财务困境成本理论与实证研究综述

本文对财务困境成本的存在性、分类、计量以及经验估计等相关理论和实证研究进行综合评述,最后探讨财务困境成本的未来研究方向,指出基于公司财务特征、公司治理和股权结构等多维视角研究财务困境成本的影响因素,并提出构建预期财务困境成本指数具有理论意义和应用价值。

Review on Theoretical and Empirical Study of Financial Distress Costs

As a branch of firm's financial distress study,financial distress costs have important theoretical and implementation value.This paper gives a comprehensive review on the existence,classification,measurement,and empirical estimation of financial distress cost. Also some further fields of this study are presented.These include(1)the determinants of financial distress costs from the viewpoint of financial variables,corporate governance,and ownership structure;(2)constructing expected financial distress cost index of firms based on China's background.