基于公司特征的财务困境成本影响因素研究

基于对财务困境的形成及解决机制分析,财务困境成本的影响因素应包括资产特征、债务特征、产品特征和成长性等公司特征。实证研究表明:资产流动性、债务融资能力与财务困境成本负相关;资产专用性程度、债务结构的复杂程度、成长性与财务困境成本正相关。上述研究结论对于企业调整财务政策,降低财务困境成本具有指导意义,同时对于监管部门也有参考价值,即监管部门应针对具有不同公司特征的上市公司实行分类管理,提高监管效率。

Study on the Determinants of Financial Distress Costs from Corporate Characteristic Perspective

Pursuant to the evolution and resolving mechanism, the determinants of financial distress costs are subject to corporate characteristics in respect to asset, liabilities, products, and growth. Empirical results reveal that asset liquidity and debt capacity are negatively to financial distress costs (FDC); asset specificity, debt complexity, and Growth are positively to FDC. The conclusions can not only guide firms to decrease FDC via financial policy adjustments, but also suggest that securities supervisor institution should classify listed firms according to their corporate characteristics so as to enhance supervising efficiency.