利益相关者视角下的财务困境成本与收益

本文认为,传统的财务理论仅从企业的角度考虑负债所导致的财务困境成本与收益,忽视了负债经营对债权人、客户、供应商、雇员及竞争对手等利益相关者交易行为的影响。企业财务杠杆过高会给潜在的债权人、客户、供应商和雇员带来了隐性成本,而理性的利益相关者通常可以事先预见到这些成本,最终将由负债企业承担。企业财务杠杆过高还会导致竞争对手趁机掠夺其市场份额,从而使企业未来利润大幅度下降。尽管有企业可以利用财务困境获得一些收益,但是相对于其财务困境成本,这些收益通常是微不足道的。

Financial Distress Costs and Benefits from Perspectives of Enterprises' Stakeholders

This paper thinks that traditional theories considered enterprise financial distress costs and benefits only from the perspectives of firms,and they completely overlooked the effects of firms' debts on the behavior of their stakeholders such as debtors,customers,suppliers,employees and rivals.Enterprises with high financial leverage impose implicit costs on debtors,customers,suppliers and employees,and these firms will eventually take on the costs because rational stakeholders can forecast the costs beforehand.In addition,rivals will seize the opportunity to prey on market shares of enterprise' with high financial leverage,and make their future profits decline.Although enterprises can get some benefits by making them into financial distress,these benefits are negligible comparing with their financial distress costs.