| 上市公司财务困境成本与股权结构 |
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| 引用本文： | 张培莉,干胜道.上市公司财务困境成本与股权结构[J].经济管理,2010(6). |
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| 作者姓名： | 张培莉 干胜道 |
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| 作者单位： | 四川大学工商管理学院;华东理工大学商学院; |
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| 基金项目： | 教育部新世纪优秀人才支持计划“所有者复杂化条件下的财务分层管理研究”(NCET-08-0384) |
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| 摘 要： | 本文以沪深两市2004～2006年因财务困境而被ST的上市公司为样本,计量了其财务困境成本,并进一步分析股权结构对财务困境成本的影响。结果表明,我国上市公司的财务困境成本平均为17.27%,且各公司间差异较大。公司的控股股权性质显著影响财务困境成本,国有控股公司的财务困境成本较小,而股权集中度和股权制衡度对财务困境成本不具有显著影响。
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| 关 键 词： | 股权结构 财务困境 财务困境成本 |
Financial Distress Costs and Ownership Structure in Listed Companies |
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| ZHANG Pei-li ,GAN Sheng-dao.Financial Distress Costs and Ownership Structure in Listed Companies[J].Economic Management,2010(6). |
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| Authors: | ZHANG Pei-li GAN Sheng-dao |
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| Institution: | ZHANG Pei-li 1,2,GAN Sheng-dao 1(1.Business School,Sichuan University,Chengdu,Sichuan,610064,China,2.East China University of Science & Technology,Shanghai,200237,China) |
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| Abstract: | In this paper,based on the data of financially distressed listed companies in China from 2004-2006,we measured the financial distress costs and examines the relationship between ownership structure and financial distress costs.The results show that the average financial distress cost is 17.27% and vary considerably among companies.It also shows that the nature of a firm's controlling owner influences financial distress costs,which are significantly lower in stated-owned firms than in private firms,while own... |
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| Keywords: | ownership structure financial distress financial distress costs |
| 本文献已被 CNKI 等数据库收录！ |
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