上市公司区域财务困境成本的度量

本文选取2000-2005年度沪深股市33家ST摘帽公司为财务困境企业样本，从主营业绩和流通股市值两个视角定量考察我国上市公司的区域财务困境成本。研究发现，虽然财务困境促使企业改善了经营业绩，但这种经营业绩的改善在中部企业得到投资者的认可，在东部和西部企业并未被市场上的投资者所认同，投资东部和西部企业的投资者分别承担了44．37％和16．73％的财务困境成本。

Quantitative Measurement of the Cost of Regional Financial Distress of China's Listed Companies

With a sample of 33 ST finns listed in Shanghai and Shenzhen stock exchanges during the period of 2000-2005, this paper gives a quantitative measurement of the cost of regional financial distress of these firms from the both perspectives of primary performance and market value of circulation stock. Results show that, although the financial distress urged the enterprises to improve their performances, yet this kind of improvement has only obtained the approval of the investors in the middle region enterprises, it does not obtain the approval of the market investors in the enterprises of eastern and western regions. The investors in the eastern and western enterprises have respectively undertaken 44.37% and 16.73% of the total financial distress cost.