公司治理结构与财务困境相关性探究

公司治理结构特征是探究企业陷入财务困境原因不可忽略的重要范畴。对来自中国上市公司近期数据的研究表明,股权集中度和高管薪酬两个因素与企业陷入财务困境的可能性显著负相关,第一大股东较高的持股比例和管理层待遇有助于企业避免陷入财务困境。这种结果体现了中国转型经济背景下企业在公司治理和财务管理衔接上的特殊性。企业应该重视并构建符合自身的公司治理结构,以有效规避财务困境。

An exploration on the correlation between corporate governance structure and financial distress

The corporate governance structure factors are the system reasons of its financial distress.The Logistic regression analysis on the recent data from Chinese listed companies shows that,ownership concentration,executive incentive factors and the possibility of a company falling into financial distress are significantly negative correlated.A higher level of proportion of the first largest shareholder and executive compensation could help the enterprise avoid financial distress.The result reflects the particularity of the connecting between corporate governance and financial management,under the background of economic transformation in China.Listed companies should establish a more effective corporate governance structure to avoid financial distress.