公司治理因素对上市公司财务困境恢复的影响研究

Research on Influence of Corporate Governance Factors on Corporate Financial Distress Recovery

中文关键词:  财务困境恢复  公司治理  上市公司  Cox模型

英文关键词:financial distress recovery  corporate governance  listed company  Cox model

中文摘要:

      选取生存期为2008—2013年的沪深A股全行业上市公司作为研究样本,运用Cox模型对2438家上市公司2013年的财务数据和公司治理数据进行了分析。研究结果表明,上市公司财务困境恢复受到财务指标和公司治理因素的影响,其中,财务指标中的盈利能力指标和公司治理因素中的董事会和所有者影响最为显著。公司治理因素的引入,大大改善了上市公司财务困境出现和恢复模型的整体效果,特别是董事会和所有者两个层面指标的加入,提高了Cox模型的显著性,增强了方程的整体拟合度；受我国国情制约,高级经理人中的高管持股比例并未对上市公司财务困境的恢复产生显著性影响。

英文摘要:

      This paper selects industry-wide listed companies on CSI A-share during the period from 2008 to 2013 as the study sample, and uses Cox model to analyze their financial data and corporate governance data in 2013 for 2438 listed companies. The results show that the corporate financial distress recovery is significantly affected by the profitability indicators from financial data factors and by the board of directors and the owners from corporate governance factors. The corporate governance factors greatly increase the accuracy and the overall effect of the financial distress prediction model. In particular, the board of directors and the owners improve the significance of Cox model and the fit of equation. Restricted by China's national conditions, the shareholding ratio of executives does not have a significant impact on the corporate financial distress recovery. 