公司治理结构特征与困境公司恢复——基于中国上市公司的实证研究

目前学者们对公司财务困境的研究主要集中在事前的困境预测上，而对公司陷入财务困境后如何恢复研究较少。本文选取2005—2009年国内被ST的上市公司为研究样本，将研究样本分为逐渐走出财务困境的公司（一类公司）和一直处于财务困境中的公司（二类公司），从董事会特征、股权结构以及管理层持股这三个方面来比较分析这两类公司在陷入财务困境之后的公司治理结构差异对困境恢复的影响。研究结果表明，公司处于不同的财务情况下，大股东们对公司绩效的影响是不一样的。当公司逐渐陷入财务困境的过程中，大股东们对公司绩效没有显著性的影响；而在公司逐渐摆脱财务的过程中，大股东们对公司绩效有显著的正面影响，此时的公司治理关键在于股权集中度，大股东在公司摆脱财务困境中起到了重要作用。

Corporate Governance Structure Characteristics and the Troubled Companies to Restore---The Empirical Analysis Based on Chinese Listed Companies

At present researches about the company＇s financial difficulties mainly focus on the prediction of plight before, and there are less researches on how to restore after the company was in financial trouble. This paper selects 2005-2009 domestic ST listed companies as the research sample, the sample can be divided into companies gradually out of the financial difficulties （the first kind of company） and companies have been in financial trouble （the second kind of company）, then the paper comparatively analyzed the influence of the differences in corporate governance structure to company recovery from the characteristics of the board of directors, ownership structure and management equity. The research results show that in different financial situation, the influence of the big shareholders to company performance is not the same. When the company gradually got into financial trouble, the big shareholders has no significant effects on corporate performance; when the company gradually got out financial trouble, the big shareholders has significant positive effects on corporate performance, the key of corporate governance at this time is the equity concentration, the big shareholders has played an important role in the company get rid of financial difficulties.