technology industries was not affected by external factors. However, firms with a quality certification have better quality control procedures that ultimately improve financial performance of firms in the technology industries.     

管理层过度自信、独立财务顾问与业绩承诺可靠性

以我国2008—2016年A股上市公司发起的并购重组交易事件为样本,研究了管理层过度自信的上市公司在并购和重大资产重组交易中是否具有更低的目标企业业绩承诺可靠性,以及选聘独立财务顾问是否有助于抑制管理层过度自信对于目标企业业绩承诺可靠性的不利影响。同时,进一步探究了不同特征独立财务顾问的差异及经济后果。研究结论显示：管理层过度自信的上市公司更大可能会对目标企业虚高的业绩承诺水平和盈利能力过于乐观,因而在并购交易完成后更容易面临业绩承诺不可靠的风险;整体而言,上市公司聘请独立财务顾问并没有使目标企业的业绩承诺不可靠问题得到有效缓解,独立财务顾问并没有发挥其应有的风险过滤职能;选聘独立财务顾问确实能显著提高存在管理层过度自信上市公司的业绩承诺可靠性,说明独立财务顾问确实能有效抑制管理层过度自信对目标企业业绩承诺可靠性的不利影响;进一步区分独立财务顾问的特征后发现,选聘目标企业所在地的独立财务顾问能更有效地缓解业绩承诺不可靠问题,但高声誉的独立财务顾问并没有呈现出更大的优势,表明上市公司在选聘独立财务顾问时,更注重地域特征,而非高声誉的独立财务顾问。     

财务独立董事能否抑制高管的价值损毁行为？——基于我国A股上市公司并购的经验证据

基于我国发生并购行为的沪深A股上市公司2010—2013年的数据,研究财务独立董事对管理层私利、高管过度自信和企业并购绩效的影响,结果表明：财务独立董事对企业并购绩效有显著的正向影响;管理层私利与高管过度自信均会造成企业并购后绩效的下降;财务独立董事通过抑制管理层私利和高管过度自信可改善企业并购绩效,同时,财务独立董事的年龄、学术背景将会对其改善并购绩效起到显著的推动作用。     

Financial distress and bankruptcy prediction: An appropriate model for listed firms in Vietnam

This paper aims to develop a comprehensive model, the first of its kind in Vietnam, for the purpose of predicting financial distress and bankruptcy at Vietnamese listed firms. The period 2003–2016 is used to study the likelihood of financial distress in different scenarios. Various factors are utilized, including (1) accounting factors in the emerging market score model; (2) market factors in the distance-to-default model; and (3) macroeconomic indicators. The area under the receiver operating characteristics (AUC) curve is used to compare the usefulness of various models that predict financial distress and bankruptcy. Empirical findings from this study show that accounting and market factors, together with macroeconomic fundamental factors, both affect financial distress when they are considered in isolation. However, in a comprehensive model, the effects from accounting factors appear to be more significant than those from market-based factors. The default prediction model, which includes accounting factors with macroeconomic indicators, appears to perform much better than the model comprising market-based factors with macroeconomic fundamentals.     

The Influence of Ownership Structure on Risk Management: Evidence from New Zealand State Owned Enterprises

This paper examines how recent theories on risk management apply to government owned organizations. We argue that, compared to publicly listed firms, government owned organizations have a lower need for risk management since stakeholders are likely to rely on implicit guarantees arising from government ownership. We test this proposition empirically and find that government owned organizations make less use of financial derivatives to reduce the costs of financial distress and agency conflicts. In general our findings provide strong support for the modern theories of risk management.