我国困境企业财务恶化趋势的实证分析

在我国现行的破产与重组制度下,一方面,破产软约束使得没有继续经营能力的财务困境企业不能及时破产清算,另一方面,对于有继续经营能力的财务困境企业又没有在相关制度上创造重组再生的良好条件.在这种制度背景下,困境企业将在财务困境成本的推动下,其业绩和财务状况都将持续恶化,该"破"的和该"立"的都难以摆脱困境.本文从困境企业重组后是否恢复盈利能力和支付能力两个角度进行实证研究,结果发现除被借"壳"的企业外,未实施重组和实施了其他重组的困境企业,业绩普遍下降.而从支付能力来看,困境企业的资产负债水平呈现逐年上升的态势,均值都已达到资不抵债的境地,且75%以上的困境企业都没有摆脱困境.

Empirical Analysis on Financial Degeneration of Troubled Firms in China

Under the current bankruptcy and re-structure system in China,those businesses that see no prospect of successful operation can't be timely liquidated and those troubled but still with ability to continue operation do not have favorable systemic arrangement to be re-structured.Under such background,the performance and financial situation of troubled firms would be worse due to financial difficulties and bankruptcy cost.Our study focuses on whether re-structured firms can resume profitability and payment.Empirical evidence presents that the performance of such companies with and without re-structure except those "borrowed shell" decreased.From the angle of payment,the asset-liability ratio for troubled firms rose year by year with the average reaching bankruptcy and 75% of them still in distress.